企業社會責任是當今投資人或社會大眾注重的項目之一，而當一般大眾認知上公司做 CSR 能夠帶來正面影響力，那麼在廣大的影響力之前，誘發企業去落實企業社會責任的動機就相當重要。隨著 CSR 報告書的普及，企業在發布 CSR的意圖與動機也漸漸被大眾檢視著。本研究欲探討國內上市櫃公司在面臨法律訴訟案件後，是否會透過企業社會責任去洗白自身負面的形象，採用多元迴歸分析法，並將樣本資料分為非金融業與金融業兩組進行分析。結果顯示，在非金融業樣本中，當企業揭露高階人員訴訟案件後，將會減少下一期於企業社會責任上的付出，而企業社會責任還是會增加公司的財務績效，而在金融業的樣本中，我們發現當企業揭露高階人員訴訟案件後，會增加在企業社會責任上的付出，但減
少下一期的財務績效，我們推論在金融業樣本中可能有企業洗白的可能。

Corporate social responsibility is one of the issues that investors and the public pay attention to, and as the general public recognizes that a company's CSR can bring positive influence. It is very important that what is the motivation to induce the company to implement corporate social responsibility. With the popularity of CSR reports, companies’ intentions and motivations are gradually been inspected by the public. This study intends to explore whether domestic listed companies will use corporate social responsibility to clean up their negative images after facing legal litigation cases. We use multiple regression analysis and divide sample data into two groups: non-financial and financial industries.
The result shows that in the non-financial industry samples, when companies
expose high-level personnel litigation cases, they will reduce their commitment to
corporate social responsibility in the next period, while corporate social responsibility will still increase the company’s financial performance. In the financial industry samples, we find that when companies expose high-level personnel litigation cases, they will increase their corporate social responsibility contributions, but reduce their financial performance in the next period. We inferred that there may be greenwashing in the financial industry samples.

Abagail McWilliams; Donald Siegel (2000). Corporate social responsibility and financial performance: correlation or misspecification?. , 21(5), 603–609.
Aharony, Joseph; Liu, Chelsea; Yawson, Alfred (2015). Corporate Litigation and Executive Turnover. Journal of Corporate Finance, 34, 268-292.
Ameer, Rashid and Othman, Radiah (2012). Sustainability Practices and Corporate Financial Performance: A Study Based on the Top Global Corporations. , 108(1), 61–79.
Aras, G., and Crowther, D. (2011). Governance and social responsibility: International perspectives. New York: Palgrave Macmillan.
Baskentli, Sara; Sen, Sankar; Du, Shuili; Bhattacharya, C.B. (2019). Consumer reactions to corporate social responsibility: The role of CSR domains. Journal of Business Research, 95, p. 502-513
Brammer, S., and S. Pavelin, 2006. Corporate Reputation and Social Performance: The Importance of Fit, Journal of Management Studies, 43(3),435-455.
Campbell, J. L. 2007. Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility. Academy of Management Review, 32(3): 946-967
Carmeli, A., Gilat, G. and Waldman, D. (2007), “The role of perceived organizational performance in organizational identification, adjustment and job performance”, Journal of Management Studies,Vol. 44 No. 6, pp. 972-992.
Charlie Weir; David Laing; Phillip J. McKnight (2002). Internal and external governance mechanisms: Their impact on the performance of large UK public companies. Journal of Business Finance and Accounting, 29(5-6), 579-612.
Cho, Sang; Chung, Chune; Young, Jason (2019). Study on the Relationship between CSR and Financial Performance. Sustainability, 11(2), 343–.
Du, S., Bhattacharya, C.B. and Sen, S. (2007). Reaping relationship rewards from corporate social responsibility: the role of competitive positioning. International Journal of Research in Marketing,24, pp. 224–241.
Du, X. (2015). How the market values greenwashing? Evidence from China.Journal of Business Ethics, 128, 547–574
E. Merrick Dodd (1932), 'For Whom are Corporate Managers Trustees?', Harvard Law Review, 45, pp. 1145-63.
Einwiller, S.A., Carroll, C.E. and Korn, K. (2010), “Under what conditions do the news media influence corporate reputation? the roles of media dependency and need for orientation”, Corporate Reputation Review, Vol. 12 No. 4, pp. 299-315.
Eliezer M. Fich; Anil Shivdasani (2007). Financial fraud, director reputation, and shareholder wealth. , 86(2), 306–336.
