美國總統川普在競選期間曾提出許多與企業社會責任相違的政見，使得2016年美國總統大選選舉結果成為一個影響企業社會責任活動的外生衝擊事件。本文藉由檢驗不同企業社會責任分數的公司對於2016年美國總統大選結果的市場反應，探討企業社會責任與公司價值之間的關係。研究結果發現，相較於企業社會責任分數低的公司而言，企業社會責任分數高的公司擁有比較差的市場反應，顯示企業社會責任分數與公司價值呈現顯著負向關係。實證結果支持股東費用假說：公司從事企業社會責任沒有得到利害關係人的支持，但所衍生的費用卻由股東承擔，進而減損公司的價值。

As the U.S. President Trump proposed several policies, which are against corporate social responsibility (CSR), the result of the 2016 U.S. Presidential Election becomes an event of exogenous shock about CSR activities. By taking advantage of the exogenous shock, this study examines the relationship between CSR score and market reaction to the election result. Empirical result shows that firms with high CSR score tend to have lower market reaction than those with low CSR score, indicating that there is a significantly negative relationship between CSR and firm value. Such result is consistent with the shareholder expense hypothesis that CSR activities are beneficial to stakeholders but are at expense of shareholders.

目錄
謝辭	I
中文摘要	II
英文摘要	III
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	研究架構	6
第二章	文獻回顧與研究假說	7
第一節	企業社會責任相關文獻	7
第二節	企業政治關聯性與企業社會責任	13
第三節 研究假說	15
第三章	研究樣本與研究方法	17
第一節	研究樣本	17
第二節	研究方法	21
第四章	實證結果	26
第一節	樣本敍述統計分析	26
第二節	迴歸分析	30
第三節	額外測試	40
第五章	結論與建議	46
第一節	結論	46
第二節	研究限制與建議	47
參考文獻	48
一、	中文文獻	48
二、	英文文獻	49


表目錄
表1樣本敍述統計量（N = 1,613）	27
表2樣本平均數分析－按美國產業標準分類碼（SIC code）前1碼分類	28
表3樣本平均數/中位數分析－按低、高企業社會責任分數分組	29
表4企業社會責任與2016年美國總統大選結果市場反應之迴歸分析－市場指數調整模式	32
表5企業社會責任與2016年美國總統大選結果市場反應之迴歸分析－市場模式	35
表6企業社會責任與2016年美國總統大選結果市場反應之迴歸分析－三因子模式	37
表7企業社會責任與2016年美國總統大選結果市場反應之迴歸分析－四因子模式	39
表8企業社會責任與川普總統宣佈移民禁令市場反應之迴歸分析	41
表9企業社會責任與川普總統退出巴黎氣候條約市場反應之迴歸分析	44

一、中文文獻
1.池祥萱、繆文娟、莊瀅臻，(2014)，｢企業社會責任對於公司財務績效之影響是雙面刃嗎？來自全球500大公司的證據」，管理學報，第31期第1卷，頁1-19。


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