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題名 亞洲已開發國家ESG對借款成本之影響
The Effect of ESG on the Cost of Debt in Developed Asian Countries
作者 謝伊柔
Hsieh, Yi-Jou
貢獻者 胡偉民
Hu, Wei-Min
謝伊柔
Hsieh, Yi-Jou
關鍵詞 借款成本
亞洲已開發國家
企業社會責任
環境社會與公司治理
Cost of debt
Developed Asian countries
CSR
ESG
日期 2023
上傳時間 6-Jul-2023 16:39:23 (UTC+8)
摘要 本文以實證研究探討企業ESG策略的卓越表現，特別是非財務因素的高度披露，是否會帶來更低的借款成本。我們假設此可帶來更好的融資渠道原因包含以下兩點，首先，由於利害關係人參與度的提高而降低了代理成本，以及因為ESG的披露程度提高進而減少了資訊不對稱。我們的資料取自Datasteam與Bloomberg資料庫，使用亞洲已開發國家的上市公司，了解當地制度對ESG的影響，我們發現ESG的披露程度，對其面臨的借款成本顯著降低，然而在ESG的績效上尚未對借款成本有顯著的影響。我們確定借款成本與ESG揭露的因果關係，且用工具變數進一步證實了結果。
This study employs empirical research to examine the outstanding performance of corporate ESG strategies, particularly the high disclosure of non-financial factors, and whether it leads to lower borrowing costs. We hypothesize that this can result in better financing channels for two main reasons: firstly, increased stakeholder engagement reduces agency costs, and secondly, enhanced ESG disclosure reduces information asymmetry. Our data is sourced from the Datastream and Bloomberg databases, and we focus on listed companies in developed Asian countries to understand the impact of local regulations on ESG. We find that the level of ESG disclosure significantly reduces borrowing costs for these companies. However, we do not observe a significant impact of ESG performance on borrowing costs. We establish a causal relationship between borrowing costs and ESG disclosure and further confirm the results using instrumental variables.
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描述 碩士
國立政治大學
財政學系
110255009
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110255009
資料類型 thesis
dc.contributor.advisor 胡偉民zh_TW
dc.contributor.advisor Hu, Wei-Minen_US
dc.contributor.author (Authors) 謝伊柔zh_TW
dc.contributor.author (Authors) Hsieh, Yi-Jouen_US
dc.creator (作者) 謝伊柔zh_TW
dc.creator (作者) Hsieh, Yi-Jouen_US
dc.date (日期) 2023en_US
dc.date.accessioned 6-Jul-2023 16:39:23 (UTC+8)-
dc.date.available 6-Jul-2023 16:39:23 (UTC+8)-
dc.date.issued (上傳時間) 6-Jul-2023 16:39:23 (UTC+8)-
dc.identifier (Other Identifiers) G0110255009en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/145828-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財政學系zh_TW
dc.description (描述) 110255009zh_TW
dc.description.abstract (摘要) 本文以實證研究探討企業ESG策略的卓越表現，特別是非財務因素的高度披露，是否會帶來更低的借款成本。我們假設此可帶來更好的融資渠道原因包含以下兩點，首先，由於利害關係人參與度的提高而降低了代理成本，以及因為ESG的披露程度提高進而減少了資訊不對稱。我們的資料取自Datasteam與Bloomberg資料庫，使用亞洲已開發國家的上市公司，了解當地制度對ESG的影響，我們發現ESG的披露程度，對其面臨的借款成本顯著降低，然而在ESG的績效上尚未對借款成本有顯著的影響。我們確定借款成本與ESG揭露的因果關係，且用工具變數進一步證實了結果。zh_TW
dc.description.abstract (摘要) This study employs empirical research to examine the outstanding performance of corporate ESG strategies, particularly the high disclosure of non-financial factors, and whether it leads to lower borrowing costs. We hypothesize that this can result in better financing channels for two main reasons: firstly, increased stakeholder engagement reduces agency costs, and secondly, enhanced ESG disclosure reduces information asymmetry. Our data is sourced from the Datastream and Bloomberg databases, and we focus on listed companies in developed Asian countries to understand the impact of local regulations on ESG. We find that the level of ESG disclosure significantly reduces borrowing costs for these companies. However, we do not observe a significant impact of ESG performance on borrowing costs. We establish a causal relationship between borrowing costs and ESG disclosure and further confirm the results using instrumental variables.en_US
dc.description.tableofcontents 第壹章 緒論 1
第一節 研究動機與目的 1
第二節 研究議題與預期貢獻 3
第貳章 文獻探討 5
第一節 ESG與CSR相關理論 5
第二節 CSR與公司財務績效的關聯性研究 10
第三節 ESG與借款成本 14
第四節 亞洲與歐美發展ESG的差異 16
第參章 研究方法 20
第一節 變數定義與數據來源 20
第二節 研究樣本 24
第三節 工具變數以及廣義動差法 25
第肆章 實證結果與分析 27
第一節 敘述性統計 27
第二節 相關係數矩陣 27
第三節 實證分析結果 28
第四節 額外測試 44
第五節 工具變數 46
第六節 不同公司規模ESG與企業借款成本的關係 48
第伍章 結論及建議 50
第一節 研究結論 50
第二節 研究限制 52
參考文獻 54		zh_TW
dc.format.extent 1291639 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110255009en_US
dc.subject (關鍵詞) 借款成本zh_TW
dc.subject (關鍵詞) 亞洲已開發國家zh_TW
dc.subject (關鍵詞) 企業社會責任zh_TW
dc.subject (關鍵詞) 環境社會與公司治理zh_TW
dc.subject (關鍵詞) Cost of debten_US
dc.subject (關鍵詞) Developed Asian countriesen_US
dc.subject (關鍵詞) CSRen_US
dc.subject (關鍵詞) ESGen_US
dc.title (題名) 亞洲已開發國家ESG對借款成本之影響zh_TW
dc.title (題名) The Effect of ESG on the Cost of Debt in Developed Asian Countriesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 王惠芳，2011，<信息强制披露与自愿披露的重新界定与监管>。《宏观经济研究》63(4)

