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題名 ESG對公司行銷策略之影響
The impact of ESG on corporate marketing strategies作者 楊淯婷 貢獻者 蘇威傑
楊淯婷關鍵詞 ESG 分數
企業社會責任
行銷策略
競爭行為
公司治理
ESG scores
Corporate social responsibility
Marketing strategy
Competitive behaviors
Corporate governance日期 2023 上傳時間 6-Jul-2023 16:29:39 (UTC+8) 摘要 好的行銷策略能夠塑造公司競爭力，幫助企業提升形象和知名度。透過觀察市場，我們會發現各公司行銷策略的綜合市場情緒和行銷行為數量都不同，分別隱含的意義也不同，對於企業的長期經營具有一定的重要性。近年來，在可能影響行銷策略的因素之中， ESG 已經成為公司決策時的核心議題。ESG表現的優劣會改變品牌價值，所以我們同樣也會發現表現有差異的公司存在著不同的綜合市場情緒和行銷行為數量。因此，這引發對於「公司的ESG表現好壞是否會對其行銷策略的綜合市場情緒和行銷行為數量造成改變」的疑問，希望藉此證明 ESG 的行銷價值，引導企業提升市場競爭力。本研究回顧企業社會責任與行銷策略的相關文獻，把行銷策略組合聚焦在新產品的釋出、廣告活動的推廣、產品價格的上升和下降這四種競爭行為，並推論出研究假設以探究 ESG 表現對行銷策略的綜合市場情緒和行銷行為數量兩方面的影響。本研究採用2015年至2020年台灣上市櫃企業的數據進行分析，其中以 TEJ 資料庫的 ESG分數衡量該公司的表現優劣並作為迴歸的自變數，而應變數則是分別用資料庫 RavenPack 中所選擇的四種競爭行為的平均綜合情緒分數和新聞數量總合來權衡。經過 OLS 迴歸得到以下結果：（1）ESG 評分的高低與行銷策略的綜合市場情緒呈現出顯著的正向相關性，特別是社會層面的評分；（2）ESG評分的高低與行銷策略的行為數量呈現出顯著的正向相關性，特別是環境層面的評分；（3）治理層面的評分則是三者之中顯著性較低的因素。這些結論可延伸出提供給經理人在制定行銷策略的意見：透過改進公司 ESG 的績效，能獲得更加正面的大眾回應或者增加相關的新聞篇數。若企業資源不足，則建議經理人優先策劃社會相關的活動或者放棄公司治理方面的投入。
A well-executed marketing strategy is crucial for enhancing a company`s competitiveness and elevating the recognition of its brand. It is evident in the market that each company adopts marketing strategies with varying sentiments and frequencies of marketing activities, which carrying a distinct significance that impacts the long-term success of the company. In recent years, ESG has emerged as a fundamental factor influencing corporate decision-making, including marketing strategies. With the potential to alter a company`s value, it is observed that companies with different ESG performances exhibit diverse levels of sentiment and marketing behaviors. This raises the question of whether a company`s ESG performance influences the sentiment and frequency of marketing activities in its marketing strategy. The objective is to showcase the marketing value of ESG and guide companies in enhancing their competitiveness in the marketplace.This study conducts the literature review on corporate social responsibility and competitive strategy with a specific focus on three kinds of competitive behaviors: new product launches, advertising campaigns and product price adjustments. Based on this, hypotheses are deduced to examine the impact of ESG performance on both market sentiment and the frequency of marketing behaviors. The study utilizes data from listed Taiwanese companies spanning from 2015 to 2020. The ESG score, derived from the TEJ database, serves as the dependent variable for regression analysis, while the average of composite sentiment scores and total number of news, obtained from the RavenPack database, are used as the independent variables. The OLS regressions yield the following results. First, ESG scores exhibit a significant positive correlation with market sentiment, particularly at the social level. In addition, ESG scores demonstrate a significant positive correlation with the frequency of marketing behaviors, particularly at the environmental level. Finally, governance scores appear to be less significant compared to the other two factors. These findings provide valuable insights for managers on how to enhance their company`s ESG performance to elicit a more positive public response and increase relevant news articles. In cases where corporate resources are limited, managers are advised to prioritize socially relevant activities or forego investments in governance.