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題名 董事會多元性對碳排資訊之影響-以美國企業為例
The Impact of Board Diversity on Carbon Information: Empirical Evidence from the US Company作者 蔡皓暐
Tsai, Hao-Wei貢獻者 鄭士卿<br>楊曉文
Jeng, Vivian<br>Yang, Sharon S.
蔡皓暐
Tsai, Hao-Wei關鍵詞 碳排放
碳排放
董事會多元性
女性董監事
種族多元性
學術董監事
Academic director
Carbon emission
Carbon intensity
Board diversity
Female director
Ethnic diversity日期 2023 上傳時間 1-Sep-2023 16:07:17 (UTC+8) 摘要 全球二氧化碳排放量逐年上升，而高碳排的經濟活動將導致的全球暖化，對社會造成不可逆的氣候變遷風險。 另一方面，企業擁有者和經理人之間存在代理問題，而多元化的董事會將增加獨立性、專業性與提供更全面的經營策略。 然而多元化董事會是否能有效減少企業之碳排放、碳密度及是否改善隔年度碳績效為本研究欲探討之議題。本研究使用2018年至2021年MSCI所收錄擁有碳績效之美國上市企業，探討當董監事具有女性、學術背景與種族多元性等三項因素時，對企業碳績效數值與碳績效是否改善的影響，且後續再進一步將企業區分為高碳產業及低碳產業，探討董事會多元性對高低碳產業的影響。本研究在碳績效數值中採用線性迴歸模型，以及在碳績效是否改善中採用羅吉斯迴歸模型，且避免研究結果產生內生性問題，進行二階段最小平方法(Two-Stage Least Squares, 2SLS)，同時控制年度及產業效應。研究結果顯示，學術董監事比例越高時，將提升隔年度碳排放與碳密度改善的機率，表示學術董監事相較於其他董監事具有較高的獨立性、專業知識及道德標準，能更有效監督環境績效。另外，女性董監事比例越高、種族越多元時，公司的碳排放、碳密度將顯著下降，此效果在高碳產業更加顯著，表示女性董監事有效地的進行碳排放監督、專注於社會的環境議題。綜上所述，若董事會中擁有女性董監事、學術董監事與不同種族之董監事，能夠替企業提供新穎的減碳方法、更有效地進行環境監督，進而減少企業之碳排放、碳密度，及提升隔年度改善碳績效之機率。
Global carbon emissions are increasing every year, and the high carbon emissions from economic activities are causing irreversible climate change risks. In addition, board diversity has been important to corporate decisions and helps to boost independence and expertise of the directors. Whether board diversity can effectively reduce carbon emission and intensity, and improve carbon performance in the following years are the topics under investigation in this study.We use US-listed firms with carbon performance in the MSCI from 2018 to 2021 to investigate the impact of board diversity in three aspects: gender diversity, academic background, and ethnic diversity. We use generalized linear regression and logistic regression models and further categorize our sample into high-carbon and low-carbon industries. After considering the endogeneity problem, we find that a higher proportion of female directors, as well as greater ethnic diversity, are associated with reduced carbon emissions and carbon intensity, and the effect is more statistically significant in high-carbon industries. Furthermore, a higher proportion of academic directors demonstrate effectiveness in improving a company`s carbon performance. In conclusion, having female board members, those with academic backgrounds, and ethnically diverse board members leads to lower carbon emissions and intensity, and improves carbon information in the next years.參考文獻 湯念璇 (2022)。學術型獨立董監事對企業揭露 SASB 準則及 TCFD 氣候揭露原則之影響。國立政治大學風險管理與保險學系碩士學位論文。朱冠儒 (2022)。學術型獨立董監事與風險趨避：以台灣上市櫃公司為例。國立政治大學風險管理與保險學系碩士學位論文。Alesina, A., & Zhuravskaya, E. (2011). Segregation and the Quality of Government in a Cross Section of Countries. American Economic Review, 101(5), 1872-1911. DOI: 10.1257/aer.101.5.1872Apergis, N., Eleftheriou, S., & Payne, J. E. (2013). The relationship between international financial reporting standards, carbon emissions, and R&D expenditures: Evidence from European manufacturing firms. Ecological Economics, 88, 57-66. https://doi.org/10.1016/j.ecolecon.2012.12.024Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of business ethics, 97, 