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題名 SASB準則下ESG重大性議題與財務績效之關係
An Analysis of SASB Materiality and Financial Performance作者 許禾育
Hsu, Ho-Yu貢獻者 陳鴻毅
Chen, Hong-Yi
許禾育
Hsu, Ho-Yu關鍵詞 企業社會責任
CSR
ESG
重大性議題
SASB
財務績效
CSR
ESG
Materiality topic
SASB
ESG disclosure
Financial performance日期 2023 上傳時間 2-八月-2023 13:01:33 (UTC+8) 摘要 本研究旨在探討企業於重大性永續議題表現與公司財務績效之關係，並進一步檢視該關係於不同永續績效水準或不同產業之公司群體是否仍存在。本研究以美國上市公司做為樣本，並以獲利能力、價值乘數、利益率作為財務績效之衡量指標，亦輔以公司永續資訊揭露表現作為比對，以更深入分析公司永續表現對於財務績效各面向的影響。本研究以Bloomberg資料庫之ESG資料作為原始資料，並依循永續會計準則委員會(SASB)所認定之各產業重大性議題編製SASB分數進行實證研究。實證結果發現，SASB分數及揭露分數皆對公司之獲利能力、價值乘數有顯著正向影響，其中又以揭露分數的影響效果較大。若區分ESG三面向揭露分數作探討，則環境、社會之影響效果又較治理之影響效果更大。此外，高永續績效水準的公司群體相較於低永續績效水準的公司群體，此關係並無顯著差異。本研究亦發現，以產業別區分公司群體，則此關係也會有所不同。本研究結果建議公司應加強永續資訊揭露及重大性議題之表現，提升此兩面向，將有助於取得更好的獲利能力及價值乘數，進而提升公司價值。
This study investigates the relationship between ESG materiality topic performance and corporate financial performance, and further analyzes companies in different levels of ESG performance and different industries. This study uses public companies in the US as the sample and measures financial performance using profitability, valuation multiples, and margins. The measure of ESG materiality topic performance is the SASB score, which is calculated by SASB standards based on ESG data sourced from Bloomberg. To make a comparison, this study also incorporates the Bloomberg ESG disclosure score as a main independent variable to see the difference in the effect between ESG materiality topic performance and disclosure performance. Empirical results show that materiality topic performance and disclosure performance both significantly positively influence financial performance. Furthermore, the effect of disclosure performance is stronger, particularly in environmental and social disclosure. The results also show that the difference between this effect in high-score and low-score groups is not significant. Besides, the influence of materiality topic performance is different between industries. To sum up, this study suggests that improving ESG materiality topic performance and disclosure performance can help companies gain better profitability and higher valuation multiples.參考文獻 Ahmad, N., Mobarek, A., and Roni, N. N. (2021). Revisiting the impact of ESG on financial performance of FTSE350 UK firms: Static and dynamic panel data analysis. Cogent Business & Management, 8(1), 1900500.Consolandi, C., Eccles, R. G., and Gabbi, G. (2022). How material is a material issue? Stock returns and the financial relevance and financial intensity of ESG materiality. Journal of Sustainable Finance & Investment, 12(4), 1045-1068.Chen, Z., and Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis, 83, 102291.Dalal, K. K. and Nimit, T. (2019). ESG and corporate financial performance: A panel study of Indian companies. IUP Journal of Corporate Governance, 18(1), 44-59.Friede, G., Busch, T., and Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233.Global Compact (2004). Who cares wins: Connecting financial markets to a changing world. New York, NY, USA: United Nations.Gillan, S. L., Koch, A., and Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889.Huang, D. Z. X. (2021). Environmental, social and governance (ESG) activity and firm performance: A review and consolidation. Account Finance, 61, 335-360.Hasan, I., Singh, S., and Kashiramka, S. (2021). Does corporate social responsibility disclosure impact firm performance? An industry-wise analysis of Indian firms. Environment, Development and Sustainability, 24, 10141–10181.Han, J. J., Kim, H. J., and Yu, J. (2016). Empirical study on relationship between corporate social responsibility and financial performance in Korea. Asian Journal of Sustainability and Social Responsibility, 1, 61-76.Henriksson, R., Livnat, J., Pfeifer, P., and Stumpp, M. (2019). Integrating ESG in portfolio construction. The Journal of Portfolio Management, 45(4), 67-81.Khan, M. A. (2022). ESG disclosure and firm performance: A bibliometric and meta analysis. Research in International Business and Finance, 61, 