

媒體聲譽對企業社會責任得獎企業其股市表現與財務績效之影響
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1. Introduction
The issue of ‘corporate social responsibility’ (CSR) has become increasingly
important over recent years from both theoretical and practical perspectives. Indeed, there
has been an exponential increase in research focusing on the relationship between
corporate social performance and financial performance. Consequently, many firms are
now electing to disclose their CSR performance activities within their annual reports and
websites in an obvious attempt to enhance their reputation and their corporate image.
There are, however, wide definitions of CSR, a factor which ultimately led to the
collation by Dahlsrud (2006) of no less than 37 different definitions of what CSR actually
refers to. Using content analysis to analyze these varied definitions, Dahlsrud was able to
show that they could be distinguished under five specific dimensions of ‘environment’,
‘social’, ‘economic’, ‘stakeholder’ and ‘voluntariness’; these definitions are, to a large
extent, congruent.
As noted by Dahlsrud, within one of these definitions – provided by the World
Business Council for Sustainable Development (WBCSD)
1
– it is argued that “corporate
social responsibility is the continuing commitment by business to contribute to economic
development while improving the quality of life of the workforce and their families, as
well as that of the community and society at large”. This definition essentially implies that
firms should be responsible not only for shareholders, but also for all other stakeholders
within their business.
Margolis and Walsh (2003) analyzed CSR measurement in a total of 127 studies,
within which the measures were based upon the KLD database, the Council on Economic
Priorities (CEP) database, and the Fortune Reputation Rating, amongst others.
2
Although
no representative database for CSR exists in Taiwan, CSR competition in Taiwan is
categorized by the Global Views and CommonWealth Magazines, both of which refer to
1 The WBCSD is a CEO-led organization of forward-thinking firms that galvanizes the global business
community to create a sustainable future for business, society and the environment. Together with its
members, the council applies its respected thought leadership and effective advocacy to generate
constructive solutions and adopt shared actions
(http://www.wbcsd.org/about.aspx).
2 The relevant details are available from: (i) the KLD database
(http://www.whartonwrds.com/archive- pages/our-datasets/kld/); (ii) the CEP database
(http://web.net/~robrien/papers/sri/players/cep.html);
(iii) Fortune Reputation Rating
(http://fortune.com/worlds-most-admired-companies/).