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題名 SASB準則下ESG重大性議題與高槓桿成本之關係
An Analysis of SASB ESG Materiality and High Leverage Costs
作者 林亭淇
Lin, Ting-Chi
貢獻者 陳鴻毅
林亭淇
Lin, Ting-Chi
關鍵詞 重大性議題
高槓桿成本
ESG
CSR
SASB
Materiality topic
High leverage costs
日期 2023
上傳時間 6-Jul-2023 17:01:01 (UTC+8)
摘要 本研究旨在探討企業在重大永續議題表現與產品市場表現中高槓桿成本之關係。本研究以美國上市公司為樣本，使用兩個指標來衡量企業的ESG表現，第一為使用Bloomberg原始的ESG項目資料，再根據永續會計準則委員會(SASB)所識別的ESG重大性議題重新計算SASB分數，第二個則是從Bloomberg資料庫中取得的ESG揭露分數，在產品市場表現中，本研究使用銷售成長率作為市場表現的指標，並使用長期債務比率作為高槓桿指標，以深入研究ESG表現對緩解高槓桿成本的影響。實證結果顯示，高槓桿對公司的產品市場表現有負面影響，而ESG表現則沒有顯著的直接影響。此外，透過加入ESG表現與高槓桿指標的交乘項，本研究表明高槓桿成本仍然對公司的產品市場表現產生負面影響，即使ESG表現優秀，也不能緩解高槓桿帶來的負面影響，然而低杠桿率的公司在產品市場上的表現優於高槓桿率的公司，而ESG的作用則進一步增強了這一優勢。最後，透過比較SASB分數與ESG揭露分數，本研究發現SASB分數在衡量ESG表現與高槓桿成本的關係時呈現了更高的統計顯著性，並且在其他分組方法測試後結果仍然保持一致。本研究建議公司在做出財務決策時應考慮高槓桿成本，並著重降低與高槓桿相關的風險，同時管理者應關注行業內的重大性議題來做出有效且節省成本的決策，以提高產品市場的表現。
This study examines the relationship between high leverage costs and corporate performance in ESG and product markets. The study uses a sample of US-listed companies and two indicators to measure ESG performance. The first indicator uses Bloomberg`s original ESG data and recalculates SASB scores based on ESG material issues identified by SASB. The second obtains the ESG disclosure score from the Bloomberg database. In addition, the study uses sales growth rate and long-term debt ratio to investigate the impact of ESG performance on mitigating high leverage costs in product market performance. The results show that high leverage has a negative impact on a company`s product market performance, while ESG performance does not have a significant direct impact. However, adding the interaction term of ESG performance and high leverage indicator shows that high leverage costs have a negative impact on a company`s product market performance, even if ESG performance is excellent. Companies with lower leverage ratios perform better in product markets, and the performance of ESG further enhances this advantage. Furthermore, SASB scores present more statistical significance than ESG disclosure scores when measuring the relationship between ESG performance and high leverage costs. The study recommends that companies consider high leverage costs when making financial decisions, and focus on reducing risks associated with high leverage. In addition, managers should focus on material issues in the industry to make effective and cost-saving decisions to improve product market performance.
參考文獻 Attig, N., El Ghoul, S., Guedhami, O., and Suh, J. (2013). Corporate social responsibility and credit ratings. Journal of Business Ethics, 117(4), 679-694.
Bae K. H., El Ghoul S., Guedhami O., Kwok C.C.Y., and Zheng Y. (2019). Does corporate social responsibility reduce the costs of high leverage? Evidence from capital structure and product market interactions. Journal of Banking and Finance, 100, 135-150.
Bolton, P., and Scharfstein, D. S. (1990). A theory of predation based on agency problems in financial contracting. The American Economic Review, 80(1), 93-106.
Busco, C., Consolandi, C., Eccles, R. G., and Sofra, E. (2020). A preliminary analysis of SASB reporting: Disclosure topics, financial relevance, and the financial intensity of ESG materiality. Journal of Applied Corporate Finance, 32(2), 117-128.
