本研究主要探討有權力的CEO是否傾向過度投資於企業社會責任活動，並減損企業社會責任投資所帶來的正面回饋。本文以2007年至2014年天下雜誌公佈之「企業公民獎」名單作為善盡企業社會責任公司的代理變數，並根據市值及淨值市價比，找出5家與企業社會責任公司樣本最接近的已上市櫃公司做為對照控制公司，計取得1,214筆有效樣本。實證結果發現，權力愈大的CEO，傾向投入愈多企業社會責任活動。其次CEO權力使得公司績效與企業社會責任投資兩者關係呈現負向關係，支持過度投資假說，顯示無論公司目前績效為何，有權力的CEO基於營造個人聲譽或私利，都會選擇積極投入社會責任活動。此外，本文發現企業社會責任投資確實有助公司價值的提升，然而CEO權力卻會破壞企業社會責任表現與公司價值兩者間的正向關係，說明因CEO權力過大所衍生的企業社會責任投資是項代理問題，非但無法取得市場正面回饋，甚至傷害公司價值，顯見在CEO權力過大下，企業社會責任投資是項代理成本。

關鍵字：企業社會責任、CEO權力、代理問題、公司價值、過度投資。

This thesis examines whether powerful CEOs overly invest in activities realted to corporate social responsibility (CSR) hurting the potential benefits from CSR. This thesis uses the winners of “Corporate Citizen Award” by Common Wealth Magazine as the sample of investing in CSR from 2007 to 2014. I also choose five matching control firms based on market capitalization and book-to-market ratio and reach 1,214 firm-year observations. The results demonstrate that the more powerful CEOs tend to invest more in CSR. The power of CEO contributes to the adverse effect of CSR on firm value. Therefore, the overly investment hypothesis is supported. The results also show that regardless of the present firm performance, the powerful CEOs invest in CSR for personal reputation or personal benefit. Besides, this thesis also suggests that the CSR have a positive effect on firm value, however, the power of CEO mitigates the positive relationship between CSR and firm value due to agency relationship. Once the CEO is powerful, CSR implies some agency cost to the firms.

Key words: Corporate social responsibility; CEO power; Agency problem, Firm value, Overinvestment.

目錄
論文審定書
公開授權書
誌謝…………………………………………………………………………..…………i
中文摘要………………………………………………………………………..…...…ii
英文摘要 ………..……………………………..…………………………….…….…iii
目錄 ………..……………………………..…………………………….…….………iv
表次 ………..……………………………..…………………………….…….………v
第一章 緒論…………………………………………………………………...……01
第二章 文獻探討…………………………………..……………………..…..…….04
第一節 影響企業社會責任之因素……………………………………………04
第二節 CEO權力與企業社會責任………………………………...….……...05
第三節 企業社會責任與公司績效…………………………………….…,,,…08
第三章 研究設計………………………………………………………...…….……11
第一節 樣本選取與資料來源…………………………………………....……11
第二節 變數定義與衡量……………………………………………..…..……15
第三節 敘述性統計分析…………………………………………..……..……18
第四章 實證分析…………………………………………………….……..………25
第一節 CEO權力與企業社會責任…………………………………...………25
第二節 CEO權力、公司績效與企業社會責任………………………………30
第三節 CEO權力、企業社會責任及公司價值………………….………..…34
第四節 敏感性分析………………..………………………………..…………38
第五章 結論與建議…………………………………………………..….…………46
參考文獻……………………………………………………………….…..…….……47

表次
表3-1 各產業樣本分佈狀況……………………….…………………………….…13
表3-2 各年度樣本分佈狀況……………………………………………….…….…14
表3-3 樣本敘述統計量………………………………………………….……….…19
表3-4 Pearson 相關分析……………………….………………………….……….21
表3-5 根據企業社會責任分組下之樣本統計量………………………….……….23
表3-6 根據CEO權力分組下之樣本描述性分析…………………………………24
表4-1 CEO權力對企業社會責任表現之影響…………………………….………27
表4-2 CEO權力對企業社會責任得分之影響………………………………….…29
表4-3 CEO權力對公司績效與企業社會責任關係之影響…………………….…31
表4-4 CEO權力對公司績效與企業社會責任得分關係之影響………….………33
表4-5 CEO權力對企業社會責任與公司價值關係之影響……………….………35
表4-6 CEO權力對企業社會責任得分與公司價值關係之影響……………….…37
表4-7 根據CEO權力分組下之公司績效與企業社會責任之關係……….………39
表4-8 根據CEO權力分組下之公司績效與企業社會責任得分之關係…….……41
表4-9 根據CEO權力分組下企業社會責任與公司價值之關係…………….……43
表4-10 根據CEO權力分組下企業社會責任得分與公司價值之關係……………45

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