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題名 ESG 對公司績效的影響:國際化的調節效果
The Impact of ESG on Firm Performance: The Moderating Effect of Internationalization
作者 盧淇筠
Lu, Chi-Yun
貢獻者 譚丹琪
Tan, Dan-Chi
盧淇筠
Lu, Chi-Yun
關鍵詞 ESG
企業績效
企業國際化
ESG
Firm Performance
Internationalization
日期 2022
上傳時間 1-Aug-2022 19:01:46 (UTC+8)
摘要 近年來企業越來越注重 ESG 永續經營的議題，企業若重視 ESG，能具有高 穩定度及永續的特性，也較禁得起金融市場波動。而在全球化的趨勢下，國際化 是企業尋求成長的一大策略，然而近年來全球越趨嚴格的 ESG 相關法規，迫使 國際企業面對更嚴苛的社會企業責任準則，除此之外，因著當地市場之利害關係 人對該國際企業較不熟悉，國際企業也須擁有更高標準的環境、社會及治理規範， 以彌補此陌生的關係，進而得當地的資源、資金、人力，同時進入當地市場，有 效提升公司績效。
本研究旨在探討企業 ESG 表現對企業績效的影響，更進一步瞭解國際化程 度是否可調節企業 ESG 表現對企業績效的影響，希冀能作為企業及投資人參考 依據。以 S&P500 公司作為研究對象，研究期間自 2011 年至 2020 年止，採用 Panel Data Regression 進行迴歸分析，實證結果發現 ESG 整體表現對 ROA 具有 顯著正向影響，且國際化程度可調節企業 ESG 整體表現對企業績效的影響。另 外，就 ESG 分項表現部分，環境、社會與治理分數均能顯著提升 ROA，而國際 化程度越高，能夠調節環境與治理表現對企業營運的影響。
In recent years, more and more enterprises pay attention to the issue of ESG sustainable management. Managers believe that if an enterprise values ESG, it would then become more stable and sustainable, and can therefore stand the volatility in the financial market. Under the trend of globalization, when enterprises seek business growth, internationalization would normally be one of the main strategies for them. However, with the increasingly stringent law about ESG, lots of international businesses are facing even more demanding Corporate Social Responsibility. Apart from that, since the stakeholders in the local market are less familiar with the international corporates, the international corporates must also have higher standards for the environmental, social, and governance norms in order to make up for the unfamiliar relationship. Thereby a company can improve its performance through the resources, capital, and manpower from the local market.
As a reference for the companies and investors, this study aims at figuring out the impacts of ESG scores on a company’s performance, and to further understand whether the degree of internationalization can moderate the impact of ESG scores on a company’s performance. This study takes the companies from S&P500 as the research objects, adopting Panel Data Regression method and using data from 2011 to the end of 2020. Empirical analysis suggests that the ESG scores and a company’s ROA show a positive correlation, and the degree of internationalization can moderate the impact of ESG scores on a company’s performance. Besides, among the ESG metrics, the score on each of the environment, social, and governance metrics significantly improves a company’s ROA, especially for firms with greater levels of internationalization.
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描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
110363021
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110363021
資料類型 thesis
dc.contributor.advisor 譚丹琪zh_TW
dc.contributor.advisor Tan, Dan-Chien_US
dc.contributor.author (Authors) 盧淇筠zh_TW
dc.contributor.author (Authors) Lu, Chi-Yunen_US
dc.creator (作者) 盧淇筠zh_TW
dc.creator (作者) Lu, Chi-Yunen_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-Aug-2022 19:01:46 (UTC+8)-
dc.date.available 1-Aug-2022 19:01:46 (UTC+8)-
dc.date.issued (上傳時間) 1-Aug-2022 19:01:46 (UTC+8)-
dc.identifier (Other Identifiers) G0110363021en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141401-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所(MBA學位學程)zh_TW
dc.description (描述) 110363021zh_TW
dc.description.abstract (摘要) 近年來企業越來越注重 ESG 永續經營的議題，企業若重視 ESG，能具有高 穩定度及永續的特性，也較禁得起金融市場波動。而在全球化的趨勢下，國際化 是企業尋求成長的一大策略，然而近年來全球越趨嚴格的 ESG 相關法規，迫使 國際企業面對更嚴苛的社會企業責任準則，除此之外，因著當地市場之利害關係 人對該國際企業較不熟悉，國際企業也須擁有更高標準的環境、社會及治理規範， 以彌補此陌生的關係，進而得當地的資源、資金、人力，同時進入當地市場，有 效提升公司績效。
本研究旨在探討企業 ESG 表現對企業績效的影響，更進一步瞭解國際化程 度是否可調節企業 ESG 表現對企業績效的影響，希冀能作為企業及投資人參考 依據。以 S&P500 公司作為研究對象，研究期間自 2011 年至 2020 年止，採用 Panel Data Regression 進行迴歸分析，實證結果發現 ESG 整體表現對 ROA 具有 顯著正向影響，且國際化程度可調節企業 ESG 整體表現對企業績效的影響。另 外，就 ESG 分項表現部分，環境、社會與治理分數均能顯著提升 ROA，而國際 化程度越高，能夠調節環境與治理表現對企業營運的影響。		zh_TW
dc.description.abstract (摘要) In recent years, more and more enterprises pay attention to the issue of ESG sustainable management. Managers believe that if an enterprise values ESG, it would then become more stable and sustainable, and can therefore stand the volatility in the financial market. Under the trend of globalization, when enterprises seek business growth, internationalization would normally be one of the main strategies for them. However, with the increasingly stringent law about ESG, lots of international businesses are facing even more demanding Corporate Social Responsibility. Apart from that, since the stakeholders in the local market are less familiar with the international corporates, the international corporates must also have higher standards for the environmental, social, and governance norms in order to make up for the unfamiliar relationship. Thereby a company can improve its performance through the resources, capital, and manpower from the local market.
