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題名 ESG評分與財務績效關聯性之探討──以消費性產業分析
A Study of the Relation of ESG Scores and Financial Performance- Take the Consumer Staples industry for Example作者 陳品瑜
CHEN, PIN-YU貢獻者 徐政義
Shiu, Cheng-Yi
陳品瑜
CHEN, PIN-YU關鍵詞 ESG
財務績效
SASB
ESG
Financial Performance
SASB日期 2023 上傳時間 6-Jul-2023 16:30:50 (UTC+8) 摘要 企業的目標即為最大化股東權益，然隨著 ESG 概念的興起，企業漸漸重視 ESG 行動，許多國內外學者亦開始探討企業實行 ESG 與其績效的關聯性，現行 多篇報告提及企業實行 ESG 對其績效有正向作用，但亦有一說為實行 ESG 對 公司績效無顯著，甚至是負面影響。此外，現行相關期刊研究大多以國外 ESG 評分機構之評分作為變數，但本研究欲以台灣市場為例，探討 SASB 分類中消 費性產業(Consumer Staples industry)上市企業實行 ESG 是否對其財務績效有正 面影響，故在 ESG 分數方面選用台灣經濟新報(TEJ)於 2015 至 2021 年間計算 之 ESG 評分(TESG)計算;財務績效方面同樣使用台灣經濟新報(TEJ)提供之 ROA、Tobin’s Q 等作為企業財務績效指標代表。除整體 ESG 分數之外，本研究更深入分別探討 E(環境)、S(社會)、G(治理)三項 構面對企業財務績效的影響，以此建議未來企業可著重之企業社會責任項目。
The goal of enterprises is to maximize shareholders` equity. However, with the rise of the concept of ESG, enterprises gradually pay attention to the importance of ESG actions. Many scholars at home and abroad have begun to discuss the correlation between the implementation of ESG in enterprises and their financial performance.Many current reports mention that the implementation of ESG in enterprises has a positive effect on their performance, but some say that the implementation of ESG has no significant effect on corporate performance, or even, a negative impact. In addition, most current studies take the scores of foreign ESG scoring agencies as variables. However, this study will take the Taiwan market as an example to explore whether the implementation of ESG in listed companies in the Consumer Staples industry in SASB classification has a positive impact on their financial performance. In this thesis, the ESG score (TESG) calculated by Taiwan Economic New Newspaper (TEJ) from 2015 to 2021 was used to proxy ESG performance. In terms of financial performance, ROA and Tobin`s Q provided by Taiwan Economic News (TEJ) are used as representatives of corporate financial performance indicators.In addition to the overall ESG score, this study further explored the impact of E (environmental), S (social), and G (governance) on corporate financial performance, and suggested CSR projects that enterprises could focus on in the future.參考文獻 1. Amir, B. Amir, R. (2010). Corporate Social Responsibility as a Conflict Between Shareholders. Journal of business ethics, Vol.97 (1), 71-86.2. Almazora, L. (2022). Why consumer staples are a focal point for ESG risk. Wealth Professional. https://www.wealthprofessional.ca/investments/socially-responsible- investing/why-consumer-staples-are-a-focal-point-for-esg-risk/3678723. Aydoğmuş, M., Gülay, G., Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, 119-127.4. Cornell, B., and Shapiro, A. C. (1987). Corporate Stakeholders and Corporate Finance. Financial Management, 16, 5-14.5. Calantone, R., and Cavusgil, S. T. (2002). Learning orientation, firm innovation capability, and firm performance. Industrial Marketing Management, 31(6), 515- 5246. Cheung, Y. L., Jiang, K., Mak, B. S. C., & Tan, W. Q. (2013), Corporate Social Performance, Firm Valuation, and Industrial Difference: Evidence from Hong Kong. Journal of Business Ethics, 114(4), 625-631.7. Churet, C., & Eccles, R. G. (2014). Integrated Reporting, Quality of Management, and Financial Performance. Journal of Applied Corporate Finance, 26 (1), p.56- 648. Christensen, A., & Russell, T. (2015). Consumer Staples Sector. Retrieved fromhttps://s3.wp.wsu.edu/uploads/sites/606/2015/02/SectorOverview_CNS_Spring2014.pdf9. Chen, J. (2020). Consumer Staples. Retrieved fromhttps://www.investopedia.com/terms/c/consumerstaples.asp10. Du, S., Bhattacharya, C. B., & Sen, S. (2007). Reaping relational rewards from corporate social responsibility: the role of competitive positioning. International Journal of Research in Marketing, 24, 224-241.11. Dahlsrud, A. (2008). How corporate social responsibility is defined: an analysis of 37 