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題名 ESG重大性指標揭露程度與企業信用風險關聯性之探討
The Association between ESG Disclosure and Credit risk
作者 張育誠
Chang, Yu-Cheng
貢獻者 林宛瑩
Lin, Wan-Ying
張育誠
Chang, Yu-Cheng
關鍵詞 企業社會責任
ESG
信用風險評等
SASB
Corporate social responsibility
ESG
credit rating
SASB
日期 2022
上傳時間 1-Aug-2022 17:06:53 (UTC+8)
摘要 金管會於2020年發布公司治理3.0永續發展藍圖，其中指出企業永續報告之揭露應參考的準則之一為永續會計準則委員會（SASB）所發布，顯示我國對SASB發布之準則及其重大性議題的重視，且目前除了重大性議題外並沒有具體的統一標準來確保各產業之企業揭露具有可比性的資訊。因此，本研究以2018年至2020年為樣本期間，依照SASB發布之重大性議題計算ESG揭露程度，以企業信用風險評等(TCRI)作為企業信用風險之代理變數，探討ESG重大性指標揭露程度與企業信用風險之關聯性。

在控制財務特性及公司治理變數之下，本研究實證結果顯示ESG指標揭露分數與信用風險評等呈現負向關係、ESG指標揭露評等與信用風險評等呈現正向關係、S指標揭露分數與信用風險評等呈現負向關係、S指標揭露評等與信用風險評等呈現正向關係。綜合上述分析結果，信用評等機構在決定公司之信用風險評等時，會評估其是否充分揭露ESG重大性指標及S面向重大性指標。
In 2020, the FSC released the Corporate Governance 3.0 Sustainability Blueprint, which states one of the standards that companies should refer to for sustainability reporting is the Sustainability Accounting Standards Board (SASB). This shows that our country pays attention to the standards issued by the SASB and their materiality issues. There is currently no specific unified standard, other than materiality issue, to ensure that companies in various industries disclose comparable information. Therefore, this study uses 2018 to 2020 as the sample period to calculate the degree of ESG disclosure based on the materiality issues released by SASB, and uses the Taiwan Corporate Credit Risk Index (TCRI) as a proxy variable for corporate credit risk to investigate the correlation between the degree of ESG materiality issues disclosure and credit rating.

After controlling firm-specific and corporate governance factors, the empirical results of this study show that the degree of ESG issues disclosure score has a negative relationship with the credit rating, and the degree of ESG issues disclosure rating has a positive relationship with the credit rating. The degree of S issues disclosure score has a negative relationship with the credit rating, and the degree of S issues disclosure rating has a positive relationship with the credit rating. Based on the above analysis, the credit rating agencies assess whether the ESG materiality issues and S materiality issues are full disclosure when determining a company’s credit rating.
參考文獻 沈中華與張元，2008，企業社會責任可以改善財務績效嗎？以英國FTSE社會責任指數為例，經濟論文，第36卷第3期：339-385。
Anderson, R., and M. Puleo. 2020. Insider Share-Pledging and Equity Risk. Journal of Financial Services Research, 58 (1): 1-25.
Ashbaugh-Skaife, H., D. W. Collins, and R. LaFond. 2006. The effects of corporate governance on firms` credit ratings. Journal of Accounting & Economics, 42(1-2): 203-243.
Atif, M., and S. Ali. 2021. Environmental, social and governance disclosure and default risk. Business Strategy and the Environment, 30(8): 3937-3959.
Attig, N., S. El Ghoul, O. Guedhami, and J. Suh. 2013. Corporate Social Responsibility and Credit Ratings. Journal of Business Ethics, 117(4): 679-694.
Benlemlih, M., A. Shaukat, Y. Qiu, and G. Trojanowski. 2018. Environmental and Social Disclosures and Firm Risk. Journal of Business Ethics, 152(3): 613-626.
