• 沒有找到結果。

立 政 治 大 學

N a tio na

l C h engchi U ni ve rs it y

78

第二節 研究限制與未來研究建議

本研究之研究限制包括下列各點:

一、公司之債務融資管道主要包括與銀行借款及應付公司債,兩種融 資方式之資金成本可能並不相同,須有不同之考量,本研究僅針對公司向 銀行融資之債務資金成本進行研究。

二、本研究以負面新聞事件作為企業社會責任表現的衡量基礎,由於 新聞事件涉及主觀判斷,可能較不客觀 。

三、國內尚無公正的第三方單位,建構健全完整的企業社會責任資料 庫,因此尚無法全面性的評估一家公司的企業社會責任表現。

四、企業社會責任負面表現變數,單純係以事件發生次數(量)衡量,

而不考慮事件影響程度(質)。

本研究對後續研究者之建議如下:

一、未來研究可以針對企業社會責任對公司其他融資管道之債務資金 成本的影響作探討。

二、未來研究可以針對不同產業,分別探討企業社會責任對信用風險 及借款利率之影響。

三、未來研究可以同時考慮企業社會責任正面及負面表現,作為企業 責任表現之衡量指標。

‧ 國

立 政 治 大 學

N a tio na

l C h engchi U ni ve rs it y

79

參考文獻

一、中文部分

林宛瑩、許崇源、戚務君、陳宜伶,2009,公司治理與信用風險,臺大管 理論叢,第19卷第S2期,71-98頁。

林宛瑩、戚務君、韓建婷,2009,公司治理與銀行融資利率,研討會。

鄭桂蕙、林宛瑩、許崇源,2006,董監事持股高低對庫藏股買回誘因之影 響,東吳經濟商學學報,第五十四期:1-26。

二、英文部分

Ashbaugh-Skaife, H., Collins, D. W., and LaFond, R. 2006. The effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics 42 (1/2): 203-243.

Attig, N., El Ghoul, S., Guedhami, O. and Suh, J. 2013. Corporate social responsibility and credit ratings. Journal of Business Ethics 117 (4):

679-694.

Bauer, R., Derwall, J., and Hann, D. 2009. Employee relations and credit risk.

Working paper. Available at SSRN:http://ssrn.com/abstract=1483112.

Barnea, A. and Rubin, A. 2010. Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics 97 (1): 71-86.

Barry, C. and Brown, S. 1985. Differential information and security market equilibrium. Journal of Financial and Quantitative Analysis 20 (4):

407-422.

Becchetti, L., Ciciretti, R., and Hasan, I. 2007. Corporate social responsibility and shareholder’s value: An event study analysis. Working Paper, Federal Reserve Bank of Atlanta.

Bhattacharya, C.B. and Sankar S. 2004. Doing better at doing Good: When, why and how consumers respond to corporate social initiatives. California Management Review 47 (1): 9-24.

directors. The Journal of Business 76 (3): 455-475.

Botosan, C. 1997. Disclosure level and the cost of equity capital. The Accounting Review 72: 323-349.

Boutin-Dufresne and F., Savaria P. 2004. Corporate social responsibility and financial risk. Journal of Investing Spring, 57-66.

Bowen, H.R. 1953. Social responsibilities of the businessman, New York:

Harper and Row.

Carroll, A.B. 1979. A three-dimensional conceptual model of corporate social performance. Academy of Management Review 4 (4): 497-505.

Carroll, A.B. 1991. The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business horizons 34 (4): 39-48.

Carroll, A.B. 1999. Corporate social responsibility evolution of a definitional construct. Business and Society 38 (3): 268-295.

Chava, S. 2011. Socially responsible investing and expected stock returns.

Working Paper, Georgia Institute of Technology.

Cheng, B., Ioannou, I., and Serafeim, G. 2014. Corporate social responsibility and access to finance. Strategic Management Journal 35 (1): 1-23.

Chen, K.C.W., Chen, Z., and Wei, K. C. 2003. Disclosure, corporate governance, and the cost of equity capital: Evidence from Asia’s Emerging markets Working paper. Available online at SSRN:http://ssrn.com/abstract=422000

Chen, K. H., and Metcalf, R. W. 1980. The relationship between pollution control record and financial indicators revisited. The Accounting Review 55 (1): 168-177.

Cheng, C.A., D. Collins, and Huang, H. 2006. Shareholder rights, financial disclosure and the cost of equity capital. Review of Quantitative Finance and Accounting 27 (2): 175-204.

Cochran, P. L. and Wood, R. A. 1984. Corporate social responsibility and financial performance. Academy of Management Journal 27 (1): 42-56.

