企業社會責任（CSR）在近年來不僅是一種全球趨勢，也成為學術領域積極討論的課題。本研究利用2000至2018年間2,701家美國上市公司的23,230筆觀察值，探討企業生命週期引入階段與CSR之間的關係。研究結果顯示，處於引入階段的企業傾向於參與CSR活動，以提升其聲譽和品牌能見度。此外，這些企業將更加重視內部CSR參與而非外部。而本文結果也在不同的固定效果模型中取得穩健。最後，透過事後分析還發現，不同產業間在CSR的投入上可能存在差異，並且處於引入階段的企業，將會高度重視社區、員工關係和多樣性三個維度的CSR參與。

Over the last few decades, corporate social responsibility (CSR) has become not only a global trend, but also a topic actively discussed in academia. Using a sample of 2,701 U.S. listed companies with 23,230 observations between 2000 and 2018, this study examines the relationship between the introductory stage of the corporate life cycle and CSR. The results show that firms at the introductory stage tend to invest in CSR activities to enhance their reputation and brand visibility. Moreover, these firms emphasize internal CSR participation rather than external participation. Our results are robust to different fixed-effect regression models. The post-hoc analysis also indicates that participation in CSR may vary across industries. Last but not least, firms at the introductory stage place a high emphasis on CSR participation in three dimensions: community, employee relations, and diversity.

論文審定書..................................................................................i
誌謝.............................................................................................ii
中文摘要....................................................................................iii
Abstract......................................................................................iv
目錄.............................................................................................v
表次............................................................................................vi
第一章、緒論.............................................................................1
第二章、文獻探討.....................................................................3
第一節、企業生命週期.............................................................3
第二節、CSR..............................................................................4
第三節、企業生命週期的引入階段與 CSR.............................6
第三章、資料敘述和研究方法...............................................11
第一節、樣本與資料來源.......................................................11
第二節、研究設計...................................................................11
第三節、研究方法...................................................................17
第四章、實證結果...................................................................19
第一節、變數之敘述統計.......................................................19
第二節、變數之相關係數.......................................................21
第三節、迴歸分析...................................................................23
第四節、穩健性測試...............................................................27
第五章、事後分析...................................................................30
第一節、產品差異分析...........................................................30
第二節、CSR偏好分析............................................................34
第六章、研究討論...................................................................36
第一節、理論面的貢獻...........................................................36
第二節、實務上的貢獻...........................................................38
第七章、結論、限制與研究建議...........................................40
參考文獻...................................................................................41

Ademola, O. J., Moses, O. I., & Ucheagwu, C. J. (2016). Corporate governance and financial performance of selected manufacturing companies in Nigeria. Corporate Governance, 2(10).
Adizes, I. (1979). Organizational passages—diagnosing and treating lifecycle problems of organizations. Organizational Dynamics, 8(1), 3-25.
Adizes, I. (1989). How and why corporations grow and die and what to do about it. Corporate Life Cycle.
Aggarwal, H., Gupta, N., Garg, P., Sharma, M., Mittal, S., & Kant, R. (2021). Hospital Cornea Retrieval Programme in a startup eye bank–A retrospective analysis and lessons learned. Indian Journal of Ophthalmology, 69(6), 1517.
Alfariz, R., & Widiastuti, H. (2021). The Influence of Media Exposure, Managerial Ownership, and the Indonesia Sustainability Reporting Award on Corporate Social Responsibility (CSR) Disclosure. 4th International Conference on Sustainable Innovation 2020-Accounting and Management (Icosiams 2020), 259-266.
Anne Schmidt, R., & Parker, C. (2003). Diversity in independent retailing: barriers and benefits–the impact of gender. International Journal of Retail & Distribution Management, 31(8), 428-439.
Ariyanto, R., & Kustini, K. (2021). Employer branding and employee value proposition: The key success of startup companies in attracting potential employee candidates. Annals of Human Resource Management Research, 1(2), 113-125.
B. Casado-Díaz, A., L. Nicolau-Gonzálbez, J., Ruiz-Moreno, F., & Sellers-Rubio, R. (2014). The differentiated effects of CSR actions in the service industry. Journal of Services Marketing, 28(7), 558-565.
Baddoo, N., Hall, T., & Jagielska, D. (2006). Software developer motivation in a high maturity company: a case study. Software Process: Improvement and Practice, 11(3), 219-228.
Barr Rosenberg, K. R., & Lanstein, R. (1998). Persuasive evidence of market inefficiency. Streetwise: The Best of the Journal of Portfolio Management, 48.
Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to? The Journal of Finance, 64(5), 1985-2021.
Baum, J. A., & Silverman, B. S. (2004). Picking winners or building them? Alliance, intellectual, and human capital as selection criteria in venture financing and performance of biotechnology startups. Journal of Business Venturing, 19(3), 411-436.
Berrone, P., Gelabert, L., & Fosfuri, A. (2009). The impact of symbolic and substantive actions on environmental legitimacy.
Bolton, B. (2020). Internal vs. external corporate social responsibility at US banks. International Journal of Financial studies, 8(4), 65.
Borenstein, M., Hedges, L. V., Higgins, J. P., & Rothstein, H. R. (2010). A basic introduction to fixed‐effect and random‐effects models for meta‐analysis. Research Synthesis Methods, 1(2), 97-111.
Bresciani, S., & Eppler, M. J. (2010). Brand new ventures? Insights on start‐ups' branding practices. Journal of Product & Brand Management, 19(5), 356-366.
Bruno, A. V., Leidecker, J. K., & Harder, J. W. (1987). Why firms fail. Business Horizons, 30(2), 50-58.
Campbell, J. L. (2007). Why Would Corporation Behave in Socially Responsible Ways? An institutional theory of Corporate Social. Academy of management Review, 32(3), 946-967
Chabachib, M., Fitriana, T. U., Hersugondo, H., Pamungkas, I. D., & Udin, U. (2019). Firm value improvement strategy, corporate social responsibility, and institutional ownership. International Journal of Financial Research, 10(4), 152-163.
Cheung, A. (2016). Corporate social responsibility and corporate cash holdings. Journal of Corporate Finance.
Chkanikova, O., & Lehner, M. (2015). Private eco-brands and green market development: towards new forms of sustainability governance in the food retailing. Journal of Cleaner Production, 107, 74-84.
Chung, H.-J., Chen, C.-C., & Hsieh, T.-J. (2007). First geographic expansion of startup firms: Initial size and entry timing effects. Journal of Business Research, 60(4), 388-395.
Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2011). Does it really pay to be green? Determinants and consequences of proactive environmental strategies. Journal of Accounting And Public Policy, 30(2), 122-144.
Cormier, D., & Magnan, M. (1999). Corporate environmental disclosure strategies: determinants, costs and benefits. Journal of Accounting, Auditing & Finance, 14(4), 429-451.
D'Amato, A., & Falivena, C. (2020). Corporate social responsibility and firm value: Do firm size and age matter? Empirical evidence from European listed companies. Corporate Social Responsibility and Environmental Management, 27(2), 909-924.
Davila, A., Foster, G., & Gupta, M. (2003). Venture capital financing and the growth of startup firms. Journal of Business Venturing, 18(6), 689-708.
Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86(6), 1969-1994.
Dienes, D., Sassen, R., & Fischer, J. (2016). What are the drivers of sustainability reporting? A systematic review. Sustainability Accounting, Management and Policy Journal, 7(2), 154-189.
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management science, 60(11), 2835-2857.
Eisenhardt, K. M., & Schoonhoven, C. B. (1990). Organizational growth: Linking founding team, strategy, environment, and growth among US semiconductor ventures, 1978-1988. Administrative science quarterly, 504-529.
Faff, R., Kwok, W. C., Podolski, E. J., & Wong, G. (2016). Do corporate policies follow a life-cycle? Journal of Banking & Finance, 69, 95-107.
Fahlenbrach, R., & Stulz, R. M. (2011). Bank CEO incentives and the credit crisis. Journal of Financial Economics, 99(1), 11-26.
Fitza, M., Matusik, S. F., & Mosakowski, E. (2009). Do VCs matter? The importance of owners on performance variance in start‐up firms. Strategic Management Journal, 30(4), 387-404.
Foley, J. A., Levis, S., Costa, M. H., Cramer, W., & Pollard, D. (2000). Incorporating dynamic vegetation cover within global climate models. Ecological Applications, 10(6), 1620-1632.
Forcadell, F. J., & Aracil, E. (2017). European banks' reputation for corporate social responsibility. Corporate Social Responsibility and Environmental Management, 24(1), 1-14.
Friedman, M. (2007). The social responsibility of business is to increase its profits. In Corporate Ethics and Corporate Governance (pp. 173-178). Springer.
Gamerschlag, R., Möller, K., & Verbeeten, F. (2011). Determinants of voluntary CSR disclosure: empirical evidence from Germany. Review of Managerial Science, 5(2), 233-262.
