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題名 SASB準則下台灣上市公司ESG揭露程度與財務績效之關聯性探討
The Association between ESG Disclosure under SASB and Financial Performance of Taiwan Listed Companies作者 游孟軒
You, Meng-Xuan貢獻者 林宛瑩
游孟軒
You, Meng-Xuan關鍵詞 CSR
ESG
SASB
財務績效
CSR
ESG
SASB
Financial performance日期 2022 上傳時間 2-Sep-2022 14:44:12 (UTC+8) 摘要 金管會於2020年8月中旬公布公司治理3.0永續發展藍圖，其中一大主軸為提高資訊透明度以促進永續經營，內容包含引進由永續會計準則委員（SASB）制定之永續會計準則（Sustainability Accounting Standard），以達到強化上市櫃公司ESG資訊揭露之目的。SASB依照不同產業側重之永續議題，將重大性的概念套用至各產業之永續會計準則，讓處於不同產業環境的企業在揭露ESG資訊時有一套得以遵循的標準。本研究利用台灣上市公司2018年至2020年發布之CSR報告書，蒐集各企業於其所屬產業之SASB準則下應揭露之ESG資訊，藉以衡量企業揭露ESG資訊之程度，並探討其與財務績效之關聯性。研究結果顯示，當企業於SASB準則下所揭露之ESG資訊越多，其財務績效表現越佳，除此之外，在額外測試中也發現，企業於SASB準則下所揭露之ESG資訊越多，其公司價值越高。
In mid-August 2020, the FSC released the Corporate Governance 3.0 Sustainability Development Blueprint. One of the main pillars of the Blueprint is to enhance the information transparency in order to promote sustainable development. The SASB applies the concept of materiality to develop sustainability accounting standards for each industry. Based on the sustainability issues developed for each industry, the companies in different industries have a set of standards to follow when disclosing ESG information.This study uses the CSR reports published by listed companies in Taiwan from 2018 to 2020 to collect the ESG information that should be disclosed by each company in its industry under SASB standards, in order to measure the extent of ESG information disclosure by companies and to explore its relevance to financial performance. The results show that the more ESG information disclosed by the companies under SASB, the better their financial performance will be. Moreover, in an additional test, this study finds that companies with more ESG information disclosed under SASB tend to have higher firm value.參考文獻 薛敏正、邱彥毅、邱詩婷，2017，公司治理評鑑與盈餘品質，會計審計論叢，第7卷第2期，57-83頁。Anderson, J. C. and A. W. Frankle. 1980. Voluntary social reporting: An iso-beta portfolio analysis. Accounting Review 55(3): 467-479.Ambec, S. and P. Lanoie 2008. Does it pay to be green? A systematic overview. The Academy of Management Perspectives 22(4): 45–62.Aggarwal, R., I. Erel, R. Stulz and R. Williamson. 2009. Differences in governance practices between US and foreign firms: Measurement, causes, and consequences. The Review of financial studies, 22(8): 3131-3169.Angelia, D. and R. Suryaningsih. 2015. The effect of environmental performance and corporate social responsibility disclosure towards financial performance (Case study to manufacture, infrastructure, and service companies that listed at Indonesia stock exchange). Procedia-Social and Behavioral Sciences 211(November): 348-355.Almeyda, R. and A. Darmansya. 2019. The influence of environmental, social, and governance (ESG) disclosure on firm financial performance. IPTEK Journal of Proceedings Series 5(August): 278-290.Bowen, H.R. 1953. Social responsibilities of the businessman, New York: Harper and Row.Buniamin, S. and N. N. N. Ahmad. 2015. An integrative perspective of environmental, social and governance (ESG) reporting: A conceptual paper. International Conference on Accounting Studies(ICAS) 2015, 1-16.Beck, C., G. Frost, and S. Jones. 2018. CSR disclosure and financial performance revisited: A cross-country analysis. Australian Journal of Management 43(4): 517-537.Carroll, A. B. 1979. A three-dimensional conceptual model of corporate performance. Academy of management review 4(4): 497-505.Cahan, S. F., C. Chen, L. Chen, and N. H. Nguyen. 2015. Corporate social responsibility and media coverage. Journal of Banking & Finance 59(October): 409-422.Cho, S. J., C. Y. Chung, and J. Young. 2019. Study on the Relationship between CSR and Financial Performance. Sustainability 11(2): 1-26.Du, S., C. B. Bhattacharya, and S. Sen. 2010. Maximizing business returns to corporate social responsibility (CSR): The role of CSR communication. International journal of management reviews 12(1): 8-19.Dang, C., Z. Li, and C. Yangc. 2018. Measuring firm size in empirical corporate finance. Journal of Banking & Finance 86(January): 159-176.Friedman, M. 2007. The social responsibility of business is to increase its profits. New York Times Magazine (September 13),32-33: 122-126.Friede, G., T. Busch, and A. Bassen. 2015. ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of sustainable finance & investment 5(4): 210-233.Feng, Z. and Z. Wu. 2021. ESG disclosure, REIT debt financing and firm value. The Journal of Real Estate Finance and Economics 13 (7): 1-12.Griffin, J. J. and J. F. Mahon. 