Flammer, Caroline (2013), “Corporate Social Responsibility and Shareholder Reaction: The Environmental Awareness of Investors,” Academy of Management Journal, 56(3), 758-781.
Friede, G., Busch, T., Bassen, A., 2015. ESG and financial performance: aggregated evidence from more than 2000 empirical studies. J. Sustain. Fin. Invest. 5 (4),210-233.
Furlow, N. E. (2010). Greenwashing in the new millennium. Journal of Applied Business and Economics, 10(6), 22–25.
Gande, A., and Lewis, C. M. (2009). Shareholder-initiated class action lawsuits: Shareholder wealth effects and industry spillovers. Journal of Financial and Quantitative Analysis, 44, 823–850.
Haslem, B., Smith, A. H., and Hutton, I. (2015). How much do corporate defendants really lose? A new verdict on the reputation loss induced by corporate litigation. SSRN Working Paper
Heal, Geoffrey (2005), “Corporate Social Responsibility: An Economic and Financial Framework,” The Geneva Papers on Risk and Insurance - Issues and Practice, 30(3), 387–409.
Herold, D. M., and Lee, K. H. (2017a). The influence of the sustainability logic on carbon disclosure in the global logistics industry: The case of DHL, FDX and UPS. Sustainability, 9(4), 601.
Husted,B. W.,Jamali, D., and Saffard, W. (2016). Near and dear? The role of location in CSR engagement. Strategic Management Journal, 37(10), 2050-2070.
Ioannou I, Serafeim G. 2012. What drives corporate social performance? The role of nation-level institutions. Journal of International Business Studies 43: 834–864.
Jonsen, K., Galunic, C., Weeks, J., and Braga, T. (2015). Evaluating espoused values: Does articulating values pay off? European Management Journal, 33(5), 332–340
Kotchen, Matthew J., and Jon Jungbien Moon (2012), “Corporate Social Responsibility for Irresponsibility,” The B.E. Journal of Economic Analysis & Policy: Vol. 12: Iss. 1 (Contribution), Article 55.
Leonidou, C. N., and Skarmeas, D. (2017). Gray shades of green: Causes and consequences of green skepticism. Journal of Business Ethics, 144(2), 401–415.
Lichtenstein, D.R., Drumwright, M.E., Braig, B.M., 2004. The effect of corporate social responsibility on customer donations to corporate-supported nonprofits. J. Mark. 68(4), 16–32.
Ludbrook, F., Michalikova, K.F., Musova, Z., Suler, P., 2019. Business models for sustainable innovation in industry 4.0: smart manufacturing processes, digitalization of production systems, and data-driven decision making. J. Self Govern. Manag. Econ. 7 (3), 21-26.
Lyon, T. P., and Montgomery, A. W. (2013). Tweetjacked: The impact of social media on corporate greenwash. Journal of Business Ethics, 118, 747–757.
Marc Vilanova; Josep Maria Lozano;Daniel Arenas (2009) Exploring the Nature of the Relationship Between CSR and Competitiveness. Journal of Business Ethics (2009) 87:57–69
Mattingly, J. E. (2006). Measurement of Corporate Social Action: Discovering Taxonomy in the Kinder Lydenburg Domini Ratings Data. Business & Society, 45(1), 20–46.
Mattingly, J. E., and Berman, S. l. (2006). Measurement of Corporate Social Action: Discovering Taxonomy in the Kinder Lydenburg Domini Ratings Data. Business and Society, 45(1), 20–46.
Mattis, M. (2008). CSR-washing is the new greenwashing. MoneyWatch, pp. 1–8.
Mishra, Saurabh; Modi, Sachin B. (2013). Positive and Negative Corporate Social Responsibility, Financial Leverage, and Idiosyncratic Risk. Journal of Business Ethics, 117(2), 431–448
Moon, J. and Vogel, D. (2008), ‘‘Corporate social responsibility, government and civil society’’, The Oxford Handbook of Corporate Social Responsibility, Oxford University Press, New York, NY, pp. 303-23.
Neves, Pedro; Story, Joana (2015). Ethical Leadership and Reputation: Combined Indirect Effects on Organizational Deviance. Journal of Business Ethics, 127(1), 165–176.
Nuttaneeya Ann Torugsa, Wayne O'Donohue and Rob Hecker (2012). Capabilities, Proactive CSR and Financial Performance in SMEs: Empirical Evidence from an Australian Manufacturing Industry Sector. Journal of Business Ethics, 109(4), 483–500.
