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1 FULL PAPER PROCEEDING Multidisciplinary Studies Available online at Full Paper Proceeding BESSH-2016, Vol Issue.16, ISBN BESSH -16 A Study on Corporate Social Responsibility of the Property Management Company in Taiwan Chin-Tai Kuo 1, Bor-Ming Hsieh 2, Shih-Hsiung Chou 3, Ping-Yi Kao 4* 1 De Lin Institute of Technology, Taiwan 2, 4 Chang Jung Christian University, Taiwan 3 National Chiayi University, Taiwan Abstract Currently contracts signed by the Property Management Company in Taiwan include the sample of contract such as standard contract publicly announced by the government agencies and the consultative Contract to offer the professional consulting advisory service. The study aims to explore the current conditions of adopting the consultative Contract by the Property Management Company in six Special Municipal cities in Taiwan. Among them, the property management Company in Taipei City and Kaohsiung City prefer the consultative contract while there are significant differences on the content of service between both cities. On the contrary, the property management Company in New Taipei City, Taoyuan City, Taichung City, and Tainan City adopt few the consultative contracts. In addition, the factors of formation of the consultative contract adopted by the property management Company in Taipei City and Kaohsiung City are as follows: to save the personnel cost and to reduce the heavy burdens of tax; the differences on the actual property management Company service between the standard contract and the consultative contract cover: content of service, business supervision, control over the contracts, the adaption to the Labor Standards Act, and differences on relations to employment, and personnel training. Finally, we propose Carroll (1991) model of corporate social responsibility to detect the differences on economic, legal, ethical and philanthropic responsibilities between the standard contract and consultative Contract adopted by the Property Management Company The Authors. Published by Academic Fora. This is an open access article under the CC BY-NC-ND license ( Peer-review under responsibility of the Scientific & Review committee of BESSH Keywords Property Management, Condominium, Standard Contract,, Corporate Social Responsibility Introduction We examine the business management in Taiwan the in recent years and find some dishonest traders are always taking advantage in grey area of normativeity of the law to cause damages of the interests of a large number of consumers. The Property Management Company in Taiwan (hereinafter referred to as the Property Management Company) who offer standard contract in business management is governed both by Consumer Protection Law and Security Services Law, Condominium Administration Act Building Administration Division, as well as Regulations Governing the people of apartment management service. Although the Property Management Company who adopt consultative contract are protected by both the Principle of Autonomy in Private Law and Freedom of contract, it is a stimulating issue for consideration whether the Property Management Company can claims for benefit maximization without the social responsibility of the corporate. The present management modes of domestic tall buildings and great mansions in Taiwan could be divided into the all authorization management mode, the compound management mode, and the self-management mode. First of all, the all authorization management mode which refers to home owner's association (hereinafter referred to as HOA) to fully authorize the Property Management Company to execute all the work of condominium management is managed mode frequently adopted by the Property Management Company in the market, and sign the service agency contract with home owner's association (hereinafter referred to as HOA) according to the exercising contract models of standard contract (hereinafter referred to as standard contract) publically announced by the component authority. Secondly, the compound management mode which refers to home owner's association to authorize the Property Management Company to execute the partial work of condominium management is designed for the saving the expenditure of condominium management & maintenance fee. We divide the compound management mode into two categories: the Property Management Company merely offers consulting advices to home owner's association who engage the condominium management & maintenance by themselves and the Property Management Company not only offer the above consulting advices but also offer the hiring and training service to the management service personnel as well as collect and pay up each expense. Such contract as the compound management mode is commonly called consultative contract. Finally, the self-management mode which refers to either home owner's *All correspondence related to this article should be directed to Ping-Yi Kao, Chang Jung Christian University, Taiwan pioman.kao@gmail.com 2016 The Authors. Published by Academic Fora. This is an open access article under the CC BY-NC-ND license ( Peer-review under responsibility of the Scientific & Review committee of BESSH-2016.

