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題名 ESG實踐與銀行業財務績效關係之個案研究
A case study on the relationships between ESG practices and the financial performance of the banking industry作者 陳建志
Chen, Chien-Chih貢獻者 邱奕嘉<br>林明成
陳建志
Chen, Chien-Chih關鍵詞 ESG實踐
財務績效
銀行業
永續發展
ESG practice
financial performance
banking industry
sustainable development日期 2024 上傳時間 1-二月-2024 11:32:33 (UTC+8) 摘要 本論文研究動機係探討ESG實踐是否能為銀行業財務績效帶來正面影響及成為企業永續發展之重要關鍵，或是ESG僅是形塑社會形象之工具。世界各國政府也陸續要求企業透過「永續報告書」強化資訊揭露，鼓勵公司與利害關係人之溝通，台灣證券交易所及金融監督管理委員會(下稱金管會)亦訂定相關行動方案，以利企業永續發展並與國際接軌。故論文以緒論、文獻回顧、全球永續報告書趨勢、個案研究及結論建議等5個章節為研究架構，就上述議題進行深入的研究。 首先透過文獻回顧了解ESG實踐與財務績效(如ROE、ROA)之關聯，進而發現就公司對重大議題的評估、選定及執行，是企業永續經營及公司價值創造之重要關鍵。藉由了解全球永續報告書趨勢，比較GRI、SASB及TCFD準則之差異及瞭解金管會推動「上市櫃公司永續發展路徑圖」之方向及相關規範。 最後透過新加坡星展銀行(DBS)個案研究，探討其獲利提升的主要因素，並就公司重大永續及ESG議題評估、策略擬定、執行追蹤及邁向2050淨零排放實踐，深入的探討及研究，作為台灣銀行業為推動公司及環境永續發展之參考案例，期能協助企業朝向永續發展路徑邁進。
The motivation of this study is to investigate whether ESG practices could have a beneficial effect on the financial performance of the banking sector and whether they are significant in promoting sustainability or merely serve as a means of creating a positive public image for companies. The research framework comprises five chapters that include an introduction, a literature review, an analysis of global sustainability reporting trends, a case study, and conclusions with recommendations. Our first step is to conduct a literature review to explore the connection between ESG practices and financial performance indicators like ROE and ROA. This will give us insight into how companies evaluate, choose, and incorporate ESG considerations as a crucial element of their operations. Furthermore, the objective is to comprehensively analyze the ESG landscape, including global sustainability reporting trends, differences in disclosure guidelines between the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and the Task Force on Climate-Related Financial Disclosures (TCFD), and Taiwan's current situation and relevant regulations. This research examines the success of DBS Bank in Singapore and how it achieved its increased profits. By conducting a thorough case analysis, we can identify the material issues, strategies, and actions that led to this success. This study offers valuable insights into the banking industry in Taiwan, particularly in promoting sustainability and ESG practices. By learning from the experience of DBS, other banks can make progress towards sustainable development.參考文獻 Who Cares Wins, 2004-08-World Bank Documents, Retrieved October 10 2023, from:http://documents1.worldbank.org/curated/en/444801491483640669/pdf/113850-BRI-IFC-Breif-whocares-PUBLIC.pdf What is CSR, Retrieved October 10 2023, from: http:// www.unido.org/our-focus/advancing-economic-competitiveness/competitive-trade-capacities-and-corporate-responsibility/corporate-social-responsibility-market-integration/what-csr What is ESG, Retrieved October 10 2023, from: https://corporatefinanceinstitute.com/resources/esg/esg-environmental-social-governance/ What is ESG, Retrieved Oct 8 2023, from: https://www2.deloitte.com/hu/en/pages/energy-and-resources/articles/esg-explained-1-what-is-esg.html Freeman, R. E. (1984). Strategic management: A stakeholder approach. Cambridge CB2 8RU, UK: Cambridge University Press. The Edinburgh Building. Olsen, B. C., Offei, K. A., & Bumblauskas, D. (2021). Setting materiality thresholds for ESG disclosures: A case study of U. S. mine safety disclosures, Vol 70, Article 101914. Bhaskaran, R. K., Ting, I. W. K., Sukumaran, S. K., & Sumod, S. D. (2020).Environmental, social and governance initiatives and wealth creation for firms: An empirical examination. Managerial and Decision Economics,41(5), 710–729. Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. De Lucia, C., Pazienza, P., & Bartlett, M. (2020). Does good ESG lead to better financial performances by firms? Machine learning and logistic regression models of public enterprises in Europe. Sustainability, 12(13), 5317. Chairani, C., & Siregar, S. V. (2021). The effect of enterprise risk management on financial performance and firm value: The role of environmental, social and governance performance. Meditari Accountancy Research, 2049-372X. M.; Lagasio, V. Environmental, social, and governance and company profitability: Are financial intermediaries different? Corp. Soc. Responsib. Environ. Manag. 2018, 26, 576–587. Brogi, M., Valentina, L. (2018). Environmental, social and governance and company profitanility: Are financial intermediaries different? Corporate Social Responsibility and Environmental Management/Volume 26, Issue 3/ p. 576-587 Di Tommaso, C., Thornton, J. (2020). Do ESG scores effect bank risk taking and value? Evidence from European banks. Retrieved October 10 2023, https://doi.org/10.1002/csr.1964 Ahmad, N.; Mobarek, A.; Roni, N.N. Revisiting the impact of ESG on financial performance of FTSE350 UK firms: Static and dynamic panel data analysis. Cogent Bus. Manag. 2021, 8, 1900500. Shakil, M.H.; Mahmood, N.; Tasnia, M.; Munim, Z.H. Do environmental, social and governance performance affect the financial performance of banks? A cross-country study of emerging market banks. Manag. Environ. Qual. Int. J. 2019, 30, 1331–1344. Miralles-Quirós, M.M.; Miralles-Quirós, J.L.; Hernández, J.R. ESG performance and shareholder value creation in the banking industry: International differences. Sustainability 2019, 11, 1404. Khan, M., Serafeim, G.,& Yoon, A.. (2016). Corporate Sustainability: First Evidence on Materiality. The Accounting Review, 91(6), 1697-1724. Schiehll, E.; Kolahgar, S. Financial materiality in the informativeness of sustainability reporting. Bus. Strategy Environ. 2020. Xie, J., Wataru, N., Michiyuki, Y., Hidemichi, F., & Shunsuke, M. (2019). Do nvironmental, Social and Governance activities improve corporate financial performance? Business Strategy and the Environment, 28, 286–300. NYU STERN Center for Sustainable Business, Sustainability Materiality Matrices Explained, Retrieved Jun 6 2023, from https://www.stern.nyu.edu/sites/default/files/assets/documents/NYUSternCSBSustainabilityMateriality_2019_0.pdf Martinez, C. (2016), “Effects of Materiality and Assurance of Environmental and Social Disclosures on Analysts’ Forecast Accuracy”, Available at SSRN 2872206. Tseng, Y.H. (2021), “Corporate Social Responsibility Disclosure Quality and its Effect on Financial Performance: Evidence from Taiwanese Commercial Banks”, Retrieved October 10 2023, from https://hdl.handle.net/11296/rg33k3 GRI, The Double-materiality Concept Application and issues, Retrieved Jun 6 2023, from https://www.globalreporting.org/media/jrbntbyv/griwhitepaper-publications.pdf SASB, Standards Overview, Retrieved March 28 2023, from: https://www.sasb.org/standards-overview/ TCFD, Task Force on Climate-related Financial Disclosures 2023 Status Report, Retrieved November 28 2023, from https://assets.bbhub.io/company/sites/60/2021/10/FINAL-2017-TCFD-Report.pdf KPMG, Big shifts, Small steps, Survey of Sustainability Reporting 2002, Retrieved June 5 2023, from: https://assets.kpmg.com/content/dam/kpmg/se/pdf/komm/2022/Global-Survey-of-Sustainability-Reporting-2022.pdf DBS, Sustainability