Bharath, S. T., J. Sunder, and S. V. Sunder. 2008. Accounting quality and debt contracting. Accounting Review, 83(1): 1-28.
Bhojraj, S., and P. Sengupta. 2003. Effect of corporate governance on bond ratings and yields: The role of institutional investors and outside directors. Journal of Business, 76(3): 455-475.
Bowen, H. R. 1953. Social responsibilities of the businessman, New York: Harper & Row.
Branco, M. C., and L. L. Rodrigues. 2006. Corporate social responsibility and resource-based perspectives. Journal of Business Ethics, 69(2): 111-132.
Campbell, J. L. 2007. Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility. Academy of Management Review, 32(3): 946-967.
Carroll, A. B. 1979. A three-dimensional conceptual model of corporate social performance. Academy of Management Review, 4(4): 497-505.
Chatterji, A. K., D. I. Levine, and M. W. Toffel. 2009) How Well Do Social Ratings Actually Measure Corporate Social Responsibility ? Journal of Economics & Management Strategy, 18(1): 125-169.
Cheng, B. T., I. Ioannou, and G. Serafeim. 2014. Corporate Social Responsibility and Access to Finance. Strategic Management Journal, 35(1): 1-23.
Cho, S. J., C. Y. Chung, and J. Young. 2019. Study on the Relationship between CSR and Financial Performance. Sustainability, 11(2): 343.
Cormier, D., M. J. Ledoux, and M. Magnan. 2011. The informational contribution of social and environmental disclosures for investors. Management Decision, 49(7-8): 1276-1304.
Daveni, R. A., and A. Y. Ilinitch. 1992. Complex Patterns of Vertical Integration in the Forest Products Industry - Systematic and Bankruptcy Risks. Academy of Management Journal, 35(3): 596-625.
Davis, K. 1960. Can Business Afford to Ignore Social-Responsibilities. California Management Review, 2(3): 70-76.
Eccles, R. G., I. Ioannou, and G. Serafeim. 2014. The Impact of Corporate Sustainability on Organizational Processes and Performance. Management Science, 60(11): 2835-2857.
El Ghoul, S., O. Guedhami, C. C. Y. Kwok, and D. R. Mishra. 2011. Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9): 2388-2406.
Fombrun, C., and M. Shanley. 1990. Whats in a Name - Reputation Building and Corporate-Strategy. Academy of Management Journal, 33(2): 233-258.
Frederick, W. C. 1960. The Growing Concern over Business Responsibility. California Management Review, 2(4): 54-61.
Freeman, R. E. 1984. Strategic management: A stakeholder approach, Pitman, Boston.
Friedman, M. 1970. The Social Responsibility of Business is to Increase its Profits. New York Times Magazine, (September 13), 32-33: 122-126.
Grewal, J., C. Hauptmann, and G. Serafeim. 2020. Material Sustainability Information and Stock Price Informativeness. Journal of Business Ethics, 171(3): 513-544.
Hail, L., and C. Leuz. 2006. International differences in cost of equity capital: do legal institutions and securities regulations matter? Journal of Accounting Research, 44(3): 485-531.
Hamrouni, A., A. Uyar, and R. Boussaada. 2019. Are corporate social responsibility disclosures relevant for lenders? Empirical evidence from France. Management Decision, 58(2): 267-279.
Hart, S. L. 1995. A Natural-Resource-Based View of the Firm. Academy of Management Review, 20(4): 986-1014.
Heal, G. 2005. Corporate social responsibility: An economic and financial framework. Geneva Papers on Risk and Insurance-Issues and Practice, 30(3): 387-409.
Henriksson, R., J. Livnat, P. Pfeifer, and M. Stumpp. 2019. Integrating ESG in Portfolio Construction. Journal of Portfolio Management, 45(4): 67-81.
Hopkins, M. 1998. The Planetary Bargain: Corporate Social Responsibility Comes of Age. Macmillan, London.
