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題名 能源耗用與企業績效之關聯性
The Effect of Energy Consumption Efficiency on Firm Performance
作者 許詩祥
Hsu, Shih-Hsiang
貢獻者 林宛瑩
Lin, Wan-Ying
許詩祥
Hsu, Shih-Hsiang
關鍵詞 環境綜合表現
碳排放量
用水量
市場績效
Environmental Performance
Carbon Emissions
Water Consumption
Market Performance
日期 2023
上傳時間 2-Aug-2023 13:25:22 (UTC+8)
摘要 我國於2022年3月發布《2050淨零排放路徑及策略總說明》，其中要求高碳排及高用水產業透過製程改善、能源轉換及循環經濟推動產業轉型，期望在2050年實現淨零排放。同年，金管會為了能夠有效掌握企業碳排放量，開始要求上市櫃公司及其子公司2023年至2029年陸續完成溫室氣體盤查及確信。
本研究採用台灣上市櫃公司2016年至2021年企業環境面綜合表現評分，以及企業所揭露之碳排放量及用水量，藉以衡量企業能源耗用之程度，並探討其與市場績效（以Tobin’s Q衡量）之關聯性。研究結果顯示，當企業環境面綜合表現越好，其市場績效越佳，且在同時考量碳排放量及用水量之情況下，企業碳排放量越高，其市場績效越差。
In March 2022, Taiwan government released “2050 Net Zero Emission Pathway and Strategy Overview”, which requests industries with high carbon emission and high water consumption to promote industrial transition through production process improvement, energy conversion, and circular economy, expecting to reach zero emission in 2050. In the same year, in order to fully supervise corporate carbon emission, the FSC requests publicly traded companies and their subsidiaries to successively finish carbon footprint verification over the period 2023 to 2029.
Based on a sample of Taiwanese listed companies from year 2016 to year 2021, this study investigates the association among environmental performance, carbon emission, water consumption and market performance of firm (using Tobin’s Q as proxy variable). The results shows that environmental performance is significantly and positively related to Tobin’s Q. Moreover, it is found that the total carbon emissions is significantly and negatively associated with Tobin’s Q.
參考文獻 張育琳，2019，節能減碳、企業綠色環境管理策略與公司績效之關連性，中山管理評論，第27卷第2期，279-326頁。
張育琳、劉俊儒，2018，低水電有助於公司績效嗎，管理學報，第35卷第1期，103-136頁。
Apergis, N., Poufinas, T., and Antonopoulos, A. 2022. ESG scores and cost of debt. Energy Economics, 112: 106186.
Bolton, P., and Kacperczyk, M. 2021. Do investors care about carbon risk?. Journal of Financial Economics, 142(2): 517-549.
Bothello, J., and Salles-Djelic, M. L. 2018. Evolving conceptualizations of organizational environmentalism: A path generation account. Organization Studies, 39(1): 93-119.
Brush, T. H., Bromiley, P., and Hendrickx, M. 2000. The free cash flow hypothesis for sales growth and firm performance. Strategic Management Journal, 21(4): 455-472.
Bracker, K., and Ramaya, K. 2011. Examining the impact of research and development expenditures on Tobin`s Q. Academy of Strategic Management Journal, 10, 63-79.
Benlemlih, M. 2019. Corporate social responsibility and dividend policy. Research in International Business and Finance, 47, 114-138.
Choi, B., and Luo, L. 2021. Does the market value greenhouse gas emissions? Evidence from multi-country firm data. The British Accounting Review, 53(1): 100909.
Clément, A., Robinot, É., and Trespeuch, L. 2022. Improving ESG Scores with Sustainability Concepts. Sustainability, 14(20): 13154.
Carnini Pulino, S., Ciaburri, M., Magnanelli, B. S., and Nasta, L. 2022. Does ESG disclosure influence firm performance?. Sustainability, 14(13): 7595.
Chen, Y., and Ma, Y. 2021. Does green investment improve energy firm performance?. Energy Policy, 153: 112252.
Drempetic, S., Klein, C., and Zwergel, B. 2020. The influence of firm size on the ESG score: Corporate sustainability ratings under review. Journal of Business Ethics, 167: 333-360.
Dhaliwal, D. S., Li, O. Z., Tsang, A., and 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.
Friedman, M. 1970.The Social Responsibility of Business is to Increase its Profits. New York Times Magazine (September 13),32-33:122-126.
