本研究主要探討公司企業社會責任 (Corporate Social Responsibility, 以下簡稱CSR)的揭露與公司實質盈餘操縱的關聯性。本文使用2000年至2019年美國上市櫃公司資料，涵蓋7,130家公司，共53,257筆公司年度樣本資料。實證結果顯示當公司CSR揭露程度愈高，公司會減少實質盈餘操縱活動。穩健性測試結果與實證結果一致。在事後分析中發現，相較於製造業公司而言，服務業公司的CSR揭露與實質盈餘操縱之間的關係更為密切。再者，當CSR揭露愈高，企業異常營運現金流與生產成本的操縱行為較少，但對於異常可自由支配費用的影響有限。此外，內部CSR揭露對於實質盈餘操縱的抑制效果大於外部CSR揭露。

This study examines the relationship between corporate social responsibility (CSR) disclosure and real earnings management. Using a sample of 7,130 U.S. listed companies with 53,257 observations during 2000-2019. The results show that real earnings management activities tend to be lower as the extent of CSR disclosure increases. The results are robust to different fixed-effect regression models. The above results appear to be more prevalent in the service industry than in the manufacturing industry based on the post-hoc analysis. Furthermore, the post-hoc analysis shows that the greater CSR disclosure is associated with lower manipulation of abnormal operating cash flows and overproduction. But there is a limited effect on abnormal discretionary expenses. Additionally, contrary to internal CSR disclosure, external CSR disclosure is more closely linked to real earnings management.

論文審定書i
誌謝ii
中文摘要iii
Abstractiv
目錄v
表次vii
第一章、緒論1
第二章、文獻回顧與探討5
第一節、實質盈餘操縱5
第二節、企業社會責任揭露8
第三章、研究假說建立11
第四章、資料變數與研究方法13
第一節、樣本與資料來源13
第二節、研究設計13
第三節、研究方法22
第五章、實證結果23
第一節、變數敘述統計23
第二節、變數之相關係數24
第三節、迴歸分析26
第六章、穩健性測試28
第一節、滯後應變數28
第二節、替換實質盈餘操縱衡量方式29
第三節、剔除控制變數29
第七章、事後分析31
第一節、產業差異分析31
第二節、CSR揭露與實質盈餘操縱個別面向之實證結果33
第三節、內外部CSR揭露與實質盈餘操縱之實證結果34
第八章、研究討論38
第一節、理論面貢獻38
第二節、實務面貢獻40
第九章、結論43
第一節、研究結論43
第二節、限制與未來研究建議43
參考文獻45

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