Husted, B. W. 2005. Risk management, real options, and corporate social responsibility. Journal of Business Ethics, 60(2): 175-183.
Jiraporn, P., N. Jiraporn, A. Boeprasert, and K. Chang. 2014. Does Corporate Social Responsibility (CSR) Improve Credit Ratings? Evidence from Geographic Identification. Financial Management, 43(3): 505-531.
Jones, T. M. 1980. Corporate Social-Responsibility Revisited, Redefined. California Management Review, 22(3): 59-67.
Khan, M., G. Serafeim, and A. Yoon. 2016. Corporate Sustainability: First Evidence on Materiality. Accounting Review, 91(6): 1697-1724.
Luo, X. M., and C. B. Bhattacharya. 2006. Corporate social responsibility, customer satisfaction, and market value. Journal of Marketing, 70(4): 1-18.
Moscariello, N., L. Skerratt, and M. Pizzo. 2014. Mandatory IFRS adoption and the cost of debt in Italy and UK. Accounting and Business Research, 44(1): 63-82.
Peloza, J. 2009. The Challenge of Measuring Financial Impacts From Investments in Corporate Social Performance. Journal of Management, 35(6): 1518-1541.
Porter, M. E., and M. R. Kramer. 2006. Strategy and Society: The Link Between Competitive Advantage and Corporate Social Responsibility. Harvard Business Review, 84(12): 1-15.
Raimo, N., A. Caragnano, M. Zito, F. Vitolla, and M. Mariani. 2021. Extending the benefits of ESG disclosure: The effect on the cost of debt financing. Corporate Social Responsibility and Environmental Management, 28(4): 1412-1421.
SASB. 2018. SASB Standards Application Guidance.
Shane, P. B., and B. H. Spicer. 1983. Market Response to Environmental Information Produced Outside the Firm. Accounting Review, 58(3): 521-538.
Surroca, J., J. A. Tribo, and S. Waddock. 2010. Corporate Responsibility and Financial Performance: The Role of Intangible Resources. Strategic Management Journal, 31(5): 463-490.
Turban, D. B., and D. W. Greening. 1997. Corporate social performance and organizational attractiveness to prospective employees. Academy of Management Journal, 40(3): 658-672.
Tuzzolino, F and B. R. Armandi. 1981. A need-hierarchy framework for assessing corporate social responsibility. Academy of Management Review, 6(1): 21-28.
Ughetto, E., G. Scellato, and M. Cowling. 2017. Cost of capital and public loan guarantees to small firms. Small Business Economics, 49(2): 319-337.
Waddock, S. A., and S. B. Graves. 1997. The corporate social performance - Financial performance link. Strategic Management Journal, 18(4): 303-319.
Woodward-Clyde. 1999. Key Opportunities and Risks to New Zealand’s Export Trade from Green Market Signals: final paper, Sustainable Management Fund Project 6117, New Zealand Trade and Development Board, Auckland.