2 association engages in the work of condominium management or hire the licensed management service personnel of condominium to execute the work of condominium management of condominium. In addition to the standard contract publically announced by the government agencies, however, why the Property Management Company adopt the consultative Contract? It is an interesting issue. Thus, the study aims to explore the corporate social responsibility of the Property Management Company through the factors of formation of the consultative Contract adopted by the Property Management Company and differences on the actual Property Management service between the standard contract and the consultative Contract. With the stable condition of the society, a company can stably run and economically grow under a good operating condition; on the other hand, the company shall fulfill the responsibility of as a citizen of corporate from the prospective of economy, society, and environment and fulfill its obligation. According to Fooks, Gilmore, Collin, Holden, and Lee (2013), the corporate fulfills the corporate social responsibility to combine with the wide public interest instead of affecting by the viewpoint of benefit maximization of shareholder. Ing-San Hwang, Der-Jang Chi (2005) assume that the corporate fulfills the social responsibility is the specific practice of business ethics from the prospective of the corporate social responsibility. According to Carroll s (1991) four part model, however, there are four CSR responsibilities- economic, legal, ethical and philanthropic. We utilizes Carroll's pyramid model of CSR to propose that difference on economic, legal, ethical and philanthropic responsibilities between the standard contract and the consultative Contract adopted by the Property Management Company. Through citation analysis, this study explored the factors of formation of the consultative Contract adopted by the Property Management Company and analyze the difference on the property management services between the standard contract and the consultative Contract adopted by the Property Management Company. We further reviewed the difference on corporate social responsibilities between the standard contract and the consultative Contract adopted by the Property Management Company via model of CSR. This research mainly divides into five major parts; the second part is the literature review; the third part is the research methods; the fourth part is analysis of results and discussion; ; last part is this research conclusion. Literature Review Property Management Services Contract Standard Contract Currently the property management service contract signed by and between the Property Management Company and home owner's association is mainly based on the template of standard form of standard contract including the Stationed Security Service Agreement and Template of Standard Form Contract for Company Undertaking Management and Maintenance of Condominium. The standard contract is generated from the rapid change of transaction pattern of economy market.the traders in the transaction market simplify the progress of transaction and contract signing to cope with a large amount of customers to save time and expense of contract signing and negotiating. However, the standard contract of director on the company usually increase responsibilities of contract taken by the consumers, therefore, the Taiwanese government restrict the standard contract pursuant to the provisions for the Civil Code, and various mandatory provisions such as Interpretation Principles of the Structured Clauses in Standard Contract governed by the Consumer Protection Law separately to reduce the cost of transaction, to speed the transaction progress, and to enhance the advantages of operating efficiency (Sheng-Lin Jan, 1996; Chih-yu Kuo, 1997; Shwu-Wen Yang, 2005), to reasonably distribute the risk of transaction, and to equalize the effect of conditions of both parties (Chun-tang Liu, 1999;Tsung-fuChen,2002). The consultative contract is enacted and self-negotiated by and between the Property Management Company and home owner's association based on the principle of freedom of contract. Under the protection of the principle of freedom of contract, both parties can sign contract for the certain specific purpose in the free business market. Meanwhile, freedom of contract is not only an important mechanism to express the personal self-development and self-fulfillment but also the foundation of autonomy of private law. Based on the function of operation of economy of free market, both the principle of autonomy of private law and freedom of contract shall be maintained. According to Shwu-Wen Yang (2013), both parties shall be liable for the results by themselves no matter how the obligations and duties stipulated in the standard contract based on the principle of freedom of contract. Chun-tang Liu (1999) assumes that both parties may reach the certain obligations and duties of contract without others interfering or influencing according to declaration of (one's) intent. However, the cost of transaction of consumers is too high since they have to spend lots of time and expense when price tendering, acquiring the information of negotiation and ability of negotiation. The consumers tend to bear the 23

