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Title: 廠商ESG績效、經理人報酬與競爭策略之分析
ESG Performance, Managerial Compensation, and Competition in Differentiated Product Market
Authors: 邱宇彤
Chiu, Yu-Tung
Contributors: 何靜嫺
Ho, Shirley J.
Chiu, Yu-Tung
Keywords: ESG
Product Differentiation
ESG-based Compensation
Date: 2021
Issue Date: 2021-09-02 17:42:57 (UTC+8)
Abstract: 本論文研究ESG與市場競爭的策略的三個議題。首先,本文分析ESG與廠商的其他競爭策略(數量,廣告及研發)的影響。其次,本文分析將ESG納入管理薪酬結合所造成的影響。最後,本文分析懲罰機制造成的影響。結果顯示:(1)ESG對廠商其他競爭策略(數量,廣告及研發)影響的效果會因為價格彈性和產品差異化程度減少而增加,但不會因為市場規模或生產效率的改變而有變化。而且當大企業增加ESG活動或小企業減少ESG活動時,市場集中度會增加。此外,我們發現當廠商規模較大、生產更有效率、彈性較低或產品差異化程度較高時,將從事更多的ESG活動。(2)包含ESG的薪酬可以增加或減少均衡產出,取決於廠商薪酬中的ESG成份是否足夠高於對手。(3)我們發現固定懲罰會增加管理者對ESG活動的努力誘因,但對均衡產出的影響將取決於懲罰的相對大小。而且我們發現對產出的影響會隨著ESG績效的不確定性水平增加而降低。此外,我們發現在均衡時,管理者對ESG付出的努力和產出在比例懲罰下更高。
This paper studies three issues of ESG and market competition strategies. First, this paper analyzes the impact of ESG and firms’ other competitive strategies (output, advertising, and R&D). Second, this paper analyzes the impact of incorporating ESG into managerial compensation. Finally, this paper analyzes the impact of the penalty schemes. The results show that: (1) The own ESG effects decrease the own price elasticity and the degree of product differentiation, but not related to market size or production efficiency. We also find that when large firms increase the ESG activities or small firms decrease ESG activities, the degree of concentration will increase. In addition, we find that the firm with larger sizes, the firm with more efficient, the firm with a lower elasticity, and the firm with a higher degree of production differentiation will engage in more ESG activities. (2) We find that the inclusion of ESG-related compensation can increase or decrease the equilibrium output, depending on whether the firm's ESG component in compensation is sufficiently higher than opponents’. (3) We find that fixed penalties will increase managers’ effort incentive on ESG activities, but the effect on equilibrium outputs will depend on the relative sizes of penalties. And, we find that the effects on outputs will decrease with the level of uncertainty in ESG performance. Moreover, we find that the equilibrium efforts and outputs are higher with the proportional penalties.
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