definitions. Corporate Social-Responsibility and Environmental Management, 15, 1, 1- 13.12. Elkington, J. (1994). Towards the sustainable corporation: Win-win-win business strategies for sustainable development. California Management Review, 36(2), 90–100.13. Eccles, R, G., Ioannou, I., & Serafeim, G. (2011). The Impact of Corporate Sustainability on Organizational Processes and Performance. Harvard Business School Working Paper Series, 12-035.14. Edelman Trust Barometer Special Report: Brand Trust in 2020 (2020). Retrieved from https://www.edelman.com/sites/g/files/aatuss191/files/2020- 06/2020%20Edelman%20Trust%20Barometer%20Specl%20Rept%20Brand%20 Trust%20in%202020.pdf (May. 07, 2023)15. Friedman, M. (1970). The Social Responsibility of Business is to Increase Its Profits. New York Times Magazine.16. Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Massachusetts: Pitman Publishing Inc., Boston.17. 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- 233.18. Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG Performance and Firm Value: The Moderating Role of Disclosure. Global Finance Journal, 38, 45-64.19. FTSE Russel Industry Classification Benchmark, fromhttps://www.ftserussell.com/data/industry-classification-benchmark-icb20. FourKites (2023).The Great Reset: Ocean Shipping in a Post-Pandemic World, from https://www.fourkites.com/wp-content/uploads/FourKites-Global- Ocean-Report-2023.pdf(May. 15, 2023)21. Griffin, J. J., & Mahon, J. F. (1997), The Corporate Social Performance and Corporate Financial Performance Debate: Twenty-Five Years of Incomparable Research. Business and Social, 36, 5-31.22. Hillman. A. J., & Keim, G. D. (2001). Shareholder Value, Stakeholder Management, and Social Issues: What’s the Bottom Line?, Strategic Management Journal, 22 (2), 125-139.23. Hamdi, K., Guenich, H. & Saada, M. B. (2022) Does Corporate Financial Performance Promote ESG: Evidence from US Firms, Cogent Business & Management, 9( 1).24. Jenter, D., Lewellen, K., & Warner, J.B. (2011). Security Issue Timing: What Do Managers Know, and When Do They Know It? The Journal of Finance, 66(2):413-443.25. Jody, G., Clarissa, H., & George, S. (2021). Material Sustainability Information and Stock Price Informativeness. Journal of Business Ethics, 171 (3), 513-544.26. Krüger, P. (2014). Corporate Goodness and Shareholder Wealth, Journal of Financial Economics, 115(2), 304- 32927. KPMG Survey of Sustainability Reporting (2022). Retrieved fromhttps://www.kpmguniversityconnection.com/University/view/curriculum/?module_id=164 (Feb. 15, 2023)28. KPMG Key Global Trends in Sustainability Reporting (2022). Retrieved fromhttps://kpmg.com/xx/en/home/insights/2022/09/survey-of-sustainability-reporting-2022/global-trends.html (Feb. 15, 2023)29. Lin, K., Kabel, A., Parker, S., & Joye, C. (2019). Are ESG Alpha and Beta Benefits in Corporate Bonds a Mirage? From https://papers.ssrn.com/sol3/papers.cfm?abstract_id=335295030. MSCI (2023), Global Industry Classification Sector. Fromhttps://www.msci.com/documents/1296102/11185224/GICS+Sector+Definitions+2023.pdf/822305c6-f821-3d65-1984-6615ded81473?t=167908876428831. Preston, L. E., & O’Bannon, D. P. (1997). The Corporate Social-Financial Performance Relationship: A Typology and Analysis. Business & Society, 36(4), 419–429.32. Porter, M. E., & Kramer, M. R. (2006). Strategy and Society: The Link between Competitive Advantage and Corporate Social Responsibility. Harvard Business Review, 84, 78-92.33. Peters, R., and Mullen, M. R. (2009). Some Evidence of the Cumulative Effects of Corporate Social Responsibility on Financial Performance. The Journal of Global Business Issue, 3, 1-14.34. PWC Global Consumer Insights Pulse Survey: Consumers respond to waves of disruption (2022), from https://www.pwc.com/gx/en/consumer-markets/consumers-respond-to-waves-of- disruption/gcis-report-june-2022.pdf (May. 07, 2023)35. PWC: Preparing for tomorrow’s consumers today: The future