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題名 採SASB準則下ESG重大性議題與財務績效之探討
A Study of Material ESG SASB Factors and Firm Financial Performance
作者 施凱珍
See, Kai-Chen
貢獻者 楊曉文<br>黃泓智
施凱珍
See, Kai-Chen
關鍵詞 CSR
ESG
重大性議題
SASB
財務績效
CSR
ESG
Material Issues
SASB
Financial Performance
日期 2021
上傳時間 2-三月-2021 14:20:05 (UTC+8)
摘要 在過去數十年已有許多企業社會責任、ESG以及財務績效間的相關研究。雖然許多研究已經探討了這個議題，但其結果仍不一致，而產生這些不同結果的其中一個潛在可能原因是，大部分先前的論文所採用的ESG資料並未依照產業區分對各公司而言哪些是較為重要的永續議題。故本研究以2012至2018年為樣本期間，先使用Bloomberg資料庫中的ESG揭露分數，探討ESG揭露分數與財務績效之關係，並以Bloomberg資料庫內的ESG項目，依照SASB準則分類對每個行業來說較為重要的ESG議題(即重大性議題)進行分類，重新計算出一個新的重大性議題分數(SASB分數)後，探討SASB分數對財務績效之關聯性。
實證結果指出ESG揭露分數與財務績效無顯著關係，而SASB分數與財務績效（ROA、ROE以及Tobin’s Q）呈顯著正相關，與Khan et al.(2016)之結論一致，在重大性永續議題上表現良好的公司其財務績效明顯優於在這些議題上表現不佳的公司，這意味著公司以重大性議題為參考從事企業社會責任可提高公司的財務績效。
In the past decade, there have been many related studies on Corporate Social Responsibility (CSR), ESG and financial performance. Although many studies have explored this issue, the results are still inconsistent. One potential reason for the mixed results is that the ESG data used in previous papers did not distinguish the sustainability issues that are critical to each company according to the industry. Therefore, our study uses the ESG disclosure scores in the Bloomberg ESG database as the sample for the period from 2012 to 2018 to explore the relationship between ESG disclosure scores and financial performance. We develop a material score (SASB Score) by hand-mapping data on Bloomberg ESG database classified as material for each industry into firm-specific performance data according to SASB standards to discuss the relationship of SASB scores and financial performance.
We find that ESG disclosure scores have no significant relationship with financial performance, while SASB scores are significantly positively correlated with financial performance (ROA, ROE, and Tobin`s Q), which are consistent with the conclusions of Khan et al. (2016). The financial performance of companies that perform well on material issues is significantly better than companies that perform poorly on these issues.It means that companies that use material issues as a reference to engage in CSR can improve company’s financial performance.
參考文獻 一、英文文獻
1. Amel-Zadeh, A., & Serafeim, G.. (2018). Why and How Investors Use ESG Information: Evidence from a Global Survey, Financial Analysts Journal, 74, 3, 87-103.
2. Anderson, J., & Frankle, A. (1980). Voluntary Social Reporting: An Iso-Beta Portfolio Analysis. The Accounting Review, 55, 3, 467-479.
3. Bragdon, Joseph H., Jr. , & John A. T. Marlin (1972). Is pollution profitable? , Risk Management, 19, 9-18.
4. Cahan, S. F., Chen, C., Chen, L., & Nguyen, N. H.. (2015). Corporate social responsibility and media coverage. Journal of Banking & Finance, 59, 409-422.
5. Consolandi, C., Eccles, R. G., & Gabbi, G.. (2020). How material is a material issue? Stock returns and the financial relevance and financial intensity of ESG materiality, Journal of Sustainable Finance & Investment, 1-24.
6. Dahlsrud, A.. (2008). How corporate social responsibility is defined: an analysis of 37 definitions. Corporate Social Responsibility and Environmental Management, 15, 1, 1-13.
7. Eccles, R., & G., Serafeim. (2013). The Performance Frontier: Innovating for a Sustainable Strategy. Harvard Business Review, 91, 5, 50–60.
8. Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Massachusetts: Pitman Publishing Inc., Boston.
9. Friede, G., Busch, T., & Bassen, A.. (2015) ESG and Financial Performance: Aggregated Evidence from More than 2000 Empirical Studies, Journal of Sustainable Finance & Investment, 5, 4, 210-233.
10. Friedman, M. (1970), The Social Responsibility of Business is to Increase its
Profits, New York Times Magazine, 32-33, 122-126.