Campello, M. (2003). Capital structure and product markets interactions: evidence from business cycles. Journal of Financial Economics, 68(3), 353-378.
Campello, M. (2006). Debt financing: Does it boost or hurt firm performance in product markets? Journal of Financial Economics, 82(1), 135-172.
Chevalier, J. A. (1995). Do LBO supermarkets charge more? An empirical analysis of the effects of LBOs on supermarket pricing. The Journal of Finance, 50(4), 1095-1112.
Chevalier, J.A., and Scharfstein, D. (1996). Capital market imperfections and countercyclical markups: Theory and evidence. The American Economic Review, 86(4), 703-725.
Clark, G. L., Feiner, A., and Viehs, M. (2015). From the stockholder to the stakeholder: How sustainability can drive financial outperformance. Rochester, NY: Social Science Research Network.
El Ghoul, S., Guedhami, O., Kwok C.C., and Mishra D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking and Finance, 35(9), 2388-2406.
Friede, G., Busch, T., and Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance and Investment, 5(4), 210-233.
Henriksson, R., Livnat, J., Pfeifer, P., and Stumpp, M. (2019). Integrating ESG in portfolio construction. The Journal of Portfolio Management, 45(4), 67-81.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
Khan, M., Serafeim, G., and Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697-1724.
Kini, O., Shenoy, J., and Subramaniam, V. (2017). Impact of financial leverage on the incidence and severity of product failures: Evidence from product recalls. Review of Financial Studies, 30(5), 1790-1829.
Kitzmueller, M., and Shimshack, J. (2012). Economic perspectives on corporate social responsibility. Journal of Economic Literature, 50(1), 51-84.
Opler, T. C., and Titman, S. (1994). Financial distress and corporate performance. The Journal of Finance, 49(3), 1015–1040.
Rokhim, R, and Surya, A.A. (2022). Analysis of the mitigation effects of corporate social responsibility on the negative impact of high leverage in ASEAN-5, Asia Pacific Management Review, 27(4), 257-264.
Schiehll, E. and Kolahgar, S. (2021). Financial materiality in the informativeness of sustainability reporting. Business Strategy and the Environment, 30(2), 840-855.
Telser, L. G. (1966). Cutthroat competition and the long purse. The Journal of Law and Economics, 9, 259-277.
Whelan, T., Atz, U., and Clark, C. (2022). ESG and performance: Uncovering the relationship by aggregating evidence from 1,000 plus studies. Center for Sustainable Business, NYU.
Vishwanathan, P., Van Oosterhout, H., Heugens, P. P., Duran, P., and Van Essen, M. (2020). Strategic CSR: A concept building meta‐analysis. Journal of Management Studies, 57(2), 314–350.
Yeh, C. C., Lin, F., Wang, T. S., and Wu, C. M. (2020). Does corporate social responsibility affect cost of capital in China? Asia Pacific Management Review, 25(1), 1-12.
