本研究主要以台灣公司為樣本，檢視企業揭露企業社會責任報告書對於企業營運績效的影響。台灣企業社會責任法規要求符合條件之上市公司於2014年後必須強制發佈企業社會責任報告書。本研究發現強制揭露企業社會責任報告書和公司績效呈正相關。值得注意的是這個影響在家族企業更為明顯，本文推論其與家族企業存有代理問題有關。進一步分析發現，在高外銷比率、高國外股權和較多機構投資人持股之公司此效果更為明顯。本研究發現強制揭露企業社會責任會增加資訊透明度，特別是家族企業。

This study examines the impact of mandatory corporate social responsibility (CSR) disclosure on the operational performance of firms in Taiwan. Leveraging the CSR regulation that mandates a specific group of listed firms to issue stand-alone CSR reports after 2014 as a natural experiment, we find a positive association between the mandatory CSR regulation and performance of the affected firms. Notably, this effect is more pronounced among family firms, which are commonly associated with certain agency problems. Further analysis reveals that the performance enhancement is particularly significant for firms with higher export ratios, greater foreign ownership, and higher levels of institutional ownership. These findings suggest that mandatory CSR disclosure enhances information transparency among the regulated firms in Taiwan, particularly in the context of family firms.

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