11. Gray, R., Javad, M., Power, D. M., & Sinclair, C. D.. (2001). Social and Environmental Disclosure and Corporate Characteristics: A Research Note and Extension. Journal of Business Finance & Accounting, 28(3-4), 327–356.
12. Giannarakis, G., Konteos, G. & Sariannidis, N. (2014), "Financial, governance and environmental determinants of corporate social responsible disclosure", Management Decision, Vol. 52 No. 10, pp. 1928-1951.
13. Goss, A., Roberts, G.,S.,(2011) The impact of corporate social responsibility on the cost of bank loans, Journal of Banking & Finance, 35, 7, 1794-1810.
14. Griffin, J. J. & Mahon, J. F. (1997) The Corporate Social Performance and Corporate Financial Performance Debate, Business and Society, 36, 1, 5-31.
15. Henriksson, R., Livnat, joshua , Pfeifer, P., & Stumpp, M. (2019)Integrating ESG in Portfolio Construction, The Journal of Portfolio Management, 45, 95-4918.
16. Hillman. A. J., G.D. Keim, G. D.(2001) Shareholder value, stakeholder management, and social issues: what’s the bottom line? Strateg. Manag. J., 22, 125-139
17. Jo, H., & Harjoto, M. A.. (2012). The Causal Effect of Corporate Governance on Corporate Social Responsibility. Journal of Business Ethics, 106(1), 53–72.
18. Khan, M., Serafeim, G., & Yoon, A.. (2016). Corporate Sustainability: First Evidence on Materiality. The Accounting Review, 91(6), 1697–1724.
19. Kiesel, F., Lücke, F.(2019) ESG in credit ratings and the impact on financial markets, Financial Markets, Inst. & Inst, 28, 263–290.
20. Kim, B., & Lee, S.. (2020). The impact of material and immaterial sustainability on firm performance: The moderating role of franchising strategy. Tourism Management, 77, 103999
21. KPMG Survey of Corporate Responsibility Reporting (2020), Retrieved December 26, 2020, from https://assets.kpmg/content/dam/kpmg/xx/pdf/2020/11/the-time-has-come.pdf
22. Li, Y., Gong, M., Zhang, X.-Y., & Koh, L.. (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
23. Matten, D., & Moon, J.. (2008). “Implicit” and “Explicit” CSR: A Conceptual Framework for a Comparative Understanding of Corporate Social Responsibility. Academy of Management Review, 33(2), 404–424.
24. Ntiamoah, E. B., Egyiri, P. O., & Kwamega, M.. (2014). Corporate Social Responsibility Awareness, Firm Commitment and Organizational Performance. Journal of Human Resource and Sustainability Studies, 02(02), 91–101.
25. OECD(2020), ESG Investing: Practices, Progress and Challenges, Retrieved December 26, 2020, from
https://www.oecd.org/finance/ESG-Investing-Practices-Progress-Challenges.pdf
26. Pankratz, N. M. C., Bauer, R., Derwall, J.(2018) Climate Change, Firm Performance, and Investor Surprise.
27. Peloza, J. (2009). The Challenge of Measuring Financial Impacts From Investments in Corporate Social Performance. Journal of Management, 35, 6, 1518–1541.
28. Preston, L. E., & O’Bannon, D. P. (1997). The Corporate Social-Financial Performance Relationship: A Typology and Analysis. Business & Society, 36(4), 419–429.
29. Richardson, A. J., & Welker, M.. (2001). Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organizations and Society, 26(7-8), 597–616.
30. Robertson, D.C., Nicholson, N. (1996) Expressions of corporate social responsibility in U.K. firms. J Bus Ethics 15, 1095–1106
31. Robinson, S., Simons, R., Lee, E. (2017) Which Green Office Building Features Do Tenants Pay for? A Study of Observed Rental Effects, Journal of Real Estate Research, 39, 4, 467-492.
32. Vallentin.S. , Spence L. J. (2017)Strategic CSR: Ambitions and critiques, Corporate Social Responsibility: Strategy, Communication, Governance, Cambridge University Press, Cambridge, 63-85
33. Yeganeh, Y. H., & Barzegar, G. (2014). The Effect of Disclosure Level of Corporate Social Responsibility (CSR) on Corporate Financial Performance (CFP) in Tehran Stock Exchange. International Journal of Accounting Research, 1, 11, 43–51.