1997. The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business & society 36(1): 5-31.Godfrey, P. C., C. B. Merrill, and J. M. Hansen. 2009. The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic management journal 30(4): 425-445.Grewal, J., C. Hauptmann, and G. Serafeim. 2021. Material sustainability information and stock price informativeness. Journal of Business Ethics 171(3): 513-544.Hawkins, D. F. 1986. Corporate financial reporting and analysis, Irwin Professional Pub.Hermalin, B. and M. S. Weisbach. 2003. Boards of directors as an endogenously determined institution: A survey of the economic literature. Economic Policy Review 9(April): 7-26.Henriksson, R., J. Livnat, P. Pfeifer, and M. Stumpp. 2019. Integrating ESG in portfolio construction. The Journal of Portfolio Management 45(4): 67-81.Jebe, R. 2019. The convergence of financial and ESG materiality: taking sustainability mainstream. American Business Law Journal 56(3): 645-702.Javeed, S. A. and L. Lefen. 2019. An analysis of corporate social responsibility and firm performance with moderating effects of CEO power and ownership structure: A case study of the manufacturing sector of Pakistan. Sustainability 11(1): 1-25.Khan, M., G. Serafeim, and A. Yoon. 2016. Corporate sustainability: First evidence on materiality. The accounting review 91(6): 1697-1724.Lang, L. H., R. M. Stulz, and R. A. Walking. 1989. Managerial performance, Tobin`s Q, and the gains from successful tender offers. Journal of financial Economics 24(1): 137-154.Larmou, S. and N. Vafeas. 2010. The relation between board size and firm performance in firms with a history of poor operating performance. Journal of Management & Governance 14(1): 61-85.Landi, G. and M. Sciarelli. 2018. Towards a more ethical market: the impact of ESG rating on corporate financial performance. Social Responsibility Journal 15(1)：11-27.Li Y., M. Gong, X. Zhang, L. Koh. 2018. The impact of environmental, social, and governance disclosure on firm value: The role of CEO power. The British Accounting Review 50(1): 60-75.Madison, N. and E. Schiehll. 2021. The effect of financial materiality on ESG performance assessment. Sustainability 13(7): Article 3652.Orlitzky, M., F. L. Schmidt, S. L. Rynes. 2003. Corporate social and financial performance: A meta-analysis. Organization studies 24(3): 403-441.Porter, M. E. and C. V. D. Linde. 1995. Toward a new conception of the environment-competitiveness relationship. Journal of economic perspectives 9(4): 97-118.Rossi, M., J. Chouaibi, S. Chouaibi, W. Jilani, and Y. Chouaibi. 2021. Does a board characteristic moderate the relationship between CSR practices and financial performance? Evidence from European ESG firms. Journal of Risk and Financial Management 14(8): Article 354.Tang, Z., C. E. Hull, S. Rothenberg. 2012. How corporate social responsibility engagement strategy moderates the CSR–financial performance relationship. Journal of management Studies 49(7): 1274-1303.Ta, H. T. T. and N. T. Bui. 2018. Effect of corporate social responsibility disclosure on financial performance. Asian Journal of Finance & Accounting 10(1): 40-58.Velte, P. 2019. Does CEO power moderate the link between ESG performance and financial performance? A focus on the German two-tier system. Management Research Review 43(5):497-520.Xie, J., W. Nozawa, M. Yagi, H. Fujii, S. Managi. 2019. Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment 28(2): 286-300.Zhao, C., Y. Guo, J. Yuan, M. Wu, D. Li, Y. Zhou, and J. Kang. 2018. ESG and corporate financial performance: Empirical evidence from China`s listed power generation companies. Sustainability 10(8): Article 2607. 描述 碩士
國立政治大學
會計學系
