本研究旨在探討公司之整合市場力量對於公司之社會企業責任(CSR)參與程度之影響。透過利用MSCI KLD資料庫及Compustat資料庫，我們的樣本包含1,553間公司及共10,263筆觀測值。我們的研究結果顯示公司之整合市場力量與其社會企業責任參與程度為正向相關。此外，我們也發現高市場力量之公司在從事內部CSR活動時，會優先選擇進行與員工相關之CSR活動。最後，我們更進一步發現高市場力量之公司在從事外部CSR活動時，會優先進行環境相關之CSR活動。我們的穩健性測試結果同樣支持本研究的發現。本研究擴展了現存對於影響公司CSR參與程度以及參與CSR之優先順序的研究。

Utilizing the MSCI KLD and Compustat database, we investigate the relationship between the integrated market power and a firm’s CSR engagement. Our sample consists of 10,263 firm-year observations for 1,553 firms from 1995 to 2018. The results show that a firm’s integrated market power is positively related to its CSR engagement. In addition, we find that firms with relatively high integrated market power will engage in employee-oriented CSR activities rather than other internal CSR orientations. Lastly, we also find that firms with relatively high market power will address environmental issues rather than other external CSR areas. The results of our robustness tests also support our findings. Our study contributes to the research related to engagement and priority of CSR activities.

論文審定書 i
致謝 ii
摘要 iii
Abstract iv
1. Introduction 1
2 Literature review 3
2.2 Market Power 5
2.3 CSR and Market Power 9
2.4 Employee-oriented CSR Practices and Market Power 10
2.5 Environmental CSR practices and Market power 11
3 Data 12
3.1 CSR Score 13
3.2 Market Power Proxy (MP) 15
3.3 Control Variables 16
3.4 Models 18
3.5 Empirical Analysis Methods 19
4 Results 20
4.1 Descriptive Statistics 20
4.2 Correlation Analysis 21
4.3 Regression Analysis 21
5 Robustness Tests 25
6 Discussions 26
6.1 Theoretical Implications 26
6.2 Managerial Implications 27
7 Conclusions, Limitations, and Suggestions for Future Research 29
References 46

Ağan, Y., Kuzey, C., Acar, M. F., & Açıkgöz, A. (2016). The relationships between corporate social responsibility, environmental supplier development, and firm performance. Journal of Cleaner Production, 112, 1872-1881.
Ahn, J., Shamim, A., & Park, J. (2021). Impacts of cruise industry corporate social responsibility reputation on customers’ loyalty: Mediating role of trust and identification. International Journal of Hospitality Management, 92, 102706.
Ak, B. K., & Patatoukas, P. N. (2016). Customer‐base concentration and inventory efficiencies: Evidence from the manufacturing sector. Production and Operations Management, 25(2), 258-272.
Ali, W., Frynas, J. G., & Mahmood, Z. (2017). Determinants of corporate social responsibility (CSR) disclosure in developed and developing countries: A literature review. Corporate Social Responsibility and Environmental Management, 24(4), 273-294.
Anderson, E. W., & Mittal, V. (2000). Strengthening the satisfaction-profit chain. Journal of Service Research, 3(2), 107-120.
Barkemeyer, R. (2007). Legitimacy as a key driver and determinant of CSR in developing countries. Paper for the 2007 Marie Curie Summer School on Earth System Governance, 271-350.
Ben-Zion, U. (1984). The R&D and investment decision and its relationship to the firm's market value: Some preliminary results. In R&D, Patents, and Productivity (pp. 299-314). University of Chicago Press.
Berger, A. N., & Hannan, T. H. (1998). The efficiency cost of market power in the banking industry: A test of the “quiet life” and related hypotheses. Review of Economics and Statistics, 80(3), 454-465.
Bolton, B. (2020). Internal vs. External Corporate Social Responsibility at US Banks. International Journal of Financial studies, 8(4), 65.
Brammer, S., & Millington, A. (2006). Firm size, organizational visibility and corporate philanthropy: An empirical analysis. Business Ethics: A European Review, 15(1), 6-18.
Brown, S., Garino, G., & Martin, C. (2009). Firm performance and labour turnover: Evidence from the 2004 workplace employee relations survey. Economic Modelling, 26(3), 689-695.