34. Yu, H.-C., Kuo, L., & Kao, M.-F.. (2017). The relationship between CSR disclosure and competitive advantage. Sustainability Accounting, Management and Policy Journal, 8, 5, 547–570.
35. Zerbib, O. D. (2018) The effect of pro-environmental preferences on bond prices: Evidence from green bonds, Journal of Banking and Finance, 98, 39-60.

 
二、中文文獻
1. 池祥萱、繆文娟與莊瀅臻(2014)，企業社會責任對於公司財務績效之影響是雙面刃嗎？來自全球500大公司的證據，管理學報，第31卷第1期，1-19。
2. 沈中華與張元 (2008)，「企業社會責任行為可以改善財務績效嗎?－以英國 FTSE 社會責任指數為例」，經濟論文，第36卷第3期，339-385。
3. 李秀英、劉俊儒、楊筱翎，2011年，企業社會責任與公司績效之關聯性，東海管理評論，13卷1期:77-112。
4. 黃家齊(2000)，「企業社會績效研究-社會責任表現、企業聲望與財務績效關聯性之實證分析」，亞太管理評論，5 卷3 期：367-380。
5. 劉美纓、丁碧慧與朱奐聿(2014)，「企業社會責任與公司治理、公司績效之關連性研究」，第17期，17-30。
描述 碩士
國立政治大學
風險管理與保險學系
107358029
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107358029
資料類型 thesis
dc.contributor.advisor 楊曉文<br>黃泓智zh_TW
dc.contributor.author (作者) 施凱珍zh_TW
dc.contributor.author (作者) See, Kai-Chenen_US
dc.creator (作者) 施凱珍zh_TW
dc.creator (作者) See, Kai-Chenen_US
dc.date (日期) 2021en_US
dc.date.accessioned 2-三月-2021 14:20:05 (UTC+8)-
dc.date.available 2-三月-2021 14:20:05 (UTC+8)-
dc.date.issued (上傳時間) 2-三月-2021 14:20:05 (UTC+8)-
dc.identifier (其他 識別碼) G0107358029en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/134026-
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) 107358029zh_TW
dc.description.abstract (摘要) 在過去數十年已有許多企業社會責任、ESG以及財務績效間的相關研究。雖然許多研究已經探討了這個議題，但其結果仍不一致，而產生這些不同結果的其中一個潛在可能原因是，大部分先前的論文所採用的ESG資料並未依照產業區分對各公司而言哪些是較為重要的永續議題。故本研究以2012至2018年為樣本期間，先使用Bloomberg資料庫中的ESG揭露分數，探討ESG揭露分數與財務績效之關係，並以Bloomberg資料庫內的ESG項目，依照SASB準則分類對每個行業來說較為重要的ESG議題(即重大性議題)進行分類，重新計算出一個新的重大性議題分數(SASB分數)後，探討SASB分數對財務績效之關聯性。
實證結果指出ESG揭露分數與財務績效無顯著關係，而SASB分數與財務績效（ROA、ROE以及Tobin’s Q）呈顯著正相關，與Khan et al.(2016)之結論一致，在重大性永續議題上表現良好的公司其財務績效明顯優於在這些議題上表現不佳的公司，這意味著公司以重大性議題為參考從事企業社會責任可提高公司的財務績效。		zh_TW
dc.description.abstract (摘要) In the past decade, there have been many related studies on Corporate Social Responsibility (CSR), ESG and financial performance. Although many studies have explored this issue, the results are still inconsistent. One potential reason for the mixed results is that the ESG data used in previous papers did not distinguish the sustainability issues that are critical to each company according to the industry. Therefore, our study uses the ESG disclosure scores in the Bloomberg ESG database as the sample for the period from 2012 to 2018 to explore the relationship between ESG disclosure scores and financial performance. We develop a material score (SASB Score) by hand-mapping data on Bloomberg ESG database classified as material for each industry into firm-specific performance data according to SASB standards to discuss the relationship of SASB scores and financial performance.
