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題名 企業投入ESG效益之研究–以總體經濟、機構投資人探討
Impact of Macroeconomy, Institutional Owners on Firm’s ESG Engagement作者 湯偉宏
Tang, Wei-Hong貢獻者 林靖庭
Lin, Ching-Ting
湯偉宏
Tang, Wei-Hong關鍵詞 企業社會責任 (CSR)
ESG
財務績效
總體經濟
機構投資人
Corporate Social Responsibility (CSR)
ESG
Financial Performance
Macroeconomy
Institutional Owners日期 2020 上傳時間 2-Sep-2020 11:48:55 (UTC+8) 摘要 本研究旨在探討企業參與ESG是否有助於提升公司財務績效，並以「總體經濟」與「機構投資人」兩大主軸進行討論。前者在於分析經濟不景氣時，公司投入ESG是否仍有助於公司財務績效表現。後者著重於剖析機構投資人對企業經營管理之參與情形，是否會影響ESG表現於公司財務績效上的效益。本研究樣本為2003–2018間，美國2,446家上市公司，年有效樣本數共13,516筆。迴歸分析結果顯示，提升ESG表現確實有助於提升公司財務績效表現 (ROA)。然而在景氣不佳時，公司投入ESG不但無助於財務績效表現，反而可能產生負向影響。另一方面，機構投資人持股比率愈高時，未必有助於提升ESG表現對ROA之效益。然而當機構投資人持股集中度較高時，則明顯有助於提升ESG效益。本研究認為機構投資人之間於ESG政策上有潛在的利益衝突，因此當持股集中於重視ESG之機構投資人時，其參與程度與影響力愈高，使ESG表現愈好的公司，更能有效提升公司財務績效表現。
This study investigates whether corporate financial performance can be improved by the engagement in ESG, and discusses in two main topics, “Macroeconomy” and “Institutional Owners”. The former analyzes whether engagement in ESG is still beneficial to corporate financial performance in the recession periods. The latter concentrates on the analysis of whether the level of the engagement from institutional owners in companies’ administration and policies affects the benefit of ESG to corporate financial performance. Using the sample of 2,446 U.S. public companies during 2003 to 2018, and in total with 13,516 firm-year samples. Based on the results of regression analysis, we find engagement in better ESG indeed improves corporate financial performance (ROA). However, during the recession, engaging in ESG can’t provide any benefit, even has negative impact on corporate financial performance. On the other hand, with the higher shareholding ratio of institutional owners, the effect of ESG on improving ROA is not clear. Nevertheless, with the highly concentrated shareholding of institutional owners, the benefit of ESG is obviously enhanced. We believe there is a potential conflict of interest among institutional investors in ESG policies. Consequently, more shareholding concentrated on the institutional owners which value ESG, they can have greater level of engagement and influence on corporate policies and strategies making, and so that the companies with better ESG performance can improve their corporate financial performance more effectively.參考文獻 英文文獻[1]. Bauer, R., Koedijk, K., & Otten, R. (2005). International evidence on ethical mutual fund performance and investment style. Journal of Banking & Finance, 29(7), 1751-1767.[2]. Cahan, S. F., Chen, C., Chen, L., & Nguyen, N. H. (2015). Corporate social responsibility and media coverage. Journal of Banking & Finance, 59, 409-422.[3]. Carlson, S. J., & Bathala, C. T. (1997). Ownership differences and firms` income smoothing behavior. Journal of Business Finance & Accounting, 24(2), 179-196.[4]. De Miguel, A., Pindado, J., & De La Torre, C. (2004). Ownership structure and firm value: New evidence from Spain. Strategic Management Journal, 25(12), 1199-1207.[5]. Dimson, E., Karakaş, O., & Li, X. (2015). Active ownership. The Review of Financial Studies, 28(12), 3225-3268.[6]. Egbunike, C. F., & Okerekeoti, C. U. (2018). Macroeconomic factors, firm characteristics and financial performance. Asian Journal of Accounting Research.[7]. Eliwa, Y., Aboud, A., & Saleh, A. (2019). ESG practices and the cost of debt: Evidence from EU countries. Critical Perspectives on Accounting, 102097.[8]. Galant, A., & Cadez, S. (2017). Corporate social responsibility and financial performance relationship: a review of measurement approaches. Economic research-Ekonomska istraživanja, 30(1), 676-693.[9]. Hemingway, C. A., & Maclagan, P. W. (2004). Managers` personal values as drivers of corporate social responsibility. Journal of business ethics, 50(1), 33-44.[10]. Henke, H. M. (2016). The effect of social screening on bond mutual fund performance. Journal of Banking & Finance, 67, 69-84.[11]. Issah, M., & Antwi, S. (2017). Role of macroeconomic variables on firms’ performance: Evidence from the UK. Cogent Economics & Finance, 5(1), 1405581.[12]. Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13.[13]. Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility?. The accounting review, 87(3), 761-796.[14]. Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785-1824.