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研究生:黃士豪
研究生(外文):HUANG, SHIH-HAO
論文名稱:台灣上市公司ESG與企業財務績效關係之研究
論文名稱(外文):A Study on the Relations among ESG and Corporate Financial Performance: Evidence from the Listed Firms on the TWSE
指導教授:張志宏張志宏引用關係
指導教授(外文):CHANG, CHIN-HUNG
口試委員:林俊岳林書賢
口試委員(外文):LIN, CHUN-YUEHLIN, SHU-HSIEN
口試日期:2023-12-29
學位類別:碩士
校院名稱:中國文化大學
系所名稱:國際企業管理學系
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2023
畢業學年度:112
語文別:中文
論文頁數:69
中文關鍵詞:CSRESG財務績效公司價值永續發展
外文關鍵詞:CSRESGFinancial PerformanceCorporate ValueSustainability
相關次數:
  • 被引用被引用:1
  • 點閱點閱:164
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:1
隨著世界各國朝著永續發展腳步的邁進,企業所關注的議題也由過去的企業社會責任(CSR)變成探討由環境、社會、公司治理三大構面所構成的ESG議題。而企業的發展也和眾多面向息息相關,其中財務績效就是極為重要的評斷依據。在過去許多研究透過對ESG及財務績效作相關性分析,探討ESG績效對於財務績效或公司價值造成變動。本研究旨在探討台灣上市公司ESG績效和財務績效之間的相互關係,並進一步研究永續報告書揭露對財務績效是否產生調節效果。
本研究以2015年至2021年我國上市公司為樣本期間,並以TEJ資料庫內的ESG項目探討與財務績效之關係。實證結果指出ESG總分分數與財務績效具有顯著正相關,與Iliev and Roth (2023)的研究結果一致;在永續報告書是否揭露上,揭露永續報告書對公司的財務績效具有積極影響,提升ESG成效確實有助於企業永續發展。
As countries around the world are moving towards sustainable development, the focus of corporates' attention has shifted from traditional Corporate Social Responsibil-ity (CSR) to the topic of environmental, social, and governance, also known as ESG. The development of corporations is also related and linked to various dimensions. Fi-nancial performance being one of the most crucial evaluation criteria. In the past, there has been much research and analyses on the relationships between ESG and financial performance, discussing the impact of ESG on financial performance and the values that brings to the company. This research study aims to examine the interrelationships between ESG and the financial performance of publicly listed companies in Taiwan. Moreover, the research also investigates whether the disclosure of sustainability reports has a moderating effect or impact on financial performance.
This research uses the data of publicly listed companies in Taiwan from 2015 to 2021 and explores the relationship between ESG factors and financial performance based on data from the TEJ database. The empirical results indicate a significant posi-tive correlation between the overall ESG score and financial performance, consistent with the findings of Iliev and Roth (2023). Regarding the disclosure of sustainability reports, it shows that the disclosure of sustainability reports has a positive impact on a company's financial performance, confirming that improving ESG performance will indeed contribute to corporate sustainable development.
中文摘要 ...................... iii
英文摘要 ...................... iv
誌謝辭  ...................... vi
內容目錄 ...................... vii
表目錄  ...................... ix
圖目錄  ...................... x
第一章  緒論.................... 1
  第一節  研究背景................ 1
  第二節  研究動機................ 5
  第三節  研究目的................ 6
  第四節  研究流程................ 6
  第五節  研究架構................ 7
第二章  文獻探討.................. 9
  第一節  ESG定義與意涵............. 9
  第二節  ESG與財務績效相關文獻......... 10
  第三節  ESG與公司價值相關文獻......... 13
  第四節  ESG與董事、高管相關文獻........ 15
  第五節  ESG與機構所有權相關文獻........ 16
第三章  研究方法.................. 17
  第一節  研究樣本................ 17
  第二節  變數衡量................ 17
  第三節  研究假說................ 23
第四章  實證結果分析................ 24
  第一節  樣本敘述統計.............. 24
  第二節  全樣本數迴歸結果分析.......... 32
  第三節  無揭露永續報告書迴歸結果分析...... 41
  第四節  有揭露永續報告書迴歸結果分析...... 49
第五章  結論與建議................. 58
  第一節  研究結論................ 58
  第二節  研究限制與建議............. 59
參考文獻 ...................... 61
附錄A   TESG永續發展指標各構面衡量內容...... 68
一、中文部分
CSRone(2022),2022臺灣暨亞太永續報告現況與趨勢,台北:CSRone。
ithome(2023),2023年企業永續發展行動方案出爐!資本額不到20億元上市櫃公司未來也要編製永續報告書[線上資料],來源:https://www.ithome.com.tw/news/156181 [2023, March 29]。
台灣經濟新報(2020),與永續理念並肩同行!TEJ獲得SASB授權[線上資料],來源:https://www.tejwin.com/news/%E8%88%87%E6%B0%B8%E7%BA%8C%E7%90%86%E5%BF%B5%E4%B8%A6%E8%82%A9%E5%90%8C%E8%A1%8C%EF%BC%81tej%E7%8D%B2%E5%BE%97sasb%E6%8E%88%E6%AC%8A/ [2020, June 29]。
台灣經濟新報(2022),TESG永續發展指標,台灣企業專屬的ESG指標![線上資料],來源:https://www.tejwin.com/news/%E5%8F%B0%E7%81%A3%E7%9A%84esg%E6%8C%87%E6%A8%99-tesg/ [2022, February 3]。
台灣董事學會(2022),2021家族辦公室報告[線上資料],來源:https://twiod.org/index.php/tw/component/sppagebuilder/271-2022 [2022, February 24]。
李宜樺,鄭可俐(2020),加速永續金融的利器-永續會計準則(SASB),會計研究月刊,(411),94-99。
林公孚(2021),認識ESG及其實施之道,品質月刊,57(8),4-7。
金融監督管理委員會(2020),公司治理3.0-永續發展藍圖,台北:金融監督管理委員會。