Nyilasy, G., Gangadharbatla, H., and Paladino, A. (2014). Perceived greenwashing: The interactive effects of green advertising and corporate environmental performance on consumer reactions. Journal of Business Ethics, 125, 693–707.
Nyilasy, G., Gangadharbatla, H., and Paladino, A. (2014). Perceived greenwashing: The interactive efects of green advertising and corporate environmental performance on consumer reactions. Journal of Business Ethics, 125, 693–707.
Odriozola, María D.; Baraibar-Diez, Elisa (2017). Is Corporate Reputation Associated with Quality of CSR Reporting? Evidence from Spain. Corporate Social Responsibility and Environmental Management, 24(2), 121–132.
Oh, Seungwoo; Hong, Ahreum; Hwang, Junseok (2017). An Analysis of CSR on Firm Financial Performance in Stakeholder Perspectives. Sustainability, 9(6), 1023–.
Orlitzky, M., Schmidt, F. L., and Rynes, S.L. 2003. “Corporate Social and Financial Performance: A Meta Analysis”. Organization Studies,24(3):403-441.
Peloza, J., and Shang, J. (2011). How can corporate social responsibility activities create value for stakeholders? A systematic review. Journal of the Academy of Marketing Science, 39,117–135
Porter, M., and Kramer, M. (2006). Strategy and society. Harvard Business Review, December, 78–92.
Roberto Garcia-Castro, Miguel A. Ariño and Miguel A. Canela (2010). Does Social Performance Really Lead to Financial Performance? Accounting for Endogeneity. Journal of Business Ethics, 92(1), 107–126.
Saeidi, S. P., Sofan, S., Saeidi, P., Saeidi, S. P., and Saeaeidi, S. A.(2015). How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business Research, 68(2), 341–350.
Sassen, Remmer; Hinze, Anne-Kathrin; Hardeck, Inga (2016). Impact of ESG factors on firm risk in Europe. Journal of Business Economics, 86(8), 867–904.
Sen, S., C. Bhattacharya, and D. Korschun (2006), "The role of Corporate Social Responsibility in Strengthening Multiple Stakeholder Relationships: A Field Experiment" Journal of the Academy of Marketing Science 34, no. 2: p 158–66.
Shu, C., Zhou, K.Z., Xiao, Y., Gao, S., 2016. How green management influences product innovation in China: the role of institutional benefits. J. Bus. Ethics 133 (3), 471-485.
Skarmeas, D., and Leonidou, C. (2013). When consumers doubt, watch out! The role of CSR skepticism. Journal of Business Research,66, 1831–1838.
Smith, C. N. (2003). Corporate social responsibility: When and how? California Management Review, 45(4), 52–76
Starks, Laura T.; Venkat, Parth; Zhu, Qifei (2017). Corporate ESG Profiles and Investor Horizons. SSRN Electronic Journal
TerraChoice. (2010). The sins of greenwashing: Home and family edition 2010: A report on environmental claims made in the North American consumer market.
Testa, F., Boiral, O., and Iraldo, F. (2015). Internalization of environmental practices and institutional complexity: Can stakeholders pressures encourage greenwashing? Journal of Business Ethics, 1–21
Vlachos, Pavlos A.; Panagopoulos, Nikolaos G.; Rapp, Adam A. (2013). Feeling Good by Doing Good: Employee CSR-Induced Attributions, Job Satisfaction, and the Role of Charismatic Leadership. Journal of Business Ethics, 118(3), 577–588.
Wang, Zhihong; Hsieh, Tien-Shih; Sarkis, Joseph (2018). CSR Performance and the Readability of CSR Reports: Too Good to be True?. Corporate Social Responsibility and Environmental Management, (25), 66–79.
Weber, O. (2014). Environmental, social and governance reporting in China. Business Strategy and the Environment, 23(5), 303-317.
Zhao, X., and Murrell, A. J. (2016). Revisiting the corporate social performance‐financial performance link: A replication of Waddock and Graves. Strategic Management Journal, 37(11): 2378-2388.

中文文獻:
葉宇書 (2019)，「善盡企業社會責任可以提升財務績效嗎？員工構面之實證分析」，輔仁大學會計研究所碩士論文。
蘇威傑 (2017)，「為什麼企業要發佈永續報告書？從非市場觀點解釋。」，管理學報，第 34 卷，頁 331-353