Gilinsky Jr., A., Stanny, E., McCline, R. L., & Eyler, R. (2001). Does size matter? An empirical investigation into the competitive strategies of the small firm. Journal of Small Business Strategy, 12(2), 1-13.
Godulla, A., & Men, L. R. (2022). Start-up and Entrepreneurial Communication. International Journal of Strategic Communication, 16(2), 127-133.
Gonnella, E., & Talarico, L. (2021). The Reputation Factor in Startup Companies: A Literature Review. 7th International Conference on Opportunities and Challenges in Management, Economics and Accounting.
Goyal, P., & Kumar, D. (2017). Modeling the CSR barriers in manufacturing industries. Benchmarking: An International Journal.
Goyal, P., & Yadav, V. (2014). To be or not to be a woman entrepreneur in a developing country. Psychosociological Issues in Human Resource Management, 2(2), 68-78.
Greiner, L. E. (1998). Evolution and revolution as organizations grow. Harvard business review, 76(3), 55-64.
Grullon, G., Michaely, R., & Swaminathan, B. (2002). Are dividend changes a sign of firm maturity? The Journal of Business, 75(3), 387-424.
Guo, S., Hwang, S., & Wang, C. (2020). Effect of B2B advertising on firm’s market value: CSR as a strategic complement. Journal of Business & Industrial Marketing, 35(5), 895-908.
Guseva, O., & Stepanova, A. (2021). Startups in Russia: Ownership and performance. Журнал Новой экономической ассоциации(4 (52)), 67.
Habib, A., & Hasan, M. M. (2017). Social capital and corporate cash holdings. International Review of Economics & Finance, 52, 1-20.
Haire, M. E. (1959). Modern Organization Theory.
Haniffa, R. M., & Cooke, T. E. (2005). The impact of culture and governance on corporate social reporting. Journal of Accounting And Public Policy, 24(5), 391-430.
Hasan, M. M., & Habib, A. (2017). Corporate life cycle, organizational financial resources and corporate social responsibility. Journal of Contemporary Accounting & Economics, 13(1), 20-36.
Hasan, M. M., Hossain, M., & Habib, A. (2015). Corporate life cycle and cost of equity capital. Journal of Contemporary Accounting & Economics, 11(1), 46-60.
Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the econometric society, 1251-1271.
Hawn, O., Chatterji, A., & Mitchell, W. (2011). Two coins in one purse? How market legitimacy affects the financial impact of changes in social legitimacy: Addition and deletion by the Dow Jones Sustainability Index. This is a work in progress.
Hawn, O., & Ioannou, I. (2016). Mind the gap: The interplay between external and internal actions in the case of corporate social responsibility. Strategic Management Journal, 37(13), 2569-2588.
Hay, R., & Ginter, P. (1979). Strategies for maintaining a share of the market. annual meeting of the Southern Academy of Management, Atlanta,
Hayden, G. M., & Bodie, M. T. (2020). The corporation reborn: from shareholder primacy to shared governance. BCL Rev., 61, 2419.
Hermawan, M., & Mulyawan, S. (2014). Profitability and corporate social responsibility: An analysis of Indonesia’s listed company. Asia Pacific Journal of Accounting and Finance, 3(1).
Hessen, R. (1983). The modern corporation and private property: a reappraisal. The Journal of Law and Economics, 26(2), 273-289.
Hull, C. E., & Rothenberg, S. (2008). Firm performance: The interactions of corporate social performance with innovation and industry differentiation. Strategic Management Journal, 29(7), 781-789.
Hur, W.-M., Kim, H., & Woo, J. (2014). How CSR leads to corporate brand equity: Mediating mechanisms of corporate brand credibility and reputation. Journal of Business Ethics, 125(1), 75-86.
Hussain, A., Akbar, M., Kaleem Khan, M., Akbar, A., Panait, M., & Catalin Voica, M. (2020). When does earnings management matter? Evidence across the corporate life cycle for non-financial Chinese listed companies. Journal of Risk and Financial Management, 13(12), 313.
Jackson, L. A., & Parsa, H. (2009). Corporate social responsibility and financial performance: A typology for service industries. International Journal of Business Insights & Transformation, 2(2).
Jenkins, D. S., Kane, G. D., & Velury, U. (2004). The impact of the corporate life‐cycle on the value‐relevance of disaggregated earnings components. Review of Accounting and Finance.
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, 441-456.
Johnson, J. A., Sutton, S. G., & Theis, J. C. (2020). Prioritizing sustainability issues: insights from corporate managers about key decision-makers, reporting models, and stakeholder communications. Accounting and the Public Interest, 20(1), 28-60.