of consumer markets. Retrieved from https://www.pwc.com/gx/en/consumer-markets/future-of-consumer- markets/future-of-consumer-markets-report-2021.pdf (May. 7, 2023)36. Principles for Responsible Investment: What are the Principles for ResponsibleInvestment?. Retrieved from https://www.unpri.org/about-us/what-are-the-principles-for-responsible-investment (Mar. 15, 2023)37. Qureshi, M. A., Kirkerud, S., Theresa, K., & Ahsan, T. (2019). The Impact of Sustainability (Environmental, Social, and Governance) Disclosure and Board Diversity on Firm Value: The Moderating Role of Industry Sensitivity. Business Strategy and the Environment, 29(3), 1199- 1214.38. Schuler, D. A. & Cording, M. (2006). A Corporate Social Performance-Corporate Financial Performance Behavioral Model for Consumers. Academy of Management Review, 31, 540-558.39. Sandner, P. G., & Block, J. (2011), The Market Value of R&D, Patents, and Trademarks. Research Policy, 40 (7), 969-985.40. Stellner, C. Klein, C., & Zwergel, B. (2015). Corporate Social Responsibility and Eurozone Corporate Bonds: The Moderating Role of Country Sustainability, Journal of Banking & Finance, 59, 538-549.41. Shirasu, Y., & Kawakita, H. (2021), Long-term Financial Performance of Corporate Social Responsibility. Global Finance Journal, 50.42. Whelan, T., Atz, U., Holt, T, V., & Clark, C. (2021), ESG and Financial Performance: Uncovering the Relationship by Aggregating Evidence from 1,000 Plus Studies Published between 2015 – 2020. Rockefeller Asset Management& NYU Stern Center.1. 王嘉宏（2012）。企業社會績效與企業價值的關連性。﹝碩士論文。國立政治大學﹞臺灣博碩士論文知識加值系統。 https://hdl.handle.net/11296/476w5f。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)，企業社會責任與公司績效之關聯性，東海管理評論，13 ( 1)，77-112。4. 施凱珍（2021）。採SASB準則下ESG重大性議題與財務績效之探討。（碩士論文。國立政治大學﹞臺灣博碩士論文知識加值系統。https://hdl.handle.net/11296/9zzc87。5. 楊雅智 (2015)。淺談企業社會責任之國際發展趨勢與國內推動現況。證券暨期貨月刊，33 (1)，5-15。6. 勤業眾信：2020零售力量與趨勢展望－數位零售的供應鏈網絡，檢自https://www2.deloitte.com/content/dam/Deloitte/tw/Documents/consumer-business/rp200428-2020-retail-industry-trend-rp.pdf (May. 13, 2023)。7. 證券櫃檯買賣中心永續報告書企業負面案例 (2011)，檢自https://dsp.tpex.org.tw/web/csr/cpexample4.php (Feb. 13, 2023)。 描述 碩士
國立政治大學
國際經營與貿易學系
110351021資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110351021 資料類型 thesis dc.contributor.advisor 徐政義 zh_TW dc.contributor.advisor Shiu, Cheng-Yi en_US dc.contributor.author (Authors) 陳品瑜 zh_TW dc.contributor.author (Authors) CHEN, PIN-YU en_US dc.creator (作者) 陳品瑜 zh_TW dc.creator (作者) CHEN, PIN-YU en_US dc.date (日期) 2023 en_US dc.date.accessioned 6-Jul-2023 16:30:50 (UTC+8) - dc.date.available 6-Jul-2023 16:30:50 (UTC+8) - dc.date.issued (上傳時間) 6-Jul-2023 16:30:50 (UTC+8) - dc.identifier (Other Identifiers) G0110351021 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/145783 - 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) 110351021 zh_TW dc.description.abstract (摘要) 企業的目標即為最大化股東權益，然隨著 ESG 概念的興起，企業漸漸重視 ESG 行動，許多國內外學者亦開始探討企業實行 ESG 與其績效的關聯性，現行 多篇報告提及企業實行 ESG 對其績效有正向作用，但亦有一說為實行 ESG 對 公司績效無顯著，甚至是負面影響。此外，現行相關期刊研究大多以國外 ESG 評分機構之評分作為變數，但本研究欲以台灣市場為例，探討 SASB 分類中消 費性產業(Consumer Staples industry)上市企業實行 ESG 是否對其財務績效有正 面影響，故在 ESG 分數方面選用台灣經濟新報(TEJ)於 2015 至 2021 年間計算 之 ESG 評分(TESG)計算;財務績效方面同樣使用台灣經濟新報(TEJ)提供之 ROA、Tobin’s Q 等作為企業財務績效指標代表。除整體 ESG 分數之外，本研究更深入分別探討 E(環境)、S(社會)、G(治理)三項 構面對企業財務績效的影響，以此建議未來企業可著重之企業社會責任項目。 zh_TW dc.description.abstract (摘要) The goal of enterprises is to maximize shareholders` equity. However, with the rise of the concept of ESG, enterprises gradually pay attention to the importance of ESG actions. Many scholars at home and abroad have begun to discuss the correlation between the implementation of ESG in enterprises and their financial performance.Many current reports mention that the implementation of ESG in enterprises has a positive effect on their performance, but some say that the implementation of ESG has no significant effect on corporate performance, or even, a negative impact. In addition, most current studies