文獻顯示一些學者已推論出具有企業社會責任的公司(CSR) 將表現出不同於其 他公司(non-CSR) 的特徵, 在這項研究中, 我們將研究這些特徵是如何的影響市 場參與者在現金增資(SEO) 中的投資偏好以及如何影響現金增資宣告效應和股 價的長期表現。特別是,當市場普遍對於企業社會責任的公司產生好感時,在資訊 不對稱較常存在的SEO活動中,其企業社會責任的形象是否成為一種優質的「認 證」, 進而增進公司的價值? 總體而言, 我們發現在現金增資的宣告中, CSR 公司 相對於non-CSR 公司將產生較少的負異常報酬。換句話說, CSR 公司現金增資 時將產生比較少的折價現象。此外, 實證研究結果顯示, 市場參與者偏好那些專 注於環境, 社會和治理方面的企業社會責任公司, 因而有比較好的報酬表現。然 而, CSR 及non-CSR 公司在股票的長期表現上基本上是相似的, 在異常報酬率 差異不顯著。

Several scholars have inferred that firms following principles of corporate social responsibility (CSR) exhibit features that differ from other firms. In this study, we examine how these features might influence market participants5 preferences with regard to announcement effects of seasoned equity offerings (SEOs) and long-term stock performance. Our pioneering study advances the literature by classifying socially responsible firms into seven groups based on the major category of their CSR activities. Overall, we find that socially responsible firms generate less negative announcement returns in comparison to non-CSR firms on the issuance of SEOs, which suggests that return premiums yield lower discounts for socially responsible firms during SEO events. Furthermore, our findings show that during the announcement period market participants respond favorably to socially responsible firms that focus on environment, community, and governance. Nevertheless, the long-term market performance of socially responsible firms and non-CSR firms is generally similar and differences in abnormal returns are insignificant.