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題名 永續政策對於台灣上市櫃公司ESG表現的影響
The Impact of Sustainability Policies on the ESG Performance of Taiwanese Listed Companies作者 莊嘉榤
Cheh, Chuang Chia貢獻者 王信實
Wang, Shinn-Shyr
莊嘉榤
Chuang Chia Cheh關鍵詞 企業永續
ESG
選擇偏誤
因果關係推論
政策制定
policy formulation
corporate sustainability
ESG
selection bias
causal inference日期 2023 上傳時間 1-Sep-2023 15:33:58 (UTC+8) 摘要 企業永續經營觀念在近年來已經蔚為顯學，但台灣企業在落實相關概念上仍處在發展階段。本文旨在探討台灣自2015年至2021年中，共1610家上市上櫃公司在ESG（Envirovment Social and Governace：環境、社會和公司治理）議題表現，討論因法規轉嚴與公司對ESG議題之態度異同對於ESG表現所產生的影響。過去諸多研究主要集中在探討ESG議題對公司財務績效和股票投資報酬率的關聯性，雖然現有文獻多指出公司之ESG表現與這兩者大多具有正向相關性，但考量研究方法後不難會有選擇偏誤（Selection Bias）問題之疑慮。因此本文則另闢蹊徑，以個體實證中因果關係推論方法來探討以上因素轉變對於ESG表現的影響。研究結果顯示，台灣上市上櫃公司在法規轉變下，確然使得受規範之公司之ESG表現更為出色，也間接地揭示台灣相關法規對於上市上櫃公司有其正面效果存在。對ESG議題態度異同的部分，一些公司在法規轉變後採取了更加積極的態度，並在ESG指標中表現出色；然而，另一些公司則因法規無強制規定，且無積極展現之誘因下，未能有效因應ESG的理念變化，其ESG表現也明顯相對較差。
The concept of corporate sustainability has become prominent in recent years; however, its implementations among Taiwanese companies are still in a preliminary stage. The purpose of this study is to examine the ESG (Environmental, Social, and Governance) performance due to the differences in the strictness of regulations and companies` strategies toward ESG issues by using data of 1610 listed companies in Taiwan from 2015 to 2021. Previous studies have focused on the ESG performance correlation with firms` financial performance and stock return. Although those studies have pointed out a positive correlation between firms` ESG performance and the above-mentioned factors, there exist possible selection bias issues caused by the adopted methodology. This research instead takes a different approach to investigate the impact of changes in the regulations on ESG performance by the causal inference method. The empirical results show that changes in regulations lead to the better ESG performance of listed companies in Taiwan. Regarding the differences in strategies towards ESG performance, some companies adopted more positive strategies and performed better on ESG indicators after the regulation changes; however, some others failed to effectively respond to the change in ESG regulations due to the lack of mandatory requirements.參考文獻 Bowman, E. H., & Haire, M. (1975). A strategic posture toward corporate social responsibility. California management review, 18(2), 49-58.Card, D., & Krueger, A. B. (1993). Minimum wages and employment: A case study of the fast food industry in New Jersey and Pennsylvania. In: National Bureau of Economic Research Cambridge, Mass., USA.Clark, G. L., Feiner, A., & Viehs, M. (2015). From the stockholder to the stakeholder: How sustainability can drive financial outperformance. Available at SSRN 2508281.Derwall, J., Koedijk, K., & Ter Horst, J. (2011). A tale of values-driven and profit-seeking social investors. Journal of Banking & Finance, 35(8), 2137-2147.Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of sustainable finance & investment, 5(4), 210-233.Frooman, J. (1997). Socially irresponsible and illegal behavior and shareholder wealth: A meta-analysis of event studies. Business & society, 36(3), 221-249.Garcia-Castro, R., Ariño, M. A., & Canela, M. A. (2010). Does social performance really lead to financial performance? Accounting for endogeneity. Journal of business ethics, 92, 107-126.He, F., Qin, S., Liu, Y., & Wu, J. G. (2022). CSR and idiosyncratic risk: Evidence from ESG information disclosure. Finance Research Letters, 49, 102936.Hillman, A. J., & Keim, G. D. (2001). Shareholder value, stakeholder management, and social issues: what`s the bottom line? Strategic management journal, 22(2), 125-139.Hunter, J. E., Schmidt, F. L., & Jackson, G. B. (1986). Meta-Analysis: Cumulating Research Findings Across Studies. Sage Publications: Beverly Hills, 1982, 176 pp. Educational Researcher, 15(8), 20-21.Jo, H., & Na, H. (2012). Does CSR reduce firm risk? Evidence from controversial industry sectors. Journal of business ethics, 110, 441-456.Jones, T. M. (1995). Instrumental stakeholder theory: A synthesis of ethics and economics. Academy of management review, 20(2), 404-437. Kotsantonis, S., & Serafeim, G. (2019). Four things no one will tell you about ESG data. Journal of Applied Corporate Finance, 31(2), 50-58.McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: correlation or misspecification? Strategic management journal, 21(5), 603-609.Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization studies, 24(3), 403-441.Parket, I. R., & Eilbirt, H. (1975). The practice of business social responsibility: The underlying factors. Business horizons, 18(4), 5-10.Pedersen, L. H., Fitzgibbons, S., & Pomorski, L. (2021). Responsible investing: The ESG-efficient frontier. Journal of Financial Economics, 142(2), 572-597.Raimo, N., Caragnano, A., Zito, M., Vitolla, F., & Mariani, M. (2021). Extending the benefits of ESG disclosure: The effect on the cost of debt financing. Corporate Social Responsibility and Environmental Management, 28(4), 1412-1421.Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic management journal, 18(4), 303-319. 描述 碩士
國立政治大學
經濟學系
110258032資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110258032 資料類型 thesis dc.contributor.advisor 王信實 zh_TW dc.contributor.advisor Wang, Shinn-Shyr en_US dc.contributor.author (Authors) 莊嘉榤 zh_TW dc.contributor.author (Authors) Chuang Chia Cheh en_US dc.creator (作者) 莊嘉榤 zh_TW dc.creator (作者) Cheh, Chuang Chia en_US dc.date (日期) 2023 en_US dc.date.accessioned 1-Sep-2023 15:33:58 (UTC+8) - dc.date.available 1-Sep-2023 15:33:58 (UTC+8) - dc.date.issued (上傳時間) 1-Sep-2023 15:33:58 (UTC+8) - dc.identifier (Other Identifiers) G0110258032 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/147071 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經濟學系 zh_TW dc.description (描述) 110258032 zh_TW dc.description.abstract (摘要) 企業永續經營觀念在近年來已經蔚為顯學，但台灣企業在落實相關概念上仍處在發展階段。本文旨在探討台灣自2015年至2021年中，共1610家上市上櫃公司在ESG（Envirovment Social and Governace：環境、社會和公司治理）議題表現，討論因法規轉嚴與公司對ESG議題之態度異同對於ESG表現所產生的影響。過去諸多研究主要集中在探討ESG議題對公司財務績效和股票投資報酬率的關聯性，雖然現有文獻多指出公司之ESG表現與這兩者大多具有正向相關性，但考量研究方法後不難會有選擇偏誤（Selection Bias）問題之疑慮。因此本文則另闢蹊徑，以個體實證中因果關係推論方法來探討以上因素轉變對於ESG表現的影響。研究結果顯示，台灣上市上櫃公司在法規轉變下，確然使得受規範之公司之ESG表現更為出色，也間接地揭示台灣相關法規對於上市上櫃公司有其正面效果存在。對ESG議題態度異同的部分，一些公司在法規轉變後採取了更加積極的態度，並在ESG指標中表現出色；然而，另一些公司則因法規無強制規定，且無積極展現之誘因下，未能有效因應ESG的理念變化，其ESG表現也明顯相對較差。 zh_TW dc.description.abstract (摘要) The concept of corporate sustainability has become prominent in recent years; however, its implementations among Taiwanese companies are still in a preliminary stage. The purpose of this study is to examine the ESG (Environmental, Social, and Governance) performance due to the differences in the strictness of regulations and companies` strategies toward ESG issues by using data of 1610 listed companies in Taiwan from 2015 to 2021. Previous studies have focused on the ESG performance correlation with firms` financial performance and stock return. Although those studies have pointed out a positive correlation between firms` ESG performance and the above-mentioned factors, there exist possible selection bias issues caused by the adopted methodology. This research instead takes a different approach to investigate the impact of changes in the regulations on ESG performance by the causal inference method. The empirical results show that changes in regulations lead to the better ESG performance of listed companies in Taiwan. Regarding the differences in strategies towards ESG performance, some companies adopted more positive strategies and performed better on ESG indicators after the regulation changes; however, some others failed to effectively respond to the change in ESG regulations due to the lack of mandatory requirements. en_US