71-86. https://doi.org/10.1007/s10551-010-0496-zBear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of business ethics, 97, 207-221. https://doi.org/10.1007/s10551-010-0505-2Bennouri, M., Chtioui, T., Nagati, H., & Nekhili, M. (2018). Female board directorship and firm performance: What really matters?. Journal of Banking & Finance, 88, 267-291. https://doi.org/10.1016/j.jbankfin.2017.12.010Birindelli, G., Dell’Atti, S., Iannuzzi, A. P., & Savioli, M. (2018). Composition and activity of the board of directors: Impact on ESG performance in the banking system. Sustainability, 10(12), 4699. https://doi.org/10.3390/su10124699Bord, R. J., & O`Connor, R. E. (1997). The gender gap in environmental attitudes: The case of perceived vulnerability to risk. Social science quarterly, 830-840. https://www.jstor.org/stable/42863734Bowman, R. F. (2005). Teacher as servant leader. The Clearing House: A Journal of Educational Strategies, Issues and Ideas, 78(6), 257-260. https://doi.org/10.3200/TCHS.78.6.257-260Busch, T., & Hoffmann, V. H. (2011). How hot is your bottom line? Linking carbon and financial performance. Business & Society, 50(2), 233-265. https://doi.org/10.1177/0007650311398780Carter, D. A., D`Souza, F., Simkins, B. J., & Simpson, W. G. (2010). The gender and ethnic diversity of US boards and board committees and firm financial performance. Corporate Governance: An International Review, 18(5), 396-414. https://doi.org/10.1111/j.1467-8683.2010.00809.xCarter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial review, 38(1), 33-53. https://doi.org/10.1111/1540-6288.00034Cho, C. H., Jung, J. H., Kwak, B., Lee, J., & Yoo, C. Y. (2017). Professors on the board: Do they contribute to society outside the classroom?. Journal of business ethics, 141, 393-409. https://doi.org/10.1007/s10551-015-2718-xColeman, S. (2005). The impact of human capital measures on firm performance: A comparison by gender, race and ethnicity. The Journal of Entrepreneurial Finance, 10(2), 38-56. https://doi.org/10.57229/2373-1761.1057Cucari, N., Esposito de Falco, S., & Orlando, B. (2018). Diversity of board of directors and environmental social governance: Evidence from Italian listed companies. 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Journal of Business Ethics, 150, 1089-1104. https://doi.org/10.1007/s10551-016-3187-6Liao, L., Luo, L., & Tang, Q. (2015). Gender diversity, board independence, environmental committee and greenhouse gas disclosure. The British accounting review, 47(4), 409-424. https://doi.org/10.1016/j.bar.2014.01.002Liu, W., Ren, T., & Tang, W. (2021). Teachers in the top management team and corporate social responsibility. Sustainability, 13(24), 13795. https://doi.org/10.3390/su132413795Loft, L., Gehrig, S., Salk, C., & Rommel, J. (2020). Fair payments for effective environmental conservation. Proceedings of the National Academy of Sciences, 117(25), 14094-14101. https://doi.org/10.1073/pnas.1919783117Mardini, G. H., & Elleuch Lahyani, F. (2022). Impact of foreign directors on carbon emissions performance and disclosure: empirical evidence from France. Sustainability Accounting, Management and Policy Journal, 13(1), 221-246. https://doi.org/10.1108/SAMPJ-09-2020-0323McBrayer, G. A. (2018). Does persistence explain ESG disclosure