Fatemi, A., Glaum, M., and Kaiser, S. 2018. ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64.
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.
Freeman, R. E., Harrison, J. S., and Zyglidopoulos, S. 2018. Stakeholder Theory: Concepts and Strategies. Cambridge University Press.
Garvey, G. T., Iyer, M., and Nash, J. 2018. Carbon footprint and productivity: does the “E” in ESG capture efficiency as well as environment. Journal of Investment Management, 16(1): 59-69.
Griffin, P. A., Lont, D. H., and Sun, E. Y. 2017. The relevance to investors of greenhouse gas emission disclosures. Contemporary Accounting Research, 34(2):1265–1297.
Gupta, K., Banerjee, R., and Onur, I. 2017. The effects of R&D and competition on firm value: International evidence. International Review of Economics & Finance, 51: 391-404.
Hassan, O. A., and Romilly, P. 2018. Relations between corporate economic performance, environmental disclosure and greenhouse gas emissions: New insights. Business Strategy and the Environment 27(7): 893–909.
Handriani, E., and Robiyanto, R. 2019. Institutional ownership, independent board, the board size, and firm performance: Evidence from Indonesia. Contaduría y administración, 64(3).
Lev, B., and Zarowin, P. 1999. The boundaries of financial reporting and how to extend them. Journal of Accounting Research, 37(2): 353-385.
Loderer, C. F., and Waelchli, U. 2010. Firm age and performance. Available at SSRN 1342248.
Lee, K. H., Cin, B. C., and Lee, E. Y. 2016. Environmental responsibility and firm performance: The application of an environmental, social and governance model. Business Strategy and the Environment, 25(1): 40-53.
Li Y., M. Gong, X. Zhang, L. Koh. 2018. The impact of environmental, social, and governance disclosure on firm value: The role of CEO power. The British Accounting Review 50(1): 60-75.
Nishitani, K and Kokubu, K. 2012. Why does the reduction of greenhouse gas emissions enhance firm value? The case of Japanese manufacturing firms. Business Strategy and the Environment 21(8): 517–529.
Richardson, S. 2006. Over-investment of free cash flow. Review of Accounting Studies, 11: 159-189.
Shaikh, I. 2022. Environmental, social, and governance (ESG) practice and firm performance: an international evidence. Journal of Business Economics and Management, 23(1): 218-237.
Simionescu, L. N., Gherghina, Ș. C., Sheikha, Z., and Tawil, H. 2020. Does water, waste, and energy consumption influence firm performance? Panel data evidence from S&P 500 information technology sector. International Journal of Environmental Research and Public Health, 17(14): 5206.
Trinks, A., Mulder, M., and Scholtens, B. 2020. An efficiency perspective on carbon emissions and financial performance. Ecological Economics, 175: 106632.
Velte, P. 2020. Does CEO power moderate the link between ESG performance and financial performance? A focus on the German two-tier system. Management Research Review, 43(5): 497-520.
Xie, J., Nozawa, W., Yagi, M., Fujii, H., and Managi, S. 2019. Do environmental, social, and governance activities improve corporate financial performance?. Business Strategy and the Environment, 28(2): 286-300.
Yan, C. C., Hui, Y. Z., and Xin, L. 2021. The relationship between board size and firm performance. In E3S Web of Conferences (Vol. 257, p. 02079). EDP Sciences.
Yan, H., Li, X., Huang, Y., and Li, Y. 2020. The impact of the consistency of carbon performance and carbon information disclosure on enterprise value. Finance Research Letters, 37: 101680.
