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題名 應用文字探勘分析致股東報告書語調與ESG評等及ESG揭露程度之關聯性
Analyzing the Tone of Letter to Shareholders through Text Mining: Exploring the Association between Tone, ESG Rating, and ESG Disclosure
作者 李宗澤
Lee, Tsung-Tse
貢獻者 張祐慈
Chang, Yu-Tzu
李宗澤
Lee, Tsung-Tse
關鍵詞 ESG
企業社會責任
文字探勘
語調分析
ESG
Corporate social responsibility
Text mining
Tone analysis
日期 2023
上傳時間 2-Aug-2023 13:27:46 (UTC+8)
摘要 本研究使用2016年至2021年台灣非金融業上市公司的資料。首先，我隨機選取2016年所有致股東報告書中的80%為訓練集，其餘20%為測試集。我以人工方式標記每個句子的語調，並用訓練集中的句子訓練BERT語言模型。透過測試集的資料測試，BERT判讀語調的準確率高達86%。接著，我運用BERT模型計算出之致股東報告書語調分數，探討股東報告書的文字語調分別與企業未來ESG表現和ESG揭露程度之間的關係。實證結果顯示，致股東報告書語調越正面，企業未來一年ESG的表現和ESG揭露程度都會較好，有顯著正向關聯。進一步分析發現，致股東報告書語調越正面，企業未來一年分別在環境(E)、社會(S)、治理(G)的表現和揭露程度都會較好。本研究的結果顯示企業年報中的文字資訊確實有資訊價值，可以預測企業未來ESG表現和揭露意願。
This study uses data from non-financial listed companies in Taiwan from 2016 to 2021. Firstly, 80% of the letters to shareholders from 2016 were randomly selected as the training dataset, while the remaining 20% were designated as the testing dataset. Each sentence in both sets was manually labeled with its tone. The Bidirectional Encoder Representations from Transformers (BERT) language model was then trained using the training dataset. After training and testing, BERT achieved an 86% accuracy rate in classifying tones. Subsequently, by utilizing the tone scores obtained from the trained model, I examined the relationship between the tone of the letter to shareholders and the company’s future Environmental, Social, and Governance (ESG) performance and disclosure level. The empirical results demonstrate that a letter to shareholders with a more positive tone is significantly associated with better ESG performance and higher ESG disclosure level in the following year. Further analysis reveals that the more positive the textual tone, the better the company’s performance and disclosure level in the areas of environment, social, and governance, respectively. The study highlights the importance of textual information in a company’s annual report as an indicator of its future ESG performance and disclosure level.
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描述 碩士
國立政治大學
會計學系
110353045
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353045
資料類型 thesis
dc.contributor.advisor 張祐慈zh_TW
dc.contributor.advisor Chang, Yu-Tzuen_US
dc.contributor.author (Authors) 李宗澤zh_TW
dc.contributor.author (Authors) Lee, Tsung-Tseen_US
dc.creator (作者) 李宗澤zh_TW
dc.creator (作者) Lee, Tsung-Tseen_US
dc.date (日期) 2023en_US
dc.date.accessioned 2-Aug-2023 13:27:46 (UTC+8)-
dc.date.available 2-Aug-2023 13:27:46 (UTC+8)-
dc.date.issued (上傳時間) 2-Aug-2023 13:27:46 (UTC+8)-
dc.identifier (Other Identifiers) G0110353045en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146408-
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) 110353045zh_TW
dc.description.abstract (摘要) 本研究使用2016年至2021年台灣非金融業上市公司的資料。首先，我隨機選取2016年所有致股東報告書中的80%為訓練集，其餘20%為測試集。我以人工方式標記每個句子的語調，並用訓練集中的句子訓練BERT語言模型。透過測試集的資料測試，BERT判讀語調的準確率高達86%。接著，我運用BERT模型計算出之致股東報告書語調分數，探討股東報告書的文字語調分別與企業未來ESG表現和ESG揭露程度之間的關係。實證結果顯示，致股東報告書語調越正面，企業未來一年ESG的表現和ESG揭露程度都會較好，有顯著正向關聯。進一步分析發現，致股東報告書語調越正面，企業未來一年分別在環境(E)、社會(S)、治理(G)的表現和揭露程度都會較好。本研究的結果顯示企業年報中的文字資訊確實有資訊價值，可以預測企業未來ESG表現和揭露意願。zh_TW
dc.description.abstract (摘要) This study uses data from non-financial listed companies in Taiwan from 2016 to 2021. Firstly, 80% of the letters to shareholders from 2016 were randomly selected as the training dataset, while the remaining 20% were designated as the testing dataset. Each sentence in both sets was manually labeled with its tone. The Bidirectional Encoder Representations from Transformers (BERT) language model was then trained using the training dataset. After training and testing, BERT achieved an 86% accuracy rate in classifying tones. Subsequently, by utilizing the tone scores obtained from the trained model, I examined the relationship between the tone of the letter to shareholders and the company’s future Environmental, Social, and Governance (ESG) performance and disclosure level. The empirical results demonstrate that a letter to shareholders with a more positive tone is significantly associated with better ESG performance and higher ESG disclosure level in the following year. Further analysis reveals that the more positive the textual tone, the better the company’s performance and disclosure level in the areas of environment, social, and governance, respectively. The study highlights the importance of textual information in a company’s annual report as an indicator of its future ESG performance and disclosure level.en_US