參考文獻 TEJ 台灣經濟新報（2022），【TEJ財金研究院】 TESG永續發展指標，https://medium.com/tej%E8%B2%A1%E9%87%91%E7%A0%94%E7%A9%B6%E9%99%A2/tej%E8%B2%A1%E9%87%91%E7%A0%94%E7%A9%B6%E9%99%A2tesg%E6%B0%B8%E7%BA%8C%E7%99%BC%E5%B1%95%E6%8C%87%E6%A8%99-62c6b33a0990，擷取日期：2023年4月18日Ailawadi, K. L., Lehmann, D. R., & Neslin, S. A. (2003). Revenue Premium as an OutcomeMeasure of Brand Equity. Journal of Marketing, 67(4), 1-17.Connelly, B. L., Tihanyi, L., Ketchen jr, D. J., Carnes, C. M., & Ferrier, W. J. (2017).Competitive Repertoire Complexity: Governance Antecedents and Performance Outcomes. Strategic Management Journal, 38, 1151–1173.Dang, V. T., Nguyen, N., & Pervan, S. (2020). Retailer Corporate Social Responsibility andConsumer Citizenship Behavior: The Mediating Roles of Perceived Consumer Effectiveness and Consumer Trust. Journal of Retailing and Consumer Services, 55, 102082.Day, G. S., Weitz, B. A., & Wensley, R. (Eds.). (1990). The Interface of Marketing andStrategy,4, Jai Press.Du, S., Bhattacharya, C.B., & Sen, S. (2007). Reaping Relational Rewards from CorporateSocial Responsibility: The Role of Competitive Positioning. International Journal of Research in Marketing, 24(3), 224–241.Ferrier, W. J. (2001). Navigating the Competitive Landscape: The Drivers and Consequencesof Competitive Aggressiveness. Academy of Management Journal, 44, 858-877.Flammer, C. (2014). Does Product Market Competition Foster Corporate SocialResponsibility? Evidence from Trade Liberalization. Strategic Management Journal, 36(10), 1469–1485.Friedman, M. (1970). The Social Responsibility of Business is to Increase its Profits. NewYork Times Magazine, 13 September, 13, 32-33.Godfrey, P. C. (2005). The Relationship between Corporate Philanthropy and ShareholderWealth: A Risk Management Perspective. Academy of Management Review, 30, 777-798.Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The Relationship between CorporateSocial Responsibility and Shareholder Value: An Empirical Test of the Risk Management Hypothesis. Strategic Management Journal, 30(4), 425–445.Hunt, S. D., & Morgan, R. M. (1995). The Comparative Advantage Theory of Competition.Journal of Marketing, 59(2), 1-15.Hur, W., Kim, H. & Woo, J. (2014). How CSR Leads to Corporate Brand Equity: MediatingMechanisms of Corporate Brand Credibility and Reputation. Journal of Business Ethics, 125, 75–86.McWilliams, A., Siegel, D., and Wright, P. (2006). Corporate Social Responsibility: StrategicImplications. Journal of Management Studies, 43(1), 1-18.Melo, T. & Galan, J. (2011). Effects of Corporate Social Responsibility on Brand Value.Journal of Brand Management, 18, 423–437.Ndofor, H. A., Sirmon, D. G., & He, X. (2011). Firm Resources, Competitive Actions andPerformance: Investigating a Mediated Model with Evidence from the In‐vitro Diagnostics Industry. Strategic Management Journal, 32(6), 640–657.Ramesh, K., Saha, R., Goswami, S., Sekar, & Dahiya, R. (2018). Consumer’s Response toCSR Activities: Mediating Role of Brand Image and Brand Attitude. Corporate Social Responsibility and Environmental Management, 26(2), 377–387.Shiu, Y., & Yang, S. (2017). Does Engagement in Corporate Social Responsibility ProvideStrategic Insurance-like Effects. Strategic Management Journal, 38, 455–470.Waddock, S. & Graves, S. (1997). The Corporate Social Performance-Financial PerformanceLink. Strategic Management Journal, 18, 303-319.Yu, X., & Xiao, K. (2022). Does ESG Performance Affect Firm Value? Evidence from a NewESG-Scoring Approach for Chinese Enterprises. Sustainability, 14(24), 16940. 描述 碩士
國立政治大學
國際經營與貿易學系
110351006資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110351006 資料類型 thesis dc.contributor.advisor 蘇威傑 zh_TW dc.contributor.author (Authors) 楊淯婷 zh_TW dc.creator (作者) 楊淯婷 zh_TW dc.date (日期) 2023 en_US dc.date.accessioned 6-Jul-2023 16:29:39 (UTC+8) - dc.date.available 6-Jul-2023 16:29:39 (UTC+8) - dc.date.issued (上傳時間) 6-Jul-2023 16:29:39 (UTC+8) - dc.identifier (Other Identifiers) G0110351006 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/145778 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營與貿易學系 zh_TW dc.description (描述) 110351006 zh_TW dc.description.abstract (摘要) 好的行銷策略能夠塑造公司競爭力，幫助企業提升形象和知名度。