描述 碩士
國立政治大學
會計學系
110353023
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353023
資料類型 thesis
dc.contributor.advisor 林宛瑩zh_TW
dc.contributor.advisor Lin, Wan-Yingen_US
dc.contributor.author (Authors) 許詩祥zh_TW
dc.contributor.author (Authors) Hsu, Shih-Hsiangen_US
dc.creator (作者) 許詩祥zh_TW
dc.creator (作者) Hsu, Shih-Hsiangen_US
dc.date (日期) 2023en_US
dc.date.accessioned 2-Aug-2023 13:25:22 (UTC+8)-
dc.date.available 2-Aug-2023 13:25:22 (UTC+8)-
dc.date.issued (上傳時間) 2-Aug-2023 13:25:22 (UTC+8)-
dc.identifier (Other Identifiers) G0110353023en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146396-
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) 110353023zh_TW
dc.description.abstract (摘要) 我國於2022年3月發布《2050淨零排放路徑及策略總說明》，其中要求高碳排及高用水產業透過製程改善、能源轉換及循環經濟推動產業轉型，期望在2050年實現淨零排放。同年，金管會為了能夠有效掌握企業碳排放量，開始要求上市櫃公司及其子公司2023年至2029年陸續完成溫室氣體盤查及確信。
本研究採用台灣上市櫃公司2016年至2021年企業環境面綜合表現評分，以及企業所揭露之碳排放量及用水量，藉以衡量企業能源耗用之程度，並探討其與市場績效（以Tobin’s Q衡量）之關聯性。研究結果顯示，當企業環境面綜合表現越好，其市場績效越佳，且在同時考量碳排放量及用水量之情況下，企業碳排放量越高，其市場績效越差。		zh_TW
dc.description.abstract (摘要) In March 2022, Taiwan government released “2050 Net Zero Emission Pathway and Strategy Overview”, which requests industries with high carbon emission and high water consumption to promote industrial transition through production process improvement, energy conversion, and circular economy, expecting to reach zero emission in 2050. In the same year, in order to fully supervise corporate carbon emission, the FSC requests publicly traded companies and their subsidiaries to successively finish carbon footprint verification over the period 2023 to 2029.
Based on a sample of Taiwanese listed companies from year 2016 to year 2021, this study investigates the association among environmental performance, carbon emission, water consumption and market performance of firm (using Tobin’s Q as proxy variable). The results shows that environmental performance is significantly and positively related to Tobin’s Q. Moreover, it is found that the total carbon emissions is significantly and negatively associated with Tobin’s Q.		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 5
第三節 研究章節架構 6
第貳章 文獻回顧 7
第一節 ESG之概念及我國發展現況 7
第二節 能源耗用之ESG績效對企業績效之影響 11
第參章 研究方法 20
第一節 研究假說 20
第二節 實證模型及變數定義與衡量 22
第三節 研究樣本 30
第肆章 實證結果分析 32
第一節 環境面綜合表現與公司市場績效 32
第二節 碳排放量、用水量與公司市場績效 41
第三節 額外測試 67
第伍章 結論與建議 74
第一節 研究結論 74
第二節 研究限制及未來研究建議 76
參考文獻 78
附錄 81		zh_TW
dc.format.extent 3772869 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353023en_US
dc.subject (關鍵詞) 環境綜合表現zh_TW
dc.subject (關鍵詞) 碳排放量zh_TW
dc.subject (關鍵詞) 用水量zh_TW
dc.subject (關鍵詞) 市場績效zh_TW
dc.subject (關鍵詞) Environmental Performanceen_US
dc.subject (關鍵詞) Carbon Emissionsen_US
dc.subject (關鍵詞) Water Consumptionen_US
dc.subject (關鍵詞) Market Performanceen_US
dc.title (題名) 能源耗用與企業績效之關聯性zh_TW
dc.title (題名) The Effect of Energy Consumption Efficiency on Firm Performanceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 張育琳，2019，節能減碳、企業綠色環境管理策略與公司績效之關連性，中山管理評論，第27卷第2期，279-326頁。
張育琳、劉俊儒，2018，低水電有助於公司績效嗎，管理學報，第35卷第1期，103-136頁。
Apergis, N., Poufinas, T., and Antonopoulos, A. 2022. ESG scores and cost of debt. Energy Economics, 112: 106186.
Bolton, P., and Kacperczyk, M. 2021. Do investors care about carbon risk?. Journal of Financial Economics, 142(2): 517-549.
Bothello, J., and Salles-Djelic, M. L. 2018. Evolving conceptualizations of organizational environmentalism: A path generation account. Organization Studies, 39(1): 93-119.
Brush, T. H., Bromiley, P., and Hendrickx, M. 2000. The free cash flow hypothesis for sales growth and firm performance. Strategic Management Journal, 21(4): 455-472.
Bracker, K., and Ramaya, K. 2011. Examining the impact of research and development expenditures on Tobin`s Q. Academy of Strategic Management Journal, 10, 63-79.
Benlemlih, M. 2019. Corporate social responsibility and dividend policy. Research in International Business and Finance, 47, 114-138.
Choi, B., and Luo, L. 2021. Does the market value greenhouse gas emissions? Evidence from multi-country firm data. The British Accounting Review, 53(1): 100909.
