碩士 / 國立彰化師範大學 / 財務金融技術學系 / 104 / In recent years, the managenet practice has paid more and more attention on Corporate Social Responsibility (CSR) such that a corporation has to take care of not only stockholders but also all stakeholders surrounding business operation for sustainability. In addition to business cases and management practice devoted wide and great resource on CSR, academically, existing literature has well documented all kinds of benefits as well costs and linkaged firm’s performance on CSR and economic consequences. In this master thesis, I am curious about: Where firm’s performance on Corporate Social Responsibility has positive or negative effect on firm’s stock market performance, specifically, crash risk. The research sample borrows the SSE Social Responsibility Index, it create from China Shanghai Stock Exchange. If the company inclusion into SSE Social Responsibility Index, it is defind as CSR-company. By referring to Kim, Li and Li (2014), the first measure of crash risk is the negative conditional skewness of stock returns (NCSKEW), and the second measure of crash risk is the down-to-up volatility measure (DUVOL). Data about CSR, crash risk and financial performance covers 2009 to 2014. Interesting result shows that, contrary to Kim et al. (2014) result, the thesis shows positive effect between Corporate Social Responsibility and crash risk. The empirical finding can be explained that over-investment in Corporate Social Responsibility by Chinese firms incurs huge cost to outweight benefit that cause increased risk on stock market performance.
| Identifer | oai:union.ndltd.org:TW/104NCUE5316034 |
| Date | January 2016 |
| Creators | Tu,Jun-Wei, 涂峻瑋 |
| Contributors | Chang, Yuan, 張元 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 87 |
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