既有關於企業社會責任的研究著重於公司的社會責任表現如何影響各種財務後果指標, 較少探究社會責任表現對於高層人力資源穩定性的影響。近年來隨著企業經營風險與訴訟風險日益增高, 公司高層如董事或高階管理者的頻繁辭任與異動成為管理實務中開始被關注的議題。一家公司是否透過投入更多資源於利益關係人管理而獲得社會聲望或降低企業風險,從而降低高層人力資源的不穩定性, 是一個有趣但既有研究較少探究的研究缺口。本研究根據台灣證券交易所與櫃檯買賣中心非金融產業共1,532家掛牌交易公司於2008年至2018年的資料,透過敘述統計、相關分析與多重迴歸估計發現,公司的社會責任表現與一般(非獨立)董事辭任程度呈顯著負相關, 社會責任表現愈佳,一般董事辭任程度愈輕微,然而實證證據亦顯示較佳的社會責任表現對應較高程度的獨立董事辭任。

Existing research on Corporate Social Responsibility (CSR) has focused on the financial consequences of a firm’s social responsibility activities, and seldom explored the impact on the stability of a firm’s high-level human resources as shown by, for example, director resignations. In recent years, with increasing operating and litigation risk, the resignation of executive directors and independent directors has become a new focal concern in corporate governance. Whether a firm, which is seeking to gain financial or nonfinancial benefit by engaging in stakeholder management, might also increase the willingness of risk averse directors to stay in a firm with a better CSR performance is an under-researched question. Based on the data from 1,532 non-financial firms listed on the Taiwan Stock Exchange and the Taipei Exchange from 2008 to 2018, our empirical finding shows that directors’ resignations are negatively associated with a firm’s CSR performance. Firms with better performance on CSR tend to have infrequent resignation of directors. Yet, some evidence also shows that independent directors’ resignations are associated with better CSR performance.