Journal of Financial Economics 87 (2): 329-356.

Davis, K. 1960. Can business afford to ignore social responsibilities?

California Management Review 2 (3): 70-76.

Dennis, S., Nandy, D., Sharpe, I. 2000. The determinants of contract terms in bank revolving credit agreements. The Journal of Financial and Quantitative Analysis 35 (1): 87-110.

Dhaliwal, D., Eheitzman, S., Li, O.Z. 2006. Taxes, leverage, and the cost of equity capital. Journal of Accounting Research 44 (4): 691-723.

Dhaliwal, D., Li, O. Z., Tsang, A. H., Yang, Y. G. 2009. Voluntary non-financial disclosure and the cost of equity capital: The case of corporate social responsibility reporting. Working Paper, University of Arizona.

El Ghoul, S., Guedhami, O., Kwok, C. C. Y., and Mishra D. R. 2011. Does corporate social responsibility affect the cost of capital? Journal of Banking and Finance 35 (9): 2388-2406.

Endrikat, J., Guenther, E.,and Hoppe, H. 2014. Making sense of conflicting empirical findings: A meta-analytic review of the relationship between corporate environmental and financial performance. European Management Journal 32 (5): 735-751.

Esty, B. 2005. The Equator Principles: An industry approach to managing environmental and social risks, Harvard Business School Case Study 9, 205-214.

Feldman, S. J., Soyka, P. A., and Ameer, P. 1997. Does Improving a Firm’s Environmental Management System and Environmental Performance Result in a Higher Stock Price ? Journal of Investing 6 (4): 87-97.

Frederick, W.C. 1960. The growing concern over business responsibility.California Management Review 2: 54-61.

Freeman, R.E. 1984.Strategic management: A stakeholder approach. Pitman, Boston.

Friedman, M. 1970. The Social Responsibility of Business is to Increase its Profits, New York Times Magazine (September 13), 32-33: 122, 126.

Godfrey, P. C. 2005. The relationship between corporate philanthropy and

shareholder wealth: A risk management perspective. Academy of Management Review 30 (4): 777-798.

Goss, A. and Roberts, G. S. 2011. The impact of corporate social responsibility on the cost of bank loans. Journal of Banking and Finance 35 (7):

1794-1810.

Gottesman, A.A. and Roberts, G.S. 2004. Maturity and corporate loan pricing.

Financial Review 38: 55-77.

Handa, P. and Linn, S. C. 1993. Arbitrage Pricing with Estimation Risk.

Journal of Financial Economics 28 (1): 81-100.

Hartman, L., DesJardins J., MacDonald, C. 2008. Business Ethics: Decision Making for Personal Integrity and Social Responsibility. The McGraw−Hill Companies.

Heald, M. 1957. Management’s responsibility to society: The growth of an idea.

The Business History Review 31 (4): 375-384.

Heinkel, R., Kraus, A., and Zechner, J. 2001. The effect of green investment on corporate behavior. Journal of Financial and Quantitative Analysis 36 (4):

431-449.

Hong, H., Kacperczyk, M. 2009. The price of sin: the effects of social norms on markets. Journal of Financial Economics 93 (1): 15-36.

Izzo, M.F., Magnanelli, B.S. 2012. Does it pay or does firm pay? The relation between CSR performance and the cost of debt. Available online at SSRN:

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1986131.

Jiao, Y. 2010. Stakeholder welfare and firm value. Journal of Banking and Finance 34 (10): 2549-2561.

Jiraporn, P., Jiraporn, N., Boeprasert, A., and Chang, K. 2014. Does corporate social responsibility improve credit ratings? Evidence from geographic identification. Financial Management 43 (3): 505-531.

Jo, H. and Harjoto, M. 2010. The causal effect of corporate governance on corporate social responsibility. Working paper, Santa Clara University.

Johnson, R. A., and Greening, D. W. 1999. The effects of corporate governance and institutional ownership types on corporate social performance.

Academy of Management Journal 42 (5): 564-576.

issues.Belmont, CA: Wadsworth.

Jones, T.M. 1980. Corporate social responsibility revisited, redefined.

California Management Review 22 (3): 59-67.

Kempf, A., Osthoff, P. 2007. The effect of socially responsible investing on financial performance. European Financial Management 13 (5): 908-922.

Lantos, G. P. 2002. The ethicality of altruistic corporate social responsibility.

Journal of Consumer Marketing 19 (3): 205-230.

McGuire J. 1963. Business and Society, New York: McGraw-Hill.

McWilliams, A., and Siegel, D. 2000. Corporate social responsibility and financial performance: correlation or misspecification. Strategic Management Journal 21 (5): 603-609.

