本研究欲探討機構投資人所有權參與下是否能達到監督效果使公司轉變其從事CSR創新活動之方向及績效程度，並結合Miles and Snow (1978, 2003) 提出之企業策略框架區分公司特性對CSR創新活動與績效影響，最後則是討論機構所有權監管下不同企業策略實行CSR創新活動之獲利面分析，本研究標的為1991年至2016年美國上市公司。整體而言，結果顯示探索者屬於較為傾向實施CSR創新活動且成果豐碩，分析者的態度則是沒有顯著的傾向，而防守者則較不傾向實行CSR創新活動，不過納入機構投資人所有權的結果後較不一致，具體而言透過高股機構投資人監督效果的確能改變防守型企業對CSR創新活動之發展且實行績效斐然，但實行後對總資產報酬率表現不盡理想，中股機構透投資人則是對探索者較有成效，機構所有權尚未投入時該類型企業在ROA表現不佳但加入機透投資人後則能翻轉整體ROA績效，分析者則是因企業特性周旋於高股機構投資人及中股機構投資人的影響。

The purpose of this study is to explore whether the institutional ownership participation can achieve the effect of supervision so that the company can change the direction of its innovation performance of CSR, and combine the corporate strategy framework proposed by Mile and Snow (1978, 2003) to distinguish the impact of company characteristics on innovation performance of CSR. The profitability analysis of the implementation of CSR innovation performance by different corporate strategies under institutional ownership supervision. The target of this research is US listed companies from 1991 to 2016. Overall, the results show that the prospectors are willing to execute the innovation performance of CSR and have fruitful results. The analyzer attitude is more ambiguous, and the defenders are reluctant to carry out the innovation performance of CSR. The results of incorporating institutional ownership practice the innovation performance of CSR are less consistent. Specifically, the effect of institutional investor intervention by large ownership can indeed change the development of defender companies' innovation performance of CSR and has achieved remarkable results. However, after implementation, the return on total assets did not perform well, while medium ownership of institutions is more effective against prospector. When the institution ownership has not been invested, this type of company performs poorly in ROA, but it can reverse the overall financial performance after it is included. Analyzers are due to the influence of corporate characteristics on high-end institutional investors and mid-cap institutional investors.

第一章 簡介 1
第二章 文獻回顧 7
第三章 假說發展 11
第四章 研究方法 13
第五章 實證結果與分析 23
第六章 結論 35
參考文獻 37
表一 變數定義及衡量方式 39
表二 樣本分配 41
表三 全樣本及機構投資人所有權敘述統計 43
表四 企業策略敘述性統計表 48
表五 相關係數 52
表六 機構投資人所有權及企業策略各別從事CSR創新活動之傾向 53
表七 機構投資人所有權與企業策略從事CSR創新活動之傾向 55
表八 機構投資人所有權與企業策略各別對CSR創新績效之影響 59
表九 機構投資人所有權與企業策略對CSR創新績效之影響 61
表十 機構投資人監督下企業策略與CSR創新活動對ROA之影響 65
表十一 機構投資人監督下企業策略從事CSR創新活動對ROA之影響 69
附錄 74

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