3 unreasonable or unfair risk since the freedom of contract is not unlimited applicable. Both Chien-An Wang (2003) and Ko-Ming Chang(2011) suggest the content of contract shall design penalty clausesto restrain the self-interest risk of agent under the principle of freedom of contract and shall setup the cooperation clauses, the mechanism of negotiation, reasonably negotiate the risk and share the information. Tsung-fu Chen (2002) pointed out that only the process of contract signing is supervised the Civil Act regarding the signing of the general contract. In addition, the parties concerned are free to sign the contract under the situations that without any legal enforcement or prohibition provision, without any behaviors against public order and good custom, without any wrong declaration of one's intent, as well as without any fraud or threaten cases and the actual content of contract to be protected by the national legal system. Corporate Social Responsibility On the literature review of theory of Corporate Social Responsibility, Carroll (1991, 1993) pointed out that economic responsibilities; legal responsibilities; ethical responsibilities and philanthropic responsibilities.; Garriga and Melé (2004)integrates four theories including instrumental theories, political theories, integrative theories, and ethical theories to explore that corporate social responsibilities is related to corporate profit, performance policies, and the social ethical viewpoint. Aguilera, Rupp, Williams, and Ganapathi (2007) propose a model that identifies a multitude of actors across multiple levels of analysis pressuring organizations to engage in CSR initiatives, motivated by instrumental, relational or moral reasons. They also claim that corporate social responsibility to be the core strategy of enterprise. Matten and Moon (2008) suggests that corporate social responsibility is an emerging global phenomena. To constitute the definite social responsibilities of enterprise also relies on the policies of the government, Non-profit Organization, and the religious organization. Dahlsrud (2008) pointed out that the operation of an enterprise is closely related to the society, environment, and economy. The interest of an enterprise must figure out its balance. According to Du, Bhattacharya and Sen (2007), the execution of the corporate social responsibilities can effectively establish the good brand image and communication with consumers. Blomé (2012)gives a deeper insight into the possible economic advantages of corporate social responsibility to reduce operational costs and to improve the profitability of corporate from a practical perspective. Servaes and Tamayo (2013)also pointed out that each activity generated from the corporate social responsibility not only helps consumers to gain a deep understanding of a corporate but also promote profit maximization to the shareholders. Seen from the above analysis, the corporate shall fulfill the corporate social responsibility since a stable society offer corporate an environment to stably operate and earn profits, on the other hand, corporate shall not only fulfill theeconomical, social, and environmental duties as a corporate citizenbut also fulfill an obligation. Research Methods Research method applied in this study include document analysis to explore the factors of formation of consultative Contract adopted by the Property Management Company in Taiwan and further analyze differences on the actual property management services between the standard contract and consultative contract. Finally, we propose Carroll (1991) model of corporate social responsibility to detect the differences on economic, legal, ethical and philanthropic responsibilities between the standard contract and consultative Contract adopted by the Property Management Company. The main reason we adopt the corporate social responsibility analysis model relies on the function of feedback and reflective of the said model. All the corporate social responsibility are built up based on the economic factor, therefore, it is proposed that whether the economic responsibilities shall be adjusted whereas there is any conflict between economic responsibilities with other legal, moral, and philanthropic responsibilities. Source of Data The results of two studies in 2014 and 2016 of the researchers are the source works. Analysis Methods on Data The study analyze 2 documents to explore the factors of formation of consultative Contract adopted by the Property Management Company in Taiwan and further analyze the differences on the actual property management services between the standard contract and consultative Contract. We further propose Carroll (1991) model of corporate social responsibility to detect the differences on economic, legal, ethical and philanthropic responsibilities between the standard contract and consultative Contract adopted by the Property Management Company. Analysis of Result and Discussion Usage Analysis of Contract of the Property Management Company in Taiwan The study adopted content analysis to explore that the Property Management Company in four special municipal cities including New Taipei City, Taoyuan City, Taichung City, and Tainan City state that most of the said Company in the said region eitherabandon the consultative contract or are with less experiences in consultative Contract (as 24

4 shown in table 1) among the Property Management Company in six special municipal cities (Taipei, New Taipei, Taoyuan, Taichung, Tainan, and Kaohsiung). Table 1: Special Municipal Cities in Taiwan Region Taipei City New Taipei City Taoyuan City Taichung City Tainan City Kaohsiung City Adopted Not adopted In addition, during the most involved time in the Property Management Company in Taipei Cityadopt the consultative contract cover the period to assist the home owner's association (HOA) in jointly facing with the builder to offer the consultative service of public facility in ownership through handover, afterward, they merely offer the consultative advisory service of management and maintenance. In addition to the consultative advisory service offered by the said Company in Taipei City, on the other hand, the Property Management Company in Kaohsiung City who adopt the consultative contract offer the collecting and payment in advance for the administrative affairs as well as the hiring and training the management service personnel as well as the security guards. The property management Company who abandon the consultative contract state that early adopt the consultative contract since Labor Standards Act is inapplicable to the Condominium Administrative Committee, that is, Labor Standards Act is inapplicable to the property management service personnel so that the property management Company may adopt the consultative contract. However, the said labors usually make complain to the governmental