An Empirical Investigation of the Relationship between Change in Corporate Social Performance and Financial Performance

[[abstract]]本研究主要在探討企業的社會責任表現與財務績效表現兩者的變動之間的關係。根據利害關係人理論，可推論出企業滿足利害關係人的需求時，不論是在降低企業的成本上，或者是在增加企業的競爭力，亦或是增進企業本身的生產效能方面，都將會對企業財務績效表現有所助益。經由本研究的實證結果顯示，短期內企業社會責任表現的變動對於營業收入報酬率以及營業收入成長率兩者的變動即有顯著的正向關係，表示企業的社會責任表現可能會藉由降低成本、增加競爭力、增加生產效能，或者是其他任何的方式，增進企業本身實質的利益，進而提升企業的財務績效表現，使得企業獲得實質的利益。[[abstract]]This study investigated the relationship between the change in corporate social performance and financial performance in Taiwan. According to stakeholder theory, financial performance should be improved, no matter by diminishing cost, increasing competitive advantage, or elevating operative efficiency, when firms satisfy the demands of multiple stakeholders. Through the finding of this empirical research, the change in corporate social performance was positively related to change in return on sales and growth in sales at the same year, indicating that improvement of corporate social performance may lead to improvement of financial performance in the short-term