We find that ESG disclosure scores have no significant relationship with financial performance, while SASB scores are significantly positively correlated with financial performance (ROA, ROE, and Tobin`s Q), which are consistent with the conclusions of Khan et al. (2016). The financial performance of companies that perform well on material issues is significantly better than companies that perform poorly on these issues.It means that companies that use material issues as a reference to engage in CSR can improve company’s financial performance.		en_US
dc.description.tableofcontents 第一章 緒論 6
第一節 研究動機與目的 6
第二節 研究架構 12
第二章 文獻探討 13
第一節 企業社會責任定義與意涵 13
第二節 企業社會責任揭露(CSRD)與財務績效相關文獻 15
第三節 企業社會責任與企業財務績效相關文獻 16
第四節 SASB相關文獻 20
第三章 研究方法 21
第一節 研究樣本 21
第二節 研究假說 22
第三節 變數衡量 22
第四節 實證模型 32
第四章 實證結果分析 33
第一節 敘述統計 33
第二節 相關係數 34
第三節 實證結果分析 36
第五章 結論 38
第一節 研究結論 38
第二節 研究限制與建議 39
第六章 附錄 41
第七章 參考文獻 45		zh_TW
dc.format.extent 2601856 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107358029en_US
dc.subject (關鍵詞) CSRzh_TW
dc.subject (關鍵詞) ESGzh_TW
dc.subject (關鍵詞) 重大性議題zh_TW
dc.subject (關鍵詞) SASBzh_TW
dc.subject (關鍵詞) 財務績效zh_TW
dc.subject (關鍵詞) CSRen_US
dc.subject (關鍵詞) ESGen_US
dc.subject (關鍵詞) Material Issuesen_US
dc.subject (關鍵詞) SASBen_US
dc.subject (關鍵詞) Financial Performanceen_US
dc.title (題名) 採SASB準則下ESG重大性議題與財務績效之探討zh_TW
dc.title (題名) A Study of Material ESG SASB Factors and Firm Financial Performanceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、英文文獻
1. Amel-Zadeh, A., & Serafeim, G.. (2018). Why and How Investors Use ESG Information: Evidence from a Global Survey, Financial Analysts Journal, 74, 3, 87-103.
2. Anderson, J., & Frankle, A. (1980). Voluntary Social Reporting: An Iso-Beta Portfolio Analysis. The Accounting Review, 55, 3, 467-479.
3. Bragdon, Joseph H., Jr. , & John A. T. Marlin (1972). Is pollution profitable? , Risk Management, 19, 9-18.
4. Cahan, S. F., Chen, C., Chen, L., & Nguyen, N. H.. (2015). Corporate social responsibility and media coverage. Journal of Banking & Finance, 59, 409-422.
5. Consolandi, C., Eccles, R. G., & Gabbi, G.. (2020). How material is a material issue? Stock returns and the financial relevance and financial intensity of ESG materiality, Journal of Sustainable Finance & Investment, 1-24.
6. Dahlsrud, A.. (2008). How corporate social responsibility is defined: an analysis of 37 definitions. Corporate Social Responsibility and Environmental Management, 15, 1, 1-13.
7. Eccles, R., & G., Serafeim. (2013). The Performance Frontier: Innovating for a Sustainable Strategy. Harvard Business Review, 91, 5, 50–60.
8. Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Massachusetts: Pitman Publishing Inc., Boston.
9. Friede, G., Busch, T., & Bassen, A.. (2015) ESG and Financial Performance: Aggregated Evidence from More than 2000 Empirical Studies, Journal of Sustainable Finance & Investment, 5, 4, 210-233.
10. Friedman, M. (1970), The Social Responsibility of Business is to Increase its
Profits, New York Times Magazine, 32-33, 122-126.
11. Gray, R., Javad, M., Power, D. M., & Sinclair, C. D.. (2001). Social and Environmental Disclosure and Corporate Characteristics: A Research Note and Extension. Journal of Business Finance & Accounting, 28(3-4), 327–356.
12. Giannarakis, G., Konteos, G. & Sariannidis, N. (2014), "Financial, governance and environmental determinants of corporate social responsible disclosure", Management Decision, Vol. 52 No. 10, pp. 1928-1951.
13. Goss, A., Roberts, G.,S.,(2011) The impact of corporate social responsibility on the cost of bank loans, Journal of Banking & Finance, 35, 7, 1794-1810.
14. Griffin, J. J. & Mahon, J. F. (1997) The Corporate Social Performance and Corporate Financial Performance Debate, Business and Society, 36, 1, 5-31.
15. Henriksson, R., Livnat, joshua , Pfeifer, P., & Stumpp, M. (2019)Integrating ESG in Portfolio Construction, The Journal of Portfolio Management, 45, 95-4918.
16. Hillman. A. J., G.D. Keim, G. D.(2001) Shareholder value, stakeholder management, and social issues: what’s the bottom line? Strateg. Manag. J., 22, 125-139
17. Jo, H., & Harjoto, M. A.. (2012). The Causal Effect of Corporate Governance on Corporate Social Responsibility. Journal of Business Ethics, 106(1), 53–72.