take the scores of foreign ESG scoring agencies as variables. However, this study will take the Taiwan market as an example to explore whether the implementation of ESG in listed companies in the Consumer Staples industry in SASB classification has a positive impact on their financial performance. In this thesis, the ESG score (TESG) calculated by Taiwan Economic New Newspaper (TEJ) from 2015 to 2021 was used to proxy ESG performance. In terms of financial performance, ROA and Tobin`s Q provided by Taiwan Economic News (TEJ) are used as representatives of corporate financial performance indicators.In addition to the overall ESG score, this study further explored the impact of E (environmental), S (social), and G (governance) on corporate financial performance, and suggested CSR projects that enterprises could focus on in the future. 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 研究目的 6第二章 文獻探討 7第一節 企業社會責任定義與起源 7第二節 企業社會責任與財務績效相關文獻 9第三節 消費性產業分析 13第三章 研究方法 15第一節 研究樣本 15第二節 研究假說 17第三節 研究變數 18第四節 研究模型 22第四章 實證結果 24第一節 敘述性統計資料 24第二節 相關係數 25第三節 迴歸分析結果 26第五章 結論 34第一節 研究結論 34第二節 研究限制與建議 35參考文獻 36附錄 42 zh_TW dc.format.extent 1922207 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110351021 en_US dc.subject (關鍵詞) ESG zh_TW dc.subject (關鍵詞) 財務績效 zh_TW dc.subject (關鍵詞) SASB zh_TW dc.subject (關鍵詞) ESG en_US dc.subject (關鍵詞) Financial Performance en_US dc.subject (關鍵詞) SASB en_US dc.title (題名) ESG評分與財務績效關聯性之探討──以消費性產業分析 zh_TW dc.title (題名) A Study of the Relation of ESG Scores and Financial Performance- Take the Consumer Staples industry for Example en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 1. Amir, B. Amir, R. (2010). Corporate Social Responsibility as a Conflict Between Shareholders. Journal of business ethics, Vol.97 (1), 71-86.2. Almazora, L. (2022). Why consumer staples are a focal point for ESG risk. Wealth Professional. https://www.wealthprofessional.ca/investments/socially-responsible- investing/why-consumer-staples-are-a-focal-point-for-esg-risk/3678723. Aydoğmuş, M., Gülay, G., Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, 119-127.4. Cornell, B., and Shapiro, A. C. (1987). Corporate Stakeholders and Corporate Finance. Financial Management, 16, 5-14.5. Calantone, R., and Cavusgil, S. T. (2002). Learning orientation, firm innovation capability, and firm performance. Industrial Marketing Management, 31(6), 515- 5246. Cheung, Y. L., Jiang, K., Mak, B. S. C., & Tan, W. Q. (2013), Corporate Social Performance, Firm Valuation, and Industrial Difference: Evidence from Hong Kong. Journal of Business Ethics, 114(4), 625-631.7. Churet, C., & Eccles, R. G. (2014). Integrated Reporting, Quality of Management, and Financial Performance. Journal of Applied Corporate Finance, 26 (1), p.56- 648. Christensen, A., & Russell, T. (2015). Consumer Staples Sector. Retrieved fromhttps://s3.wp.wsu.edu/uploads/sites/606/2015/02/SectorOverview_CNS_Spring2014.pdf9. Chen, J. (2020). Consumer Staples. Retrieved fromhttps://www.investopedia.com/terms/c/consumerstaples.asp10. Du, S., Bhattacharya, C. B., & Sen, S. (2007). Reaping relational rewards from corporate social responsibility: the role of competitive positioning. International Journal of Research in Marketing, 24, 224-241.11. Dahlsrud, A. (2008). How corporate social responsibility is defined: an analysis of 37 definitions. Corporate Social-Responsibility and Environmental Management, 15, 1, 1- 13.12. Elkington, J. (1994). Towards the sustainable corporation: Win-win-win business strategies for sustainable development. California Management Review, 36(2), 90–100.13. Eccles, R, G., Ioannou, I., & Serafeim, G. (2011). The Impact of Corporate Sustainability on Organizational Processes and Performance. Harvard Business School Working Paper Series, 12-035.14. Edelman Trust Barometer Special Report: Brand Trust in 2020 (2020). Retrieved from https://www.edelman.com/sites/g/files/aatuss191/files/2020- 06/2020%20Edelman%20Trust%20Barometer%20Specl%20Rept%20Brand%20 Trust%20in%202020.pdf (May. 07, 2023)15. Friedman, M. (1970). The Social Responsibility of Business is to Increase Its Profits. New York Times Magazine.16. Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Massachusetts: Pitman Publishing Inc., Boston.17. 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- 233.18. Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG Performance and Firm Value: The Moderating Role of Disclosure. Global Finance Journal, 38, 45-64.19. FTSE Russel Industry Classification Benchmark, fromhttps://www.ftserussell.com/data/industry-classification-benchmark-icb20. FourKites (2023).The Great Reset: Ocean Shipping in a Post-Pandemic World, from https://www.fourkites.com/wp-content/uploads/FourKites-Global- Ocean-Report-2023.pdf(May. 15, 2023)21. Griffin, J. J., & Mahon, J. F. (1997), The Corporate Social Performance and Corporate Financial Performance Debate: Twenty-Five Years of Incomparable Research. Business and Social, 36, 5-31.22. Hillman. A. J., & Keim, G. D. (2001). Shareholder Value, Stakeholder Management, and Social Issues: What’s the Bottom Line?, Strategic Management Journal, 22 (2), 125-139.23. Hamdi, K., Guenich, H. & Saada, M. B. (2022) Does Corporate Financial Performance Promote ESG: Evidence from US Firms, Cogent Business & Management, 9( 1).24. Jenter, D., Lewellen, K., & Warner, J.B. (2011). Security Issue Timing: What Do Managers Know, and When Do They Know It? The Journal of Finance, 66(2):413-443.25. Jody, G., Clarissa, H., & George, S. (2021). Material Sustainability Information and Stock Price Informativeness. Journal of Business Ethics, 171 (3), 513-544.26. Krüger, P. (2014). Corporate Goodness and Shareholder Wealth, Journal of Financial Economics, 115(2), 304- 32927. KPMG Survey of Sustainability Reporting (2022). Retrieved fromhttps://www.kpmguniversityconnection.com/University/view/curriculum/?module_id=164 (Feb. 15, 2023)28. KPMG Key Global Trends in Sustainability Reporting (2022). Retrieved fromhttps://kpmg.com/xx/en/home/insights/2022/09/survey-of-sustainability-reporting-2022/global-trends.html (Feb. 15, 2023)29. Lin, K., Kabel, A., Parker, S., & Joye, C. (2019). Are ESG Alpha and Beta Benefits in Corporate Bonds a Mirage? From https://papers.ssrn.com/sol3/papers.cfm?abstract_id=335295030. MSCI (2023), Global Industry Classification Sector. Fromhttps://www.msci.com/documents/1296102/11185224/GICS+Sector+Definitions+2023.pdf/822305c6-f821-3d65-1984-6615ded81473?t=167908876428831. Preston, L. E., & O’Bannon, D. P. (1997). The Corporate Social-Financial Performance Relationship: A Typology and Analysis. Business & Society, 36(4), 419–429.32. Porter, M. E., & Kramer, M. R. (2006). Strategy and Society: The Link between Competitive Advantage and Corporate Social Responsibility. Harvard Business Review, 84, 78-92.33. Peters, R., and Mullen, M. R. (2009). Some Evidence of the Cumulative Effects of Corporate Social Responsibility on Financial Performance. The Journal of Global Business Issue, 3, 1-14.34. PWC Global Consumer Insights Pulse Survey: Consumers respond to waves of disruption (2022), from https://www.pwc.com/gx/en/consumer-markets/consumers-respond-to-waves-of- disruption/gcis-report-june-2022.pdf (May. 07, 2023)35. PWC: Preparing for tomorrow’s consumers today: The future of consumer markets. 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Corporate Social Responsibility and Eurozone Corporate Bonds: The Moderating Role of Country Sustainability, Journal of Banking & Finance, 59, 538-549.41. Shirasu, Y., & Kawakita, H. (2021), Long-term Financial Performance of Corporate Social Responsibility. Global Finance Journal, 50.42. Whelan, T., Atz, U., Holt, T, V., & Clark, C. (2021), ESG and Financial Performance: Uncovering the Relationship by Aggregating Evidence from 1,000 Plus Studies Published between 2015 – 2020. 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