As a reference for the companies and investors, this study aims at figuring out the impacts of ESG scores on a company’s performance, and to further understand whether the degree of internationalization can moderate the impact of ESG scores on a company’s performance. This study takes the companies from S&P500 as the research objects, adopting Panel Data Regression method and using data from 2011 to the end of 2020. Empirical analysis suggests that the ESG scores and a company’s ROA show a positive correlation, and the degree of internationalization can moderate the impact of ESG scores on a company’s performance. Besides, among the ESG metrics, the score on each of the environment, social, and governance metrics significantly improves a company’s ROA, especially for firms with greater levels of internationalization.		en_US
dc.description.tableofcontents 致謝 I
摘要 II
Abstract III
目錄 IV
表目錄 V
圖目錄 V
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第二章 文獻探討 5
第一節 ESG發展與沿革 5
第二節 ESG與公司績效之關係 7
第三節 國際化發展與沿革 11
第四節 國際化與ESG之關係 15
第三章 研究方法 16
第一節 假說建立 16
第二節 研究架構 19
第三節 研究樣本與資料來源 20
第四節 研究變數定義與衡量 21
第五節 研究模型設計 27
第六節 統計分析方法 36
第四章 實證研究與結果分析 37
第一節 敘述性統計分析 37
第二節 相關性統計分析 39
第三節 Panel Data Regression統計分析 40
第五章 結論與建議 48
第一節 研究結論 48
第二節 研究限制與未來研究方向 51
第三節 管理意涵 52
參考文獻 54		zh_TW
dc.format.extent 1439199 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110363021en_US
dc.subject (關鍵詞) ESGzh_TW
dc.subject (關鍵詞) 企業績效zh_TW
dc.subject (關鍵詞) 企業國際化zh_TW
dc.subject (關鍵詞) ESGen_US
dc.subject (關鍵詞) Firm Performanceen_US
dc.subject (關鍵詞) Internationalizationen_US
dc.title (題名) ESG 對公司績效的影響:國際化的調節效果zh_TW
dc.title (題名) The Impact of ESG on Firm Performance: The Moderating Effect of Internationalizationen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Ahn, S. -Y. & Park, D. -J. (2018). Corporate social responsibility and corporate longevity: The mediating role of social capital and moral legitimacy in Korea. Journal of Business Ethics, 150(1), 117-134.
Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: theory and empirical evidence. Management Science, 65 (10), 4451–4469.
Amiraslani, H., Lins, K.V., Servaes, H., & Tamayo, A. (2017). A matter of trust? The bond market benefits of corporate social capital during the financial crisis. In: CEPR Discussion Paper No. DP12321.
Annavarijula, M. & S. Beldona. (2000). Multinationality-Performance Relationship: A Review and Reconceptualization. International Journal of Organizational Analysis, 8, 48-67.
Attig, N., Boubakri, N., El Ghoul, S., & Guesdami, O. (2016). Firm Internationalization and Corporate Social Responsibilitu. Journal of Management Review, 32(3), 794-816.
Banz, R.W. (1981). The relationship Between Return and Market Value of Common stocks. Journal of Financial Economics, 9, 3-18.
Barko, T., Cremers, M., & Renneboog, L. (2018). Shareholder Engagement on Environmental, Social, and Governance Performance (CenteR Discussion Paper Series).
Batae, OM, Dragomir, VD, & Feleaga, L. (2021) The relationship between environmental, social, and financial performance in the banking sector: A European study. Journal of Cleaner Production, 290, 125791.
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dc.identifier.doi (DOI) 10.6814/NCCU202200804en_US