臺灣博碩士論文加值系統

近年來，環境、社會和治理（ESG）的概念迅速崛起並引起社會廣泛關注，利害關係人不再僅僅關注公司的財務績效，也開始重視ESG三個方面的非財務資訊。作為一種合法性策略，ESG行為可用來提升企業形象並贏得投資和消費者的信任，然而在現今社會，企業使用洗綠策略來掩蓋其真正的永續發展績效變得越來越普遍。本研究以2018年至2022年之台灣上市櫃公司作為研究對象，探討了ESG績效與揭露之間的關聯，特別是在環境敏感性的行業中，調查漂綠的可能性以及對財務表現的影響。實證結果表明，就全部產業來看，ESG績效與揭露之間呈正向關係，並未發現兩者之間存在差距。在環境敏感性產業中，存在負向調節作用，削弱了ESG績效與揭露間的正向影響，發現漂綠的可能性。儘管在全部產業中，本研究沒有發現漂綠對企業財務績效的影響，但有證據顯示，在環境敏感性產業中，漂綠對企業財務績效帶來負向影響。

The concept of Environmental, Social, and Governance (ESG) has gained widespread attention and popularity in recent years. Non-financial information across the three ESG dimensions is increasingly being valued by stakeholders who are no longer solely focused on a company's financial performance. By employing ESG practices as a legitimacy strategy, corporations can improve their image and gain the trust of investors and consumers. It has become more common for companies to employ greenwashing methods to conceal their true sustainability performance.
This study examines the relationship between ESG performance and disclosure. It examines the potential of greenwashing and its impact on financial performance in industries that are environmentally sensitive. Taiwanese listed companies will be the primary focus from 2018 to 2022. The relationship between ESG performance and disclosure across all industries is positive, as evidenced by empirical results, and there is no notable gap between them. The positive impact of ESG performance on disclosure in environmentally sensitive industries was reduced by a negative moderating effect, which suggests the possibility of greenwashing. Despite finding no significant impact of greenwashing on financial performance in all industries, empirical results indicates a negative impact on financial performance in environmentally sensitive industries.

Table of Contents
摘要.................................................................................................................................I
Abstract..........................................................................................................................II
Table of Contents..........................................................................................................III
List of Tables..................................................................................................................IV
List of Figures.................................................................................................................V
Chapter 1 Introduction ...................................................................................................1
1.1 Research Background ......................................................................................1
1.2 Research Purpose .............................................................................................2
Chapter 2 Literature Review and Hypothesis Development..........................................3
2.1 ESG Overview .................................................................................................3
2.2 Greenwashing Overview..................................................................................4
2.3 ESG Performance and Disclosure....................................................................5
2.4 Environmentally Sensitive Industries..............................................................6
2.5 Greenwashing and Financial Performance ......................................................7
Chapter 3 Data and Methodology..................................................................................9
3.1 Data Description ..............................................................................................9
3.2 Empirical Model ..............................................................................................9
3.2.1 Dependent Variables ...........................................................................10
3.2.2 Independent Variable...........................................................................11
3.3 Regression Model ..........................................................................................15
3.4 Control Variable .............................................................................................17
Chapter 4 Empirical Results ........................................................................................18
4.1 Descriptive Statistics......................................................................................18
4.2 Correlation Analysis.......................................................................................21
4.3 Empirical Results...........................................................................................23
4.4 Extra Test .......................................................................................................29
Chapter 5 Conclusion...................................................................................................43
5.1 Conclusion and Implications..........................................................................43
5.2 Limitations and Suggestions...........................................................................44
Reference .....................................................................................................................45

List of Tables
Table 1 Sample Screening Process ................................................................................9
Table 2 MSCI ESG Rating Indicators..........................................................................12
Table 3 The Conversion of ESG Rating Letter Grade to Score ...................................14
Table 4 Measurement of Control Variables..................................................................17
Table 5 Descriptive Statistics (N=280)........................................................................19
Table 6 Correlation Analysis........................................................................................22
Table 7 Regression Results – ESG Performance and Disclosure ................................23
Table 8 Regression Results – ESG Performance and Disclosure
(Environmentally Sensitive Industries)............................................................25
Table 9 Regression Results – Greenwashing Score and ROA.....................................26
Table 10 Regression Results – Greenwashing Score and ROA
(Environmentally Sensitive Industries)..........................................................28
Table 11 Extra Test – Year distribution of the unbalanced panel data .........................29
Table 12 Extra Test – ESG Performance and Disclosure (N = 421)............................30
Table 13 Extra Test – ESG Performance and Disclosure
(Environmentally Sensitive Industries) (N = 421).........................................32
Table 14 Extra Test – Greenwashing Score and ROA (N = 421) ................................33
Table 15 Extra Test – Greenwashing Score and ROA
(Environmentally Sensitive Industries) (N = 421).........................................34
Table 16 Extra Test – ESG Performance and Disclosure
(Environmentally Sensitive Industries)..........................................................36
Table 17 Extra Test – ESG Performance and Disclosure
(Environmentally Sensitive Industries) (N = 421).........................................38
Table 18 Extra Test – Greenwashing Score and ROA
(Environmentally Sensitive Industries)..........................................................40
Table 19 Extra Test – Greenwashing Score and ROA
(Environmentally Sensitive Industries) (N = 421).........................................42


List of Figures
Figure 1 MSCI ESG Rating – Summary Bar Graph....................................................20
Figure 2 Bloomberg ESG Disclosure Rating – Summary Line Graph ......................20

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