描述 碩士
國立政治大學
財務管理學系
110357022
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110357022
資料類型 thesis
dc.contributor.advisor 陳鴻毅zh_TW
dc.contributor.author (Authors) 林亭淇zh_TW
dc.contributor.author (Authors) Lin, Ting-Chien_US
dc.creator (作者) 林亭淇zh_TW
dc.creator (作者) Lin, Ting-Chien_US
dc.date (日期) 2023en_US
dc.date.accessioned 6-Jul-2023 17:01:01 (UTC+8)-
dc.date.available 6-Jul-2023 17:01:01 (UTC+8)-
dc.date.issued (上傳時間) 6-Jul-2023 17:01:01 (UTC+8)-
dc.identifier (Other Identifiers) G0110357022en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/145924-
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) 110357022zh_TW
dc.description.abstract (摘要) 本研究旨在探討企業在重大永續議題表現與產品市場表現中高槓桿成本之關係。本研究以美國上市公司為樣本，使用兩個指標來衡量企業的ESG表現，第一為使用Bloomberg原始的ESG項目資料，再根據永續會計準則委員會(SASB)所識別的ESG重大性議題重新計算SASB分數，第二個則是從Bloomberg資料庫中取得的ESG揭露分數，在產品市場表現中，本研究使用銷售成長率作為市場表現的指標，並使用長期債務比率作為高槓桿指標，以深入研究ESG表現對緩解高槓桿成本的影響。實證結果顯示，高槓桿對公司的產品市場表現有負面影響，而ESG表現則沒有顯著的直接影響。此外，透過加入ESG表現與高槓桿指標的交乘項，本研究表明高槓桿成本仍然對公司的產品市場表現產生負面影響，即使ESG表現優秀，也不能緩解高槓桿帶來的負面影響，然而低杠桿率的公司在產品市場上的表現優於高槓桿率的公司，而ESG的作用則進一步增強了這一優勢。最後，透過比較SASB分數與ESG揭露分數，本研究發現SASB分數在衡量ESG表現與高槓桿成本的關係時呈現了更高的統計顯著性，並且在其他分組方法測試後結果仍然保持一致。本研究建議公司在做出財務決策時應考慮高槓桿成本，並著重降低與高槓桿相關的風險，同時管理者應關注行業內的重大性議題來做出有效且節省成本的決策，以提高產品市場的表現。zh_TW
dc.description.abstract (摘要) This study examines the relationship between high leverage costs and corporate performance in ESG and product markets. The study uses a sample of US-listed companies and two indicators to measure ESG performance. The first indicator uses Bloomberg`s original ESG data and recalculates SASB scores based on ESG material issues identified by SASB. The second obtains the ESG disclosure score from the Bloomberg database. In addition, the study uses sales growth rate and long-term debt ratio to investigate the impact of ESG performance on mitigating high leverage costs in product market performance. The results show that high leverage has a negative impact on a company`s product market performance, while ESG performance does not have a significant direct impact. However, adding the interaction term of ESG performance and high leverage indicator shows that high leverage costs have a negative impact on a company`s product market performance, even if ESG performance is excellent. Companies with lower leverage ratios perform better in product markets, and the performance of ESG further enhances this advantage. Furthermore, SASB scores present more statistical significance than ESG disclosure scores when measuring the relationship between ESG performance and high leverage costs. The study recommends that companies consider high leverage costs when making financial decisions, and focus on reducing risks associated with high leverage. In addition, managers should focus on material issues in the industry to make effective and cost-saving decisions to improve product market performance.en_US
dc.description.tableofcontents 1. Introduction 1
2. Literature Review and Research Questions 5
2.1 High Leverage on Product Market Performance 5
2.2 The Value-enhancing View on ESG 6
2.3 Impact of ESG on Mitigating High Leverage Costs 8
2.4 Research on SASB 9
2.5 Research Questions 10
3. Data and Methodology 12
3.1 Sample 12
3.2 Variables 12
3.3 Empirical Design 17
4. Empirical Results 20
4.1 Impact of HLEV and ESG on Product Market Performance 20
4.2 Impact of ESG on Mitigating High Leverage Costs 21
4.3 Differences between Measuring Results for SASB Score and ESG Disclosure Score 22
4.4 Regression Analysis on Different Grouping Methods 23
5 Conclusion 26
5.1 Conclusion and Summary 26
5.2 Limitations and Future Research 28
References 30		zh_TW
dc.format.extent 1133027 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110357022en_US
dc.subject (關鍵詞) 重大性議題zh_TW
dc.subject (關鍵詞) 高槓桿成本zh_TW
dc.subject (關鍵詞) ESGen_US
dc.subject (關鍵詞) CSRen_US
dc.subject (關鍵詞) SASBen_US
dc.subject (關鍵詞) Materiality topicen_US
dc.subject (關鍵詞) High leverage costsen_US
dc.title (題名) SASB準則下ESG重大性議題與高槓桿成本之關係zh_TW
dc.title (題名) An Analysis of SASB ESG Materiality and High Leverage Costsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Attig, N., El Ghoul, S., Guedhami, O., and Suh, J. (2013). Corporate social responsibility and credit ratings. Journal of Business Ethics, 117(4), 679-694.