labor agency or file any petition to confirm the employment relations to arise many legal disputes. The property management Company tend to abandon the consultative contract to maintain the brand image of corporate and pursue for the sustainable management. (as shown in table 2). Table 2 Factors of abandoning the consultative contract Reason Factors of Operating Strategy Items To maintain the brand image For the sustainable management Factors of Legal Disputes To avoid from the complaints to the government agency by labors To avoid any lawsuit by labors Factors Analysis of the adopted by the Property Management Company We further discuss the factors of formation of the consultative contract adopted by the Property Management Company in Kaohsiung City (as shown in table 3). The main reasons that the property management Company adopts the consultative contract can be divided into factors of operating expenses and payment capability of customers. The factors of the operating expense aim to save the personnel cost and to reduce the heavy burdens of tax ( 1.to save the personnel cost of employment training of each employee per month for the property management service personnel; 2.Total amount of contract price of the consultative contract is much cheaper than that of standard contract so as to tax mitigation);secondly, the factors of payment capability of customers cover four items of procurement decision: Lacking of Listing Public foundation of apartment (there is lack of enough public foundation for expense of management and maintenance before passing the Act of Condominiums), number of total residents fail to reach a certain economic ratio (the revenue from management fee fails to meet the lowest requirement of payment due to the number o total resident of community number of total residents fail to reach a certain economic ratio), the management fee is not adjusted per the Consumer Price Index, the price is resorted to the Lowest Bid of the Property Management Company. 25

5 Table 3 Factors of formation of the consultative contract adopted by the Company Reasons Category Factors of Operating Expenses To save the personnel cost To reduce the heavy burdens of tax Factors of Payment Capability of Customers Lacking of Listing Public foundation Number of total residents fail to reach a certain economic ratio The management fee is not adjusted per the Consumer Price Index The price is resorted to the Lowest Bid of the Property Management Company Difference Analysis of Different Contracts in the Property Management Service Operation Through the aforementioned analyses of results, only the Property Management Company in Kaohsiung City among six special municipal cities in Taiwan adopt both the standard contract and consultative contract for home owner's association for their own choices. Moreover, the said Company in Kaohsiung City is with more experiences in adopting the consultative contract. Therefore, the study attempts to conduct the difference analysis of different contracts in the property management service operation (as shown in table 4). Table 4 Difference Analysis of Different Contracts in the Property Management Service Operation Modes of contract Items Standard Form for Standard Contract Benefit Obligation 1. To perform the security guard pursuant to Article 4 of Security Services Law 2. To perform the management and maintenance service pursuant to Article 15 of Regulations Governing the People of Apartment Management Service. 1. are supervised and audited by both the central authorities pursuant to the regulations for Article 13 of Security Services Law 1.To offer the consulting advisory of management and maintenance service 2.or home owner's association entrust the property management Company to act as the agent to dispose the administration service, management fee collection and reminder by signing other contract. Supervision Audit and 2.The Property Management Company who adopts the standard contract are supervised and audited by both the central authorities pursuant to the regulations for Article 23 of Regulations Governing the people of apartment management service Not Applicable Protection Consumers of The Property Management Company who adopted the standard contract are subject to the regulations for Article 11 to 17 of Consumer Protection Act. based on the principle of freedom of contract, both parties agree to the consultative contract is enacted by both parties; those who violate the obligations of contract shall claim for the compensation for damage per the Civil Code. Protection of labor Labors that are protected by the Labor After July 1, 2014:the property 26

6 rights Standards Act benefit from more rights. management service personnel hired by home owner's associationis protected by the Labor Standards Act even their salary are still lower than the personnel hired by the standard form of contract. Employment relations Property Management Services Personnel Training The security guard hired under the standard contract adopted by the property management Company are the employee of the security guard company while the management service personnel are employee of Apartment Building Management and Maintenance Company. The property management Company who adopt the standard contract shall offer the regular career training courses to the management service personnel with the expensive training cost spending The property management service personnelare employed by the Condominium Administrative Committee. The management service personnel self join the training courses held by the unit entrusted by the government agency. Benefit Obligation Regarding the content of service of the standard contract, Article 4 of Security Services Law and Article 15 of Regulations Governing the People of Apartment Management Service. Regarding the content of service of the consultative contract, we offer the consulting advisory of management and maintenance service, or home owner's association entrust the property management Company to act as the agent to dispose the administration service, management fee collection