描述 碩士
國立政治大學
會計學系
109353018
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109353018
資料類型 thesis
dc.contributor.advisor 林宛瑩zh_TW
dc.contributor.advisor Lin, Wan-Yingen_US
dc.contributor.author (Authors) 張育誠zh_TW
dc.contributor.author (Authors) Chang, Yu-Chengen_US
dc.creator (作者) 張育誠zh_TW
dc.creator (作者) Chang, Yu-Chengen_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-Aug-2022 17:06:53 (UTC+8)-
dc.date.available 1-Aug-2022 17:06:53 (UTC+8)-
dc.date.issued (上傳時間) 1-Aug-2022 17:06:53 (UTC+8)-
dc.identifier (Other Identifiers) G0109353018en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140983-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 109353018zh_TW
dc.description.abstract (摘要) 金管會於2020年發布公司治理3.0永續發展藍圖，其中指出企業永續報告之揭露應參考的準則之一為永續會計準則委員會（SASB）所發布，顯示我國對SASB發布之準則及其重大性議題的重視，且目前除了重大性議題外並沒有具體的統一標準來確保各產業之企業揭露具有可比性的資訊。因此，本研究以2018年至2020年為樣本期間，依照SASB發布之重大性議題計算ESG揭露程度，以企業信用風險評等(TCRI)作為企業信用風險之代理變數，探討ESG重大性指標揭露程度與企業信用風險之關聯性。

在控制財務特性及公司治理變數之下，本研究實證結果顯示ESG指標揭露分數與信用風險評等呈現負向關係、ESG指標揭露評等與信用風險評等呈現正向關係、S指標揭露分數與信用風險評等呈現負向關係、S指標揭露評等與信用風險評等呈現正向關係。綜合上述分析結果，信用評等機構在決定公司之信用風險評等時，會評估其是否充分揭露ESG重大性指標及S面向重大性指標。		zh_TW
dc.description.abstract (摘要) In 2020, the FSC released the Corporate Governance 3.0 Sustainability Blueprint, which states one of the standards that companies should refer to for sustainability reporting is the Sustainability Accounting Standards Board (SASB). This shows that our country pays attention to the standards issued by the SASB and their materiality issues. There is currently no specific unified standard, other than materiality issue, to ensure that companies in various industries disclose comparable information. Therefore, this study uses 2018 to 2020 as the sample period to calculate the degree of ESG disclosure based on the materiality issues released by SASB, and uses the Taiwan Corporate Credit Risk Index (TCRI) as a proxy variable for corporate credit risk to investigate the correlation between the degree of ESG materiality issues disclosure and credit rating.

After controlling firm-specific and corporate governance factors, the empirical results of this study show that the degree of ESG issues disclosure score has a negative relationship with the credit rating, and the degree of ESG issues disclosure rating has a positive relationship with the credit rating. The degree of S issues disclosure score has a negative relationship with the credit rating, and the degree of S issues disclosure rating has a positive relationship with the credit rating. Based on the above analysis, the credit rating agencies assess whether the ESG materiality issues and S materiality issues are full disclosure when determining a company’s credit rating.		en_US
dc.description.tableofcontents 第壹章 緒論 1
第一節 研究動機與目的 1
第二節 研究議題 4
第三節 論文架構 5
第貳章 文獻探討 6
第一節 企業社會責任之定義與發展 6
第二節 企業社會責任及信用風險評等 9
第三節 SASB之發展及相關文獻 12
第四節 ESG及信用風險評等之關聯性相關文獻 15
第參章 研究方法 17
第一節 研究假說 17
第二節 實證模型、變數定義及衡量方法 19
第三節 樣本選取與研究資料來源 27
第肆章 實證結果分析 29
第一節 敘述性統計分析 29
第二節 相關係數矩陣分析 32
第三節 ESG指標揭露及評等與信用風險評等 34
第四節 ESG個別指標與企業信用風險之探討 37
第伍章 結論與建議 46
第一節 結論 46
第二節 研究限制及未來研究建議 49
附錄 50
參考文獻 51		zh_TW
dc.format.extent 3309497 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109353018en_US
dc.subject (關鍵詞) 企業社會責任zh_TW
dc.subject (關鍵詞) ESGzh_TW
dc.subject (關鍵詞) 信用風險評等zh_TW
dc.subject (關鍵詞) SASBzh_TW
dc.subject (關鍵詞) Corporate social responsibilityen_US
dc.subject (關鍵詞) ESGen_US
dc.subject (關鍵詞) credit ratingen_US
dc.subject (關鍵詞) SASBen_US
dc.title (題名) ESG重大性指標揭露程度與企業信用風險關聯性之探討zh_TW
dc.title (題名) The Association between ESG Disclosure and Credit risken_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 沈中華與張元，2008，企業社會責任可以改善財務績效嗎？以英國FTSE社會責任指數為例，經濟論文，第36卷第3期：339-385。
Anderson, R., and M. Puleo. 2020. Insider Share-Pledging and Equity Risk. Journal of Financial Services Research, 58 (1): 1-25.