McWilliams, A., and Siegel, D. 2001. Corporate social responsibility: A theory of the firm perspective. Academy of Management Review 26 (1): 117-127.

Machauer, A. and Weber, M. 1998. Bank behavior based on internal credit ratings of borrowers. Journal of Banking and Finance 22 (10-11):

1355-1383.

Makni, R., Francoeur, C., and Bellavance, F. 2009. Causality between corporate social performance and financial performance: Evidence from Canadian Firms. Journal of Business Ethics 89 (3): 409-422.

Margolis, J. D., Elfenbein, H. A., Walsh, J. P. 2007. Does it pay to be good? A meta-analysis and redirection of research on the relationship between corporate social and financial performance. Working paper, Harvard Business School, Cambridge MA.

McWilliams, A., and Siegel, D. 2000. Research notes and communications.

Corporate social responsibility and financial performance: correlation or misspecification?. Strategic management journal 21 (5): 603-609.

Merton, R.C. 1987. A simple model of capital market equilibrium with incomplete information. Journal of Finance 42 (3): 483-510.

Menz, K.M., 2010. Corporate Social Responsibility: Is it Rewarded by the Corporate Bond Market? A Critical Note. Journal of Business Ethics 96 (1): 117-134.

Moskowitz, M. 1972. Choosing Socially Responsible Stocks. Business and Society Review 1: 71-75.

Navarro, P. 1988. Why do corporations give to charity? Journal of Business 61 (1): 65-93.

Porter, M.E. and Kramer, M. R. 2006. Strategy and society: The link between competitive advantage and corporate social responsibility. Harvard Business Review 84 (12): 1-15.

Pound, J. 1988. Proxy contests and the efficiency of shareholder oversight.

Journal of Financial Economics 20 (1): 237-265.

Rahman, S. 2011. Evaluation of definitions: Ten dimensions of corporatesocial responsibility. World Review of Business Research 1 (1): 166 -176.

Renneboog, L., Horst, J.T., Zhang, C. 2008. Socially responsible investments:institutional aspects, performance, and investor behavior.

Journal of Banking and Finance 32 (9): 1723-1742.

Russo, M.V. and Fouts, P.A. 1997. A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal 40 (3): 534-559.

Sengupta, P. 1998. Corporate disclosure quality and the cost of debt. The Accounting Review 73 (4): 459-474.

Sethi S.P. 1975. Dimensions of corporate social performance: An analytical framework. California Management Review 17 (3): 58-64.

Stanwick, P. A. and Stanwick, S. D. 1998. The Relationship Between Corporate Social Performance, and Organizational Size, Financial Performance, and Environmental Performance: An Empirical Examination. Journal of Business Ethics 17 (2): 195-204.

Sharfman, M.P., Fernando, C.S. 2008. Environmental risk management and the cost of capital. Strategic Management Journal 29 (6): 569-592.

Statman M., Fisher, K. L., and Anginer, D. 2008. Affect in a behavioral asset-pricing model. Financial Analysts Journal 64 (2): 20-29.

Sturdivant, F. D. and Ginter, J. L. 1977. Corporate Social Responsiveness:

Management Attitudes and Economic Performance. California Management Review 19 (3): 30-36.

‧ 國

立 政 治 大 學

N a tio na

l C h engchi U ni ve rs it y

85

Tsoutsoura, M. 2004. Corporate social responsibility and financial performance.Working Paper, University of California.

Waddock, S. and Graves, S. 1997. The corporate social performance-financial performance link. Strategic Management Journal 18 (4): 303-319.

Weber, O. 2012. Environmental credit risk management in banks and financial service institutions. Business Strategy and the Environment 21 (4):

248-263.

Woodward-Clyde. 1999. Key opportunities and risks to New Zealand’s export trade from green market signals: final paper, Sustainable Management Fund Project 6117, New Zealand Trade and Development Board, Auckland.

Wu, M.W. and Shen, C.H. 2013. Corporate social responsibility in the banking industry: Motives and financial performance. Journal of Banking and Finance 37 (9): 3529-3547.

Zahra, S. A., Oviatt, B. M., and Minyard, K. 1993. Effects of corporate ownership and board structure on corporate social responsibility and financial performance. Academy of Management Best Paper Proceedings, 336-340.

三、參考網頁

證 券 櫃 檯 買 賣 中 心 _ 企 業 社 會 責 任 專 區 , 網 址 : http://www.tpex.org.tw/web/csr/content/resource.php

中 華 民 國 企 業 永 續 發 展 協 會 , 網 址 : http://www.bcsd.org.tw/domain_node/domainnode/23