Ahmed, A. H., Eliwa, Y., & Power, D. M. (2019) . The impact of corporate social and environmental practices on the cost of equity capital: UK evidence. International Journal of Accounting & Information Management.

Akerlof, G. A. (1970). The market for “lemons”: Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84(3), 488-500.

Aman, A., Sharif, S., & Arif, I. (2015, February). Comparison of islamic banks with conventional banks: Evidence from an emerging market. In Asian Finance Association (AsianFA) 2015 Conference Paper, Aman, A., Sharif, S., & Arif, I.(2016). Comparison of Islamic Banks with Conventional Banks: Evidence from an Emerging Market. Journal of Management Sciences (Vol. 3, No. 1, pp. 13-22).

Ashbaugh-Skaife, H., Collins, D. W., & LaFond, R. (2006). The effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics, 42(1-2), 203-243.

Avramov, D., Cheng, S., Lioui, A., & Tarelli, A. (2022). Sustainable investing with ESG rating uncertainty. Journal of Financial Economics, 145(2), 642-664.

Barnett, M. L., & Salomon, R. M. (2012). Does it pay to be really good? Addressing the shape of the relationship between social and financial performance. Strategic Management Journal, 33(11), 1304-1320.

Basu, K., & Palazzo, G. (2008). Corporate social responsibility: A process model of sensemaking. Academy of Management Review, 33(1), 122-136.

Bénabou, R., & Tirole, J. (2010). Individual and corporate social responsibility. Economica, 77(305), 1-19.

Bénabou, R., & Tirole, J. (2010). Individual and corporate social responsibility. Economica, 77(305), 1-19.

Bowman, E. H., & Haire, M. (1975). A strategic posture toward corporate social responsibility. California Management Review, 18(2), 49-58.

Brammer, S., & Millington, A. (2008). Does it pay to be different? An analysis of the relationship between corporate social and financial performance. Strategic Management Journal, 29(12), 1325-1343.

Burton, B. K., Farh, J. L., & Hegarty, W. H. (2000). A cross-cultural comparison of corporate social responsibility orientation: Hong Kong vs. United States students. Teaching Business Ethics, 4, 151-167.

Campello, M., Graham, J. R., & Harvey, C. R. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97(3), 470-487.

Castelo Branco, M., & Lima Rodrigues, L. (2006). Communication of corporate social responsibility by Portuguese banks: A legitimacy theory perspective. Corporate Communications: An International Journal, 11(3), 232-248.

Chapple, W., & Moon, J. (2005). Corporate social responsibility (CSR) in Asia: A seven-country study of CSR web site reporting. Business & Society, 44(4), 415-441.

Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1-23.

Chodnicka-Jaworska, P. (2021). ESG as a Measure of Credit Ratings. Risks, 9(12), 226.

Choi, J., & Wang, H. (2009). Stakeholder relations and the persistence of corporate financial performance. Strategic Management Journal, 30(8), 895-907.

Cochran, P. L., & Wood, R. A. (1984). Corporate social responsibility and financial performance. Academy of Management Journal, 27(1), 42-56.

Cornaggia, J., Cornaggia, K. J., & Israelsen, R. D. (2018). Credit ratings and the cost of municipal financing. The Review of Financial Studies, 31(6), 2038-2079.

Deegan, C. (2002). Introduction: The legitimising effect of social and environmental disclosures–a theoretical foundation. Accounting, Auditing & Accountability Journal, 15(3), 282-311.

Devalle, A. (2017). The linkage between ESG performance and credit ratings: A firm-level perspective analysis.

Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59-100.

Doh, J. P., & Guay, T. R. (2006). Corporate social responsibility, public policy, and NGO activism in Europe and the United States: An institutional‐stakeholder perspective. Journal of Management Studies, 43(1), 47-73.

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