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題名 亞洲新興國家之ESG 對財務績效的影響： 經濟E、社會S、或治理G的影響力較大？
E, S, or G? The Effect of ESG on Financial Performance in Asian Emerging Markets
作者 郭鎧明
Goetze, Klemens
貢獻者 林月雲
Lin, Carol
郭鎧明
Klemens Goetze
關鍵詞 企業社會責任(CSR)
環境、社會、治理 (ESG)
中國
印度
印尼
馬來西亞
南韓
菲律賓
台灣
泰國
發展中國家
Corporate Social Responsibility (CSR)
Environmental, Social, and Governance (ESG)
China
India
Indonesia
Malaysia
South Korea
Philippines
Taiwan
Thailand
Developing Countries
日期 2022
上傳時間 1-Jul-2022 16:18:20 (UTC+8)
摘要 This thesis adds an Asian emerging markets perspective to the long-running debate discussing the association of environmental, social, and governance (ESG) criteria with corporate financial performance (CFP). While evidence from frontier economies tends towards a positive ESG – CFP connotation, the phenomenon is yet scarcely investigated in emerging markets, especially within the Asian context. To address this research gap, ten linear models based on 3,270 observations from 327 firms headquartered in China, India, Indonesia, Republic of Korea (S. Korea), Malaysia, Philippines, Taiwan, and Thailand from 2012 to 2021 were subject to this thesis. The results indicate a significant positive relationship between ESG and financial return as well as firm value, both complementary to an approximation of overall financial performance. Observed effects were particularly vigorous for social aspects, which is in line with Asian companies’ age-old tradition of giving back to the community. Moreover, the empirical analysis provides evidence for a significant positive moderating effect of financial slack on the ESG – CFP link, suggesting both stakeholder theory and slack resources act simultaneously and reinforcingly resulting in a virtuous cycle.
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描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
110933069
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110933069
資料類型 thesis
dc.contributor.advisor 林月雲zh_TW
dc.contributor.advisor Lin, Carolen_US
dc.contributor.author (Authors) 郭鎧明zh_TW
dc.contributor.author (Authors) Klemens Goetzeen_US
dc.creator (作者) 郭鎧明zh_TW
dc.creator (作者) Goetze, Klemensen_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-Jul-2022 16:18:20 (UTC+8)-
dc.date.available 1-Jul-2022 16:18:20 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2022 16:18:20 (UTC+8)-
dc.identifier (Other Identifiers) G0110933069en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140647-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營管理英語碩士學位學程(IMBA)zh_TW
dc.description (描述) 110933069zh_TW
dc.description.abstract (摘要) This thesis adds an Asian emerging markets perspective to the long-running debate discussing the association of environmental, social, and governance (ESG) criteria with corporate financial performance (CFP). While evidence from frontier economies tends towards a positive ESG – CFP connotation, the phenomenon is yet scarcely investigated in emerging markets, especially within the Asian context. To address this research gap, ten linear models based on 3,270 observations from 327 firms headquartered in China, India, Indonesia, Republic of Korea (S. Korea), Malaysia, Philippines, Taiwan, and Thailand from 2012 to 2021 were subject to this thesis. The results indicate a significant positive relationship between ESG and financial return as well as firm value, both complementary to an approximation of overall financial performance. Observed effects were particularly vigorous for social aspects, which is in line with Asian companies’ age-old tradition of giving back to the community. Moreover, the empirical analysis provides evidence for a significant positive moderating effect of financial slack on the ESG – CFP link, suggesting both stakeholder theory and slack resources act simultaneously and reinforcingly resulting in a virtuous cycle.en_US