Chan, C.-Y., Chou, D.-W., & Lo, H.-C. (2017). Do financial constraints matter when firms engage in CSR? The North American Journal of Economics and Finance, 39, 241-259.
Cheng, T., & Podolsky, S. (1996). Just-in-time manufacturing: an introduction. Springer Science & Business Media.
Cheung, A., Hu, M., & Schwiebert, J. (2018). Corporate social responsibility and dividend policy. Accounting & Finance, 58(3), 787-816.
Cheung, A. W., & Pok, W. C. (2019). Corporate social responsibility and provision of trade credit. Journal of Contemporary Accounting & Economics, 15(3), 100159.
Chi, C. G., & Gursoy, D. (2009). Employee satisfaction, customer satisfaction, and financial performance: An empirical examination. International Journal of Hospitality Management, 28(2), 245-253.
Chirinko, R. S., & Fazzari, S. M. (1994). Economic fluctuations, market power, and returns to scale: Evidence from firm‐level data. Journal of Applied Econometrics, 9(1), 47-69.
De Loecker, J., Eeckhout, J., & Unger, G. (2020). The rise of market power and the macroeconomic implications. The Quarterly Journal of Economics, 135(2), 561-644.
Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. The Accounting Review, 87(3), 723-759.
Di Giuli, A., & Kostovetsky, L. (2014). Are red or blue companies more likely to go green? Politics and corporate social responsibility. Journal of Financial Economics, 111(1), 158-180.
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693-714.
Elkington, J. (1997). The triple bottom line. Environmental management: Readings and Cases, 2, 49-66.
Flannery, M. J., & Rangan, K. P. (2006). Partial adjustment toward target capital structures. Journal of Financial Economics, 79(3), 469-506.
Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge university press.
Guerard Jr, J. B., Bean, A. S., & Andrews, S. (1987). R&D management and corporate financial policy. Management Science, 33(11), 1419-1427.
Halbritter, G., & Dorfleitner, G. (2015). The wages of social responsibility—where are they? A critical review of ESG investing. Review of Financial Economics, 26, 25-35.
Hallowell, R. (1996). The relationships of customer satisfaction, customer loyalty, and profitability: an empirical study. International Journal of Service Industry Management, 7(4), 27-42.
Hsu, C.-Y., & Tsai, Y.-C. (2021). Peer Influence of Corporate Social Responsibility Awards. Journal of Financial Studies, 29(1), 61-93.
Huson, M., & Nanda, D. (1995). The impact of just‐in‐time manufacturing on firm performance in the US. Journal of Operations Management, 12(3-4), 297-310.
Jhang, S.-S. S., Lin, W. T., & Fang, I.-H. (2020). How does firms’ integrated market power affect upstream trade credit and institutional ownership? Evidence from Taiwan. Asia Pacific Management Review, 25(2), 75-86.
Jhang, S.-S. S., Ogden, J. P., & Suresh, N. C. (2019). Operational and financial configurations contingent on market power status. Omega, 88, 91-109.
Jiraporn, P., & Chintrakarn, P. (2013). How do powerful CEOs view corporate social responsibility (CSR)? An empirical note. Economics Letters, 119(3), 344-347.
Jo, H., & Na, H. (2012). Does CSR reduce firm risk? Evidence from controversial industry sectors. Journal of Business Ethics, 110(4), 441-456.
Johnson, R. A., & Greening, D. W. (1999). The effects of corporate governance and institutional ownership types on corporate social performance. Academy of Management Journal, 42(5), 564-576.
Khojastehpour, M., & Johns, R. (2014). The effect of environmental CSR issues on corporate/brand reputation and corporate profitability. European Business Review, 26(4), 330-339.
Kim, S., & Li, Z. (2021). Understanding the impact of ESG practices in corporate finance. Sustainability, 13(7), 3746.
Krattenmaker, T. G., Lande, R. H., & Salop, S. C. (1987). Monopoly power and market power in antitrust law. Geo. Lj, 76, 241.
Kutner, M. H., Nachtsheim, C. J., Neter, J., & Wasserman, W. (2004). Applied linear regression models (Vol. 4), McGraw-Hill/Irwin.