101668.Khan, M., Serafeim, G., and Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697-1724.PRI (2003). Inside PRI data: Investment manager practices, Retrieved from https://www.unpri.org/asset-owner-resources/inside-pri-data-investment-manager-practices/11142.article/ on May 21,2023.P., F., and Busru, S. A. (2021). CSR disclosure and firm performance: Evidence from an emerging market. Corporate Governance: The International Journal of Business in Society, 21(4), 553-568.Pulino, S. C., Ciaburri, M., Magnanelli, B. S., and Nasta, L. (2022). Does ESG disclosure influence firm performance? Sustainability, 14(13), 7595.Schiehll, E. and Kolahgar, S. (2021). Financial materiality in the informativeness of sustainability reporting. Business Strategy and the Environment, 30(2), 840-855.Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 80(2), 169-178.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.Yu, H. C., Kuo, L., and Kao, M. F. (2017). The relationship between CSR disclosure and competitive advantage. Sustainability Accounting, Management and Policy Journal, 8(5), 547-570.Yoo, S. and Managi, S. (2022). Disclosure or action: Evaluating ESG behavior towards financial performance. Finance Research Letters, 44, 102108. 描述 碩士
國立政治大學
財務管理學系
110357037資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110357037 資料類型 thesis dc.contributor.advisor 陳鴻毅 zh_TW dc.contributor.advisor Chen, Hong-Yi en_US dc.contributor.author (作者) 許禾育 zh_TW dc.contributor.author (作者) Hsu, Ho-Yu en_US dc.creator (作者) 許禾育 zh_TW dc.creator (作者) Hsu, Ho-Yu en_US dc.date (日期) 2023 en_US dc.date.accessioned 2-八月-2023 13:01:33 (UTC+8) - dc.date.available 2-八月-2023 13:01:33 (UTC+8) - dc.date.issued (上傳時間) 2-八月-2023 13:01:33 (UTC+8) - dc.identifier (其他 識別碼) G0110357037 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146295 - 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) 110357037 zh_TW dc.description.abstract (摘要) 本研究旨在探討企業於重大性永續議題表現與公司財務績效之關係，並進一步檢視該關係於不同永續績效水準或不同產業之公司群體是否仍存在。本研究以美國上市公司做為樣本，並以獲利能力、價值乘數、利益率作為財務績效之衡量指標，亦輔以公司永續資訊揭露表現作為比對，以更深入分析公司永續表現對於財務績效各面向的影響。本研究以Bloomberg資料庫之ESG資料作為原始資料，並依循永續會計準則委員會(SASB)所認定之各產業重大性議題編製SASB分數進行實證研究。實證結果發現，SASB分數及揭露分數皆對公司之獲利能力、價值乘數有顯著正向影響，其中又以揭露分數的影響效果較大。若區分ESG三面向揭露分數作探討，則環境、社會之影響效果又較治理之影響效果更大。此外，高永續績效水準的公司群體相較於低永續績效水準的公司群體，此關係並無顯著差異。本研究亦發現，以產業別區分公司群體，則此關係也會有所不同。本研究結果建議公司應加強永續資訊揭露及重大性議題之表現，提升此兩面向，將有助於取得更好的獲利能力及價值乘數，進而提升公司價值。 zh_TW dc.description.abstract (摘要) This study investigates the relationship between ESG materiality topic performance and corporate financial performance, and further analyzes companies in different levels of ESG performance and different industries. This study uses public companies in the US as the sample and measures financial performance using profitability, valuation multiples, and margins. The measure of ESG materiality topic performance is the SASB score, which is calculated by SASB standards based on ESG data sourced from Bloomberg. To make a comparison, this study also incorporates the Bloomberg ESG disclosure score as a main independent variable to see the difference in the effect between ESG materiality topic performance and disclosure performance. Empirical results show that materiality topic performance and disclosure performance both significantly positively influence financial performance. Furthermore, the effect of disclosure performance is stronger, particularly in environmental and social disclosure. The results also show that the difference between this effect in high-score and low-score groups is not significant. Besides, the influence of materiality topic performance is different between industries. To sum up, this study suggests that improving ESG materiality topic performance and disclosure performance can help companies gain better profitability and higher valuation multiples. en_US dc.description.tableofcontents 1. Introduction 12. Literature Review and Research Questions 42.1 ESG Performance and Financial Performance 42.2 ESG Disclosure and Financial Performance 52.3 ESG Materiality Topics 62.4 Research Questions 63. Data and Methodology 83.1 Sample 83.2 Variables 83.3 Model 133.4 Descriptive