dc.description.tableofcontents Acknowledgements i
     Abstract ii
     List of Figures vi
     List of Tables vii
     List of Abbreviations viii
     Keywords ix
     1. Introduction 1
     1.1. Motivation and Research Question 1
     1.2. Methods and Structural Framework 2
     2. Theoretical Foundations 4
     2.1. Definition of ESG 4
     2.2. Complementary Concepts to ESG 5
     2.2.1. Socially Responsible Investment (SRI) 6
     2.2.2. Corporate Social Responsibility (CSR) 6
     2.2.3. Corporate governance (CG) 8
     2.2.4. Convergence of Sustainability Concepts to ESG 9
     2.3. Why Act Responsibly? Non-Financial Implications of ESG 9
     2.4. ESG in Asian Emerging Markets 10
     2.5. The Theoretical Relationship between ESG and Financial Performance 12
     2.5.1. Shareholder Theory 12
     2.5.2. Stakeholder Theory 13
     2.5.3. Slack Resources Theory 14
     2.5.4. Summary of Theories 14
     3. Literature Review 15
     3.1. Positive Effect of ESG on Financial Performance 15
     3.2. Negative Effect of ESG on Financial Performance 16
     3.3. Indirect Effect of ESG on Financial Performance 17
     3.4. Summary 18
     4. Hypotheses and Research Model 19
     4.1. ESG and Financial Performance (H1 & H2) 19
     4.1.1. ESG and Financial Return (H1) 19
     4.1.2. ESG and Firm Value (H2) 20
     4.2. Moderating Effect of Financial Slack (H3 & H4) 21
     4.3. Research Model 22
     5. Methodology 23
     5.1. Data 23
     5.1.1. Data Sample 23
     5.1.2. ESG Data 24
     5.1.3. Financial Data 27
     5.2. Variables 29
     5.2.1. Financial Performance Measurements as Dependent Variables 29
     5.2.2. ESG Scores as Independent Variables 30
     5.2.3. Financial Slack as Moderating Variable 31
     5.2.4. Market Information as Control Variables 31
     5.3. Regression Models 35
     5.3.1. ESG and Financial Performance 35
     5.3.2. Moderating Effect of Slack on ESG and Financial Performance 37
     5.3.3. Model Diagnostics 38
     6. Results 41
     6.1. Descriptive Statistics 41
     6.1.1. Asian Emerging Markets Distribution 41
     6.1.2. Sector Distribution 42
     6.1.3. Descriptive Statistics of Non-Adjusted Variables 43
     6.1.4. Adjustment of Data 45
     6.1.5. Visualization of Variable Distribution 46
     6.1.6. Descriptive Statistics of Adjusted Variables 50
     6.2. Correlation 51
     6.3. Model Diagnostic Results 53
     6.3.1. Endogeneity Test 53
     6.3.2. Multicollinearity Test 54
     6.3.3. Heteroscedasticity Test 54
     6.3.4. Robustness Test 54
     6.4. Regression Results 55
     6.4.1. ESG and Financial Return (H1) 55
     6.4.2. ESG and Firm Value (H2) 58
     6.4.3. Slack’s Effect on ESG and Financial Performance (H3 & H4) 60
     7. Discussion and Conclusion 62
     References 66
     Appendix 82		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110933069en_US
dc.subject (關鍵詞) 企業社會責任(CSR)zh_TW
dc.subject (關鍵詞) 環境、社會、治理 (ESG)zh_TW
dc.subject (關鍵詞) 中國zh_TW
dc.subject (關鍵詞) 印度zh_TW
dc.subject (關鍵詞) 印尼zh_TW
dc.subject (關鍵詞) 馬來西亞zh_TW
dc.subject (關鍵詞) 南韓zh_TW
dc.subject (關鍵詞) 菲律賓zh_TW
dc.subject (關鍵詞) 台灣zh_TW
dc.subject (關鍵詞) 泰國zh_TW
dc.subject (關鍵詞) 發展中國家zh_TW
dc.subject (關鍵詞) Corporate Social Responsibility (CSR)en_US
dc.subject (關鍵詞) Environmental, Social, and Governance (ESG)en_US
dc.subject (關鍵詞) Chinaen_US
dc.subject (關鍵詞) Indiaen_US
dc.subject (關鍵詞) Indonesiaen_US
dc.subject (關鍵詞) Malaysiaen_US
dc.subject (關鍵詞) South Koreaen_US
dc.subject (關鍵詞) Philippinesen_US
dc.subject (關鍵詞) Taiwanen_US
dc.subject (關鍵詞) Thailanden_US
dc.subject (關鍵詞) Developing Countriesen_US
dc.title (題名) 亞洲新興國家之ESG 對財務績效的影響： 經濟E、社會S、或治理G的影響力較大？zh_TW
dc.title (題名) E, S, or G? The Effect of ESG on Financial Performance in Asian Emerging Marketsen_US
dc.type (資料類型) thesisen_US
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dc.identifier.doi (DOI) 10.6814/NCCU202200506en_US