In 2014, Financial Supervisory Commission (FSC) mandated listed companies to publish corporate social responsibility reports. In 2017, The Ministry of Economic Affairs (MOEA) instructed corporate social responsibility into amending the law, inevitably causes the firm and the society to produce the important change to the market value. When firm obtain resources from society in the growth process, they should promote social responsibility at the same time to give back to the society. The purpose of this study is to explore whether promotion of social responsibility by firm in the dynamic growth process can demonstrate its market value. The empirical results show that under growth degree, stability, and years of establishment, the firm promotes positive social relevance with market value. This research results help the external stakeholders of firm to understand the value created by betting on social responsibility activities during the growth process, and firm can refer to develop strategies for promoting social responsibility.
Corporate Social Responsibility, Firm Growth, Market Value