COVID-19期間企業社會資本之價值

本研究主要探討企業可否透過社會資本的投入，於COVID-19疫情期間與股東及利害關係人建立信任感。本研究特別檢驗COVID-19疫情前期間企業社會責任 (CSR) 評比與COVID-19疫情期間企業績效及風險之關聯性。本文以臺灣證券交易所非金融類之上市上櫃共計1685間企業為研究樣本，實證結果顯示，相較於低CSR企業，高CSR評比的企業具較高的股票異常報酬與較優異的營運績效，以及較低的股價波動性與較少的個別風險，此結果於各敏感度分析中皆顯穩健。本研究亦發現，此結果主要係由企業對整體CSR構面的投資所驅動，而非源於對特定的CSR活動投入所致。

This study investigates whether firms can build trust with their stakeholders and investors through investments in social capital during the COVID-19 pandemic. Specifically, we examine the relation between firms’ pre-COVID-19 corporate social responsibility (CSR) scores and their post-COVID-19 performance and risk. Using a sample of 1685 non-financial firms listed on the Taiwan Stock Exchange, the empirical results show that firms with high-CSR scores have higher abnormal returns, better operating performance, lower stock price volatility, and less idiosyncratic risk relative to those of low-CSR firms. The results are robust to various sensitivity tests. We also find that the results are mainly driven by the overall CSR investment rather than individual CSR activities.