[15]. Neubaum, D. O., & Zahra, S. A. (2006). Institutional ownership and corporate social performance: The moderating effects of investment horizon, activism, and coordination. Journal of Management, 32(1), 108-131.[16]. Petrovits, C. M. (2006). Corporate-sponsored foundations and earnings management. Journal of Accounting and Economics, 41(3), 335-362.[17]. Prior, D., Surroca, J., & Tribó, J. A. (2008). Are socially responsible managers really ethical? Exploring the relationship between earnings management and corporate social responsibility. corporate governance: An international review, 16(3), 160-177.[18]. Sharma, G. D., Singh, S., & Singh, G. (2011). Impact of macroeconomic variables on economic performance: An empirical study of India and Sri Lanka. Available at SSRN 1836542.[19]. Tops, D. (2017). Corporate social responsibility, agency problems and social pressure.網路資源[1]. Thomson Reuters Refinitiv ESG 評分說明書 2020。取自：https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/esg-scores-methodology.pdf[2]. U.S. Securities and Exchange Commission official website, Division of Corporation Finance: Standard Industrial Classification (SIC) Code List。取自：https://www.sec.gov/info/edgar/siccodes.htm?fbclid=IwAR0vSO_wch2nkS-oQs6O7GvFoRKGMUvYXRUki41m7sU2zSmL3dmgB-zdCIw[3]. McKimmon Center for Extension & Continuing Education, 2-Digit SIC (Standard Industrial Classification) Codes。取自：https://mckimmoncenter.ncsu.edu/2digitsiccodes/?fbclid=IwAR3kSHgtybpBAVUU5xgcuFMwuE19VGIGHmNCigpy04B-GbAa0jA6olq03SM 描述 碩士
國立政治大學
金融學系
107352004資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107352004 資料類型 thesis dc.contributor.advisor 林靖庭 zh_TW dc.contributor.advisor Lin, Ching-Ting en_US dc.contributor.author (Authors) 湯偉宏 zh_TW dc.contributor.author (Authors) Tang, Wei-Hong en_US dc.creator (作者) 湯偉宏 zh_TW dc.creator (作者) Tang, Wei-Hong en_US dc.date (日期) 2020 en_US dc.date.accessioned 2-Sep-2020 11:48:55 (UTC+8) - dc.date.available 2-Sep-2020 11:48:55 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2020 11:48:55 (UTC+8) - dc.identifier (Other Identifiers) G0107352004 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/131505 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 金融學系 zh_TW dc.description (描述) 107352004 zh_TW dc.description.abstract (摘要) 本研究旨在探討企業參與ESG是否有助於提升公司財務績效，並以「總體經濟」與「機構投資人」兩大主軸進行討論。前者在於分析經濟不景氣時，公司投入ESG是否仍有助於公司財務績效表現。後者著重於剖析機構投資人對企業經營管理之參與情形，是否會影響ESG表現於公司財務績效上的效益。本研究樣本為2003–2018間，美國2,446家上市公司，年有效樣本數共13,516筆。迴歸分析結果顯示，提升ESG表現確實有助於提升公司財務績效表現 (ROA)。然而在景氣不佳時，公司投入ESG不但無助於財務績效表現，反而可能產生負向影響。另一方面，機構投資人持股比率愈高時，未必有助於提升ESG表現對ROA之效益。然而當機構投資人持股集中度較高時，則明顯有助於提升ESG效益。本研究認為機構投資人之間於ESG政策上有潛在的利益衝突，因此當持股集中於重視ESG之機構投資人時，其參與程度與影響力愈高，使ESG表現愈好的公司，更能有效提升公司財務績效表現。 zh_TW dc.description.abstract (摘要) This study investigates whether corporate financial performance can be improved by the engagement in ESG, and discusses in two main topics, “Macroeconomy” and “Institutional Owners”. The former analyzes whether engagement in ESG is still beneficial to corporate financial performance in the recession periods. The latter concentrates on the analysis of whether the level of the engagement from institutional owners in companies’ administration and policies affects the benefit of ESG to corporate financial performance. Using the sample of 2,446 U.S. public companies during 2003 to 2018, and in total with 13,516 firm-year samples. Based on the results of regression analysis, we find engagement in better ESG indeed improves corporate financial performance (ROA). However, during the recession, engaging in ESG can’t provide any benefit, even has negative impact on corporate financial performance. On the other hand, with the higher shareholding ratio of institutional owners, the effect of ESG on improving ROA is not clear. Nevertheless, with the highly concentrated shareholding of institutional owners, the benefit of ESG is obviously enhanced. We believe there is a potential conflict of interest among institutional investors in ESG policies. Consequently, more shareholding concentrated on the institutional owners which value ESG, they can have greater level of engagement and influence on corporate policies and strategies making, and so that the companies with better ESG performance can improve their corporate financial performance more effectively. en_US dc.description.tableofcontents 摘要 IAbstract II目次 III表次 IV圖次 V第一章 緒論 1第一節 研究背景 1第二節 研究動機與目的 1第三節 研究架構 2第二章 文獻探討與實驗假設 3第一節 ESG參與動機 3第二節 