109353112資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109353112 資料類型 thesis dc.contributor.advisor 林宛瑩 zh_TW dc.contributor.author (Authors) 游孟軒 zh_TW dc.contributor.author (Authors) You, Meng-Xuan en_US dc.creator (作者) 游孟軒 zh_TW dc.creator (作者) You, Meng-Xuan en_US dc.date (日期) 2022 en_US dc.date.accessioned 2-Sep-2022 14:44:12 (UTC+8) - dc.date.available 2-Sep-2022 14:44:12 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2022 14:44:12 (UTC+8) - dc.identifier (Other Identifiers) G0109353112 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141540 - 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) 109353112 zh_TW dc.description.abstract (摘要) 金管會於2020年8月中旬公布公司治理3.0永續發展藍圖，其中一大主軸為提高資訊透明度以促進永續經營，內容包含引進由永續會計準則委員（SASB）制定之永續會計準則（Sustainability Accounting Standard），以達到強化上市櫃公司ESG資訊揭露之目的。SASB依照不同產業側重之永續議題，將重大性的概念套用至各產業之永續會計準則，讓處於不同產業環境的企業在揭露ESG資訊時有一套得以遵循的標準。本研究利用台灣上市公司2018年至2020年發布之CSR報告書，蒐集各企業於其所屬產業之SASB準則下應揭露之ESG資訊，藉以衡量企業揭露ESG資訊之程度，並探討其與財務績效之關聯性。研究結果顯示，當企業於SASB準則下所揭露之ESG資訊越多，其財務績效表現越佳，除此之外，在額外測試中也發現，企業於SASB準則下所揭露之ESG資訊越多，其公司價值越高。 zh_TW dc.description.abstract (摘要) In mid-August 2020, the FSC released the Corporate Governance 3.0 Sustainability Development Blueprint. One of the main pillars of the Blueprint is to enhance the information transparency in order to promote sustainable development. The SASB applies the concept of materiality to develop sustainability accounting standards for each industry. Based on the sustainability issues developed for each industry, the companies in different industries have a set of standards to follow when disclosing ESG information.This study uses the CSR reports published by listed companies in Taiwan from 2018 to 2020 to collect the ESG information that should be disclosed by each company in its industry under SASB standards, in order to measure the extent of ESG information disclosure by companies and to explore its relevance to financial performance. The results show that the more ESG information disclosed by the companies under SASB, the better their financial performance will be. Moreover, in an additional test, this study finds that companies with more ESG information disclosed under SASB tend to have higher firm value. 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、ESG之概念及發展 6第二節 企業社會責任、ESG與財務績效 10第三節 永續會計準則（SASB準則）之概念及相關研究 18第參章 研究方法 22第一節 研究假說 22第二節 實證模型、變數定義與衡量方法 24第三節 樣本選取及研究資料來源 37第肆章 實證結果與分析 39第一節 樣本分布情形 39第二節 敘述性統計 45第三節 相關性及共線性分析 49第四節 實證結果分析 53第五節 被解釋變數之進一步探討 59第伍章 結論與建議 69第一節 結論 69第二節 研究限制及建議 70附錄 72參考文獻 75 zh_TW dc.format.extent 3731436 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109353112 en_US dc.subject (關鍵詞) CSR zh_TW dc.subject (關鍵詞) ESG zh_TW dc.subject (關鍵詞) SASB zh_TW dc.subject (關鍵詞) 財務績效 zh_TW dc.subject (關鍵詞) CSR en_US dc.subject (關鍵詞) ESG en_US dc.subject (關鍵詞) SASB en_US dc.subject (關鍵詞) Financial performance en_US dc.title (題名) SASB準則下台灣上市公司ESG揭露程度與財務績效之關聯性探討 zh_TW dc.title (題名) The Association between ESG Disclosure under SASB and Financial Performance of Taiwan Listed Companies en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 薛敏正、邱彥毅、邱詩婷，2017，公司治理評鑑與盈餘品質，會計審計論叢，第7卷第2期，57-83頁。Anderson, J. C. and A. W. Frankle. 1980. Voluntary social reporting: An iso-beta portfolio analysis. Accounting Review 55(3): 467-479.Ambec, S. and P. Lanoie 2008. Does it pay to be green? A systematic overview. The Academy of Management Perspectives 22(4): 45–62.Aggarwal, R., I. Erel, R. Stulz and R. Williamson. 2009. Differences in governance practices between US and foreign firms: Measurement, causes, and consequences. The Review of financial studies, 22(8): 3131-3169.Angelia, D. and R. Suryaningsih. 2015. The effect of environmental performance and corporate social responsibility disclosure towards financial performance (Case study to manufacture, infrastructure, and service companies that listed at Indonesia stock exchange). Procedia-Social and Behavioral Sciences 211(November): 348-355.Almeyda, R. and A. Darmansya. 2019. The influence of environmental, social, and governance (ESG) disclosure on firm financial performance. IPTEK Journal of Proceedings Series 5(August): 278-290.Bowen, H.R. 1953. Social responsibilities of the businessman, New York: Harper and Row.Buniamin, S. and N. N. N. Ahmad. 2015. An integrative perspective of environmental, social and governance (ESG) reporting: A conceptual paper. International Conference on Accounting Studies(ICAS) 2015, 1-16.Beck, C., G. Frost, and S. Jones. 2018. CSR disclosure and financial performance revisited: A cross-country analysis. Australian Journal of Management 43(4): 517-537.Carroll, A. B. 1979. A three-dimensional conceptual model of corporate performance. Academy of management review 4(4): 497-505.Cahan, S. F., C. Chen, L. Chen, and N. H. Nguyen. 2015. Corporate social responsibility and media coverage. Journal of Banking & Finance 59(October): 409-422.Cho, S. J., C. Y. Chung, and J. Young. 2019. Study on the Relationship between CSR and Financial Performance. Sustainability 11(2): 1-26.Du, S., C. B. Bhattacharya, and S. Sen. 2010. Maximizing business returns to corporate social responsibility (CSR): The role of CSR communication. International journal of management reviews 12(1): 8-19.Dang, C., Z. Li, and C. Yangc. 