The Impact of CSR on Corporate Value: The Ability of the CEO and the Role of Power

[[abstract]]邁入21世紀，現今企業要永續經營，不僅要為公司創造最大利潤，更要對員工、社會及環境負責，都是攸關企業的聲譽及生存的關鍵。過去10年，企業社會責任(corporate social responsibility, CSR) 議題已經受到全世界國際社會的重視。本研究旨在調查執行長的能力及權力對於CSR與公司價值之間的關係。樣本資料採用自2011 至 2017年計 7 年間在台灣上市上櫃企業作為主要研究對象，樣本取台灣經濟新報資料庫(TEJ)。本研究結果：一、企業社會責任績效與公司價值是成正相關；二、CEO能力對CSR與公司價值關係有正向調節作用；三、CEO權力對CSR與公司價值關係間具有正向調節作用；四、CEO能力及權力，對CSR與公司價值有正向調節效果。本研究貢獻，可提供給企業界參考，能力強大及擁有高權力的執行長可有效地監督公司投入企業社會責任活動，減輕其只著眼於自身利益的行為，確保誠實將公司重大訊息揭露給投資人，有效助於提升公司價值以及投資人對該公司之信心。[[abstract]]Entering the 21st century, today's enterprises must continue to operate, not only to create maximum profits for the company, but also to be responsible for employees, society and the environment, which are the key to the reputation and survival of the company. Over the past 10 years, corporate social responsibility (CSR) issues have been valued by the international community worldwide. The purpose of this study is to investigate the relationship between the CEO's ability and power to CSR and company value.The sample data uses the listed companies that are listed on the Taiwan Stock Exchange as the main research object from 2011 to 2017. The sample is taken from the Taiwan Economic Newspaper (TEJ).The results of this study: 1. Corporate social responsibility performance and company value are positively correlated; 2. CEO capacity has a positive adjustment effect on the relationship between CSR and company value; 3. CEO power has a positive adjustment effect on the relationship between CSR and company value; Fourth, the CEO's ability and power have a positive adjustment effect on CSR and company value.The contribution of this research can be provided to the business community for reference. The powerful and high-powered CEO can effectively monitor the company’s investment in corporate social responsibility activities, mitigate its behavior that focuses only on its own interests, and ensure the honest disclosure of major company information to investment People, effectively help to enhance the company's value and investors' confidence in the company