CSR活動對於企業而言係為一避險性的策略，企業乃透過追求CSR活動創造其良好形象。本研究立基於迎合效果，旨在探討企業是否存在受投資人情緒影響而被動追求CSR活動，並著墨於公司治理是否會調節兩者間的關係。本研究之樣本涵蓋台灣2007至2018年上市櫃公司。實證結果顯示投資人情緒對企業追求CSR活動的影響為負向顯著，而公司治理則存在正向調節效果。該結果表示企業追求CSR活動會受投資人情緒影響，當投資人情緒越低迷，企業越傾向採行CSR活動，然而，當公司治理越健全，則有助於減緩投資人情緒對企業追求CSR活動的影響。

CSR activities are a risk-averse strategy valued by firms, which they may create a good image through the engagement of them. Based on the catering effect, this study aims to explore whether firms are passively engaging in CSR activities due to investor sentiment and whether corporate governance could moderate the relation. The sample of this study covers listed companies in Taiwan Stock Exchange from 2007 to 2018. The empirical results show that the influence of investor sentiment on the engagement of CSR activities is negative, while corporate governance has a positive moderating effect. The findings support that the firm's engagement of CSR activities will be affected by investor sentiment. When the investor sentiment is lower, the firm tends to adopt more CSR activities. However, firms with more sound corporate governance help mitigate investor sentiment on CSR activities.

目錄
謝誌	I
中文摘要	II
英文摘要	III
目錄	IV
圖目錄	V
表目錄	VI
第一章 緒論	1
第一節 研究背景與動機	1
第二節 研究目的	4
第三節 研究流程	5
第二章 文獻回顧	7
第一節 企業社會責任	7
第二節 投資人情緒	10
第三節 公司治理	17
第四節 投資人情緒與企業社會責任	24
第五節 公司治理與企業社會責任	26
第三章 研究方法	28
第一節 假說發展	28
第二節 資料來源	32
第三節 變數衡量	33
第四節 實證模型	45
第四章 實證結果	48
第一節 投資人情緒之主成分分析	48
第二節 敘述性統計分析	49
第三節 相關性分析	51
第四節 實證結果與分析	55
第五章 結論與建議	65
第一節 研究結論	65
第二節 研究限制、貢獻與建議	67
參考文獻	68
一、中文文獻（依筆畫排序）	68
二、英文文獻（依字母排序）	69

 
圖目錄
圖 1-1 研究流程圖	6
圖 2-1 融資融券概念圖	14
圖 2-2 世界銀行公司治理架構圖	17
圖 3-1 研究架構圖	31

 
表目錄
表 2-1 OECD公司治理原則沿革	20
表 2-2 公司治理評量架構表	27
表 3-1 變數操作性定義	44
表 4-1 投資人情緒主成分分析結果	48
表 4-2 產業分佈表	52
表 4-3 敘述性統計	53
表 4-4 相關性分析	54
表 4-5 投資人情緒對企業社會責任之影響迴歸結果	57
表 4-6 投資人情緒、企業社會責任、公司治理迴歸結果	60
表 4-7 董事會結構與股權結構之調節效果迴歸結果（Probit）	63
表 4-8 董事會結構與股權結構之調節效果迴歸結果（Logit）	64

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