本研究主要目的旨在調查 (1) 企業會如何配置公司內部的超額現金在企業社會責任(以下簡稱CSR)及CSR相關活動； (2)公司治理程度會如何推動CSR的使用； (3) 公司治理程度會如何調節CSR與超額現金之間的關係。本研究使用1991年至2016年COMPUSTAT及Kinder, Lydenberg and Domoni (KLD)資料庫的美國上市公司資料，並發現擁有超額現金的企業總體而言不會投資在CSR活動，特別是在製造業此產業市場力量薄弱的時候。然而，有證據顯示企業具有超額現金時，可能會致力於投資人權與多樣性的議題；此外，企業公司治理程度越高，就會有越高的意願將資金投入在CSR活動；最後，公司治理的角色可能會減弱超額現金與CSR之間的負向關係。上述的發現在替換變數與計量方法的情況下，均具有穩健性。

This study aims to investigate (1) how companies deploy their excess cash in Corporate Social Responsibility (hereinafter referred to as CSR) and the related activities of CSR, (2) how corporate governance drives the use of CSR, and (3) how corporate governance moderates the relationship between excess cash and CSR. Using data from COMPUSTAT and Kinder, Lydenberg and Domoni (hereinafter referred to as KLD) for public traded United States over the period 1991 to 2016, we find that firms with excess cash may not invest in CSR as a whole, especially for manufactures with the lowest market power. However, the evidence shows firm with excess cash may still engage in the investment in human rights and diversity. In addition, firms with higher corporate governance intensity are more willing to invest in CSR activities. Lastly, the role of corporate governance may weaken the negative impact of excess cash on CSR. The above findings are robust to the both inclusion of measures and alternative regression methods.

目錄
論文審定書....................................................................................................................i
誌謝...............................................................................................................................ii
論文公開授權書...........................................................................................................iii
中文摘要.......................................................................................................................iv
Abstract.........................................................................................................................v
目錄..............................................................................................................................vi
表次、圖次..................................................................................................................vii
第一章 緒論……………………………………………………………………..….. 1
第二章 文獻回顧與探討
2.1企業社會責任定義......................................................................................... 3
2.2影響公司持有現金的因素............................................................................. 4
2.3現金與企業社會責任(公司治理)的關聯...................................................... 6
2.4研究假說......................................................................................................... 8
第三章 資料變數以及研究方法
3.1研究資料....................................................................................................... 10
3.2研究變數....................................................................................................... 10
3.3研究方法....................................................................................................... 18
第四章 實證結果
4.1變數之敘述統計........................................................................................... 19
4.2變數之相關係數........................................................................................... 20
4.3變數之趨勢變動........................................................................................... 22
4.4 CSR(含公司治理)與超額現金實證結果..................................................... 29
4.5 CSR(不含公司治理)與公司治理實證結果................................................. 30
4.6 CSR(不含公司治理)與超額現金及公司治理實證結果............................. 31
第五章 穩健性測試
5.1 CSR(含公司治理)與超額現金..................................................................... 32
5.2 CSR(不含公司治理)與公司治理實證......................................................... 33
5.3 CSR(不含公司治理)與超額現金及公司治理............................................. 34
第六章 事後分析
6.1 CSR除公司治理外，其他六大分類與超額現金之實證結果.................... 35
6.2 CSR除公司治理外，其他六大分類與超額現金及公司治理之實證結果. 37
6.3市場力量如何影響CSR與超額現金及公司治理關係之實證結果........... 39
第七章 研究討論
7.1理論上的貢獻................................................................................................ 41
7.2實務上的貢獻............................................................................................... 42
第八章 結論與研究限制........................................................................................... 43
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