本研究主要探討企業社會責任對盈餘動能之影響。研究選定在 2007 年 1 月1 日以前已上市上櫃之公司為觀察對象(扣除 TDR 及 F 股及全額交割股)而盈餘發布日為事件日，且採用 DellaVigna and Pollet (2009)之研究計算累積異常報酬(cumulative abnormal return, CAR) 並 進 一 步 使 用 以 標 準 化 未 預 期 盈 餘（standardized unexpected earning, SUE）將其分組以利觀察，而企業社會責任變數則選定 2006 年至 2016 年入圍遠見 CSR 企業社會責任獎與天下企業社會責任獎之公司為正面樣本，而台灣經濟新報資料庫 TEJ 所提供之有發生負面企業社會責任事件之公司為負面樣本，並將兩個合併重新評分為一新的 CSR 變數，後採以中位數迴歸進行分析，得出實證結果發現 CSR 的表現良好與否確實會影響盈餘動能，且加入控制變數後也得到同樣結果，也就是說 CSR 的確會影響投資人的行為。 This study focuses on the effect of corporate social responsibility (CSR) onearnings momentum and chooses the companies that have become listed on OTCwithout TDR, F-shares and full-cash delivery stocks before 2007 as samples whichare used to calculate cumulative abnormal return (CAR) and are divided into groupsby standardized unexpected earnings (SUE) for observation. Furthermore, the winnersof Corporate Citizenship Awards of Common Wealth Magazine and the winners ofCorporate Social Responsibility Award of Global Views Monthly between 2006 and2016 are chosen as positive CSR samples to collect data on CSR and construct CSRscores. Also, another database, TEJ, is used to collect negative samples because itprovides the companies that have bad CSR events. Then, in order to construct a newCSR score, positive and negative samples are combined as CSR variable. This studyuses the data that described above to do the analysis by median regression. The resultsindicate that the performances of CSR will affect earnings momentum and even if thecontrol variables are added, the results remain the same. This is to say that CSR willaffect the behavior of investors.
