| 摘要: | 本論文透過理論模型、實證分析和概念性方法探討企業社會責任(Corporate Social Responsibility, CSR)的三個議題。首先，提出一個分析連續獨占市場的企業社會責任行為模型。基於企業社會責任投資可以提高消費者的願付價格(WTP)和市場需求，即需求曲線向上移動，上游製造商和下游零售商策略性地選擇企業社會責任的投資。應用成本效益分析並滿足利潤最大化假設。與Brand和Grothe(2015)採用價值最大化方法的結果相反，本論文結果顯示，在零售商領先選擇企業社會責任投資的模式下，製造商和零售商的均衡利潤總和、消費者剩餘及社會福利最佳。
其次，實證證據支持理論模型的利潤最大化假設。運用彭博的環境、社會和公司治理(ESG)揭露評分，做為企業社會績效(CSP)的代理變數，進一步研究 2012–2017年期間286家臺灣上市(櫃)公司CSP和企業財務績效 (CFP)之間的關係。CFP透過兩項會計衡量指標為資產報酬率(ROA)和股東權益報酬率(ROE)，以及市場衡量指標為年度股票報酬率(Stock Returns)。結果顯示CSP對ROA和ROE的影響呈現倒U型關係，支持策略性企業社會責任動機並滿足利潤最大化假設；當年更佳的ROE(Stock Returns)將導致次年CSP以正二次（倒U型）關係改善，進而支持資源閒置理論(Slack Resources Theory)。綜上所述，臺灣上市(櫃)公司CSP與ROE之間存在二次雙向關係。
此外，拆解Bloomberg’s ESG 揭露評分為環境、社會和公司治理績效三個分項指標，結果顯示環境（社會）績效對ROA和ROE的直接影響呈現規模報酬遞增（遞減）；而環境（社會）績效和公司治理績效的交叉項對ROA和ROE為負（正）向影響。因此，在環境績效透過公司治理績效對ROA和ROE的間接影響可控的情況下，應鼓勵臺灣上市(櫃)公司在環境企業社會責任(Environmental Corporate Social Responsibility, ECSR)投資使CFP受益，支持自然資源基礎觀點(Natural-Resource-Based View of the Firm, NRBV)。
第三，基於氣候變遷進程加劇及公眾環保意識提升，使得企業在ECSR的投資意願增強，藉此減緩氣候變遷進程，並且有益於企業可持續發展。然而，企業在氣候變遷適應措施的環境企業社會責任作為仍有提升空間。因此，跨國農企業在糧食安全中的企業社會責任，在第四章的一節中討論。
有鑑於氣候變遷預測增加自然災害的數量和嚴重程度，與未來糧食危機增加的可能性有關，貿易限制進一步加劇每次新的糧食危機的嚴重性。考慮多邊糧食援助和區域糧食安全機制的實踐，可能無法完全因應未來氣候變遷的挑戰。作者提出雙邊緊急出口儲備機制的架構，鼓勵參與該機制的糧食進出口國，共同指定一個跨國農企業負責管理雙邊緊急出口儲備，做為履行其企業社會責任的一種方式。該機制具有簡化協商、操作程序更加透明，以及雙邊合作互惠等特點，為糧食進口國的糧食安全提供更高程度的保障。參與國互信與合作，對於發展可持續性機制至關重要。
;This dissertation explores three issues of corporate social responsibility (CSR) through a theoretical model, an empirical analysis, and a conceptual approach. First, a model is proposed to analyze firms’ CSR behavior in a successive monopolistic market. Given the CSR investment can raise consumers’ WTP and market demand, that is, an upward shift in the demand curve, firms choose the amount of CSR investment strategically. Therefore, cost-benefit analysis can be applied and the profit maximization assumption is satisfied. In contrast to the results of Brand and Grothe (2015) through value maximization approach, results in this dissertation show that the retailer as a leader in CSR investment is better off in the sum of retailer’s and manufacturer’s equilibrium profits, consumer surplus and social welfare.
Secondly, the theoretical profit maximization assumption is also supported by empirical evidence. The author further examines the relationship between CSP and CFP of 286 Taiwan-listed firms during the period 2012–2017 by using Bloomberg’s Environmental, Social, and Governance (ESG) Disclosure score to proxy CSP. The CFP is measured by two accounting-based measures, i.e., Return on Assets (ROA) and Return on Equity (ROE), and a market-based measure as annual stock returns (Stock Returns). Results suggest that the influence of CSP on ROA and ROE exhibits an inverted U-shaped relationship, supporting that the strategic CSR motive satisfies the profit maximization assumption; a better ROE (Stock Returns) this year will lead to an improvement in CSP next year in a positive quadratic (an inverted U-shaped) relationship, thereby supporting the slack resources theory. To sum up, there is a quadratic bidirectional relationship between CSP and ROE of Taiwan-listed firms.
Further, disentangling Bloomberg’s ESG Disclosure score to proxy environmental, social, and governance performance, which indicates that the direct effect of environmental (social) performance on ROA and ROE is increasing (decreasing) return to scale, whereas the interaction term between environmental (social) performance and governance performance has a negative (positive) effect on ROA and ROE. Therefore, the environmental corporate social responsibility (ECSR) investment by Taiwan-listed firms should be encouraged to benefit CFP in cases where indirect impact of environmental performance on ROA and ROE through governance performance is manageable, supporting natural-resource-based view of the firm (NRBV).
Third, based on the accelerated process of climate change and the enhancement of public awareness of environmental protection, firms are more willing to invest in environmental corporate social responsibility (ECSR) to mitigate climate change and bringing additional benefits to the corporate sustainability. But there is still room for improvement in firms’ ECSR in climate change adaptation measures. Therefore, the CSR roles of transnational agribusiness in food security is discussed in a section of the last issue.
Climate change predictions suggest that increasing the number and severity of natural disasters is associated with increasing the likelihood of future food crises, while trade restrictions further exacerbate the severity of each new food crisis. Consider that multilateral food aid and regional food security mechanisms may incompletely adapt to the challenges of climate change in future practice. The author proposes a framework of bilateral emergency export reserve mechanism to encourage both participating countries to jointly appoint a transnational agribusiness to manage emergency export reserves as a means of fulfilling its CSR. This mechanism has the features simplified negotiation, more transparent operating procedures, along with reciprocity in bilateral cooperation, which would provide the grain importing countries with a higher degree of safeguarding food security. The mutual trust and cooperation of participating countries is essential for developing a sustainable mechanism. |
