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<p>Governments increasingly use certification programs to promote corporate social responsibility, yet questions remain about whether such interventions generate substantive value or merely symbolic compliance. This study evaluates whether government-backed Sports Enterprise Certification is associated with measurable improvements across multiple stakeholder dimensions. Using data covering 17,519 firm-year observations for listed firms from 2010 to 2023 and a two-way fixed-effects design with lagged covariates, the analysis shows that certified firms exhibit higher brand value, stronger CSR and ESG ratings, and improved financial outcomes reflected in both accounting and market-based measures. Human capital outcomes are also enhanced, including lower turnover, higher talent quality, and increased employee compensation. The effects are most pronounced in the Social pillar of ESG, and are accompanied by positive associations in the Environmental and Governance dimensions. These findings support a hybrid governance perspective in which governmental endorsement strengthens institutional legitimacy while verified wellness practices build internal organizational capabilities. The results suggest that institutionalized certification can align corporate incentives with social welfare and may offer policymakers a viable alternative to mandatory disclosure regimes for promoting sustainable corporate behavior in transitional economies.</p>

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Creating Shared Value Through Sports: Evidence from Corporate Sports Certification in Taiwan

  • 期刊论文

  • 发表日期：

    2026年5月29日

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  • Yin-Siang Huang,
  • Shi-Yin Jhong,
  • Keng-Yu Chen,
  • Wei-Cheng Hsu

摘要

Governments increasingly use certification programs to promote corporate social responsibility, yet questions remain about whether such interventions generate substantive value or merely symbolic compliance. This study evaluates whether government-backed Sports Enterprise Certification is associated with measurable improvements across multiple stakeholder dimensions. Using data covering 17,519 firm-year observations for listed firms from 2010 to 2023 and a two-way fixed-effects design with lagged covariates, the analysis shows that certified firms exhibit higher brand value, stronger CSR and ESG ratings, and improved financial outcomes reflected in both accounting and market-based measures. Human capital outcomes are also enhanced, including lower turnover, higher talent quality, and increased employee compensation. The effects are most pronounced in the Social pillar of ESG, and are accompanied by positive associations in the Environmental and Governance dimensions. These findings support a hybrid governance perspective in which governmental endorsement strengthens institutional legitimacy while verified wellness practices build internal organizational capabilities. The results suggest that institutionalized certification can align corporate incentives with social welfare and may offer policymakers a viable alternative to mandatory disclosure regimes for promoting sustainable corporate behavior in transitional economies.