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題名 自願發布 SASB 報告書之動機探討
Motivation for Voluntary Disclosure CSR Report in SASB - Framework
作者 施諺樺
Shih, Yen-Hua
貢獻者 黃嘉威
Huang, Chia-Wei
施諺樺
Shih, Yen-Hua
關鍵詞 自願揭露
SASB
ESG
資本市場
財務績效
Voluntary disclosure
SASB
ESG
Capital market
Financial performance
日期 2022
上傳時間 1-Jul-2022 16:07:21 (UTC+8)
摘要 本研究欲探討公司自願性發布 SASB 報告書之動機。過去文獻在研究企業社會責任的自願揭露動機中，鮮少有人提及關於資本市場面的議題，因此，本研究以2017至2021年之美國上市公司為研究對象，探究在需要支付成本的情況之下，公司仍選擇自願發布 SASB 報告書之動機，並將動機分為: (1) 發布前ESG揭露程度及資本市場特性差異；(2) 發布後的增額效益兩個層面做探討。發布前部分，實證結果發現，具有較優異的ESG揭露程度、較高的機構投資人持股、較多的分析師追蹤數目以及較佳的流動性的特性為驅使公司自願發布 SASB 報告書之動機，符合自願揭露假說。而就發布後效益，本研究發現發布 SASB報告書後一年，能提升公司之ESG揭露程度、吸引更多分析師的關注以及促進了公司的流動性，機構投資人持股比例則會隨之下降。最後，公司發布 SASB 報告書對於後一年對短期績效表現(ROA)有負面影響，對長期績效(Tobin’s Q)有正面影響，代表發布 SASB 報告書可能與財務績效之間存在U型曲線關係，對企業社會責任活動的投資可能不會立即得到回報，但在累積到一定的水平後終將會得到正面效果。
This study investigates the motivation for disclosing voluntary non-financial information by adopting SASB-framework. The study contributes to existing voluntary sustainability disclosure literature by examining whether such voluntary disclosure is associated with the capital market side. Using a sample of US-listed companies between 2017 and 2021, we explore the motivations behind companies choosing to voluntarily initiate SASB reports despite many costs such as personnel and consulting costs. We divide the motivation into two aspects: differences in characteristics of ESG disclosure capabilities and the capital market before the initiation of the SASB report and benefits of voluntary disclosure of non-financial information. Firstly, in terms of the differences in characteristics, we find that the likelihood of a firm initiating a SASB report is associated with a higher prior-year ESG disclosure capabilities, institutional investor holdings, numbers of analysts to follow, and better liquidity, echoing voluntary disclosure theory. Secondly, we also find that firms initiating SASB reports can further boost ESG disclosure capabilities, attract more analyst coverage and enhance liquidity, but the proportion of institutional investors` shareholding will decrease accordingly. Finally, firms initiating SASB reports hurt the short-term financial performance (ROA) in the following year and had a positive impact on the long-term financial performance (Tobin`s Q), which means that there may be a U-shaped curve relationship between the initiation of the SASB report and financial performance. This suggests investing in social corporate responsibility activities may not pay off immediately, but it will eventually pay off when it accumulates to a certain level.
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程心瑤. (2011). 公司治理與企業責任報告之揭露.會計評論,(52),35-76.
Agrawal, A., & Mandelker, G. N. (1990). Large shareholders and the monitoring of managers: The case of antitakeover charter amendments. Journal of Financial and Quantitative Analysis, 25(2), 143-161.
Al-Tuwaijri, S. A., Christensen, T. E., & Hughes Ii, K. E. (2004). The relations among environmental disclosure, environmental performance, and economic performance: a simultaneous equations approach. Accounting, Organizations and Society, 29(5-6), 447-471.
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.
Aupperle, K. E., Carroll, A. B., & Hatfield, J. D. (1985). An empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal, 28(2), 446-463.
Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97(1), 71-86.
Beekes, W., & Brown, P. (2006). Do better‐governed Australian firms make more informative disclosures?. Journal of Business Finance & Accounting, 33(3‐4), 422-450.
Black, B., & Kim, W. (2012). The effect of board structure on firm value: A multiple identification strategies approach using Korean data. Journal of Financial Economics, 104(1), 203-226.
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Botosan, C. A. (1997). Disclosure level and the cost of equity capital. Accounting Review, 323-349.
Byrd, J. W., & Hickman, K. A. (1992). Do outside directors monitor managers?: Evidence from tender offer bids. Journal of Financial Economics, 32(2), 195-221.