Lee, P. K., Lau, A. K., & Cheng, T. (2013). Employee rights protection and financial performance. Journal of Business Research, 66(10), 1861-1869.
Lichtenberg, F. R., & Siegel, D. (1991). The impact of R&D investment on productivity–New evidence using linked R&D–LRD data. Economic Inquiry, 29(2), 203-229.
Liu, Y., Jia, X., Jia, X., & Koufteros, X. (2021). CSR orientation incongruence and supply chain relationship performance—A network perspective. Journal of Operations Management, 67(2), 237-260.
Loveman, G. W. (1998). Employee satisfaction, customer loyalty, and financial performance: an empirical examination of the service profit chain in retail banking. Journal of Service Research, 1(1), 18-31.
Mandhachitara, R., & Poolthong, Y. (2011). A model of customer loyalty and corporate social responsibility. Journal of Services Marketing.
McLachlin, R. (1997). Management initiatives and just‐in‐time manufacturing. Journal of Operations Management, 15(4), 271-292.
McNabb, R., & Whitfield, K. (1998). The impact of financial participation and employee involvement on financial performance. Scottish Journal of Political Economy, 45(2), 171-187.
McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: correlation or misspecification? Strategic Management Journal, 21(5), 603-609.
Means, G. (2017). The modern corporation and private property. Routledge.
Meznar, M. B., & Nigh, D. (1995). Buffer or bridge? Environmental and organizational determinants of public affairs activities in American firms. Academy of Management Journal, 38(4), 975-996.
Nyame-Asiamah, F., & Ghulam, S. (2019). The relationship between CSR activity and sales growth in the UK retailing sector. Social Responsibility Journal, 16(3), 387-401.
Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization Studies, 24(3), 403-441.
Padgett, R. C., & Galan, J. I. (2010). The effect of R&D intensity on corporate social responsibility. Journal of Business Ethics, 93(3), 407-418.
Pavic, I., Galetic, F., & Piplica, D. (2016). Similarities and differences between the CR and HHI as an indicator of market concentration and market power. British Journal of Economics, Management & Trade, 13(1), 1-8.
Protocol, K. (1997). Kyoto protocol. UNFCCC Website. Available online: http://unfccc. int/kyoto_protocol/items/2830. php (accessed on 1 January 2011).
Ranjan, S., & Yadav, R. S. (2018). Uncovering the role of internal CSR on organizational attractiveness and turnover intention: The effect of procedural justice and extraversion. Asian Social Science, 14(12), 76-85.
Ren, Z. J., Cohen, M. A., Ho, T. H., & Terwiesch, C. (2010). Information sharing in a long-term supply chain relationship: The role of customer review strategy. Operations Research, 58(1), 81-93.
Robinson, M., Kleffner, A., Bertels, S., & Street, C. (2008, September). The value of a reputation for corporate social responsibility: Empirical evidence. In A. Krous (Chair), Governance II. Paper presented at the 2008 Northern Finance Association Conference, Kananaskis Village, Canada.
Salop, S. C. (1979). A model of the natural rate of unemployment. The American Economic Review, 69(1), 117-125.
Starks, L. T. (2009). EFA keynote speech:“Corporate governance and corporate social responsibility: What do investors care about? What should investors care about?”. Financial Review, 44(4), 461-468.
Swandari, F., & Sadikin, A. (2016). The effect of ownership structure, profitability, leverage, and firm size on corporate social responsibility (CSR). Binus Business Review, 7(3), 315-320.
Sweeney, L., & Coughlan, J. (2008). Do different industries report corporate social responsibility differently? An investigation through the lens of stakeholder theory. Journal of Marketing Communications, 14(2), 113-124.
Terwiesch, C., Ren, Z. J., Ho, T. H., & Cohen, M. A. (2005). An empirical analysis of forecast sharing in the semiconductor equipment supply chain. Management Science, 51(2), 208-220.
Udayasankar, K. (2008). Corporate social responsibility and firm size. Journal of Business Ethics, 83(2), 167-175.
Unies, N. (2015, December). Accord de Paris. In 21ème Conférence des Parties (pp. 1-18).
Vitezić, N., Vuko, T., & Mörec, B. (2012). Does financial performance have an impact on corporate sustainability and CSR disclosure—A case of croatian companies. Journal of Business Management 5, 40-47.