本文係首篇基於利害關係人代理人說，將台灣特殊背景納入考量，探討治理結構對企業社會責任（CSR）各構面的影響。治理結構包括經營控制、所有權結構及董事會特質。作者以一套獨特的數據，對243間上市公司進行實證，得到重要發現如下。首先，家族控制公司多以保護家族財富、利益為優先考量，不利於CSR的推動。其次，外國機構投資人持股有利於CSR的實踐。然而，家族控制會對此類有正效果之外部監督機制，形成負向干擾。第三，高學歷或具法教背景的董事均有助於推動CSR。最後，各種治理機制對環保及人權CSR構面之影響效果不同，其差異在綜合式CSR數據裡會被掩蓋。這項有背景特殊性的發現，凸顯理論反思及在地化的重要性。

The majority of previous studies examining Taiwan-based corporations consider corporate social responsibility (CSR) a composite construct. This paper, however, is one of the first that breaks CSR into multiple dimensions. We examine the effects of governance structures, such as managerial control, ownership structure, and board characteristics, on CSR performance based on the stakeholder-agency theory. Using a sample of 243 listed companies and a hand-collected CSR dataset, a few key findings are obtained. Firstly, family members tend to hinder corporate CSR engagement through participation in the board and/or management, so as to safeguard their personal interests and wealth. Secondly, foreign institutional investors might serve as external monitors, contributing to a higher level of CSR involvement. However, such effect might be moderated negatively by family control. Lastly, board members with postgraduate degrees or with professional qualifications in law or education tend to promote CSR. These findings, based on the Taiwan context, demonstrate the importance of theoretical reflection and customization.

本研究基於利害關係人代理人說，將台灣的制度背景納入考量，以關乎治理結構的三套變數，包括經營控制、所有權結構及董事會特質，探討其對CSR的影響。本文將全球供應鏈及國際股市對本土公司CSR的影響予以控制後進行實證研究，重要發現如下：首先，家族控制非常不利於CSR，針對台灣的這項發現，與印度、韓國等亞洲國家的情況相同，家族控制上市公司未盡CSR之案例頻仍。 其次，國外機構投資人持股有利於CSR。投資人發現企業CSR績效不佳時，會以出脫持股的方式撤出資源，而這對在意機構投資人持股的企業會產生阻嚇作用，形成正面影響。此外，國外機構投資人持股越多，也會提高對企業推動CSR的監督與壓力，促使企業更越積極從事CSR。然而，當家族控制與對CSR有正效果之監督因素交叉作用時，會形成抑制。除國際資本市場監督及全球供應鏈監督外，國內股市亦會透過機構投資人產生監督功能。但當家族控制與這三種市場監督交叉運作時，它會抑制正效果，因而削弱了市場機制的監督效能。第三、董事會成員具法律、教育專業背景與高學歷有利CSR推動。凸顯個人專業認知模式而產生的規範力量，會形成一種另類有效監督，對於CSR推動有正面助益。例如，博士需經四年以上嚴謹的學術養成教育，不僅對所學專業更為專精，且對自身的專業要求與社會名聲會更加重視，相對較不會願意配合大股東為追求利潤，而去承擔辜負利害關係人的風險。最後，治理機制對各種CSR數據(包括環境與人道面CSR指數)效果不一，而這差異在綜合式數據裡會被掩蓋。 研究結果具政策意涵，凸顯對相關理論做反思及在地化的重要性。特別是當主管機關對董事會的立法規範(例如公司法與證券交易所修正案)重點仍落在審計委員會等董事會職能而未擴至CSR，當本土之公民社會團體的監督功能仍因制度化不足而難以發揮時，市場機制對CSR的護衛尤顯重要。此時，政府更應建立合宜的配套措施與國際接軌，諸如建立有利永續責任投資的法制環境及強化CSR資訊揭露規則，以強化資本市場及供應商市場的監督功能。

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