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題名 公司治理組合在對CSR的影響中，是替代還是互補關係？
What is the interaction within the corporate governance combination when it comes to influencing CSR? Substitute or complement?作者 林芷儀
Lin, Chih-I貢獻者 譚丹琪
Tan, Dan-Chi
林芷儀
Lin, Chih-I關鍵詞 ESG
公司治理
新興市場
ESG
Corporate Governance
Emerging Markets日期 2023 上傳時間 1-Sep-2023 15:21:25 (UTC+8) 摘要 摘要CSR作為近十年管理學界的顯學，對企業成長與市場擴張極具重要影響，不僅能提升企業的商譽減少國際客戶與陌生市場的顧慮，亦有助於為企業建立良好的體質在動盪的大環境生存，故CSR表現已成為投資客納入選擇考量的指標之一。台灣作為新興市場出口型國家，勢必得跟上這波國際潮流。在政府近年的推動下，公司越來越須重視企業社會責任的實踐。在過去，已有許多學者研究公司治理對CSR表現的影響，Oh, Chang & Cheng (2018) 進一步指出公司治理應考量多制度並行時所造成的影響，與制度間的交互作用。本研究以大股東持股比例、獨立董事席次比例、經理人持股比例為公司治理制度變數，仿效其做法加入不同制度的交乘項，並以環境分數與社會分數為依變數，最後得出制度間均為替代效果。建議企業若有意推行CSR應注意內部資源的調配，避免資源浪費，徒然增加管理成本。
AbstractAs a famous school of the management academia in the past decade, CSR has a great impact on the growth and market expansion of enterprises. It can not only enhance the goodwill of enterprises, reduce the concerns of international customers and unfamiliar markets, but help enterprises survive in the volatile environment more easily. Therefore, CSR performance has become one of the indicators for investors to consider in their selection. As an emerging market export-oriented country, Taiwan is bound to keep up with this international trend. With the promotion of the Government in recent years, companies must pay more attention to the practice of corporate social responsibility.In the past, many scholars have studied the impact of corporate governance on CSR performance. Oh, Chang & Cheng (2018) pointed out that corporate governance should consider the impact caused by multiple systems at the same time and the interaction between them. In this study, block holder ownership, proportion of outside directors, and the shareholding ratio of executives are the independent variables of corporate governance, and the cross-multiplicative terms of different systems are added. And the environmental score and social score are the dependent variables. It is suggested that if enterprises intend to implement CSR, they should pay attention to the allocation of internal resources to avoid resource waste and increase management costs in vain.參考文獻 Adel, Christine, Mohamed A.K. Basuony, Hussain, Mostaq M, Mohamed, Ehab K.A., (2019). Is corporate governance relevant to the quality of corporate social responsibility disclosure in large European companies?. International Journal of Accounting and Information Management, Vol.27 (2), p.301-332Aguilera, R. V., Crespi, R., Desender, K. A., García-Cestona, M. A. (2013). When does ownership matter? Board characteristics and behavior. Strategic Management Journal, 34: 823-842.Ai-Lin Kuo. (2007). An Analysis of the Substitution and Complement Effects of Internal Corporate Governance Mechanisms: Evidence from an Emerging Country. Unpublished working paperBarnea, A., Rubin, A. (2010). Corporate Social Responsibility as a Conflict between Shareholders, Journal of Business Ethics, Vol. 97, No. 1, 71-86.Berrone, Pascual, Phan, Phillip H., Walls, Judith L. (2012). Corporate governance and environmental performance: is there really a link?, Strategic Management Journal, Vol.33 (8), p.885-913Cancela, Beatriz Lopes, Gomes Dias, António Carlos, Neves, Maria Elisabete Duarte, Rodrigues, Lúcia Lima. (2020). The influence of corporate governance on corporate sustainability: new evidence using panel data in the Iberian macroeconomic environment. International Journal of Accounting and Information Management, Vol.28 (4), p.785-806Castleton, M. W., Hoskisson, R. E., Withers, M. C. (2009). Complementarity in monitoring and bonding: More intense monitoring leads to higher executive compensation. Academy of Management Perspectives, 23: 57-74.Chandrakant, Raut, Rajesh, R. (2023). Social sustainability, corporate governance, and sustainability performances: an empirical study of the effects. Journal of Ambient Intelligence and Humanized Computing, Vol.14 (7), p.9131-9143Chang, Y. K., Jung, J. C., Lee, J. Y., Oh, W. Y. (2012). Firm size and corporate social performance: The mediating role of outside director representation. Journal of Leadership & Organizational Studies, 19: 486-500.Chang, Young Kyun, Kim, Tae-Yeol, Oh, Won-Yong. (2018). Complementary or Substitutive Effects? Corporate Governance Mechanisms and Corporate Social Responsibility. Journal of Management, Vol.44 (7), p.2716-2739Cheng, B., Ioannou, I., Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1-23.Crifo, P., Rebérioux, A. (2016). Corporate governance and corporate social responsibility: A typology of OECD countries. Journal of Governance and Regulation, 5(2), 14-27.Crifo, Patricia, Escrig-Olmedo, Elena, Mottis, Nicolas. (2019). Corporate Governance as a Key Driver of Corporate Sustainability in France: The Role of Board Members and Investor Relations. Journal of Business Ethics, Vol.159 (4), p.1127-1146Dalton, D. R., Daily, C. M., Ellstrand, A., Johnson, J. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management Journal, 42: 674-686.ElMassah, Suzanna, Garas, Samy. (2018). Corporate governance and corporate social responsibility disclosures: The case of GCC countries. Critical Perspectives on International Business, Vol.14 (1), p.2-26Fahad, P., Nidheesh, K. B. (2021). Determinants of CSR disclosure: an evidence from India. Journal of Indian Business Research., Vol.13 (1), p.110-133Goel, S., Randøya, T. (2003). Ownership structure, founder leadership, and performance in Norwegian SMEs: Implications for financing entrepreneurial opportunities. Journal of Business Venturing, 18: 619-637.Graves, S. B., Waddock, S. A. (1997). The corporate social performance–financial performance link. Strategic Management Journal, 18: 303-319.Hoang, Hien Thi Thu, Tran, Ngoc Phu., Van, Loan Thi Hong, Vo, Duc Hong. (2022). The interrelationship between intellectual capital, corporate governance and corporate social responsibility. Social Responsibility JournalHussain, Nazim, Orij, René P. , Rigoni, Ugo. (2018). Corporate Governance and Sustainability Performance: Analysis of Triple Bottom Line Performance. Journal of Business Ethics, Vol.149 (2), p.411-432Huynh, Q. L. (2019). Intervention of Corporate Social Responsibility between Financial Effectiveness and Corporate Governance. Indian Journal of Science and Technology, 12(13), 1-9.Jain, Tanusree, Jamali, Dima, Rashid, Zaman, Samara, Georges. (2022). Corporate Governance Meets Corporate Social Responsibility: Mapping the Interface. Business & Society, Vol.61 (3), p.690-752Jamil, Amira, Mohd Ghazali, Nazli Anum, Puat Nelson, Sherliza. (2021). The influence of corporate governance structure on sustainability reporting in Malaysia. Social Responsibility Journal, Vol.17 (8), p.1251-1278Jensen, William H. Meckling. (1976). Theory of the Firm : Managerial Behavior,. Agency Costs and Ownership Structure. Journal of Financial Economics, Vol.3 (4), p.305-360.Lu, Lucy W. (2021). The moderating effect of corporate governance on the relationship between corporate sustainability performance and corporate financial performance. International Journal of Disclosure and Governance, Vol.18 (3), p.193-206Oh, W. Y., Schepker, D. J. (2013). Complementary or substitutive effects? Corporate governance mechanisms and poison pill repeal. Journal of Management, 39: 1729-1759.Orazalin, Nurlan. (2019). Corporate governance and corporate social responsibility (CSR) disclosure in an emerging economy: evidence from commercial banks of Kazakhstan. Corporate Governance (Bradford), Vol.19 (3), p.490-507R. Edward Freeman. (1984).