decisions?. Corporate Social Responsibility and Environmental Management, 25(6), 1074-1086. https://doi.org/10.1002/csr.1521McGuinness, P. B., Vieito, J. P., & Wang, M. (2017). The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance, 42, 75-99. https://doi.org/10.1016/j.jcorpfin.2016.11.001Nuber, C., & Velte, P. (2021). Board gender diversity and carbon emissions: European evidence on curvilinear relationships and critical mass. Business Strategy and the Environment, 30(4), 1958-1992. https://doi.org/10.1002/bse.2727Singh, V. (2007). Ethnic diversity on top corporate boards: A resource dependency perspective. The International Journal of Human Resource Management, 18(12), 2128-2146. https://doi.org/10.1080/09585190701695275Tamimi, N., & Sebastianelli, R. (2017). Transparency among S&P 500 companies: An analysis of ESG disclosure scores. Management Decision, 55(8), 1660-1680. https://doi.org/10.1108/MD-01-2017-0018Uadiale, O. M. (2010). The impact of board structure on corporate financial performance in Nigeria. http://dx.doi.org/10.5539/ijbm.v5n10p155Yasin, I., Naseem, S., Anwar, M. A., Madni, G. R., Mahmood, H., & Murshed, M. (2022). An analysis of the environmental impacts of ethnic diversity, financial development, economic growth, urbanization, and energy consumption: fresh evidence from less-developed countries. Environmental Science and Pollution Research, 29(52), 79306-79319. https://doi.org/10.1007/s11356-022-21295-7 描述 碩士
國立政治大學
風險管理與保險學系
110358022資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110358022 資料類型 thesis dc.contributor.advisor 鄭士卿<br>楊曉文 zh_TW dc.contributor.advisor Jeng, Vivian<br>Yang, Sharon S. en_US dc.contributor.author (Authors) 蔡皓暐 zh_TW dc.contributor.author (Authors) Tsai, Hao-Wei en_US dc.creator (作者) 蔡皓暐 zh_TW dc.creator (作者) Tsai, Hao-Wei en_US dc.date (日期) 2023 en_US dc.date.accessioned 1-Sep-2023 16:07:17 (UTC+8) - dc.date.available 1-Sep-2023 16:07:17 (UTC+8) - dc.date.issued (上傳時間) 1-Sep-2023 16:07:17 (UTC+8) - dc.identifier (Other Identifiers) G0110358022 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/147210 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 風險管理與保險學系 zh_TW dc.description (描述) 110358022 zh_TW dc.description.abstract (摘要) 全球二氧化碳排放量逐年上升，而高碳排的經濟活動將導致的全球暖化，對社會造成不可逆的氣候變遷風險。 另一方面，企業擁有者和經理人之間存在代理問題，而多元化的董事會將增加獨立性、專業性與提供更全面的經營策略。 然而多元化董事會是否能有效減少企業之碳排放、碳密度及是否改善隔年度碳績效為本研究欲探討之議題。本研究使用2018年至2021年MSCI所收錄擁有碳績效之美國上市企業，探討當董監事具有女性、學術背景與種族多元性等三項因素時，對企業碳績效數值與碳績效是否改善的影響，且後續再進一步將企業區分為高碳產業及低碳產業，探討董事會多元性對高低碳產業的影響。本研究在碳績效數值中採用線性迴歸模型，以及在碳績效是否改善中採用羅吉斯迴歸模型，且避免研究結果產生內生性問題，進行二階段最小平方法(Two-Stage Least Squares, 2SLS)，同時控制年度及產業效應。研究結果顯示，學術董監事比例越高時，將提升隔年度碳排放與碳密度改善的機率，表示學術董監事相較於其他董監事具有較高的獨立性、專業知識及道德標準，能更有效監督環境績效。另外，女性董監事比例越高、種族越多元時，公司的碳排放、碳密度將顯著下降，此效果在高碳產業更加顯著，表示女性董監事有效地的進行碳排放監督、專注於社會的環境議題。綜上所述，若董事會中擁有女性董監事、學術董監事與不同種族之董監事，能夠替企業提供新穎的減碳方法、更有效地進行環境監督，進而減少企業之碳排放、碳密度，及提升隔年度改善碳績效之機率。 