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研究生:蕭湘穎
研究生(外文):HSIANG-YING HSIAO
論文名稱:機構投資人持股對企業ESG投資影響之研究
論文名稱(外文):The Impact of Institutional Investor Ownership on ESG investment
指導教授:黃瑞卿黃瑞卿引用關係
學位類別:碩士
校院名稱:國立中央大學
系所名稱:財務金融學系
學門:商業及管理學門
學類:財務金融學類
論文出版年:2020
畢業學年度:108
語文別:中文
論文頁數:61
中文關鍵詞:機構投資人企業社會責任企業ESG
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本研究主要探討機構投資人持有比例是否能影響企業在社會企業責任上的表現與績效。蒐集2010-2017年Refinitiv評分的台灣上市公司之ESG分數,並以機構投資人持有比例為主要觀察變數,本研究主要參考Dyck et al. (2019)的研究,而主要不同之處在於進一步將機構投資人再分成本國與外國投資人做分析,接著將樣本分成三種產業:科技業、金融業及其他產業分別做探討並新增三種風險指標作為控制變數,最後討論ESG分數高的企業與分數低的企業結果上的差異。 研究主要結果發現機構持有人對於企業的ESG分數有正向影響力,除了整體的ESG分數,對社會方面的分數也呈現顯著,說明機構投資人著重企業對於社會的貢獻。將機構投資人分成本國投資人與外國投資人後,觀察到外國機構投資人比起本國機構投資人更有影響力。樣本分產業後的結果,發現在科技業與其他產業下,機構投資人與ESG分數有顯著關係,但在金融業的結果中,發現不論是外國還是本國機構持有人,卻沒有顯著的影響力,說明在不同產業下,機構投資人的影響力是不相同的。最後,發現ESG分數高的公司群,機構投資人較無影響力,而ESG分數低的公司群,機構投資人則呈現正向顯著。
The main purpose of this research examines whether the ownership of institutional investors can affect the performance of corporate social responsibility of firms. We collect the ESG scores of Taiwan companies scored by Refinitiv in 2010-2017, and regard the ownership of institutional investors as the main observed variable. This research refers to Dyck et al. (2019), and the primary difference is that the institutional investors are further divided into domestic and foreign investors for analysis, and then the sample is divided into three industries: technology, finance and other industries to discuss. In addition, this paper adds three risk measurement as control variables. Finally, the paper compare companies with high ESG scores to those with low ESG scores.
The finding of this paper is that institutional holders really have a positive influence on the ESG score of the firms. In additions to the overall ESG score, it also shows significant results for social pillar score indicating that institutional investors focus on the contribution of firms to society. After splitting institutional investors into domestic investors and foreign investors, it was observed that foreign institutional investors have larger impact than domestic institutional investors. It also shows that in the technology industry and other industries, institutional investors have a significant relationship with the ESG score. However, in the results of the financial industry, it is found that the relationship between institutional investors and ESG score is not significant. It indicates that under different industries, the impact of institutional investors is different. Finally, this study discover that institutional investors have less influence on companies with high ESG scores, while having positively significant impact on companies with low ESG scores.
中文摘要 i
Abstract ii
誌謝 iii
目錄 iv
圖目錄 vi
表目錄 vii
一、緒論 1
二、文獻回顧 4
2-1企業社會責任與機構投資人 4
2-2企業社會責任與公司風險 5
三、資料與變數 6
3-1 研究資料來源 6
3-2 研究變數 6
3-2-1 應變數 6
3-2-2 自變數 8
四、實證結果 14
4-1 模型 14
4-2全樣本分析 14
4-2-1指標一:Beta 14
4-2-2指標二:Volatility 15
4-2-3指標三:VaR 16
4-3個別產業分析 18
4-3-1科技業 18
4-3-2金融業 19
4-3-3其他產業 21
4-4機構投資人對不同ESG分數群組的影響 23
五、結論 25
參考文獻 27
Albuquerque, R., Koskinen, Y., Zhang, C., 2018. Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence. Management Science 65, 4451-4469
Bushee, B.J., Carter, M.E., Gerakos, J., 2013. Institutional Investor Preferences for Corporate Governance Mechanisms. Journal of Management Accounting Research 26, 123-149
Chen, T., Dong, H., Lin, C., 2020. Institutional shareholders and corporate social responsibility. Journal of Financial Economics 135, 483-504
Drempetic, S., Klein, C., Zwergel, B., 2019. The Influence of Firm Size on the ESG Score: Corporate Sustainability Ratings Under Review. Journal of Business Ethics
Dyck, A., Lins, K.V., Roth, L., Wagner, H.F., 2019. Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics 131, 693-714
Fu, X., Tang, T., Yan, X., 2019. Why do institutions like corporate social responsibility investments? evidence from horizon heterogeneity. Journal of Empirical Finance 51, 44-63
Gibson, R., Krueger, P., 2018. The sustainability footprint of institutional investors. Swiss Finance Institute Research Paper
Gillan, S., Starks, L.T., 2003. Corporate governance, corporate ownership, and the role of institutional investors: A global perspective. Journal of applied Finance 13
Graves, S.B., Waddock, S.A., 1994. Institutional Owners and Corporate Social Performance. Academy of Management Journal 37, 1034-1046
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Hoepner, A.G., Oikonomou, I., Sautner, Z., Starks, L.T., Zhou, X., 2018. ESG shareholder engagement and downside risk.
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Lins, K.V., Servaes, H., Tamayo, A.N.E., 2017. Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. The Journal of Finance 72, 1785-1824
McWilliams, A., Siegel, D., 2000. Corporate social responsibility and financial performance: correlation or misspecification? Strategic Management Journal 21, 603-609
Nofsinger, J.R., Sulaeman, J., Varma, A., 2019. Institutional investors and corporate social responsibility. Journal of Corporate Finance 58, 700-725
Starks, L.T., Venkat, P., Zhu, Q., 2017. Corporate ESG profiles and investor horizons. Available at SSRN 3049943
李佶儒, 2018. 企業社會責任與股東價值-機構投資人的調節效果. 國立彰化師範大學.
李勁興, 2010. 公司治理機制、企業社會責任行為與價值創造之關聯性. 逢甲大學.
易芃蓁, 2018. 外資持股與國際化對企業社會責任影響企業價值之中介效果. 國立高雄第一科技大學.
郭恬伊, 2017. 企業社會責任與機構投資人持股之關聯性研究. 國立彰化師範大學.
黃碧伶, 2016. 企業社會責任對國際化速度與廣度之影響-以外資投資強度為中介變數. 國立東華大學.
陳振遠、王健聰、洪世偉(2017)。公司治理對於企業社會責任、公司價值之影響。中山管理評論-2017 年三月號第二十五卷第一期p.135-176
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