2018. Measuring firm size in empirical corporate finance. Journal of Banking & Finance 86(January): 159-176.Friedman, M. 2007. The social responsibility of business is to increase its profits. New York Times Magazine (September 13),32-33: 122-126.Friede, G., T. Busch, and A. Bassen. 2015. ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of sustainable finance & investment 5(4): 210-233.Feng, Z. and Z. Wu. 2021. ESG disclosure, REIT debt financing and firm value. The Journal of Real Estate Finance and Economics 13 (7): 1-12.Griffin, J. J. and J. F. Mahon. 1997. The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business & society 36(1): 5-31.Godfrey, P. C., C. B. Merrill, and J. M. Hansen. 2009. The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic management journal 30(4): 425-445.Grewal, J., C. Hauptmann, and G. Serafeim. 2021. Material sustainability information and stock price informativeness. Journal of Business Ethics 171(3): 513-544.Hawkins, D. F. 1986. Corporate financial reporting and analysis, Irwin Professional Pub.Hermalin, B. and M. S. Weisbach. 2003. Boards of directors as an endogenously determined institution: A survey of the economic literature. Economic Policy Review 9(April): 7-26.Henriksson, R., J. Livnat, P. Pfeifer, and M. Stumpp. 2019. Integrating ESG in portfolio construction. The Journal of Portfolio Management 45(4): 67-81.Jebe, R. 2019. The convergence of financial and ESG materiality: taking sustainability mainstream. American Business Law Journal 56(3): 645-702.Javeed, S. A. and L. Lefen. 2019. An analysis of corporate social responsibility and firm performance with moderating effects of CEO power and ownership structure: A case study of the manufacturing sector of Pakistan. Sustainability 11(1): 1-25.Khan, M., G. Serafeim, and A. Yoon. 2016. Corporate sustainability: First evidence on materiality. The accounting review 91(6): 1697-1724.Lang, L. H., R. M. Stulz, and R. A. Walking. 1989. Managerial performance, Tobin`s Q, and the gains from successful tender offers. Journal of financial Economics 24(1): 137-154.Larmou, S. and N. Vafeas. 2010. The relation between board size and firm performance in firms with a history of poor operating performance. Journal of Management & Governance 14(1): 61-85.Landi, G. and M. Sciarelli. 2018. Towards a more ethical market: the impact of ESG rating on corporate financial performance. Social Responsibility Journal 15(1)：11-27.Li Y., M. Gong, X. Zhang, L. Koh. 2018. The impact of environmental, social, and governance disclosure on firm value: The role of CEO power. The British Accounting Review 50(1): 60-75.Madison, N. and E. Schiehll. 2021. The effect of financial materiality on ESG performance assessment. Sustainability 13(7): Article 3652.Orlitzky, M., F. L. Schmidt, S. L. Rynes. 2003. Corporate social and financial performance: A meta-analysis. Organization studies 24(3): 403-441.Porter, M. E. and C. V. D. Linde. 1995. Toward a new conception of the environment-competitiveness relationship. Journal of economic perspectives 9(4): 97-118.Rossi, M., J. Chouaibi, S. Chouaibi, W. Jilani, and Y. Chouaibi. 2021. Does a board characteristic moderate the relationship between CSR practices and financial performance? Evidence from European ESG firms. Journal of Risk and Financial Management 14(8): Article 354.Tang, Z., C. E. Hull, S. Rothenberg. 2012. How corporate social responsibility engagement strategy moderates the CSR–financial performance relationship. Journal of management Studies 49(7): 1274-1303.Ta, H. T. T. and N. T. Bui. 2018. Effect of corporate social responsibility disclosure on financial performance. Asian Journal of Finance & Accounting 10(1): 40-58.Velte, P. 2019. Does CEO power moderate the link between ESG performance and financial performance? A focus on the German two-tier system. Management Research Review 43(5):497-520.Xie, J., W. Nozawa, M. Yagi, H. Fujii, S. Managi. 2019. Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment 28(2): 286-300.Zhao, C., Y. Guo, J. Yuan, M. Wu, D. Li, Y. Zhou, and J. Kang. 2018. ESG and corporate financial performance: Empirical evidence from China`s listed power generation companies. Sustainability 10(8): Article 2607. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202201367 en_US
