资讯透明度、企业社会责任与信用评等:来自台湾企业的证据

Po-Sheng Yang, Jin-Li Hu
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引用次数: 0

摘要

本研究基于代理理论和过度投资观点,探讨管理者自利导致严重代理问题的可能性,并通过提高信息透明度来解决代理问题。此外,根据风险缓释观点,企业社会责任绩效影响信用风险评级。因此,这三部分之间存在连锁关系,这是通过面板数据分析来检验的。首先,运用Tobit回归对未获得《财富》杂志CSR奖的企业进行排名预测。其次,分析台湾经济日报提供的资讯透明度、企业社会责任与信用风险指数(TCRI TM)之间的关系。通过T检验、LM检验和Hausman检验选择最佳模型。其次,本文采用固定效应模型进行实证分析。本文的主要实证发现如下:(a)提高信息透明度可以促进企业社会责任绩效。(b)提高信息透明度有助于获得更好的信用评级。(c)更好的企业社会责任表现有助于获得更好的信用评级。综上所述,这三个因素都对公司产生了积极的影响,改善了公司的投资环境,带来了良好的声誉。当业务经理或决策者正在制定业务战略时,这可能是要考虑的事情。
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Information Transparency, Corporate Social Responsibility, and Credit Rating: Evidence from Taiwan’s Enterprises
Based on agency theory and overinvestment view, the research explores the possibility of severe agency problems caused by managers’ self-interest and promote information transparency to solve agency problems. Furthermore, according to the risk mitigation viewpoints, Corporate Social Responsibility (CSR) performance influences credit risk rating. Therefore, there is an interlocking relationship between the three parts, which are examined by panel data analysis. First, the Tobit regression is used to predict the enterprises’ ranking that did not win the CSR Award of Common Wealth Magazine. Second, the relationships among information transparency, CSR, and credit risk index (TCRI TM ) provided by Taiwan Economic Journal are analysed. The best model is chosen by using T test, LM test, and Hausman tests. Next, this research uses the fixed-effects model as empirical analysis. The major empirical findings of this paper are as follows: (a) Improving information transparency can promote CSR performance. (b) Improving information transparency helps obtain better credit ratings. (c) Better CSR performance helps obtain better credit ratings. In summary, all three factors positively affect a company, improving its investment environment and bringing about a good reputation. When business managers or decision-makers are developing business strategies, this could be something to take into account.
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来源期刊
CiteScore
4.60
自引率
0.00%
发文量
121
期刊介绍: Vision-The Journal of Business Perspective is a quarterly peer-reviewed journal of the Management Development Institute, Gurgaon, India published by SAGE Publications. This journal contains papers in all functional areas of management, including economic and business environment. The journal is premised on creating influence on the academic as well as corporate thinkers. Vision-The Journal of Business Perspective is published in March, June, September and December every year. Its targeted readers are researchers, academics involved in research, and corporates with excellent professional backgrounds from India and other parts of the globe. Its contents have been often used as supportive course materials by the academics and corporate professionals. The journal has been providing opportunity for discussion and exchange of ideas across the widest spectrum of scholarly opinions to promote theoretical, empirical and comparative research on problems confronting the business world. Most of the contributors to this journal range from the outstanding and the well published to the upcoming young academics and corporate functionaries. The journal publishes theoretical as well as applied research works.
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