ESG與報酬、風險 5第三節 ESG與機構投資人 6第三章 研究方法 8第一節 樣本與資料來源 8第二節 變數設定 10第三節 模型建立 16第四章 研究結果 18第一節 敘述性統計 18第二節 迴歸分析 23第五章 結論與建議 30第六章 參考文獻 31附錄 34 zh_TW dc.format.extent 1802512 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107352004 en_US dc.subject (關鍵詞) 企業社會責任 (CSR) zh_TW dc.subject (關鍵詞) ESG zh_TW dc.subject (關鍵詞) 財務績效 zh_TW dc.subject (關鍵詞) 總體經濟 zh_TW dc.subject (關鍵詞) 機構投資人 zh_TW dc.subject (關鍵詞) Corporate Social Responsibility (CSR) en_US dc.subject (關鍵詞) ESG en_US dc.subject (關鍵詞) Financial Performance en_US dc.subject (關鍵詞) Macroeconomy en_US dc.subject (關鍵詞) Institutional Owners en_US dc.title (題名) 企業投入ESG效益之研究–以總體經濟、機構投資人探討 zh_TW dc.title (題名) Impact of Macroeconomy, Institutional Owners on Firm’s ESG Engagement en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 英文文獻[1]. Bauer, R., Koedijk, K., & Otten, R. (2005). International evidence on ethical mutual fund performance and investment style. Journal of Banking & Finance, 29(7), 1751-1767.[2]. Cahan, S. F., Chen, C., Chen, L., & Nguyen, N. H. (2015). Corporate social responsibility and media coverage. Journal of Banking & Finance, 59, 409-422.[3]. Carlson, S. J., & Bathala, C. T. (1997). Ownership differences and firms` income smoothing behavior. Journal of Business Finance & Accounting, 24(2), 179-196.[4]. De Miguel, A., Pindado, J., & De La Torre, C. (2004). Ownership structure and firm value: New evidence from Spain. Strategic Management Journal, 25(12), 1199-1207.[5]. Dimson, E., Karakaş, O., & Li, X. (2015). Active ownership. The Review of Financial Studies, 28(12), 3225-3268.[6]. Egbunike, C. F., & Okerekeoti, C. U. (2018). Macroeconomic factors, firm characteristics and financial performance. Asian Journal of Accounting Research.[7]. Eliwa, Y., Aboud, A., & Saleh, A. (2019). ESG practices and the cost of debt: Evidence from EU countries. Critical Perspectives on Accounting, 102097.[8]. Galant, A., & Cadez, S. (2017). Corporate social responsibility and financial performance relationship: a review of measurement approaches. Economic research-Ekonomska istraživanja, 30(1), 676-693.[9]. Hemingway, C. A., & Maclagan, P. W. (2004). Managers` personal values as drivers of corporate social responsibility. Journal of business ethics, 50(1), 33-44.[10]. Henke, H. M. (2016). The effect of social screening on bond mutual fund performance. Journal of Banking & Finance, 67, 69-84.[11]. Issah, M., & Antwi, S. (2017). Role of macroeconomic variables on firms’ performance: Evidence from the UK. Cogent Economics & Finance, 5(1), 1405581.[12]. Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13.[13]. Kim, Y., Park, M. S., & Wier, B. (2012). Is earnings quality associated with corporate social responsibility?. The accounting review, 87(3), 761-796.[14]. Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785-1824.[15]. Neubaum, D. O., & Zahra, S. A. (2006). Institutional ownership and corporate social performance: The moderating effects of investment horizon, activism, and coordination. Journal of Management, 32(1), 108-131.[16]. Petrovits, C. M. (2006). Corporate-sponsored foundations and earnings management. Journal of Accounting and Economics, 41(3), 335-362.[17]. Prior, D., Surroca, J., & Tribó, J. A. (2008). Are socially responsible managers really ethical? Exploring the relationship between earnings management and corporate social responsibility. corporate governance: An international review, 16(3), 160-177.[18]. Sharma, G. D., Singh, S., & Singh, G. (2011). Impact of macroeconomic variables on economic performance: An empirical study of India and Sri Lanka. Available at SSRN 1836542.[19]. Tops, D. (2017). Corporate social responsibility, agency problems and social pressure.網路資源[1]. Thomson Reuters Refinitiv ESG 評分說明書 2020。取自：https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/esg-scores-methodology.pdf[2]. U.S. Securities and Exchange Commission official website, Division of Corporation Finance: Standard Industrial Classification (SIC) Code List。取自：https://www.sec.gov/info/edgar/siccodes.htm?fbclid=IwAR0vSO_wch2nkS-oQs6O7GvFoRKGMUvYXRUki41m7sU2zSmL3dmgB-zdCIw[3]. McKimmon Center for Extension & Continuing Education, 2-Digit SIC (Standard Industrial Classification) Codes。取自：https://mckimmoncenter.ncsu.edu/2digitsiccodes/?fbclid=IwAR3kSHgtybpBAVUU5xgcuFMwuE19VGIGHmNCigpy04B-GbAa0jA6olq03SM zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202001520 en_US