Chan, K., Chung, Y. P., & Fong, W. M. (2002). The informational role of stock and option volume. The Review of Financial Studies, 15(4), 1049-1075.
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Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic management journal, 35(1), 1-23.
Cho, C. H., & Patten, D. M. (2013). Green accounting: Reflections from a CSR and environmental disclosure perspective. Critical Perspectives on Accounting, 24(6), 443-447.
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Cormier, D., & Gordon, I. M. (2001). An examination of social and environmental reporting strategies. Accounting, Auditing & Accountability Journal.
Czerwińska, T., & Kaźmierkiewicz, P. (2015). ESG rating in investment risk analysis of companies listed on the public market in Poland. Economic Notes: Review of Banking, Finance and Monetary Economics, 44(2), 211-248.
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Depoers, F. (2000). A cost benefit study of voluntary disclosure: some empirical evidence from French listed companies. European Accounting Review, 9(2), 245-263.
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描述 碩士
國立政治大學
財務管理學系
109357017
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109357017
資料類型 thesis
dc.contributor.advisor 黃嘉威zh_TW
dc.contributor.advisor Huang, Chia-Weien_US
dc.contributor.author (Authors) 施諺樺zh_TW
dc.contributor.author (Authors) Shih, Yen-Huaen_US
dc.creator (作者) 施諺樺zh_TW
dc.creator (作者) Shih, Yen-Huaen_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-Jul-2022 16:07:21 (UTC+8)-
dc.date.available 1-Jul-2022 16:07:21 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2022 16:07:21 (UTC+8)-
dc.identifier (Other Identifiers) G0109357017en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140589-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 109357017zh_TW
dc.description.abstract (摘要) 本研究欲探討公司自願性發布 SASB 報告書之動機。過去文獻在研究企業社會責任的自願揭露動機中，鮮少有人提及關於資本市場面的議題，因此，本研究以2017至2021年之美國上市公司為研究對象，探究在需要支付成本的情況之下，公司仍選擇自願發布 SASB 報告書之動機，並將動機分為: (1) 發布前ESG揭露程度及資本市場特性差異；(2) 發布後的增額效益兩個層面做探討。發布前部分，實證結果發現，具有較優異的ESG揭露程度、較高的機構投資人持股、較多的分析師追蹤數目以及較佳的流動性的特性為驅使公司自願發布 SASB 報告書之動機，符合自願揭露假說。而就發布後效益，本研究發現發布 SASB報告書後一年，能提升公司之ESG揭露程度、吸引更多分析師的關注以及促進了公司的流動性，機構投資人持股比例則會隨之下降。最後，公司發布 SASB 報告書對於後一年對短期績效表現(ROA)有負面影響，對長期績效(Tobin’s Q)有正面影響，代表發布 SASB 報告書可能與財務績效之間存在U型曲線關係，對企業社會責任活動的投資可能不會立即得到回報，但在累積到一定的水平後終將會得到正面效果。zh_TW
dc.description.abstract (摘要) This study investigates the motivation for disclosing voluntary non-financial information by adopting SASB-framework. The study contributes to existing voluntary sustainability disclosure literature by examining whether such voluntary disclosure is associated with the capital market side. Using a sample of US-listed companies between 2017 and 2021, we explore the motivations behind companies choosing to voluntarily initiate SASB reports despite many costs such as personnel and consulting costs. We divide the motivation into two aspects: differences in characteristics of ESG disclosure capabilities and the capital market before the initiation of the SASB report and benefits of voluntary disclosure of non-financial information. Firstly, in terms of the differences in characteristics, we find that the likelihood of a firm initiating a SASB report is associated with a higher prior-year ESG disclosure capabilities, institutional investor holdings, numbers of analysts to follow, and better liquidity, echoing voluntary disclosure theory. Secondly, we also find that firms initiating SASB reports can further boost ESG disclosure capabilities, attract more analyst coverage and enhance liquidity, but the proportion of institutional investors` shareholding will decrease accordingly. Finally, firms initiating SASB reports hurt the short-term financial performance (ROA) in the following year and had a positive impact on the long-term financial performance (Tobin`s Q), which means that there may be a U-shaped curve relationship between the initiation of the SASB report and financial performance. This suggests investing in social corporate responsibility activities may not pay off immediately, but it will eventually pay off when it accumulates to a certain level.en_US
dc.description.tableofcontents 致謝辭 I
摘要 II
Abstract III
目錄 IV