金融監督管理委員會(2023),金管會發布「上市櫃公司永續發展行動方案(2023年)」[線上資料],來源:https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202303280001&dtable=News [2023, March 28]。
高蘭芬,盧正壽,黃冠智,陳安琳(2012),公司治理、公司績效與投資策略,中山管理評論,20(3),851-880。
商業週刊(2023),ESG是什麼?ESG怎麼做?與CSR哪裡不同?中小企業導入永續經營5步驟[線上資料],來源:https://www.businessweekly.com.tw/carbon-reduction/blog/3010720 [2023, December 7]。
曹耀鈞,薛舜仁,白憶萱(2012),股價對環境,社會治理負面訊息反應之研究,會計與公司治理,8(2),51-75。
黃啟瑞(2021),ESG永續報告書與國際規範解析,會計研究月刊,(432),70-76。 
二、英文部分
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Alda, M. (2019). ESG fund scores in UK SRI and conventional pension funds: Are the ESG concerns of the SRI niche affecting the conventional mainstream. Finance Research Letters, 36(2), 101313.
Barko, T., Cremers, M., & Renneboog, L. (2022). Shareholder engagement on environmental, social, and governance performance. Journal of Business Ethics, 180(2), 777-812.
Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97(1), 71-86.
Baron, D. P. (2007). Corporate social responsibility and social entrepreneurship. Journal of Economics & Management Strategy, 16(3), 683-717.
Baron, D. P. (2008). Managerial contracting and corporate social responsibility. Journal of Public Economics, 92(1-2), 268-288.
Bènabou, R., & Tirole, J. (2010). Individual and corporate social responsibility. Economica. 77(305), 1-19.
Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164-181.
Chang, C.-H., Chen, S.-S., Chen, Y.-S., & Peng, S.-C. (2019). Commitment to build trust by socially responsible firms: Evidence from cash holdings. Journal of Corporate Finance, 56, 364-387.
Consolandi, C., Eccles, R. G., & Gabbi, G. (2022). How material is a material issue? stock returns and the financial relevance and financial intensity of ESG materiality. Journal of Sustainable Finance & Investment, 12(4), 1045-1068.
Cornett, M. M., Erhemjamts, O., & Tehranian, H. (2016). Greed or good deeds: An examination of the relation between corporate social responsibility and the financial performance of U.S. commercial banks around the financial crisis. Journal of Banking & Finance, 70, 137-159.
Cronqvist, H., & Yu, F. (2017). Shaped by their daughters: Executives, female socialization, and corporate social responsibility. Journal of Financial Economics, 126(3), 543-562.
Di Giuli, A., & Kostovetsky, L. (2014). Are red or blue companies more likely to go green? Politics and corporate social responsibility. Journal of Financial Economics, 111(1), 158-180.
El Ghoul, S., Guedhami, O., Wang, H., & Kwok, C. C. (2016). Family control and corporate social responsibility. Journal of Banking & Finance, 73, 131-146.
Fatemi, A., Fooladi, I., & Tehranian, H. (2015). Valuation effects of corporate social responsibility. Journal of Banking & Finance, 59, 182-192.
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64.
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston: Pitman Publishing Inc.
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233.
Friedman, M. (1970, September 13). The social responsibility of business is to increase its profits. New York Time Magazine, 32-33, 122-126.
Gao, L., & Zhang, J. H. (2015). Firms’ earnings smoothing, corporate social responsibility, and valuation. Journal of Corporate Finance, 32, 108-127.
Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, Article 101889.
Gillan, S., Hartzell, J. C., Koch, A., & Starks, L. (2010). Firms’ environmental, social and governance (ESG) choices, performance and managerial motivation. Unpublished working paper.
Hsu, P.-H., Liang H., & Matos, P. (2018). Leviathan Inc. and corporate environmental engagement. Management Science, 69(12).
Humphrey, J. E., Lee, D. D., & Shen, Y. (2012). Does it cost to be sustainable? Journal of Corporate Finance, 18(3), 626-639.
Iliev, P., & Roth, L. (2023). Director expertise and corporate sustainability. Review of Finance, 27(6), 2085-2123.
Jian, M., & Lee, K.-W. (2015). CEO compensation and corporate social responsibility. Journal of Multinational Financial Management, 29, 46-65.
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SASB. (2015). SASB standards. SASB.
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Vallentin, S., & Spence, L. J. (2017). Corporate Social Responsibility: Strategy, Communication, Governance. Cambridge: Cambridge University Press, 63-85.
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