《Strategic Management: A Stakeholder Approach》Rediker, K. J., Seth, A. (1995). Boards of directors and substitution effects of alternative governance mechanisms. Strategic Management Journal, 16: 85-99.Rodriguez-Fernandez, M. (2016). Social responsibility and financial performance: The role of good corporate governance. BRQ Business Research Quarterly, 19(2), 137-151Sar, Ashok Kumar. (2018). Impact of corporate governance on sustainability: a study of the Indian FMCG industry. Academy of Strategic Management Journal, Vol.17 (1), p.1-10Singh, J. V. (1986). Performance, slack, and risk taking in organizational decision making. Academy of Management Journal, Vol.29 (3), p.562-585Stuebs, M., & Sun, L. (2015). Corporate governance and social responsibility. International Journal of Law and Management, 57(1), 38-52Westphal, J. D., Zajac, E. J. (1994). The costs and benefits of managerial incentives and monitoring in large US corporations: When is more not better? Strategic Management Journal, 15: 121-142.Yi Ju Sung. (2020). The Relevance of Family Business Board Structure and Corporate Social Responsibility, Unpublished working paperYoshikawa, Toru, Wang, Peng Ji, Zhu, Hong Jin. (2014). National Governance System, Corporate Ownership, and Roles of Outside Directors: A Corporate Governance Bundle Perspective. Corporate Governance: An International Review, Vol.22 (3), p.252-265Zhou, Chao. (2019). Effects of corporate governance on the decision to voluntarily disclose corporate social responsibility reports: evidence from China. Applied Economics, Vol.51 (55), p.5900-5910王健聰,洪世偉,陳振遠. (2017). 公司治理對於企業社會責任、公司價值之影響. 中山管理評論, Vol.25 (1), p.135-176邱慈觀,黃啟瑞. (2019). 治理結構對企業社會責任的影響. 中山管理評論, Vol.27 (3), p.511-550Jason Fernando, (2023/04/23), Corporate Social Responsibility (CSR) Explained With Examples, Investopedia, 擷取自2023年6月，URL: https://www.investopedia.com/terms/c/corp-social-responsibility.aspTESG永續發展指標技術手冊, (2023).陳瑋鴻, 陳禹蓁.(2023/05/09), ESG永續發展》給企業看的永續指南，一篇搞懂ESG要做什麼, 商業週刊, 擷取自2023年7月, URL: https://www.businessweekly.com.tw/carbon-reduction/blog/3010720楊雅智,(2015). 淺談企業社會責任之國際發展趨勢與國內推動現況. 證券暨期貨月刊, 第33卷第1期, 第5-15 頁, URL: https://reurl.cc/eDVEKR2023永續大未來！永續智庫盤點18項ESG關鍵趨勢, (2023/01/07), ESG遠見,擷取自2023年6月，URL: https://esg.gvm.com.tw/article/20753 描述 碩士
國立政治大學
國際經營與貿易學系
109351015資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109351015 資料類型 thesis dc.contributor.advisor 譚丹琪 zh_TW dc.contributor.advisor Tan, Dan-Chi en_US dc.contributor.author (Authors) 林芷儀 zh_TW dc.contributor.author (Authors) Lin, Chih-I en_US dc.creator (作者) 林芷儀 zh_TW dc.creator (作者) Lin, Chih-I en_US dc.date (日期) 2023 en_US dc.date.accessioned 1-Sep-2023 15:21:25 (UTC+8) - dc.date.available 1-Sep-2023 15:21:25 (UTC+8) - dc.date.issued (上傳時間) 1-Sep-2023 15:21:25 (UTC+8) - dc.identifier (Other Identifiers) G0109351015 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/147019 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際經營與貿易學系 zh_TW dc.description (描述) 109351015 zh_TW dc.description.abstract (摘要) 摘要CSR作為近十年管理學界的顯學，對企業成長與市場擴張極具重要影響，不僅能提升企業的商譽減少國際客戶與陌生市場的顧慮，亦有助於為企業建立良好的體質在動盪的大環境生存，故CSR表現已成為投資客納入選擇考量的指標之一。