dc.description.tableofcontents 第一章 緒論 1第二章 文獻回顧 3第一節 公司從事社會責任與財務表現之正反論述 3第二節 公司社會責任與財務表現之的關聯性之研究方法 5第三節 公司社會責任與財務表現之雙向因果關係 7第三章 資料介紹 8第一節 TESG永續發展指標之評分方法 9第二節 資料介紹與篩選 16第三節 敘述統計資料 19第四章 研究方法 32第一節 問題發現與方法選擇 32第二節 DID方法 33第三節 OLS迴歸式之設計 37第四節 模型設定 38第五章 實證結果 40第一節 法規效果 40第二節 自願效果 48第三節 驗證效果 57第六章 結論 62第一節 研究結論 62第二節 未來研究方向 64參考文獻 67附錄 69 zh_TW dc.format.extent 2850070 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110258032 en_US dc.subject (關鍵詞) 企業永續 zh_TW dc.subject (關鍵詞) ESG zh_TW dc.subject (關鍵詞) 選擇偏誤 zh_TW dc.subject (關鍵詞) 因果關係推論 zh_TW dc.subject (關鍵詞) 政策制定 zh_TW dc.subject (關鍵詞) policy formulation en_US dc.subject (關鍵詞) corporate sustainability en_US dc.subject (關鍵詞) ESG en_US dc.subject (關鍵詞) selection bias en_US dc.subject (關鍵詞) causal inference en_US dc.title (題名) 永續政策對於台灣上市櫃公司ESG表現的影響 zh_TW dc.title (題名) The Impact of Sustainability Policies on the ESG Performance of Taiwanese Listed Companies en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Bowman, E. H., & Haire, M. (1975). A strategic posture toward corporate social responsibility. California management review, 18(2), 49-58.Card, D., & Krueger, A. B. (1993). Minimum wages and employment: A case study of the fast food industry in New Jersey and Pennsylvania. In: National Bureau of Economic Research Cambridge, Mass., USA.Clark, G. L., Feiner, A., & Viehs, M. (2015). From the stockholder to the stakeholder: How sustainability can drive financial outperformance. Available at SSRN 2508281.Derwall, J., Koedijk, K., & Ter Horst, J. (2011). A tale of values-driven and profit-seeking social investors. Journal of Banking & Finance, 35(8), 2137-2147.Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of sustainable finance & investment, 5(4), 210-233.Frooman, J. (1997). Socially irresponsible and illegal behavior and shareholder wealth: A meta-analysis of event studies. Business & society, 36(3), 221-249.Garcia-Castro, R., Ariño, M. A., & Canela, M. A. (2010). Does social performance really lead to financial performance? Accounting for endogeneity. Journal of business ethics, 92, 107-126.He, F., Qin, S., Liu, Y., & Wu, J. G. (2022). CSR and idiosyncratic risk: Evidence from ESG information disclosure. Finance Research Letters, 49, 102936.Hillman, A. J., & Keim, G. D. (2001). Shareholder value, stakeholder management, and social issues: what`s the bottom line? Strategic management journal, 22(2), 125-139.Hunter, J. E., Schmidt, F. L., & Jackson, G. B. (1986). Meta-Analysis: Cumulating Research Findings Across Studies. Sage Publications: Beverly Hills, 1982, 176 pp. Educational Researcher, 15(8), 20-21.Jo, H., & Na, H. (2012). Does CSR reduce firm risk? Evidence from controversial industry sectors. Journal of business ethics, 110, 441-456.Jones, T. M. (1995). Instrumental stakeholder theory: A synthesis of ethics and economics. Academy of management review, 20(2), 404-437. Kotsantonis, S., & Serafeim, G. (2019). Four things no one will tell you about ESG data. Journal of Applied Corporate Finance, 31(2), 50-58.McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: correlation or misspecification? Strategic management journal, 21(5), 603-609.Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: A meta-analysis. Organization studies, 24(3), 403-441.Parket, I. R., & Eilbirt, H. (1975). The practice of business social responsibility: The underlying factors. Business horizons, 18(4), 5-10.Pedersen, L. H., Fitzgibbons, S., & Pomorski, L. (2021). Responsible investing: The ESG-efficient frontier. Journal of Financial Economics, 142(2), 572-597.Raimo, N., Caragnano, A., Zito, M., Vitolla, F., & Mariani, M. (2021). Extending the benefits of ESG disclosure: The effect on the cost of debt financing. Corporate Social Responsibility and Environmental Management, 28(4), 1412-1421.Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic management journal, 18(4), 303-319. zh_TW