Report 2022, Retrieved June 5 2023, from: https://www.dbs.com/iwov-esources/images/sustainability/reporting/pdf/web/DBS_SR2022.pdf?pid=sg-group-pweb-sustainability-pdf-dbs-sustainability-report-2022 DBS, Annual Report 2022, Retrieved June 5 2023, from: https://www.dbs.com/iwov-resources/images/investors/annual-report/dbs-annual-report-2022.pdf?pid=sg-group-pweb-investors-pdf-2022-a-different-kind-of-bank OCDO, Annual Report 2022, Retrieved June 5 2023, from: https://www.ocbc.com/iwov-resources/sg/ocbc/gbc/pdf/annual-report/2022/2022-annual-report-en.pdf UOB, Annual Report 2022, Retrieved June 5 2023, from: https://www.uobgroup.com/investor-relations/assets/pdfs/investor/annual/uob-annual-report-2022.pdf 描述 碩士
國立政治大學
國際金融碩士學位學程
111ZB1041資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111ZB1041 資料類型 thesis dc.contributor.advisor 邱奕嘉<br>林明成 zh_TW dc.contributor.author (作者) 陳建志 zh_TW dc.contributor.author (作者) Chen, Chien-Chih en_US dc.creator (作者) 陳建志 zh_TW dc.creator (作者) Chen, Chien-Chih en_US dc.date (日期) 2024 en_US dc.date.accessioned 1-二月-2024 11:32:33 (UTC+8) - dc.date.available 1-二月-2024 11:32:33 (UTC+8) - dc.date.issued (上傳時間) 1-二月-2024 11:32:33 (UTC+8) - dc.identifier (其他 識別碼) G0111ZB1041 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/149622 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 國際金融碩士學位學程 zh_TW dc.description (描述) 111ZB1041 zh_TW dc.description.abstract (摘要) 本論文研究動機係探討ESG實踐是否能為銀行業財務績效帶來正面影響及成為企業永續發展之重要關鍵，或是ESG僅是形塑社會形象之工具。世界各國政府也陸續要求企業透過「永續報告書」強化資訊揭露，鼓勵公司與利害關係人之溝通，台灣證券交易所及金融監督管理委員會(下稱金管會)亦訂定相關行動方案，以利企業永續發展並與國際接軌。故論文以緒論、文獻回顧、全球永續報告書趨勢、個案研究及結論建議等5個章節為研究架構，就上述議題進行深入的研究。 首先透過文獻回顧了解ESG實踐與財務績效(如ROE、ROA)之關聯，進而發現就公司對重大議題的評估、選定及執行，是企業永續經營及公司價值創造之重要關鍵。藉由了解全球永續報告書趨勢，比較GRI、SASB及TCFD準則之差異及瞭解金管會推動「上市櫃公司永續發展路徑圖」之方向及相關規範。 最後透過新加坡星展銀行(DBS)個案研究，探討其獲利提升的主要因素，並就公司重大永續及ESG議題評估、策略擬定、執行追蹤及邁向2050淨零排放實踐，深入的探討及研究，作為台灣銀行業為推動公司及環境永續發展之參考案例，期能協助企業朝向永續發展路徑邁進。 zh_TW dc.description.abstract (摘要) The motivation of this study is to investigate whether ESG practices could have a beneficial effect on the financial performance of the banking sector and whether they are significant in promoting sustainability or merely serve as a means of creating a positive public image for companies. The research framework comprises five chapters that include an introduction, a literature review, an analysis of global sustainability reporting trends, a case study, and conclusions with recommendations. Our first step is to conduct a literature review to explore the connection between ESG practices and financial performance indicators like ROE and ROA. This will give us insight into how companies evaluate, choose, and incorporate ESG considerations as a crucial element of their operations. Furthermore, the objective is to comprehensively analyze the ESG landscape, including global sustainability reporting trends, differences in disclosure guidelines between the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and the Task Force on Climate-Related Financial Disclosures (TCFD), and Taiwan's current situation and relevant regulations. This research examines the success of DBS Bank in Singapore and how it achieved its increased profits. By conducting a thorough case analysis, we can identify the material issues, strategies, and actions that led to this success. This study offers valuable insights into the banking industry in Taiwan, particularly in promoting sustainability and ESG practices. By learning from the experience of DBS, other banks can make progress towards sustainable development. en_US dc.description.tableofcontents 1. Introduction 8 1.1 Research