Jones, O. (2006). Developing absorptive capacity in mature organizations: The change agent’s role. Management Learning, 37(3), 355-376.
Khan, M. T., Khan, N. A., Ahmed, S., & Ali, M. (2012). Corporate social responsibility (CSR)–definition, concepts and scope. Universal Journal of Management and Social Sciences, 2(7), 41-52.
Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13.
Klepper, S. (2001). Employee startups in high‐tech industries. Industrial and Corporate Change, 10(3), 639-674.
Kwapisz, A., Bryant, S., & Rosso, B. (2014). Should men and women start companies together? The impact of team diversity on Startup success. Academy of Management Proceedings, 17252
Larsen, P., Lewis, A., Brown, R., & Tonge, R. (2006). Key features in the success of SMEs: a comparison of service and manufacturing. Journal of General Management, 31(3), 31-47.
Lee, D., & Hosanagar, K. (2014). Impact of recommender systems on sales volume and diversity.
Liao, J. J., Welsch, H., & Moutray, C. (2008). Start-up resources and entrepreneurial discontinuance: The case of nascent entrepreneurs. Journal of Small Business Strategy, 19(2), 1-16.
Lourenço, I. C., Branco, M. C., Curto, J. D., & Eugénio, T. (2012). How does the market value corporate sustainability performance? Journal of Business Ethics, 108(4), 417-428.
Low, M. P., & Bu, M. (2022). Examining the impetus for internal CSR Practices with digitalization strategy in the service industry during COVID‐19 pandemic. Business Ethics, the Environment & Responsibility, 31(1), 209-223.
Lu, X., & Wang, J. (2018). A review of the classification of Enterprise life cycle. Modern Economy, 9(07), 1169.
Lund, D. S., & Pollman, E. (2021). The corporate governance machine. Colum. L. Rev., 121, 2563.
MacMahon, J. (1996). Employee relations in small firms in Ireland: An exploratory study of small manufacturing firms. Employee Relations, 18(5), 66-80.
Madhani, P. M. (2010). Resource based view (RBV) of competitive advantage: an overview. Resource Based View: Concepts and Practices, 3-22.
Maloni, M. J., & Brown, M. E. (2006). Corporate social responsibility in the supply chain: an application in the food industry. Journal of business ethics, 68, 35-52.
Margolis, J. D., & Walsh, J. P. (2003). Misery loves companies: Rethinking social initiatives by business. Administrative Science Quarterly, 48(2), 268-305.
Maxham III, J. G., Netemeyer, R. G., & Lichtenstein, D. R. (2008). The retail value chain: linking employee perceptions to employee performance, customer evaluations, and store performance. Marketing Science, 27(2), 147-167.
McDonnell, M.-H., & King, B. (2013). Keeping up appearances: Reputational threat and impression management after social movement boycotts. Administrative Science Quarterly, 58(3), 387-419.
McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26(1), 117-127.
Melo, T., & Garrido‐Morgado, A. (2012). Corporate reputation: A combination of social responsibility and industry. Corporate Social Responsibility and Environmental Management, 19(1), 11-31.
Men, L. R. (2021). The impact of startup CEO communication on employee relational and behavioral outcomes: Responsiveness, assertiveness, and authenticity. Public Relations Review, 47(4), 102078.
Men, L. R., Chen, Z. F., & Ji, Y. G. (2018). Walking the talk: An exploratory examination of executive leadership communication at startups in China. Journal of Public Relations Research, 30(1-2), 35-56.
Men, L. R., Chen, Z. F., & Ji, Y. G. (2021). Cultivating relationships with startup employees: The role of entrepreneurs’ leadership communication. Management Communication Quarterly, 35(4), 518-545.
Miller, D., & Friesen, P. H. (1984). A longitudinal study of the corporate life cycle. Management Science, 30(10), 1161-1183.
Nicolò, D. (2015). Towards a theory on corporate reputation and survival of young firms. Procedia Economics and Finance, 22, 296-303.
Pace, R. K., & LeSage, J. P. (2008). A spatial Hausman test. Economics Letters, 101(3), 282-284.
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.
Porter, M. E. (1979). The structure within industries and companies' performance. The Review of Economics and Statistics, 214-227.
Reinhardt, F. L., Stavins, R. N., & Vietor, R. H. (2008). Corporate social responsibility through an economic lens. Review of Environmental Economics and Policy.
Rhou, Y., & Singal, M. (2020). A review of the business case for CSR in the hospitality industry. International Journal of Hospitality Management, 84, 102330.
