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題名 台灣上市櫃公司ESG表現對機構投資人持股之影響
The Impact of Taiwan Listed Companies’ ESG Performance on Institutional Ownership
作者 林靈
Lin, Ling
貢獻者 林宛瑩
林靈
Lin, Ling
關鍵詞 ESG
CSR
機構投資人
ESG
CSR
Institutional Investors
日期 2023
上傳時間 2-Aug-2023 13:23:54 (UTC+8)
摘要 注重永續發展已成全球趨勢。藉由推動綠色金融，金融業者可透過將企業之永續表現納入核心業務或投融資政策考量，擴大對低碳經濟、能源轉型、綠色科技等相關產業的投資，同時減少投融資予其他加速全球暖化、氣候變遷的產業，發揮促進企業朝向永續經營發展的影響力。
本研究利用台灣上市櫃公司2015年至2021年之TESG分數和評等，衡量企業之永續表現，探討其與機構投資人持股之關聯性。研究結果顯示，在排除公司法人持股的情況下，企業ESG表現（無論係以ESG等級或分數衡量）與機構投資人持股比例呈顯著正向關係；惟將公司法人持股納入機構投資人持股之衡量後，企業ESG表現與機構投資人持股比例則呈負相關但不顯著。此外，本研究的額外測試結果均與主要實證結果一致。綜合分析結果顯示，非公司法人之機構投資人確會將台灣上市櫃公司之ESG表現納入其持股決策。
Sustainable development has become a global trend. By promoting green finance, financial institutions can incorporate the sustainability performance of companies into their core business or investment and financing policies. This includes expanding investments in low-carbon economy, energy transition, green technology, and other related industries, while reducing investments in industries that contribute to global warming and climate change. This approach harnesses the power to promote sustainable business development.
This study utilizes the TESG scores and ratings of listed companies in Taiwan from 2015 to 2021 to measure their sustainability performance and explore its correlation with institutional investors` shareholdings. The research findings show that, when excluding corporate shareholdings, there is a significant and positive relationship between ESG performance of companies (whether measured by ESG ratings or scores) and the proportion of institutional investors` shareholdings. However, when considering corporate shareholdings along with institutional investors` shareholdings, the correlation between ESG performance and institutional investors` shareholdings becomes negative but not statistically significant. The results of additional tests are consistent with the main empirical findings. The comprehensive analysis indicates that institutional investors without corporate shareholdings will incorporate the ESG performance of listed companies in Taiwan into their shareholding decisions.
參考文獻 Bai, X., Han, J., Ma, Y., & Zhang, W. (2022). ESG Performance, Institutional Investors’ Preference and Financing Constraints: Empirical Evidence from China. Borsa Istanbul Review.
Carnini Pulino, S., Ciaburri, M., Magnanelli, B. S., & Nasta, L. (2022). Does ESG disclosure influence firm performance? Sustainability, 14(13), 7595.
Çelik, S. and Isaksson, M. (2014). Institutional investors and ownership engagement. OECD Journal: Financial Market Trends, 2013(2), 93-114.
Cumming, D. and Johan, S. (2007). Socially responsible institutional investment in private equity. Journal of Business Ethics, 75(4), 395-416.
Dahlquist, M. and Robertsson, G. (2001). Direct foreign ownership, institutional investors, and firm characteristics. Journal of Financial Economics, 59(3), 413-440.
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693-714.
Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621-640.
Falkenstein, E. G. (1996). Preferences for stock characteristics as revealed by mutual fund portfolio holdings. The Journal of Finance, 51(1), 111-135.
Fama, E. F. and French, K. R. (1992). The cross‐section of expected stock returns. The Journal of Finance, 47(2), 427-465.
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global finance journal, 38, 45-64.
Fu, X., Tang, T., & Yan, X. (2019). Why do institutions like corporate social responsibility investments? Evidence from horizon heterogeneity. Journal of Empirical Finance, 51, 44-63.
Gillan, S., Hartzell, J. C., Koch, A., & Starks, L. T. (2010). Firms’ environmental, social and governance (ESG) choices, performance and managerial motivation. Unpublished working paper, 10.
Gompers, P. A. and Metrick, A. (2001). Institutional investors and equity prices. The quarterly journal of Economics, 116(1), 229-259.
Hessel, C. A. and Norman, M. (1992). Financial characteristics of neglected and institutionally held stocks. Journal of Accounting, Auditing & Finance, 7(3), 313-330.
Kang, J.-K. and Stulz, R. M. (1997). Is bank-centered corporate governance worth it? A cross-sectional analysis of the performance of Japanese firms during the asset price deflation. In: National Bureau of Economic Research Cambridge, Mass., USA.
Krueger, P., Sautner, Z., Tang, D. Y., & Zhong, R. (2021). The effects of mandatory ESG disclosure around the world. European Corporate Governance Institute–Finance Working Paper(754), 21-44.
Lee, J. (2006). Family Firm Performance: Further Evidence. Family Business Review, 19(2), 103-114.
Li, Z., Wang, P., & Wu, T. (2021). Do foreign institutional investors drive corporate social responsibility? Evidence from listed firms in China. Journal of Business Finance & Accounting, 48(1-2), 338-373.