Background and Motivation 8 1.2 Research Structure 9 1.3 Research Process 10 2. The Literature Review 11 2.1 The Overview of ESG 11 2.2 The ESG Practices and Financial Performance 12 2.2.1 The relationship between ESG profitability and firm value 12 2.2.2 The Mixed result in the banking industry 13 2.3 The ESG material issues relating to different standards 14 2.4 The Summary of Literature Review 16 3. The sustainability report and Framework 18 3.1 The global trends in sustainability reporting 18 3.2 GRI reporting framework 20 3.3 SASB reporting framework 22 3.4 The difference between GRI and SASB 25 3.5 The Framework of sustainability reporting in Taiwan 26 3.6 The summary of sustainability reports and framework 29 4. Case study 31 4.1 Why choose DBS 31 4.2 The financial performance of DBS 32 4.3 The purpose-driven transformation in DBS 34 4.4 ESG material issue of DBS 36 4.5 The “balanced scorecard” approach 38 4.6 The outcome of the execution in the "balanced scorecard" approach 39 4.7 ESG Practice of net Zero target 43 4.7 .1 Strategies, Metrics & Target 43 4.7 .2 Governance 46 4.7.3 Risk management 47 5. Conclusion 50 6. Reference 54 zh_TW dc.format.extent 2065832 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111ZB1041 en_US dc.subject (關鍵詞) ESG實踐 zh_TW dc.subject (關鍵詞) 財務績效 zh_TW dc.subject (關鍵詞) 銀行業 zh_TW dc.subject (關鍵詞) 永續發展 zh_TW dc.subject (關鍵詞) ESG practice en_US dc.subject (關鍵詞) financial performance en_US dc.subject (關鍵詞) banking industry en_US dc.subject (關鍵詞) sustainable development en_US dc.title (題名) ESG實踐與銀行業財務績效關係之個案研究 zh_TW dc.title (題名) A case study on the relationships between ESG practices and the financial performance of the banking industry en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Who Cares Wins, 2004-08-World Bank Documents, Retrieved October 10 2023, from:http://documents1.worldbank.org/curated/en/444801491483640669/pdf/113850-BRI-IFC-Breif-whocares-PUBLIC.pdf What is CSR, Retrieved October 10 2023, from: http:// www.unido.org/our-focus/advancing-economic-competitiveness/competitive-trade-capacities-and-corporate-responsibility/corporate-social-responsibility-market-integration/what-csr What is ESG, Retrieved October 10 2023, from: https://corporatefinanceinstitute.com/resources/esg/esg-environmental-social-governance/ What is ESG, Retrieved Oct 8 2023, from: https://www2.deloitte.com/hu/en/pages/energy-and-resources/articles/esg-explained-1-what-is-esg.html Freeman, R. E. (1984). Strategic management: A stakeholder approach. Cambridge CB2 8RU, UK: Cambridge University Press. The Edinburgh Building. Olsen, B. C., Offei, K. A., & Bumblauskas, D. (2021). Setting materiality thresholds for ESG disclosures: A case study of U. S. mine safety disclosures, Vol 70, Article 101914. Bhaskaran, R. K., Ting, I. W. K., Sukumaran, S. K., & Sumod, S. D. (2020).Environmental, social and governance initiatives and wealth creation for firms: An empirical examination. Managerial and Decision Economics,41(5), 710–729. Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. De Lucia, C., Pazienza, P., & Bartlett, M. (2020). Does good ESG lead to better financial performances by firms? Machine learning and logistic regression models of public enterprises in Europe. Sustainability, 12(13), 5317. Chairani, C., & Siregar, S. V. (2021). The effect of enterprise risk management on financial performance and firm value: The role of environmental, social and governance performance. Meditari Accountancy Research, 2049-372X. M.; Lagasio, V. Environmental, social, and governance and company profitability: Are financial intermediaries different? Corp. Soc. Responsib. Environ. Manag. 