Ruokolainen, J., & Igel, B. (2004). The factors of making the first successful customer reference to leverage the business of start-up software company—multiple case study in Thai software industry. Technovation, 24(9), 673-681.
Rus, M., Konecnik Ruzzier, M., & Ruzzier, M. (2018). Startup branding: Empirical evidence among Slovenian startups. Managing Global Transitions, 16(1), 79-94.
Salamzadeh, A., & Kawamorita Kesim, H. (2015). Startup companies: Life cycle and challenges. In 4th International Conference on Employment, Education and Entrepreneurship (EEE), Belgrade, Serbia
Smith, H. W. (1993). The maturity of corporate giving and its long‐term consequences. Nonprofit Management and Leadership, 4(2), 215-228.
Sorenson, O., Dahl, M. S., Canales, R., & Burton, M. D. (2021). Do startup employees earn more in the long run? Organization Science, 32(3), 587-604.
Spreckley, F. (1981). Social audit. A Management Tool for Co-Operative Working. Beechwood College, Leeds.
Stites, J. P., & Michael, J. H. (2011). Organizational commitment in manufacturing employees: Relationships with corporate social performance. Business & Society, 50(1), 50-70.
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.
Taylor, B., Gilinsky, A., Hilmi, A., Hahn, D., & Grab, U. (1990). Strategy and leadership in growth companies. Long Range Planning, 23(3), 66-75.
Terpstra, D. E., & Olson, P. D. (1993). Entrepreneurial start-up and growth: A classification of problems. Entrepreneurship Theory and Practice, 17(3), 5-20.
Trihermanto, F., & Nainggolan, Y. A. (2020). Corporate life cycle, CSR, and dividend policy: empirical evidence of Indonesian listed firms. Social Responsibility Journal, 16(2), 159-178.
Udayasankar, K. (2008). Corporate social responsibility and firm size. Journal of Business Ethics, 83(2), 167-175.
Valliere, D., & Peterson, R. (2009). Entrepreneurship and economic growth: Evidence from emerging and developed countries. Entrepreneurship & Regional Development, 21(5-6), 459-480.
Verbytska, A. (2020). BRANDING FOR STARTUPS: HOW NOT TO MISS THE FLASH. Бренд-менеджмент: маркетингові технології: тези доп., 32.
Voudouris, I., Lioukas, S., Makridakis, S., & Spanos, Y. (2000). Greek hidden champions:: Lessons from small, little-known firms in Greece. European Management Journal, 18(6), 663-674.
Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic Management Journal, 18(4), 303-319.
Wahyudi, S. (2018). Analysis of effect of firm size, institutional ownership, profitability, and leverage on firm value with corporate social responsibility (csr) disclosure as intervening variables (study on banking companies listed on bei period 2012-2016). Jurnal Bisnis Strategi, 27(2).
Wang, H., Tong, L., Takeuchi, R., & George, G. (2016). Corporate social responsibility: An overview and new research directions: Thematic issue on corporate social responsibility. Academy of Management Journal, 59(2), 534-544.
Wennekers, S., & Thurik, R. (1999). Linking entrepreneurship and economic growth. Small Business Economics, 13(1), 27-56.
Wiesenberg, M., Godulla, A., Tengler, K., Noelle, I.-M., Kloss, J., Klein, N., & Eeckhout, D. (2020). Key challenges in strategic start-up communication: A systematic literature review and an explorative study. Journal of Communication Management.
Withisuphakorn, P., & Jiraporn, P. (2016). The effect of firm maturity on corporate social responsibility (CSR): do older firms invest more in CSR? Applied Economics Letters, 23(4), 298-301.
Witt, P., & Rode, V. (2005). Corporate brand building in start-ups. Journal of Enterprising Culture, 13(03), 273-294.
Woodcock, D., Mosey, S., & Wood, T. (2000). New product development in British SMEs. European Journal of Innovation Management, 3(4), 212-222.
Young, S., & Marais, M. (2012). A multi‐level perspective of CSR reporting: The implications of national institutions and industry risk characteristics. Corporate Governance: An International Review, 20(5), 432-450.
Yucel, S. (2018). Estimating cost of CSR strategy. Proceedings of the International Conference on Modeling, Simulation and Visualization Methods (MSV), 51-57
Zhang, C., Cavusgil, S. T., & Roath, A. S. (2003). Manufacturer governance of foreign distributor relationships: do relational norms enhance competitiveness in the export market? Journal of International Business Studies, 34, 550-566.