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. Journal of Finance, 72(4), 1785-1823.
Mackey, A., Mackey, T. B., & Barney, J. B. (2007). Corporate social responsibility and firm performance: Investor preferences and corporate strategies. Academy of management review, 32(3), 817-835.
McWilliams, A. and Siegel, D. S. (2011). Creating and capturing value: Strategic corporate social responsibility, resource-based theory, and sustainable competitive advantage. Journal of management, 37(5), 1480-1495.
Moalla, M. and Dammak, S. (2023). Corporate ESG performance as good insurance in times of crisis: lessons from US stock market during COVID-19 pandemic. Journal of Global Responsibility.
Motta, E. M. and Uchida, K. (2018). Institutional investors, corporate social responsibility, and stock price performance. Journal of the Japanese and International Economies, 47, 91-102.
Nofsinger, J. R., Sulaeman, J., & Varma, A. (2019). Institutional investors and corporate social responsibility. Journal of Corporate Finance, 58, 700-725.
Pirzada, K., Mustapha, M. Z. B., & Wickramasinghe, D. (2015). Firm performance, institutional ownership and capital structure: A case of Malaysia. Procedia-Social and Behavioral Sciences, 211, 170-176.
Starks, L. T., Venkat, P., & Zhu, Q. (2017). Corporate ESG profiles and investor horizons. Available at SSRN 3049943.
丁秀儀和黃勇達. (2010). 資訊揭露程度與內涵對機構投資人持股的影響. 證券市場發展季刊, 22(3), 39-74.
陸芊螢和陳莛之. (2014). 公司治理, 資訊透明度與機構投資人持股之關聯性. 華人前瞻研究, 10(2), 1-17.
描述 碩士
國立政治大學
會計學系
110353012
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353012
資料類型 thesis
dc.contributor.advisor 林宛瑩zh_TW
dc.contributor.author (Authors) 林靈zh_TW
dc.contributor.author (Authors) Lin, Lingen_US
dc.creator (作者) 林靈zh_TW
dc.creator (作者) Lin, Lingen_US
dc.date (日期) 2023en_US
dc.date.accessioned 2-Aug-2023 13:23:54 (UTC+8)-
dc.date.available 2-Aug-2023 13:23:54 (UTC+8)-
dc.date.issued (上傳時間) 2-Aug-2023 13:23:54 (UTC+8)-
dc.identifier (Other Identifiers) G0110353012en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146389-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 110353012zh_TW
dc.description.abstract (摘要) 注重永續發展已成全球趨勢。藉由推動綠色金融，金融業者可透過將企業之永續表現納入核心業務或投融資政策考量，擴大對低碳經濟、能源轉型、綠色科技等相關產業的投資，同時減少投融資予其他加速全球暖化、氣候變遷的產業，發揮促進企業朝向永續經營發展的影響力。
本研究利用台灣上市櫃公司2015年至2021年之TESG分數和評等，衡量企業之永續表現，探討其與機構投資人持股之關聯性。研究結果顯示，在排除公司法人持股的情況下，企業ESG表現（無論係以ESG等級或分數衡量）與機構投資人持股比例呈顯著正向關係；惟將公司法人持股納入機構投資人持股之衡量後，企業ESG表現與機構投資人持股比例則呈負相關但不顯著。此外，本研究的額外測試結果均與主要實證結果一致。綜合分析結果顯示，非公司法人之機構投資人確會將台灣上市櫃公司之ESG表現納入其持股決策。		zh_TW
dc.description.abstract (摘要) Sustainable development has become a global trend. By promoting green finance, financial institutions can incorporate the sustainability performance of companies into their core business or investment and financing policies. This includes expanding investments in low-carbon economy, energy transition, green technology, and other related industries, while reducing investments in industries that contribute to global warming and climate change. This approach harnesses the power to promote sustainable business development.
This study utilizes the TESG scores and ratings of listed companies in Taiwan from 2015 to 2021 to measure their sustainability performance and explore its correlation with institutional investors` shareholdings. The research findings show that, when excluding corporate shareholdings, there is a significant and positive relationship between ESG performance of companies (whether measured by ESG ratings or scores) and the proportion of institutional investors` shareholdings. However, when considering corporate shareholdings along with institutional investors` shareholdings, the correlation between ESG performance and institutional investors` shareholdings becomes negative but not statistically significant. The results of additional tests are consistent with the main empirical findings. The comprehensive analysis indicates that institutional investors without corporate shareholdings will incorporate the ESG performance of listed companies in Taiwan into their shareholding decisions.		en_US
dc.description.tableofcontents 第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究議題 4
第三節 論文架構 6
第二章 文獻探討 7
第一節 綠色金融倡議對企業永續發展之影響 7
第二節 機構投資人投資決策與企業 ESG 表現 10
第三章 研究設計 14
第一節 研究假說 14
第二節 實證模型、變數定義與衡量方法 15
第三節 樣本選取及研究資料來源 22
第四章 實證結果分析 24
第一節 敘述性統計 24
第二節 相關係數矩陣分析 27
第三節 迴歸結果分析 31
第四節 額外測試 35
第五章 結論與建議 58
第一節 結論 58
第二節 研究限制與建議 59
參考文獻 61		zh_TW
dc.format.extent 3044583 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353012en_US
dc.subject (關鍵詞) ESGzh_TW
dc.subject (關鍵詞) CSRzh_TW
dc.subject (關鍵詞) 機構投資人zh_TW
dc.subject (關鍵詞) ESGen_US
dc.subject (關鍵詞) CSRen_US
dc.subject (關鍵詞) Institutional Investorsen_US
dc.title (題名) 台灣上市櫃公司ESG表現對機構投資人持股之影響zh_TW
dc.title (題名) The Impact of Taiwan Listed Companies’ ESG Performance on Institutional Ownershipen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Bai, X., Han, J., Ma, Y., & Zhang, W. (2022). ESG Performance, Institutional Investors’ Preference and Financing Constraints: Empirical Evidence from China. Borsa Istanbul Review.