2018, 26, 576–587. Brogi, M., Valentina, L. (2018). Environmental, social and governance and company profitanility: Are financial intermediaries different? Corporate Social Responsibility and Environmental Management/Volume 26, Issue 3/ p. 576-587 Di Tommaso, C., Thornton, J. (2020). Do ESG scores effect bank risk taking and value? Evidence from European banks. Retrieved October 10 2023, https://doi.org/10.1002/csr.1964 Ahmad, N.; Mobarek, A.; Roni, N.N. Revisiting the impact of ESG on financial performance of FTSE350 UK firms: Static and dynamic panel data analysis. Cogent Bus. Manag. 2021, 8, 1900500. Shakil, M.H.; Mahmood, N.; Tasnia, M.; Munim, Z.H. Do environmental, social and governance performance affect the financial performance of banks? A cross-country study of emerging market banks. Manag. Environ. Qual. Int. J. 2019, 30, 1331–1344. Miralles-Quirós, M.M.; Miralles-Quirós, J.L.; Hernández, J.R. ESG performance and shareholder value creation in the banking industry: International differences. Sustainability 2019, 11, 1404. Khan, M., Serafeim, G.,& Yoon, A.. (2016). Corporate Sustainability: First Evidence on Materiality. The Accounting Review, 91(6), 1697-1724. Schiehll, E.; Kolahgar, S. Financial materiality in the informativeness of sustainability reporting. Bus. Strategy Environ. 2020. Xie, J., Wataru, N., Michiyuki, Y., Hidemichi, F., & Shunsuke, M. (2019). Do nvironmental, Social and Governance activities improve corporate financial performance? Business Strategy and the Environment, 28, 286–300. NYU STERN Center for Sustainable Business, Sustainability Materiality Matrices Explained, Retrieved Jun 6 2023, from https://www.stern.nyu.edu/sites/default/files/assets/documents/NYUSternCSBSustainabilityMateriality_2019_0.pdf Martinez, C. (2016), “Effects of Materiality and Assurance of Environmental and Social Disclosures on Analysts’ Forecast Accuracy”, Available at SSRN 2872206. Tseng, Y.H. (2021), “Corporate Social Responsibility Disclosure Quality and its Effect on Financial Performance: Evidence from Taiwanese Commercial Banks”, Retrieved October 10 2023, from https://hdl.handle.net/11296/rg33k3 GRI, The Double-materiality Concept Application and issues, Retrieved Jun 6 2023, from https://www.globalreporting.org/media/jrbntbyv/griwhitepaper-publications.pdf SASB, Standards Overview, Retrieved March 28 2023, from: https://www.sasb.org/standards-overview/ TCFD, Task Force on Climate-related Financial Disclosures 2023 Status Report, Retrieved November 28 2023, from https://assets.bbhub.io/company/sites/60/2021/10/FINAL-2017-TCFD-Report.pdf KPMG, Big shifts, Small steps, Survey of Sustainability Reporting 2002, Retrieved June 5 2023, from: https://assets.kpmg.com/content/dam/kpmg/se/pdf/komm/2022/Global-Survey-of-Sustainability-Reporting-2022.pdf DBS, Sustainability Report 2022, Retrieved June 5 2023, from: https://www.dbs.com/iwov-esources/images/sustainability/reporting/pdf/web/DBS_SR2022.pdf?pid=sg-group-pweb-sustainability-pdf-dbs-sustainability-report-2022 DBS, Annual Report 2022, Retrieved June 5 2023, from: https://www.dbs.com/iwov-resources/images/investors/annual-report/dbs-annual-report-2022.pdf?pid=sg-group-pweb-investors-pdf-2022-a-different-kind-of-bank OCDO, Annual Report 2022, Retrieved June 5 2023, from: https://www.ocbc.com/iwov-resources/sg/ocbc/gbc/pdf/annual-report/2022/2022-annual-report-en.pdf UOB, Annual Report 2022, Retrieved June 5 2023, from: https://www.uobgroup.com/investor-relations/assets/pdfs/investor/annual/uob-annual-report-2022.pdf zh_TW
