Corporate Social Responsibility: More Pain than Gain?-The Application of Matching Theoryn

  • 研討會日期 : 2001-01-01
  • 時間 : 00:00
  • 主講人 : Prof. Chung-Hua Shen
  • 地點 : B棟110室
  • 演講者簡介 : Prof. Chung-Hua Shen 為Ph.D. in Economics, Washingtion University in St. Louis(1991)。 現為台灣大學財務金融系教授。 其主要研究領域為銀行政策管理與預測、國際金融、公司治理與企業社會責任、金融市場、計量經濟學及盈餘管理。
  • 演講摘要 : This paper examines the effect of Corporate Social Responsibility (CSR) on firm financial performance (CSR-effect). Two competing hypotheses, social impact hypothesis and shift of focus hypothesis, are proposed to investigate this issue, where the former suggests that CSR has a positive relation with performance and the latter the opposite. To ensure the CSR-effect is not contaminated by other factors or the sample is randomly drawn, we employ four matching methods, Nearest, Caliper, Mahala and Mahala Caliper to fix the characteristics of the firms with CSR (CSR-firms) and without CSR (NonCSR-firms). Although the four methods yield slightly different results, to our surprised, firms engaging in CSR activities obtain lower values on the return on assets, return on equity, return on sales and earnings per share. Therefore, CSR at the very least does not improve the firm performance, supporting. the shift of focus hypothesis. Engaging in CSR activities lead to more pain than gain, at least in the short run.