Carnini Pulino, S., Ciaburri, M., Magnanelli, B. S., & Nasta, L. (2022). Does ESG disclosure influence firm performance? Sustainability, 14(13), 7595.
Çelik, S. and Isaksson, M. (2014). Institutional investors and ownership engagement. OECD Journal: Financial Market Trends, 2013(2), 93-114.
Cumming, D. and Johan, S. (2007). Socially responsible institutional investment in private equity. Journal of Business Ethics, 75(4), 395-416.
Dahlquist, M. and Robertsson, G. (2001). Direct foreign ownership, institutional investors, and firm characteristics. Journal of Financial Economics, 59(3), 413-440.
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693-714.
Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621-640.
Falkenstein, E. G. (1996). Preferences for stock characteristics as revealed by mutual fund portfolio holdings. The Journal of Finance, 51(1), 111-135.
Fama, E. F. and French, K. R. (1992). The cross‐section of expected stock returns. The Journal of Finance, 47(2), 427-465.
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global finance journal, 38, 45-64.
Fu, X., Tang, T., & Yan, X. (2019). Why do institutions like corporate social responsibility investments? Evidence from horizon heterogeneity. Journal of Empirical Finance, 51, 44-63.
Gillan, S., Hartzell, J. C., Koch, A., & Starks, L. T. (2010). Firms’ environmental, social and governance (ESG) choices, performance and managerial motivation. Unpublished working paper, 10.
Gompers, P. A. and Metrick, A. (2001). Institutional investors and equity prices. The quarterly journal of Economics, 116(1), 229-259.
Hessel, C. A. and Norman, M. (1992). Financial characteristics of neglected and institutionally held stocks. Journal of Accounting, Auditing & Finance, 7(3), 313-330.
Kang, J.-K. and Stulz, R. M. (1997). Is bank-centered corporate governance worth it? A cross-sectional analysis of the performance of Japanese firms during the asset price deflation. In: National Bureau of Economic Research Cambridge, Mass., USA.
Krueger, P., Sautner, Z., Tang, D. Y., & Zhong, R. (2021). The effects of mandatory ESG disclosure around the world. European Corporate Governance Institute–Finance Working Paper(754), 21-44.
Lee, J. (2006). Family Firm Performance: Further Evidence. Family Business Review, 19(2), 103-114.
Li, Z., Wang, P., & Wu, T. (2021). Do foreign institutional investors drive corporate social responsibility? Evidence from listed firms in China. Journal of Business Finance & Accounting, 48(1-2), 338-373.
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. Journal of Finance, 72(4), 1785-1823.
Mackey, A., Mackey, T. B., & Barney, J. B. (2007). Corporate social responsibility and firm performance: Investor preferences and corporate strategies. Academy of management review, 32(3), 817-835.
McWilliams, A. and Siegel, D. S. (2011). Creating and capturing value: Strategic corporate social responsibility, resource-based theory, and sustainable competitive advantage. Journal of management, 37(5), 1480-1495.
Moalla, M. and Dammak, S. (2023). Corporate ESG performance as good insurance in times of crisis: lessons from US stock market during COVID-19 pandemic. Journal of Global Responsibility.
Motta, E. M. and Uchida, K. (2018). Institutional investors, corporate social responsibility, and stock price performance. Journal of the Japanese and International Economies, 47, 91-102.
Nofsinger, J. R., Sulaeman, J., & Varma, A. (2019). Institutional investors and corporate social responsibility. Journal of Corporate Finance, 58, 700-725.
Pirzada, K., Mustapha, M. Z. B., & Wickramasinghe, D. (2015). Firm performance, institutional ownership and capital structure: A case of Malaysia. Procedia-Social and Behavioral Sciences, 211, 170-176.
Starks, L. T., Venkat, P., & Zhu, Q. (2017). Corporate ESG profiles and investor horizons. Available at SSRN 3049943.
丁秀儀和黃勇達. (2010). 資訊揭露程度與內涵對機構投資人持股的影響. 證券市場發展季刊, 22(3), 39-74.
陸芊螢和陳莛之. (2014). 公司治理, 資訊透明度與機構投資人持股之關聯性. 華人前瞻研究, 10(2), 1-17.		zh_TW