Ashbaugh-Skaife, H., D. W. Collins, and R. LaFond. 2006. The effects of corporate governance on firms` credit ratings. Journal of Accounting & Economics, 42(1-2): 203-243.
Atif, M., and S. Ali. 2021. Environmental, social and governance disclosure and default risk. Business Strategy and the Environment, 30(8): 3937-3959.
Attig, N., S. El Ghoul, O. Guedhami, and J. Suh. 2013. Corporate Social Responsibility and Credit Ratings. Journal of Business Ethics, 117(4): 679-694.
Benlemlih, M., A. Shaukat, Y. Qiu, and G. Trojanowski. 2018. Environmental and Social Disclosures and Firm Risk. Journal of Business Ethics, 152(3): 613-626.
Bharath, S. T., J. Sunder, and S. V. Sunder. 2008. Accounting quality and debt contracting. Accounting Review, 83(1): 1-28.
Bhojraj, S., and P. Sengupta. 2003. Effect of corporate governance on bond ratings and yields: The role of institutional investors and outside directors. Journal of Business, 76(3): 455-475.
Bowen, H. R. 1953. Social responsibilities of the businessman, New York: Harper & Row.
Branco, M. C., and L. L. Rodrigues. 2006. Corporate social responsibility and resource-based perspectives. Journal of Business Ethics, 69(2): 111-132.
Campbell, J. L. 2007. Why would corporations behave in socially responsible ways? An institutional theory of corporate social responsibility. Academy of Management Review, 32(3): 946-967.
Carroll, A. B. 1979. A three-dimensional conceptual model of corporate social performance. Academy of Management Review, 4(4): 497-505.
Chatterji, A. K., D. I. Levine, and M. W. Toffel. 2009) How Well Do Social Ratings Actually Measure Corporate Social Responsibility ? Journal of Economics & Management Strategy, 18(1): 125-169.
Cheng, B. T., I. Ioannou, and G. Serafeim. 2014. Corporate Social Responsibility and Access to Finance. Strategic Management Journal, 35(1): 1-23.
Cho, S. J., C. Y. Chung, and J. Young. 2019. Study on the Relationship between CSR and Financial Performance. Sustainability, 11(2): 343.
Cormier, D., M. J. Ledoux, and M. Magnan. 2011. The informational contribution of social and environmental disclosures for investors. Management Decision, 49(7-8): 1276-1304.
Daveni, R. A., and A. Y. Ilinitch. 1992. Complex Patterns of Vertical Integration in the Forest Products Industry - Systematic and Bankruptcy Risks. Academy of Management Journal, 35(3): 596-625.
Davis, K. 1960. Can Business Afford to Ignore Social-Responsibilities. California Management Review, 2(3): 70-76.
Eccles, R. G., I. Ioannou, and G. Serafeim. 2014. The Impact of Corporate Sustainability on Organizational Processes and Performance. Management Science, 60(11): 2835-2857.
El Ghoul, S., O. Guedhami, C. C. Y. Kwok, and D. R. Mishra. 2011. Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9): 2388-2406.
Fombrun, C., and M. Shanley. 1990. Whats in a Name - Reputation Building and Corporate-Strategy. Academy of Management Journal, 33(2): 233-258.
Frederick, W. C. 1960. The Growing Concern over Business Responsibility. California Management Review, 2(4): 54-61.
Freeman, R. E. 1984. Strategic management: A stakeholder approach, Pitman, Boston.
Friedman, M. 1970. The Social Responsibility of Business is to Increase its Profits. New York Times Magazine, (September 13), 32-33: 122-126.
Grewal, J., C. Hauptmann, and G. Serafeim. 2020. Material Sustainability Information and Stock Price Informativeness. Journal of Business Ethics, 171(3): 513-544.