Statistics 144. Empirical Results 164.1 Regression Analysis on the Influence of SASB Score and ESG Disclosure 164.2 Regression Analysis on Different ESG Performance Group194.3 Regression Analysis on Different Industries 205. Conclusion 235.1 Conclusion and Summary 235.2 Limitations and Future Research 25References 26 zh_TW dc.format.extent 1212636 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110357037 en_US dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) CSR zh_TW dc.subject (關鍵詞) ESG zh_TW dc.subject (關鍵詞) 重大性議題 zh_TW dc.subject (關鍵詞) SASB zh_TW dc.subject (關鍵詞) 財務績效 zh_TW dc.subject (關鍵詞) CSR en_US dc.subject (關鍵詞) ESG en_US dc.subject (關鍵詞) Materiality topic en_US dc.subject (關鍵詞) SASB en_US dc.subject (關鍵詞) ESG disclosure en_US dc.subject (關鍵詞) Financial performance en_US dc.title (題名) SASB準則下ESG重大性議題與財務績效之關係 zh_TW dc.title (題名) An Analysis of SASB Materiality and Financial Performance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Ahmad, N., Mobarek, A., and Roni, N. N. (2021). Revisiting the impact of ESG on financial performance of FTSE350 UK firms: Static and dynamic panel data analysis. Cogent Business & Management, 8(1), 1900500.Consolandi, C., Eccles, R. G., and Gabbi, G. (2022). How material is a material issue? Stock returns and the financial relevance and financial intensity of ESG materiality. Journal of Sustainable Finance & Investment, 12(4), 1045-1068.Chen, Z., and Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis, 83, 102291.Dalal, K. K. and Nimit, T. (2019). ESG and corporate financial performance: A panel study of Indian companies. IUP Journal of Corporate Governance, 18(1), 44-59.Friede, G., Busch, T., and Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233.Global Compact (2004). Who cares wins: Connecting financial markets to a changing world. New York, NY, USA: United Nations.Gillan, S. L., Koch, A., and Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889.Huang, D. Z. X. (2021). Environmental, social and governance (ESG) activity and firm performance: A review and consolidation. Account Finance, 61, 335-360.Hasan, I., Singh, S., and Kashiramka, S. (2021). Does corporate social responsibility disclosure impact firm performance? An industry-wise analysis of Indian firms. Environment, Development and Sustainability, 24, 10141–10181.Han, J. J., Kim, H. J., and Yu, J. (2016). Empirical study on relationship between corporate social responsibility and financial performance in Korea. Asian Journal of Sustainability and Social Responsibility, 1, 61-76.Henriksson, R., Livnat, J., Pfeifer, P., and Stumpp, M. (2019). Integrating ESG in portfolio construction. The Journal of Portfolio Management, 45(4), 67-81.Khan, M. A. (2022). ESG disclosure and firm performance: A bibliometric and meta analysis. Research in International Business and Finance, 61, 101668.Khan, M., Serafeim, G., and Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697-1724.PRI (2003). Inside PRI data: Investment manager practices, Retrieved from https://www.unpri.org/asset-owner-resources/inside-pri-data-investment-manager-practices/11142.article/ on May 21,2023.P., F., and Busru, S. A. (2021). CSR disclosure and firm performance: Evidence from an emerging market. Corporate Governance: The International Journal of Business in Society, 21(4), 553-568.Pulino, S. C., Ciaburri, M., Magnanelli, B. S., and Nasta, L. (2022). Does ESG disclosure influence firm performance? Sustainability, 14(13), 7595.Schiehll, E. and Kolahgar, S. (2021). Financial materiality in the informativeness of sustainability reporting. Business Strategy and the Environment, 30(2), 840-855.Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 80(2), 169-178.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.Yu, H. C., Kuo, L., and Kao, M. F. (2017). The relationship between CSR disclosure and competitive advantage. Sustainability Accounting, Management and Policy Journal, 8(5), 547-570.Yoo, S. and Managi, S. (2022). Disclosure or action: Evaluating ESG behavior towards financial performance. Finance Research Letters, 44, 102108. zh_TW