台灣作為新興市場出口型國家，勢必得跟上這波國際潮流。在政府近年的推動下，公司越來越須重視企業社會責任的實踐。在過去，已有許多學者研究公司治理對CSR表現的影響，Oh, Chang & Cheng (2018) 進一步指出公司治理應考量多制度並行時所造成的影響，與制度間的交互作用。本研究以大股東持股比例、獨立董事席次比例、經理人持股比例為公司治理制度變數，仿效其做法加入不同制度的交乘項，並以環境分數與社會分數為依變數，最後得出制度間均為替代效果。建議企業若有意推行CSR應注意內部資源的調配，避免資源浪費，徒然增加管理成本。 zh_TW dc.description.abstract (摘要) AbstractAs a famous school of the management academia in the past decade, CSR has a great impact on the growth and market expansion of enterprises. It can not only enhance the goodwill of enterprises, reduce the concerns of international customers and unfamiliar markets, but help enterprises survive in the volatile environment more easily. Therefore, CSR performance has become one of the indicators for investors to consider in their selection. As an emerging market export-oriented country, Taiwan is bound to keep up with this international trend. With the promotion of the Government in recent years, companies must pay more attention to the practice of corporate social responsibility.In the past, many scholars have studied the impact of corporate governance on CSR performance. Oh, Chang & Cheng (2018) pointed out that corporate governance should consider the impact caused by multiple systems at the same time and the interaction between them. In this study, block holder ownership, proportion of outside directors, and the shareholding ratio of executives are the independent variables of corporate governance, and the cross-multiplicative terms of different systems are added. And the environmental score and social score are the dependent variables. It is suggested that if enterprises intend to implement CSR, they should pay attention to the allocation of internal resources to avoid resource waste and increase management costs in vain. en_US dc.description.tableofcontents 目錄摘要 IABSTRACT II目錄 III表目錄 IV第一章 緒論 1第一節 研究動機 1第二節 研究目的 3第二章 文獻探討 4第一節 ESG的發展 4第二節 公司治理介紹 6第三節 公司治理對ESG的影響 7第四節 公司治理機制間影響ESG時的相互作用 14第三章 研究方法 16第一節 假說建立 16第二節 研究樣本與資料來源 18第三節 研究變數定義與衡量 18第四節 研究模型設計 24第五節 統計分析方法 32第四章 實證研究與結果分析 33第一節 敘述性統計分析 33第二節 相關性統計分析 34第三節 PANEL DATA REGRESSION統計分析 36第五章 結論與建議 41第一節 研究結論 41第二節 研究限制與未來研究方向 43第三節 管理意涵 44參考文獻 45表目錄表2-1 TESG 永續發展指標 5表2-2 近五年CG–ESG相關研究整理 10表4-1 敘述性統計分析表 34表4-2 皮爾森相關係數分析統計表 35表4-3企業環境績效線性迴歸分析結果 38表4-4企業社會績效線性迴歸分析結果 39表4-5 各模型結果彙整 40 zh_TW dc.format.extent 1820156 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109351015 en_US dc.subject (關鍵詞) ESG zh_TW dc.subject (關鍵詞) 公司治理 zh_TW dc.subject (關鍵詞) 新興市場 zh_TW dc.subject (關鍵詞) ESG en_US dc.subject (關鍵詞) Corporate Governance en_US dc.subject (關鍵詞) Emerging Markets en_US dc.title (題名) 公司治理組合在對CSR的影響中，是替代還是互補關係？ zh_TW dc.title (題名) What is the interaction within the corporate governance combination when it comes to influencing CSR? Substitute or complement? en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Adel, Christine, Mohamed A.K. Basuony, Hussain, Mostaq M, Mohamed, Ehab K.A., (2019). Is corporate governance relevant to the quality of corporate social responsibility disclosure in large European companies?. International Journal of Accounting and Information Management, Vol.27 (2), p.301-332Aguilera, R. V., Crespi, R., Desender, K. A., García-Cestona, M. A. (2013). When does ownership matter? Board characteristics and behavior. Strategic Management Journal, 34: 823-842.Ai-Lin Kuo. (2007). An Analysis of the Substitution and Complement Effects of Internal Corporate Governance Mechanisms: Evidence from an Emerging Country. Unpublished working paperBarnea, A., Rubin, A. (2010). Corporate Social Responsibility as a Conflict between Shareholders, Journal of Business Ethics, Vol. 97, No. 1, 71-86.Berrone, Pascual, Phan, Phillip H., Walls, Judith L. (2012). Corporate governance and environmental performance: is there really a link?, Strategic Management Journal, Vol.33 (8), p.885-913Cancela, Beatriz Lopes, Gomes Dias, António Carlos, Neves, Maria Elisabete Duarte, Rodrigues, Lúcia Lima. (2020). The influence of corporate governance on corporate sustainability: new evidence using panel data in the Iberian macroeconomic environment. International Journal of Accounting and Information Management, Vol.28 (4), p.785-806Castleton, M. W., Hoskisson, R. E., Withers, M. C. (2009). Complementarity in monitoring and bonding: More intense monitoring leads to higher executive compensation. Academy of Management Perspectives, 23: 57-74.Chandrakant, Raut, Rajesh, R. (2023). Social sustainability, corporate governance, and sustainability performances: an empirical study of the effects. Journal of Ambient Intelligence and Humanized Computing, Vol.14 (7), p.9131-9143Chang, Y. K., Jung, J. C., Lee, J. Y., Oh, W. Y. (2012). Firm size and corporate social performance: The mediating role of outside director representation. Journal of Leadership & Organizational Studies, 19: 486-500.Chang, Young Kyun, Kim, Tae-Yeol, Oh, Won-Yong. (2018). Complementary or Substitutive Effects? Corporate Governance Mechanisms and Corporate Social Responsibility. Journal of Management, Vol.44 (7), p.2716-2739Cheng, B., Ioannou, I., Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1-23.Crifo, P., Rebérioux, A. (2016). Corporate governance and corporate social responsibility: A typology of OECD countries. Journal of Governance and Regulation, 5(2), 14-27.Crifo, Patricia, Escrig-Olmedo, Elena, Mottis, Nicolas. (2019). Corporate Governance as a Key Driver of Corporate Sustainability in France: The Role of Board Members and Investor Relations. Journal of Business Ethics, Vol.159 (4), p.1127-1146Dalton, D. R., Daily, C. M., Ellstrand, A., Johnson, J. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management Journal, 42: 674-686.ElMassah, Suzanna, Garas, Samy. (2018). Corporate governance and corporate social responsibility disclosures: The case of GCC countries. Critical Perspectives on International Business, Vol.14 (1), p.2-26Fahad, P., Nidheesh, K. B. (2021). Determinants of CSR disclosure: an evidence from India. Journal of Indian Business Research., Vol.13 (1), p.110-133Goel, S., Randøya, T. (2003). Ownership structure, founder leadership, and performance in Norwegian SMEs: Implications for financing entrepreneurial opportunities. Journal of Business Venturing, 18: 619-637.Graves, S. B., Waddock, S. A. (1997). The corporate social performance–financial performance link. Strategic Management Journal, 18: 303-319.Hoang, Hien Thi Thu, Tran, Ngoc Phu., Van, Loan Thi Hong, Vo, Duc Hong. (2022). The interrelationship between intellectual capital, corporate governance and corporate social responsibility. Social Responsibility JournalHussain, Nazim, Orij, René P. , Rigoni, Ugo. (2018). Corporate Governance and Sustainability Performance: Analysis of Triple Bottom Line Performance. Journal of Business Ethics, Vol.149 (2), p.411-432Huynh, Q. L. (2019). Intervention of Corporate Social Responsibility between Financial Effectiveness and Corporate Governance. Indian Journal of Science and Technology, 