dc.description.tableofcontents 1. Introduction 1
2. Literature Review 4
2.1 Application of Text Mining in Accounting 4
2.2 Accounting Research Related to ESG 8
3. Research Design 13
3.1 Hypothesis Development 13
3.2 BERT Model 15
3.3 Empirical Models 23
3.4 Variables 24
3.5 Sample 32
4. Empirical Results 34
4.1 Descriptive Statistics 34
4.2 Correlation Analysis 38
4.3 Regression Results 42
4.4 Additional Analyses 48
5. Conclusion 55
References 57		zh_TW
dc.format.extent 1847643 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353045en_US
dc.subject (關鍵詞) ESGzh_TW
dc.subject (關鍵詞) 企業社會責任zh_TW
dc.subject (關鍵詞) 文字探勘zh_TW
dc.subject (關鍵詞) 語調分析zh_TW
dc.subject (關鍵詞) ESGen_US
dc.subject (關鍵詞) Corporate social responsibilityen_US
dc.subject (關鍵詞) Text miningen_US
dc.subject (關鍵詞) Tone analysisen_US
dc.title (題名) 應用文字探勘分析致股東報告書語調與ESG評等及ESG揭露程度之關聯性zh_TW
dc.title (題名) Analyzing the Tone of Letter to Shareholders through Text Mining: Exploring the Association between Tone, ESG Rating, and ESG Disclosureen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Abdul Rahman, R., and Alsayegh, M. F. 2021. Determinants of corporate environment, social and governance (ESG) reporting among Asian firms. Journal of Risk and Financial Management 14(4): 167.
Ahmed, K., and Courtis, J. K. 1999. Associations between corporate characteristics and disclosure levels in annual reports: a meta-analysis. The British Accounting Review 31(1): 35-61.
Akhtaruddin, M., Hossain, M. A., Hossain, M., and Yao, L. 2009. Corporate governance and voluntary disclosure in corporate annual reports of Malaysian listed firms. Journal of Applied Management Accounting Research 7(1): 1-19.
Al Amosh, H., Khatib, S. F., Alkurdi, A., and Bazhair, A. H. 2022. Capital structure decisions and environmental, social and governance performance: Insights from Jordan. Journal of Financial Reporting and Accounting (ahead-of-print).
Albuquerque, R., Koskinen, Y., and Zhang, C. 2019. Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science 65(10): 4451-4469.
Al-Gamrh, B., and Al-dhamari, R. 2016. Firm characteristics and corporate social responsibility disclosure. International Business Management 10(18): 4283-4291.
Allegrini, M., and Greco, G. 2013. Corporate boards, audit committees and voluntary disclosure: Evidence from Italian listed companies. Journal of Management & Governance 17: 187-216.
Amel-Zadeh, A., and Serafeim, G. 2018. Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal 74(3): 87-103.
Andrikopoulos, A., Samitas, A., and Bekiaris, M. 2014. Corporate social responsibility reporting in financial institutions: Evidence from Euronext. Research in International Business and Finance 32: 27-35.
Arayssi, M., Dah, M., and Jizi, M. 2016. Women on boards, sustainability reporting and firm performance. Sustainability Accounting, Management and Policy Journal 7(3): 376-401.
Ardito, L., Dangelico, R. M., and Messeni Petruzzelli, A. 2021. The link between female representation in the boards of directors and corporate social responsibility: Evidence from B corps. Corporate Social Responsibility and Environmental Management 28(2): 704-720.
Barnea, A., and Rubin, A. 2010. Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics 97: 71-86.
Bear, S., Rahman, N., and Post, C. 2010. The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics 97: 207-221.
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