企業社會責任對企業績效持續性的非線性門檻效果

Abstract

本文採用縱橫資料平滑移轉自我迴歸模型 (panel smooth transition autoregressive model, PSTAR) 針對2007年至2018年31家獲得企業公民獎項的台灣大型企業，評估企業社會責任 (corporate social responsibility, CSR) 對企業績效持續性的門檻效果。實證結果顯示企業績效持續性隨著企業投入社會責任活動的不同程度，確實存在異質性、時變性與不對稱的門檻效果。另外，企業社會責任對企業績效表現具有遞延影響作用，當過去企業社會責任指數超過門檻值 (7.875)，企業績效持續性將會快速轉換為更高的持續效果。最後，我們討論企業社會責任與企業績效持續性的實證結果與管理意涵，提供國家當局與企業經營者參考依據，並為未來的相關研究提供方向。  This paper employs a panel smooth transition autoregressive model to assess the threshold effect of corporate social responsibility on firm performance persistence among 31 large Taiwanese firms that won the Corporate Social Responsibility Award from 2007 to 2020. The empirical results indicate that the change in firm performance persistence with the degree of involvement in corporate social responsibility activities exhibits a heterogeneous, time-dependent, and asymmetric threshold effect. In addition, corporate social responsibility is found to have a deferred effect on firm performance, and when the past corporate social responsibility index exceeds a certain threshold value (7.979), firm performance quickly becomes more persistent. Finally, we discuss our empirical results concerning corporate social responsibility and firm performance persistence as well as their management implications, provide reference information for national authorities and corporate managers, and propose directions for future research.