Clément, A., Robinot, É., and Trespeuch, L. 2022. Improving ESG Scores with Sustainability Concepts. Sustainability, 14(20): 13154.
Carnini Pulino, S., Ciaburri, M., Magnanelli, B. S., and Nasta, L. 2022. Does ESG disclosure influence firm performance?. Sustainability, 14(13): 7595.
Chen, Y., and Ma, Y. 2021. Does green investment improve energy firm performance?. Energy Policy, 153: 112252.
Drempetic, S., Klein, C., and Zwergel, B. 2020. The influence of firm size on the ESG score: Corporate sustainability ratings under review. Journal of Business Ethics, 167: 333-360.
Dhaliwal, D. S., Li, O. Z., Tsang, A., and 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.
Friedman, M. 1970.The Social Responsibility of Business is to Increase its Profits. New York Times Magazine (September 13),32-33:122-126.
Fatemi, A., Glaum, M., and Kaiser, S. 2018. ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64.
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.
Freeman, R. E., Harrison, J. S., and Zyglidopoulos, S. 2018. Stakeholder Theory: Concepts and Strategies. Cambridge University Press.
Garvey, G. T., Iyer, M., and Nash, J. 2018. Carbon footprint and productivity: does the “E” in ESG capture efficiency as well as environment. Journal of Investment Management, 16(1): 59-69.
Griffin, P. A., Lont, D. H., and Sun, E. Y. 2017. The relevance to investors of greenhouse gas emission disclosures. Contemporary Accounting Research, 34(2):1265–1297.
Gupta, K., Banerjee, R., and Onur, I. 2017. The effects of R&D and competition on firm value: International evidence. International Review of Economics & Finance, 51: 391-404.
Hassan, O. A., and Romilly, P. 2018. Relations between corporate economic performance, environmental disclosure and greenhouse gas emissions: New insights. Business Strategy and the Environment 27(7): 893–909.
Handriani, E., and Robiyanto, R. 2019. Institutional ownership, independent board, the board size, and firm performance: Evidence from Indonesia. Contaduría y administración, 64(3).
Lev, B., and Zarowin, P. 1999. The boundaries of financial reporting and how to extend them. Journal of Accounting Research, 37(2): 353-385.
Loderer, C. F., and Waelchli, U. 2010. Firm age and performance. Available at SSRN 1342248.
Lee, K. H., Cin, B. C., and Lee, E. Y. 2016. Environmental responsibility and firm performance: The application of an environmental, social and governance model. Business Strategy and the Environment, 25(1): 40-53.
Li Y., M. Gong, X. Zhang, L. Koh. 2018. The impact of environmental, social, and governance disclosure on firm value: The role of CEO power. The British Accounting Review 50(1): 60-75.
Nishitani, K and Kokubu, K. 2012. Why does the reduction of greenhouse gas emissions enhance firm value? The case of Japanese manufacturing firms. Business Strategy and the Environment 21(8): 517–529.
Richardson, S. 2006. Over-investment of free cash flow. Review of Accounting Studies, 11: 159-189.
Shaikh, I. 2022. Environmental, social, and governance (ESG) practice and firm performance: an international evidence. Journal of Business Economics and Management, 23(1): 218-237.
Simionescu, L. N., Gherghina, Ș. C., Sheikha, Z., and Tawil, H. 2020. Does water, waste, and energy consumption influence firm performance? Panel data evidence from S&P 500 information technology sector. International Journal of Environmental Research and Public Health, 17(14): 5206.
Trinks, A., Mulder, M., and Scholtens, B. 2020. An efficiency perspective on carbon emissions and financial performance. Ecological Economics, 175: 106632.
Velte, P. 2020. Does CEO power moderate the link between ESG performance and financial performance? A focus on the German two-tier system. Management Research Review, 43(5): 497-520.
Xie, J., Nozawa, W., Yagi, M., Fujii, H., and Managi, S. 2019. Do environmental, social, and governance activities improve corporate financial performance?. Business Strategy and the Environment, 28(2): 286-300.
Yan, C. C., Hui, Y. Z., and Xin, L. 2021. The relationship between board size and firm performance. In E3S Web of Conferences (Vol. 257, p. 02079). EDP Sciences.
Yan, H., Li, X., Huang, Y., and Li, Y. 2020. The impact of the consistency of carbon performance and carbon information disclosure on enterprise value. Finance Research Letters, 37: 101680.		zh_TW