and reminder by signing other contract. Supervision and Audit The Property Management Company who adopts the standard contract are supervised and audited by both the central authorities pursuant to the regulations for Article 13 of Security Services Law and Article 23 of Regulations Governing the people of apartment management service; whereas the consultative contract would not be restricted by the said regulations. Consumer Protection The Property Management Company who adopted the standard contract are subject to the regulations for Article 11 to 17 of Consumer Protection Act; whereas, the consultative contract is enacted by both parties; those who violate the obligations of contract shall claim for the compensation for damage per the Civil Code. Protection of Workers' Rights Owing to that home owner's association not applying to the Labor Standards Act before July 1, 2015, there is no the lowest basic salary for the property management service personnel hired by the home owner's association who adopt the consultative contract. However, the property management service personnel hired is protected by the Labor Standards Act per both the standard contract and the consultative contract after July 1, Employment Relations The security guard hired under the standard contract adopted by the property management Company are the employee of the security guard company while the management service personnel are employee of Apartment Building Management and Maintenance Company; the property management service personnel hired per the consultative contract are employed by the Condominium Administrative Committee. Differences in training the property management services personnel The property management Company who adopt the standard contract shall offer the regular career training courses to the management service personnel with the expensive training cost spending while those who adopt the consultative contract have their employee to self join the training courses held by the unit entrusted by the government agency. A Comparison of the Corporate Social Responsibility (CSR) between different contracts adopted by the Property Management Company 27

7 We analyze the differences on the property management service operation among different contracts to conclude that there are differences in benefit obligation, supervision and audit, consumer protection, protection of workers' rights, employment relations, and property management services personnel training between the standard contract and consultative contract adopted by the property management Company(as shown in table 4). We further propose Carroll s model of corporate social responsibility to detect the differences on economic, legal, ethical and philanthropic responsibilities between the standard contract and consultative contract adopted by the Property Management Company. Economic Responsibility Any corporate must reduce the cost and make profit to promote the economic development of the society whether it adopt both the standard contract and the consultative contract to bring the positive benefit to the social economy. The Standard Contract The property management Company who adopt the standard contract are legally supervised by the Security Services Law and Regulations Governing the People of Apartment Management Service to protect both the right of consumer and that of the property management service personnel while the cost is relatively high. The It is protected by the principle of freedom of contract since it is an autonomy in private law to reach the economic effect in reducing cost and generating profit when adopting the consultative contract, however, it tend to place the consumers on the relatively weak position. Legal Responsibility Law is the minimum guideline to maintain the business management. Any corporate shall abide by each and all of the rules and regulations, including Security Services Law, Condominium Administration Act Building Administration Division, and Regulations Governing the People of Apartment Management Service, Consumer Protection Act, Labor Standards Law, and so on. Standard Contract The property management Company who adopt the standard contract to perform the management and maintenance service of condominium shall comply with the labor act or rules so that the property management service personnel are protected under the Labor Standards Act Regarding the consultative contract, however, it is more advantageous to the property management Company from the prospective of the actual management under the freedom of contract of the Civil Code. The property management Company only have to offer the consultative service in management and maintenance of condominium to the home owner's association from the prospective of the content of service of the consultative contract while the property management Company also offer the service of employment and training of the property management service personnel to the home owner's association from the prospective of the real conditions of the consultative contract. It seems that the property management Company is suspected of engaging in the manpower service, therefore, such an illegal act should not be treated lightly by the relevant government agency. Ethical Responsibility The business activities of the Property management Company are expected to fulfill its ethical responsibility to conform to fairness and justice and to avoid any harm. Standard Contract Those who adopt the standard contract is basically protected by the actual content of contract and more preferential social welfares to their employee. The property management service personnel hired by consultative contract are less preferential in social welfares to those hired by the standard contract. Philanthropic Responsibility Both the standard contract and the consultative contract adopted by the Property Management Company can enhance the living quality of home owner's association, apartment building owner, and residents. 28