圖表目錄 V
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 永續會計準則委員會(SASB)介紹 3
第貳章 文獻探討與假說發展 6
第一節 自願性資訊揭露理論 6
第二節 自願性資訊揭露與資本市場特性 7
第三節 ESG 揭露與財務績效之關係 8
第四節 SASB 揭露與財務績效之關係 10
第五節 假說建立 11
第參章 研究方法與設計 15
第一節 資料來源與研究期間 15
第二節 實證模型 17
第肆章 實證結果分析 27
第一節 敘述統計分析 27
第二節 相關性分析 32
第三節 實證結果分析 34
第伍章 結論與建議 41
第一節 結論 41
第二節 研究限制及後續研究建議 42
參考文獻 44		zh_TW
dc.format.extent 2217092 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109357017en_US
dc.subject (關鍵詞) 自願揭露zh_TW
dc.subject (關鍵詞) SASBzh_TW
dc.subject (關鍵詞) ESGzh_TW
dc.subject (關鍵詞) 資本市場zh_TW
dc.subject (關鍵詞) 財務績效zh_TW
dc.subject (關鍵詞) Voluntary disclosureen_US
dc.subject (關鍵詞) SASBen_US
dc.subject (關鍵詞) ESGen_US
dc.subject (關鍵詞) Capital marketen_US
dc.subject (關鍵詞) Financial performanceen_US
dc.title (題名) 自願發布 SASB 報告書之動機探討zh_TW
dc.title (題名) Motivation for Voluntary Disclosure CSR Report in SASB - Frameworken_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 郭敏華. (2001). 財務報表分析, 智勝文化.
程心瑤. (2011). 公司治理與企業責任報告之揭露.會計評論,(52),35-76.
Agrawal, A., & Mandelker, G. N. (1990). Large shareholders and the monitoring of managers: The case of antitakeover charter amendments. Journal of Financial and Quantitative Analysis, 25(2), 143-161.
Al-Tuwaijri, S. A., Christensen, T. E., & Hughes Ii, K. E. (2004). The relations among environmental disclosure, environmental performance, and economic performance: a simultaneous equations approach. Accounting, Organizations and Society, 29(5-6), 447-471.
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.
Aupperle, K. E., Carroll, A. B., & Hatfield, J. D. (1985). An empirical examination of the relationship between corporate social responsibility and profitability. Academy of Management Journal, 28(2), 446-463.
Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics, 97(1), 71-86.
Beekes, W., & Brown, P. (2006). Do better‐governed Australian firms make more informative disclosures?. Journal of Business Finance & Accounting, 33(3‐4), 422-450.
Black, B., & Kim, W. (2012). The effect of board structure on firm value: A multiple identification strategies approach using Korean data. Journal of Financial Economics, 104(1), 203-226.
Bosworth, D., & Rogers, M. (2001). Market value, R&D and intellectual property: an empirical analysis of large Australian firms. Economic Record, 77(239), 323-337.
Botosan, C. A. (1997). Disclosure level and the cost of equity capital. Accounting Review, 323-349.
Byrd, J. W., & Hickman, K. A. (1992). Do outside directors monitor managers?: Evidence from tender offer bids. Journal of Financial Economics, 32(2), 195-221.
Chan, K., Chung, Y. P., & Fong, W. M. (2002). The informational role of stock and option volume. The Review of Financial Studies, 15(4), 1049-1075.
Chatterji, A. K., Durand, R., Levine, D. I., & Touboul, S. (2016). Do ratings of firms converge? Implications for managers, investors and strategy researchers. Strategic Management Journal, 37(8), 1597-1614.
Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic management journal, 35(1), 1-23.
Cho, C. H., & Patten, D. M. (2013). Green accounting: Reflections from a CSR and environmental disclosure perspective. Critical Perspectives on Accounting, 24(6), 443-447.
Cho, S. J., Chung, C. Y., & Young, J. (2019). Study on the Relationship between CSR and Financial Performance. Sustainability, 11(2), 343.
Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2008). Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society, 33(4-5), 303-327.
Cormier, D., & Gordon, I. M. (2001). An examination of social and environmental reporting strategies. Accounting, Auditing & Accountability Journal.
Czerwińska, T., & Kaźmierkiewicz, P. (2015). ESG rating in investment risk analysis of companies listed on the public market in Poland. Economic Notes: Review of Banking, Finance and Monetary Economics, 44(2), 211-248.
Deegan, C., & Gordon, B. (1996). A study of the environmental disclosure practices of Australian corporations. Accounting and Business Research, 26(3), 187-199.
Depoers, F. (2000). A cost benefit study of voluntary disclosure: some empirical evidence from French listed companies. European Accounting Review, 9(2), 245-263.
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dc.identifier.doi (DOI) 10.6814/NCCU202200608en_US