Hail, L., and C. Leuz. 2006. International differences in cost of equity capital: do legal institutions and securities regulations matter? Journal of Accounting Research, 44(3): 485-531.
Hamrouni, A., A. Uyar, and R. Boussaada. 2019. Are corporate social responsibility disclosures relevant for lenders? Empirical evidence from France. Management Decision, 58(2): 267-279.
Hart, S. L. 1995. A Natural-Resource-Based View of the Firm. Academy of Management Review, 20(4): 986-1014.
Heal, G. 2005. Corporate social responsibility: An economic and financial framework. Geneva Papers on Risk and Insurance-Issues and Practice, 30(3): 387-409.
Henriksson, R., J. Livnat, P. Pfeifer, and M. Stumpp. 2019. Integrating ESG in Portfolio Construction. Journal of Portfolio Management, 45(4): 67-81.
Hopkins, M. 1998. The Planetary Bargain: Corporate Social Responsibility Comes of Age. Macmillan, London.
Husted, B. W. 2005. Risk management, real options, and corporate social responsibility. Journal of Business Ethics, 60(2): 175-183.
Jiraporn, P., N. Jiraporn, A. Boeprasert, and K. Chang. 2014. Does Corporate Social Responsibility (CSR) Improve Credit Ratings? Evidence from Geographic Identification. Financial Management, 43(3): 505-531.
Jones, T. M. 1980. Corporate Social-Responsibility Revisited, Redefined. California Management Review, 22(3): 59-67.
Khan, M., G. Serafeim, and A. Yoon. 2016. Corporate Sustainability: First Evidence on Materiality. Accounting Review, 91(6): 1697-1724.
Luo, X. M., and C. B. Bhattacharya. 2006. Corporate social responsibility, customer satisfaction, and market value. Journal of Marketing, 70(4): 1-18.
Moscariello, N., L. Skerratt, and M. Pizzo. 2014. Mandatory IFRS adoption and the cost of debt in Italy and UK. Accounting and Business Research, 44(1): 63-82.
Peloza, J. 2009. The Challenge of Measuring Financial Impacts From Investments in Corporate Social Performance. Journal of Management, 35(6): 1518-1541.
Porter, M. E., and M. R. Kramer. 2006. Strategy and Society: The Link Between Competitive Advantage and Corporate Social Responsibility. Harvard Business Review, 84(12): 1-15.
Raimo, N., A. Caragnano, M. Zito, F. Vitolla, and M. Mariani. 2021. Extending the benefits of ESG disclosure: The effect on the cost of debt financing. Corporate Social Responsibility and Environmental Management, 28(4): 1412-1421.
SASB. 2018. SASB Standards Application Guidance.
Shane, P. B., and B. H. Spicer. 1983. Market Response to Environmental Information Produced Outside the Firm. Accounting Review, 58(3): 521-538.
Surroca, J., J. A. Tribo, and S. Waddock. 2010. Corporate Responsibility and Financial Performance: The Role of Intangible Resources. Strategic Management Journal, 31(5): 463-490.
Turban, D. B., and D. W. Greening. 1997. Corporate social performance and organizational attractiveness to prospective employees. Academy of Management Journal, 40(3): 658-672.
Tuzzolino, F and B. R. Armandi. 1981. A need-hierarchy framework for assessing corporate social responsibility. Academy of Management Review, 6(1): 21-28.
Ughetto, E., G. Scellato, and M. Cowling. 2017. Cost of capital and public loan guarantees to small firms. Small Business Economics, 49(2): 319-337.
Waddock, S. A., and S. B. Graves. 1997. The corporate social performance - Financial performance link. Strategic Management Journal, 18(4): 303-319.
Woodward-Clyde. 1999. Key Opportunities and Risks to New Zealand’s Export Trade from Green Market Signals: final paper, Sustainable Management Fund Project 6117, New Zealand Trade and Development Board, Auckland.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202201066en_US