12(13), 1-9.Jain, Tanusree, Jamali, Dima, Rashid, Zaman, Samara, Georges. (2022). Corporate Governance Meets Corporate Social Responsibility: Mapping the Interface. Business & Society, Vol.61 (3), p.690-752Jamil, Amira, Mohd Ghazali, Nazli Anum, Puat Nelson, Sherliza. (2021). The influence of corporate governance structure on sustainability reporting in Malaysia. Social Responsibility Journal, Vol.17 (8), p.1251-1278Jensen, William H. Meckling. (1976). Theory of the Firm : Managerial Behavior,. Agency Costs and Ownership Structure. Journal of Financial Economics, Vol.3 (4), p.305-360.Lu, Lucy W. (2021). The moderating effect of corporate governance on the relationship between corporate sustainability performance and corporate financial performance. International Journal of Disclosure and Governance, Vol.18 (3), p.193-206Oh, W. Y., Schepker, D. J. (2013). Complementary or substitutive effects? Corporate governance mechanisms and poison pill repeal. Journal of Management, 39: 1729-1759.Orazalin, Nurlan. (2019). Corporate governance and corporate social responsibility (CSR) disclosure in an emerging economy: evidence from commercial banks of Kazakhstan. Corporate Governance (Bradford), Vol.19 (3), p.490-507R. Edward Freeman. (1984).《Strategic Management: A Stakeholder Approach》Rediker, K. J., Seth, A. (1995). Boards of directors and substitution effects of alternative governance mechanisms. Strategic Management Journal, 16: 85-99.Rodriguez-Fernandez, M. (2016). Social responsibility and financial performance: The role of good corporate governance. BRQ Business Research Quarterly, 19(2), 137-151Sar, Ashok Kumar. (2018). Impact of corporate governance on sustainability: a study of the Indian FMCG industry. Academy of Strategic Management Journal, Vol.17 (1), p.1-10Singh, J. V. (1986). Performance, slack, and risk taking in organizational decision making. Academy of Management Journal, Vol.29 (3), p.562-585Stuebs, M., & Sun, L. (2015). Corporate governance and social responsibility. International Journal of Law and Management, 57(1), 38-52Westphal, J. D., Zajac, E. J. (1994). The costs and benefits of managerial incentives and monitoring in large US corporations: When is more not better? Strategic Management Journal, 15: 121-142.Yi Ju Sung. (2020). The Relevance of Family Business Board Structure and Corporate Social Responsibility, Unpublished working paperYoshikawa, Toru, Wang, Peng Ji, Zhu, Hong Jin. (2014). National Governance System, Corporate Ownership, and Roles of Outside Directors: A Corporate Governance Bundle Perspective. Corporate Governance: An International Review, Vol.22 (3), p.252-265Zhou, Chao. (2019). Effects of corporate governance on the decision to voluntarily disclose corporate social responsibility reports: evidence from China. Applied Economics, Vol.51 (55), p.5900-5910王健聰,洪世偉,陳振遠. (2017). 公司治理對於企業社會責任、公司價值之影響. 中山管理評論, Vol.25 (1), p.135-176邱慈觀,黃啟瑞. (2019). 治理結構對企業社會責任的影響. 中山管理評論, Vol.27 (3), p.511-550Jason Fernando, (2023/04/23), Corporate Social Responsibility (CSR) Explained With Examples, Investopedia, 擷取自2023年6月，URL: https://www.investopedia.com/terms/c/corp-social-responsibility.aspTESG永續發展指標技術手冊, (2023).陳瑋鴻, 陳禹蓁.(2023/05/09), ESG永續發展》給企業看的永續指南，一篇搞懂ESG要做什麼, 商業週刊, 擷取自2023年7月, URL: https://www.businessweekly.com.tw/carbon-reduction/blog/3010720楊雅智,(2015). 淺談企業社會責任之國際發展趨勢與國內推動現況. 證券暨期貨月刊, 第33卷第1期, 第5-15 頁, URL: https://reurl.cc/eDVEKR2023永續大未來！永續智庫盤點18項ESG關鍵趨勢, (2023/01/07), ESG遠見,擷取自2023年6月，URL: https://esg.gvm.com.tw/article/20753 zh_TW