18. Khan, M., Serafeim, G., & Yoon, A.. (2016). Corporate Sustainability: First Evidence on Materiality. The Accounting Review, 91(6), 1697–1724.
19. Kiesel, F., Lücke, F.(2019) ESG in credit ratings and the impact on financial markets, Financial Markets, Inst. & Inst, 28, 263–290.
20. Kim, B., & Lee, S.. (2020). The impact of material and immaterial sustainability on firm performance: The moderating role of franchising strategy. Tourism Management, 77, 103999
21. KPMG Survey of Corporate Responsibility Reporting (2020), Retrieved December 26, 2020, from https://assets.kpmg/content/dam/kpmg/xx/pdf/2020/11/the-time-has-come.pdf
22. Li, Y., Gong, M., Zhang, X.-Y., & Koh, L.. (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
23. Matten, D., & Moon, J.. (2008). “Implicit” and “Explicit” CSR: A Conceptual Framework for a Comparative Understanding of Corporate Social Responsibility. Academy of Management Review, 33(2), 404–424.
24. Ntiamoah, E. B., Egyiri, P. O., & Kwamega, M.. (2014). Corporate Social Responsibility Awareness, Firm Commitment and Organizational Performance. Journal of Human Resource and Sustainability Studies, 02(02), 91–101.
25. OECD(2020), ESG Investing: Practices, Progress and Challenges, Retrieved December 26, 2020, from
https://www.oecd.org/finance/ESG-Investing-Practices-Progress-Challenges.pdf
26. Pankratz, N. M. C., Bauer, R., Derwall, J.(2018) Climate Change, Firm Performance, and Investor Surprise.
27. Peloza, J. (2009). The Challenge of Measuring Financial Impacts From Investments in Corporate Social Performance. Journal of Management, 35, 6, 1518–1541.
28. Preston, L. E., & O’Bannon, D. P. (1997). The Corporate Social-Financial Performance Relationship: A Typology and Analysis. Business & Society, 36(4), 419–429.
29. Richardson, A. J., & Welker, M.. (2001). Social disclosure, financial disclosure and the cost of equity capital. Accounting, Organizations and Society, 26(7-8), 597–616.
30. Robertson, D.C., Nicholson, N. (1996) Expressions of corporate social responsibility in U.K. firms. J Bus Ethics 15, 1095–1106
31. Robinson, S., Simons, R., Lee, E. (2017) Which Green Office Building Features Do Tenants Pay for? A Study of Observed Rental Effects, Journal of Real Estate Research, 39, 4, 467-492.
32. Vallentin.S. , Spence L. J. (2017)Strategic CSR: Ambitions and critiques, Corporate Social Responsibility: Strategy, Communication, Governance, Cambridge University Press, Cambridge, 63-85
33. Yeganeh, Y. H., & Barzegar, G. (2014). The Effect of Disclosure Level of Corporate Social Responsibility (CSR) on Corporate Financial Performance (CFP) in Tehran Stock Exchange. International Journal of Accounting Research, 1, 11, 43–51.
34. Yu, H.-C., Kuo, L., & Kao, M.-F.. (2017). The relationship between CSR disclosure and competitive advantage. Sustainability Accounting, Management and Policy Journal, 8, 5, 547–570.
35. Zerbib, O. D. (2018) The effect of pro-environmental preferences on bond prices: Evidence from green bonds, Journal of Banking and Finance, 98, 39-60.

 
二、中文文獻
1. 池祥萱、繆文娟與莊瀅臻(2014)，企業社會責任對於公司財務績效之影響是雙面刃嗎？來自全球500大公司的證據，管理學報，第31卷第1期，1-19。
2. 沈中華與張元 (2008)，「企業社會責任行為可以改善財務績效嗎?－以英國 FTSE 社會責任指數為例」，經濟論文，第36卷第3期，339-385。
3. 李秀英、劉俊儒、楊筱翎，2011年，企業社會責任與公司績效之關聯性，東海管理評論，13卷1期:77-112。
4. 黃家齊(2000)，「企業社會績效研究-社會責任表現、企業聲望與財務績效關聯性之實證分析」，亞太管理評論，5 卷3 期：367-380。
5. 劉美纓、丁碧慧與朱奐聿(2014)，「企業社會責任與公司治理、公司績效之關連性研究」，第17期，17-30。		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202100289en_US