臺大管理論叢 NTU Management Review VOL.30 NO.2

The Effect of Corporate Social Responsibility Performance on Financial Risk 290 Table 8 Risk Regression Analysis Controlled for Industry E ff ects β L Non-standard β L Standard cov ( L i , L m ) Non-standard cov ( L i , L m ) Standard cov ( L i , R m ) Non-standard cov ( L i , R m ) Standard β M Non-standard β M Standard Panel A: Model 1 CSR_STR -0.038 -0.013 -0.014* -0.005** -0.006** -0.001 -0.170*** -0.042** (-0.83) (-1.03) (-1.53) (-1.81) (-1.72) (-0.73) (-2.51) (-2.10) CSR_CON 0.063* 0.024*** 0.047*** 0.011** -0.012 -0.001 0.107** 0.028* (1.28) (3.20) (2.41) (2.25) (-1.08) (-0.49) (1.83) (1.56) Panel B: Model 2 TOTAL_CSR_STR -0.005 -0.013 -0.002* -0.005** -0.001** -0.001 -0.024*** -0.042** (-0.83) (-1.03) (-1.53) (-1.81) (-1.72) (-0.73) (-2.51) (-2.10) TOTAL_CSR_CON 0.009* 0.024*** 0.007*** 0.011** -0.002 -0.001 0.015** 0.028* (1.28) (3.20) (2.41) (2.25) (-1.08) (-0.49) (1.83) (1.56) Panel C: Model 3 COMMUNITY 0.077 0.007 0.017 -0.000 0.120** 0.004*** -0.474* -0.024** (0.36) (0.85) (0.38) (-0.05) (2.36) (2.41) (-1.47) (-2.12) ENVIRONMENT -0.362** -0.018** -0.040 -0.002 0.048 0.003* -0.507 -0.012 (-1.75) (-2.02) (-0.80) (-0.49) (1.01) (1.56) (-1.14) (-0.55) DIVERSITY -0.069 -0.006 -0.064** -0.006*** -0.038* -0.003 -0.518*** -0.031* (-0.63) (-0.55) (-2.28) (-2.42) (-1.35) (-1.15) (-2.65) (-1.54) EMPLOYEE 0.016 -0.008* -0.026 -0.001 -0.088** -0.004** -0.519** -0.014* (0.12) (-1.33) (-0.62) (-0.43) (-2.13) (-1.79) (-2.35) (-1.35) PRODUCT 0.042 -0.006 -0.069* -0.005* -0.014 -0.000 0.323 0.016 (0.21) (-0.48) (-1.54) (-1.45) (-0.46) (-0.22) (1.17) (0.80) GOVERNANCE -0.282** -0.011** -0.156** -0.003 0.049 -0.000 0.332 0.007 (-1.72) (-1.82) (-1.80) (-1.19) (1.06) (-0.19) (0.70) (0.37)