Bae K. H., El Ghoul S., Guedhami O., Kwok C.C.Y., and Zheng Y. (2019). Does corporate social responsibility reduce the costs of high leverage? Evidence from capital structure and product market interactions. Journal of Banking and Finance, 100, 135-150.
Bolton, P., and Scharfstein, D. S. (1990). A theory of predation based on agency problems in financial contracting. The American Economic Review, 80(1), 93-106.
Busco, C., Consolandi, C., Eccles, R. G., and Sofra, E. (2020). A preliminary analysis of SASB reporting: Disclosure topics, financial relevance, and the financial intensity of ESG materiality. Journal of Applied Corporate Finance, 32(2), 117-128.
Campello, M. (2003). Capital structure and product markets interactions: evidence from business cycles. Journal of Financial Economics, 68(3), 353-378.
Campello, M. (2006). Debt financing: Does it boost or hurt firm performance in product markets? Journal of Financial Economics, 82(1), 135-172.
Chevalier, J. A. (1995). Do LBO supermarkets charge more? An empirical analysis of the effects of LBOs on supermarket pricing. The Journal of Finance, 50(4), 1095-1112.
Chevalier, J.A., and Scharfstein, D. (1996). Capital market imperfections and countercyclical markups: Theory and evidence. The American Economic Review, 86(4), 703-725.
Clark, G. L., Feiner, A., and Viehs, M. (2015). From the stockholder to the stakeholder: How sustainability can drive financial outperformance. Rochester, NY: Social Science Research Network.
El Ghoul, S., Guedhami, O., Kwok C.C., and Mishra D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking and Finance, 35(9), 2388-2406.
Friede, G., Busch, T., and Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance and Investment, 5(4), 210-233.
Henriksson, R., Livnat, J., Pfeifer, P., and Stumpp, M. (2019). Integrating ESG in portfolio construction. The Journal of Portfolio Management, 45(4), 67-81.
Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
Khan, M., Serafeim, G., and Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697-1724.
Kini, O., Shenoy, J., and Subramaniam, V. (2017). Impact of financial leverage on the incidence and severity of product failures: Evidence from product recalls. Review of Financial Studies, 30(5), 1790-1829.
Kitzmueller, M., and Shimshack, J. (2012). Economic perspectives on corporate social responsibility. Journal of Economic Literature, 50(1), 51-84.
Opler, T. C., and Titman, S. (1994). Financial distress and corporate performance. The Journal of Finance, 49(3), 1015–1040.
Rokhim, R, and Surya, A.A. (2022). Analysis of the mitigation effects of corporate social responsibility on the negative impact of high leverage in ASEAN-5, Asia Pacific Management Review, 27(4), 257-264.
Schiehll, E. and Kolahgar, S. (2021). Financial materiality in the informativeness of sustainability reporting. Business Strategy and the Environment, 30(2), 840-855.
Telser, L. G. (1966). Cutthroat competition and the long purse. The Journal of Law and Economics, 9, 259-277.
Whelan, T., Atz, U., and Clark, C. (2022). ESG and performance: Uncovering the relationship by aggregating evidence from 1,000 plus studies. Center for Sustainable Business, NYU.
Vishwanathan, P., Van Oosterhout, H., Heugens, P. P., Duran, P., and Van Essen, M. (2020). Strategic CSR: A concept building meta‐analysis. Journal of Management Studies, 57(2), 314–350.
Yeh, C. C., Lin, F., Wang, T. S., and Wu, C. M. (2020). Does corporate social responsibility affect cost of capital in China? Asia Pacific Management Review, 25(1), 1-12.		zh_TW