透過觀察市場，我們會發現各公司行銷策略的綜合市場情緒和行銷行為數量都不同，分別隱含的意義也不同，對於企業的長期經營具有一定的重要性。近年來，在可能影響行銷策略的因素之中， ESG 已經成為公司決策時的核心議題。ESG表現的優劣會改變品牌價值，所以我們同樣也會發現表現有差異的公司存在著不同的綜合市場情緒和行銷行為數量。因此，這引發對於「公司的ESG表現好壞是否會對其行銷策略的綜合市場情緒和行銷行為數量造成改變」的疑問，希望藉此證明 ESG 的行銷價值，引導企業提升市場競爭力。本研究回顧企業社會責任與行銷策略的相關文獻，把行銷策略組合聚焦在新產品的釋出、廣告活動的推廣、產品價格的上升和下降這四種競爭行為，並推論出研究假設以探究 ESG 表現對行銷策略的綜合市場情緒和行銷行為數量兩方面的影響。本研究採用2015年至2020年台灣上市櫃企業的數據進行分析，其中以 TEJ 資料庫的 ESG分數衡量該公司的表現優劣並作為迴歸的自變數，而應變數則是分別用資料庫 RavenPack 中所選擇的四種競爭行為的平均綜合情緒分數和新聞數量總合來權衡。經過 OLS 迴歸得到以下結果：（1）ESG 評分的高低與行銷策略的綜合市場情緒呈現出顯著的正向相關性，特別是社會層面的評分；（2）ESG評分的高低與行銷策略的行為數量呈現出顯著的正向相關性，特別是環境層面的評分；（3）治理層面的評分則是三者之中顯著性較低的因素。這些結論可延伸出提供給經理人在制定行銷策略的意見：透過改進公司 ESG 的績效，能獲得更加正面的大眾回應或者增加相關的新聞篇數。若企業資源不足，則建議經理人優先策劃社會相關的活動或者放棄公司治理方面的投入。 zh_TW dc.description.abstract (摘要) A well-executed marketing strategy is crucial for enhancing a company`s competitiveness and elevating the recognition of its brand. It is evident in the market that each company adopts marketing strategies with varying sentiments and frequencies of marketing activities, which carrying a distinct significance that impacts the long-term success of the company. In recent years, ESG has emerged as a fundamental factor influencing corporate decision-making, including marketing strategies. With the potential to alter a company`s value, it is observed that companies with different ESG performances exhibit diverse levels of sentiment and marketing behaviors. This raises the question of whether a company`s ESG performance influences the sentiment and frequency of marketing activities in its marketing strategy. The objective is to showcase the marketing value of ESG and guide companies in enhancing their competitiveness in the marketplace.This study conducts the literature review on corporate social responsibility and competitive strategy with a specific focus on three kinds of competitive behaviors: new product launches, advertising campaigns and product price adjustments. Based on this, hypotheses are deduced to examine the impact of ESG performance on both market sentiment and the frequency of marketing behaviors. The study utilizes data from listed Taiwanese companies spanning from 2015 to 2020. The ESG score, derived from the TEJ database, serves as the dependent variable for regression analysis, while the average of composite sentiment scores and total number of news, obtained from the RavenPack database, are used as the independent variables. The OLS regressions yield the following results. First, ESG scores exhibit a significant positive correlation with market sentiment, particularly at the social level. In addition, ESG scores demonstrate a significant positive correlation with the frequency of marketing behaviors, particularly at the environmental level. Finally, governance scores appear to be less significant compared to the other two factors. These findings provide valuable insights for managers on how to enhance their company`s ESG performance to elicit a more positive public response and increase relevant news articles. In cases where corporate resources are limited, managers are advised to prioritize socially relevant activities or forego investments in governance. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景與動機 1第二節 研究架構 4第二章 文獻回顧與假設推論 6第一節 企業社會責任 6第二節 公司行銷策略 7第三節 假設推論 8第三章 研究方法 13第一節 樣本選擇 13第二節 變數定義與衡量 13第三節 資料分析方法 19第四章 迴歸結果與分析 20第一節 敘述性統計 20第二節 實證結果 24第五章 討論與總結 38第一節 綜合討論 38第二節 管理意涵 39第三節 研究限制 40參考文獻 41 zh_TW dc.format.extent 2133729 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110351006 en_US dc.subject (關鍵詞) ESG 分數 zh_TW dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) 行銷策略 zh_TW dc.subject (關鍵詞) 競爭行為 zh_TW dc.subject (關鍵詞) 公司治理 zh_TW dc.subject (關鍵詞) ESG scores en_US dc.subject (關鍵詞) Corporate social responsibility en_US dc.subject (關鍵詞) Marketing