zh_TW dc.description.abstract (摘要) Global carbon emissions are increasing every year, and the high carbon emissions from economic activities are causing irreversible climate change risks. In addition, board diversity has been important to corporate decisions and helps to boost independence and expertise of the directors. Whether board diversity can effectively reduce carbon emission and intensity, and improve carbon performance in the following years are the topics under investigation in this study.We use US-listed firms with carbon performance in the MSCI from 2018 to 2021 to investigate the impact of board diversity in three aspects: gender diversity, academic background, and ethnic diversity. We use generalized linear regression and logistic regression models and further categorize our sample into high-carbon and low-carbon industries. After considering the endogeneity problem, we find that a higher proportion of female directors, as well as greater ethnic diversity, are associated with reduced carbon emissions and carbon intensity, and the effect is more statistically significant in high-carbon industries. Furthermore, a higher proportion of academic directors demonstrate effectiveness in improving a company`s carbon performance. In conclusion, having female board members, those with academic backgrounds, and ethnically diverse board members leads to lower carbon emissions and intensity, and improves carbon information in the next years. en_US dc.description.tableofcontents 第一章 緒論 7第一節 研究背景、動機與目的 7第二節 研究架構 12第二章 文獻回顧 13第一節 董事會特性對企業的經營及環境績效之影響 13第二節 女性董監事對企業及環境績效之影響 14第三節 董事會中種族多元性對企業及環境績效之影響 15第四節 學術型董監事對企業及環境績效之影響 16第三章 董事會多元性對碳排績效影響之假說 18第四章 研究樣本、實證模型及變數 21第一節 研究樣本 21第二節 研究模型 24第三節 模型變數說明 27第五章 實證結果 35第一節 敘述性統計結果 35第二節 相關係數分析 38第三節 實證迴歸結果分析 41第六章 穩健性測試 49第一節 內生性檢驗與工具變數選擇 49第二節 兩階段迴歸結果分析 51第七章 結論 55參考文獻 57 zh_TW dc.format.extent 2057267 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110358022 en_US dc.subject (關鍵詞) 碳排放 zh_TW dc.subject (關鍵詞) 碳排放 zh_TW dc.subject (關鍵詞) 董事會多元性 zh_TW dc.subject (關鍵詞) 女性董監事 zh_TW dc.subject (關鍵詞) 種族多元性 zh_TW dc.subject (關鍵詞) 學術董監事 zh_TW dc.subject (關鍵詞) Academic director en_US dc.subject (關鍵詞) Carbon emission en_US dc.subject (關鍵詞) Carbon intensity en_US dc.subject (關鍵詞) Board diversity en_US dc.subject (關鍵詞) Female director en_US dc.subject (關鍵詞) Ethnic diversity en_US dc.title (題名) 董事會多元性對碳排資訊之影響-以美國企業為例 zh_TW dc.title (題名) The Impact of Board Diversity on Carbon Information: Empirical Evidence from the US Company en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 湯念璇 (2022)。學術型獨立董監事對企業揭露 SASB 準則及 TCFD 氣候揭露原則之影響。國立政治大學風險管理與保險學系碩士學位論文。朱冠儒 (2022)。學術型獨立董監事與風險趨避：以台灣上市櫃公司為例。國立政治大學風險管理與保險學系碩士學位論文。Alesina, A., & Zhuravskaya, E. (2011). Segregation and the Quality of Government in a Cross Section of Countries. American Economic Review, 101(5), 1872-1911. DOI: 10.1257/aer.101.5.1872Apergis, N., Eleftheriou, S., & Payne, J. E. (2013). The relationship between international financial reporting standards, carbon emissions, and R&D expenditures: Evidence from European manufacturing firms. Ecological Economics, 88, 57-66. https://doi.org/10.1016/j.ecolecon.2012.12.024Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of business ethics, 97, 71-86. https://doi.org/10.1007/s10551-010-0496-zBear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of business ethics, 97, 207-221. https://doi.org/10.1007/s10551-010-0505-2Bennouri, M., Chtioui, T., Nagati, H., & Nekhili, M. (2018). Female board directorship and firm performance: What really matters?. 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