8 The standard contract The property management Company who adopt the standard contract must operate to confirm to the legal system under the mandatory provisions of the government and to be strictly supervised to protect the right of employee. On the other hand, the right of their employee is well protected. The The consultative contract does benefit both the property management Company and home owner's association from the prospective of either the home owner's association or the property management Company. The right and welfare of the consultative contract are less preferential in those of the standard contract to offer better living quality to the property management service personnel. Conclusion The study New Taipei City, Taoyuan City, Taichung City, and Tainan City in Taiwan while. In addition to the standard contract, there are multiple background factors so that the property Management Company prefer the consultative contract. The reasons that the Property Management Companyusethe consultative contract include the following business factors: to save the personnel cost and to lighten the taxes and levies burden. The factors of payment competence of customers include the following 4 factors: to lack of list Public foundation, the numbers of total household fails to reach a certain economic ratio, unable to adjust the management fee per Consumer Price Index, and resorted the lowest bid for the total amount of contract of entrusted property management Company. This study analyzes that some of the Property Management Company in Taiwan who adopt the standard contract to fulfill the economic responsibility is to comply with normativity of law while others adopt consultative contract; secondly, those who adopt the standard to fulfill the legal responsibility is to obey all laws, adhere to all regulations of the government while those who adopt the consultative contract are suspected of engaging in the manpower service; regarding the ethic responsibility, thirdly, the property management service personnel hired by consultative contract are less preferential in social welfares to those hired by the standard contract; finally, as of philanthropic responsibility, the right and welfare of the consultative contract are less preferential in those of the standard contract to offer better living quality to the property management service personnel. Studies related to contracts of the property management Company are scant. The findings of the study reflect the current conditions of different contracts adopted by the property management Company in the market and provide as the application of the property management Company. References Aguilera, R. V., Rupp, D. E., Williams, C. A., & Ganapathi, J. (2007). Putting the S back in corporate social responsibility: A multilevel theory of social change in organizations. Academy of management review, 32(3), Blomé, G. (2012). Corporate social responsibility in housing management: is it profitable?. Property Management, 30(4), Carroll, A. B. (1991). The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business horizons, 34(4), Carroll, A. B., & Buchholtz, A. K. (1996). Ethics and stakeholder management. Cincinnati, OH: Southwestern Publishing. Chang, Ko-Ming. (2011). Risk allocation management of law on the small and medium-sized enterprise management. National Chung Cheng Law Journal, 34, Chen, Tsung-Fu. (2002). The basis of the concept of civil law. The Taiwan Law Review, (1), Chen, Tsung-Fu. (2002). Freedom of contractandstandard contractcontrol. The Taiwan Law Review, 91, Dahlsrud, A. (2008). How corporate social responsibility is defined: an analysis of 37 definitions. Corporate social responsibility and environmental management, 15(1), Du, S., Bhattacharya, C. B., & Sen, S. (2007). Reaping relational rewards from corporate social responsibility: The role of competitive positioning. International journal of research in marketing, 24(3), Fooks, G., Gilmore, A., Collin, J., Holden, C., & Lee, K. (2013). The limits of corporate social responsibility: techniques of neutralization, stakeholder management and political CSR. Journal of Business Ethics, 112(2), Garriga, E., & Melé, D. (2004). Corporate social responsibility theories: Mapping the territory. Journal of business ethics, 53(1-2), Guo, Chi-Yu. (1997). A Study of the standard contract on private security company. Central Police University Law Review, 2,

9 Hwang, Ing-San, & Chi,Der-Jang. (2005). A study on enterprise ethics, social responsibility and corporate philanthropy- taking the hi-tech electronic company in taiwan as an example. Journal of Humanities and Social Sciences, 1(2), Jan, Sheng-Lin. (1996). Standard contractoffundamental issues by credit card, for example. The Taiwan Law Review, 11, Kuo, C. T., Chou, S. H., Hsieh, B.M. and Kao, P. Y. (2014). The types of property management service contracts in Taiwan: A comparison of standard and consultant contracts. Paper Presented at 2014 International Conference on Business and Information, Osaka, Japan. Kuo, C.T., Chou, S. H., Hsieh, B.M. and Kao, P. Y. (2016). Transaction costs of different property management services contracts. Paper presented at Chinese Society of Housing Studies Annual and Conference, Taiwan. Liu, Chun-Tang. (1999). On the standard contract. Huaxin Financial Quarterly, 8, Matten, D., & Moon, J. (2008). Implicit and explicit CSR: a conceptual framework for a comparative understanding of corporate social responsibility. Academy of management Review, 33(2), Servaes, H., & Tamayo, A. (2013). The impact of corporate social responsibility on firm value: The role of customer awareness. Management Science, 59(5), Wang, Chien-An. (2003). A study of the impact on the different designs of the performance-based incentive contract to the mutual fund manager`s risk-adjustment behavior. Taiwan Academy of Management Journal, 3(1), Yang, Shu-Wen. (2005). Study applicable, standard contract terms regulations. NSC Research Report, NSC H Yang, Shu-Wen. (2013). A standard contractfor the control and freedom of contractin Germany Comparative analysis and development of the rule of law. National Chengchi University Law Review, 132,

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