strategy en_US dc.subject (關鍵詞) Competitive behaviors en_US dc.subject (關鍵詞) Corporate governance en_US dc.title (題名) ESG對公司行銷策略之影響 zh_TW dc.title (題名) The impact of ESG on corporate marketing strategies en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) TEJ 台灣經濟新報（2022），【TEJ財金研究院】 TESG永續發展指標，https://medium.com/tej%E8%B2%A1%E9%87%91%E7%A0%94%E7%A9%B6%E9%99%A2/tej%E8%B2%A1%E9%87%91%E7%A0%94%E7%A9%B6%E9%99%A2tesg%E6%B0%B8%E7%BA%8C%E7%99%BC%E5%B1%95%E6%8C%87%E6%A8%99-62c6b33a0990，擷取日期：2023年4月18日Ailawadi, K. L., Lehmann, D. R., & Neslin, S. A. (2003). Revenue Premium as an OutcomeMeasure of Brand Equity. Journal of Marketing, 67(4), 1-17.Connelly, B. L., Tihanyi, L., Ketchen jr, D. J., Carnes, C. M., & Ferrier, W. J. (2017).Competitive Repertoire Complexity: Governance Antecedents and Performance Outcomes. Strategic Management Journal, 38, 1151–1173.Dang, V. T., Nguyen, N., & Pervan, S. (2020). Retailer Corporate Social Responsibility andConsumer Citizenship Behavior: The Mediating Roles of Perceived Consumer Effectiveness and Consumer Trust. Journal of Retailing and Consumer Services, 55, 102082.Day, G. S., Weitz, B. A., & Wensley, R. (Eds.). (1990). The Interface of Marketing andStrategy,4, Jai Press.Du, S., Bhattacharya, C.B., & Sen, S. (2007). Reaping Relational Rewards from CorporateSocial Responsibility: The Role of Competitive Positioning. International Journal of Research in Marketing, 24(3), 224–241.Ferrier, W. J. (2001). Navigating the Competitive Landscape: The Drivers and Consequencesof Competitive Aggressiveness. Academy of Management Journal, 44, 858-877.Flammer, C. (2014). Does Product Market Competition Foster Corporate SocialResponsibility? Evidence from Trade Liberalization. Strategic Management Journal, 36(10), 1469–1485.Friedman, M. (1970). The Social Responsibility of Business is to Increase its Profits. NewYork Times Magazine, 13 September, 13, 32-33.Godfrey, P. C. (2005). The Relationship between Corporate Philanthropy and ShareholderWealth: A Risk Management Perspective. Academy of Management Review, 30, 777-798.Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The Relationship between CorporateSocial Responsibility and Shareholder Value: An Empirical Test of the Risk Management Hypothesis. Strategic Management Journal, 30(4), 425–445.Hunt, S. D., & Morgan, R. M. (1995). The Comparative Advantage Theory of Competition.Journal of Marketing, 59(2), 1-15.Hur, W., Kim, H. & Woo, J. (2014). How CSR Leads to Corporate Brand Equity: MediatingMechanisms of Corporate Brand Credibility and Reputation. Journal of Business Ethics, 125, 75–86.McWilliams, A., Siegel, D., and Wright, P. (2006). Corporate Social Responsibility: StrategicImplications. Journal of Management Studies, 43(1), 1-18.Melo, T. & Galan, J. (2011). Effects of Corporate Social Responsibility on Brand Value.Journal of Brand Management, 18, 423–437.Ndofor, H. A., Sirmon, D. G., & He, X. (2011). Firm Resources, Competitive Actions andPerformance: Investigating a Mediated Model with Evidence from the In‐vitro Diagnostics Industry. Strategic Management Journal, 32(6), 640–657.Ramesh, K., Saha, R., Goswami, S., Sekar, & Dahiya, R. (2018). Consumer’s Response toCSR Activities: Mediating Role of Brand Image and Brand Attitude. Corporate Social Responsibility and Environmental Management, 26(2), 377–387.Shiu, Y., & Yang, S. (2017). Does Engagement in Corporate Social Responsibility ProvideStrategic Insurance-like Effects. Strategic Management Journal, 38, 455–470.Waddock, S. & Graves, S. (1997). The Corporate Social Performance-Financial PerformanceLink. Strategic Management Journal, 18, 303-319.Yu, X., & Xiao, K. (2022). Does ESG Performance Affect Firm Value? Evidence from a NewESG-Scoring Approach for Chinese Enterprises. Sustainability, 14(24), 16940. zh_TW
