臺灣博碩士論文加值系統

本文探討了ESG品質和揭露對台灣金融控股公司財務表現的影響。ESG是指環境、社會和公司治理三個方面，這些因素在企業經營中越來越受到關注。本文使用台灣經濟新報資料庫(TEJ)和Refinitiv Eikon篩選出11家台灣金融控股公司的財務年度表現數據及ESG品質數據，共有99個台灣金融控股公司財務年度的資料。研究發現，ESG品質和揭露與金融控股公司財務績效有顯著的關聯性。此外，金融控股公司整體ESG表現成長以及在ESG議題三個面向分別的表現成長與績效成長不具有顯著的關聯性。本文強調了企業在實施CSR（企業社會責任）方面的重要性，並提供了一些實施CSR的建議，以提高企業的ESG表現和財務績效。

This article discusses the impact of ESG quality and disclosure on the financial performance of Taiwanese financial holding companies. ESG refers to the environmental, social, and governance aspects that have been increasingly emphasized in corporate operations. The study utilizes financial annual performance data and ESG quality data from 11 Taiwanese financial holding companies obtained from the Taiwan Economic Journal (TEJ) database and Refinitiv Eikon. A total of 99 financial annual data points were analyzed. The research findings indicate a significant correlation between ESG quality, disclosure, and the financial performance of financial holding companies. Furthermore, the overall ESG performance growth of financial holding companies and their performance growth in the three dimensions of ESG issues did not exhibit a significant relationship. The study emphasizes the importance of implementing Corporate Social Responsibility (CSR) and provides recommendations for improving ESG performance and financial performance.

謝辭 i
中文摘要 ii
圖目錄 vi
表目錄 vii
第壹章 緒論 1
第一節 ESG議題對資本市場的影響 1
第二節 台灣的金融控股公司在業務上的ESG作為 3
第三節 研究動機與架構 5
第貳章 文獻探討 9
第一節 ESG對資產管理機構影響及相關研究 9
第二節 企業從事ESG相關行動對財務表現的影響 10
第三節 ESG指標 10
第參章 研究問題與設計 13
第一節 研究樣本 13
第二節 模型建立與研究方法 15
第肆章 實證結果分析 18
第一節 敘述統計量 18
第二節 ESG表現與金融控股公司財務績效的關聯性 20
第三節 ESG表現成長率和財務績效成長率相關性 24
第四節 ESG議題三個面向個別的表現成長與績效成長相關性 25
第伍章 結論 29
第一節 研究結果 29
第二節 研究建議 30
參考文獻 32
英文文獻 32
中文文獻 34

英文文獻
1Hsiang-Lin Chih, Chung-Hua Shen & Feng-Ching Kang. (2008) Corporate Social Responsibility, Investor Protection, and Earnings Management: Some International Evidence. Journal of Business Ethics, 79, 179–198.
2Campbell, L. (2007) Why Would Corporations Behave in Socially Responsible Ways? An Institutional Theory of Corporate Social Responsibility. The Academy of Management Review, 32, 946-967.
3Hsiang-Lin Chih, Hsiang-Hsuan Chih and Tzu-Yin Chen. (2010) On the Determinants of Corporate Social Responsibility: International Evidence on the Financial Industry, Journal of Business Ethics, 93, 115-135.
4Mozaffar Khan, George Serafeim and Aaron Yoon. (2016) Corporate Sustainability: First Evidence on Materiality, The Accounting Review, 91, 1697-1724.
5Fatemi, A. M., Fooladi, I. J., & Tehranian, H.（2015）. Valuation effects of corporate social responsibility. Journal of Banking & Finance, 59, 182–192.
6Malik, M.（2015）. Value-enhancing capabilities of CSR: A brief review of contemporary literature. Journal of Business Ethics, 127, 419–438.
7Porter, M.E. and Kramer, M.R.（2011）, “Creating shared value: redefining capitalism and the role of the corporation in society”, Harvard Business Review, 89 Nos 1/2, 62-77.
8Porter, M.E. and van der Linde, C.（1995）, “Toward a new conception of the environment-competitiveness relationship”, Journal of Economic Perspectives, 9 （4）, 97-118.
9Friedman, M.（1970）, A Friedman doctrine: The social responsibility of business is to increase its profit. New York Times Magazine, 13（1）, 32-3.
10Kim, E-H., & Lyon, T. P.（2014）. Greenwash vs. brownwash: Exaggeration and undue modesty in corporate sustainability disclosure, Organization Science. Advance online publication.
11Stanwick, P. A. and S. D. Stanwick: 1998, ‘The Relationship between Corporate Social Performance, and Organizational Size, Financial Performance, and Environmental Performance: An Empirical Examination’, Journal of Business Ethics 17, 195-204.
中文文獻
1王宣穎 (2021)，CSR 與企業財務績效關係之研究—以台灣的金控為例，國立臺灣大學國際企業學研究所碩士論文。