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題名 企業ESG績效與政府管制裁罰的關聯性研究
A Study on the Relationship between Corporate ESG Performance and Government Regulatory Enforcement
作者 王宣泯
貢獻者 戚務君
王宣泯
關鍵詞 裁罰
負面事件
類保險效果
Sanction
Negative Event
Insurance-like Effect
日期 2024
上傳時間 3-Jun-2024 11:55:07 (UTC+8)
摘要 本研究探討企業在遭遇負面事件時，其ESG表現是否能發揮減少裁罰金額之效果，以探究ESG表現對降低罰款之影響。實證結果發現：(1)企業之ESG表現對裁罰金額在統計上有顯著負向影響；(2)企業長期ESG表現所能帶來之影響力度大於短期表現。本研究提供ESG表現對裁罰金額產生影響之實證證據。
The purpose of this study is to examine the relationship between ESG performance and sanction resulting from encountering negative events. The study aims to examine whether a corporation’s ESG performance can mitigate sanctions or not. The empirical result suggest that: (1)ESG performance can mitigate sanctions; (2)The effect of long-term ESG performance is stronger than short-term performance. This study provide the empirical evidence of the relationship between ESG performance and sanction.
參考文獻 中文文獻 王儷玲，2023，金融科技在綠色金融的創新與應用，會計研究月刊，第451期，頁80至頁85。 林耿民、高晟晉，2016，推動上市（櫃）公司企業社會責任，證券暨期貨月刊，第34卷第6期，頁18至頁26。 高偉娟，2017，淺談企業社會責任報告書之可讀性，會計研究月刊，第382期，頁16至頁19。 許永明，2021，從學術文獻探討CSR作為企業策略性運用工具：過去、現在與未來，管理學報，第38卷第4期，頁477至頁495。 陳彩稚、許永明、張智媛，2015，企業社會責任對於股東價值之風險管理效果，臺大管理論叢，第26卷第1期，頁153至頁180。 陳韻如，2023，我國推動上市櫃公司永續發展路徑圖，證券暨期貨月刊，第41卷第4期，頁29至頁38。 黃曉盈，2023，強化上市櫃公司ESG資訊揭露，證券暨期貨月刊，第41卷第4期，頁19至頁28。 黃朝琮，2022，環境、社會與治理（ESG）資訊揭露之規範—以重大性之判斷為核心，台北大學法學論叢，第122期，頁1至頁111。 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，頁5至頁15。 盧建霖，2022，公司內部監理機制對企業碳排揭露、碳排放量及環保裁罰之影響，證券市場發展季刊，第34卷第4期，頁35至頁83。 英文文獻 Albuquerque, R., Koskinen, Y., & Zhang, C. (2018). Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence. Management Science, 65(10). Bae, J., Choi, W., & Lim, J. (2020). Corporate Social Responsibility: An Umbrella or a Puddle on a Rainy Day? Evidence Surrounding Corporate Financial Misconduct European Financial Management, 26(1), 77-117. Banker, R. D., Ma, X., Pomare, C., & Zhang, Y. (2023). When Doing Good for Society is Good for Shareholders: Importance of Alignment between Strategy and CSR Performance. Review of Accounting Studies, 28, 1074-1106. Barnett, M. L. (2014). Why Stakeholders Ignore Firm Misconduct: A Cognitive View. Journal of Management, 40(3), 676-702. Bowen, H. R. (1953). Social Responsibility of the Businessman. Harper & Row, New York. Brady, J., Evans, M. F., & Wehrly, E. W. (2019). Reputational Penalties for Environmental Violations: A Pure and Scientific Replication Study. International Review of Law and Economics, 57, 60-72. Cai, L., Cui, J., & Jo, H. (2016). Corporate Environmental Responsibility and Firm Risk. Journal of Business Ethics, 139, 563-594. Carroll, A. B. (1991). The Pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders. Business Horizons, 34(4), 39-48. Chakravarthy, J., deHann, E., & Gajgopal, S. (2014). Reputation Repair After a Serious Restatement. The Accounting Review, 89(4), 1329-1363. Cohen, M. A. (1992). Environmental Crime and Punishment: Legal/Economic Theory and Empirical Evidence on Enforcement of Federal Environmental Statutes. The Journal of Criminal Law and Criminology, 82(4), 1054-1108. Correia, M. M. (2014). Political Connection and SEC Enforcement. Journal of Accounting and Economics, 57, 241-262. Dhaliwal, D. S., Li, O. Z., Tsang, A., & 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. Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure. The Accounting Review, 87, 723-759. Elkington, J. (1997). Cannibals with Forks: The Triple Bottom Line of 21st Century Business. Capstone, Oxford. Fauser, D. V., & Sebastian, U. (2021). Risk Mitigation of Corporate Social Performance in US Class Action Lawsuits. Financial Analysts Journal, 77(2), 43-65. Florackis, C., Fu, X., & Wang, J. (2023). Political Connection, Environmental Violation and Punishment: Evidence from Heavily Polluting Firms. International Review of Financial Analysis 88. Fornsari, F. (2020). Knowledge and Power in Measuring the Sustainable corporation: Stock Exchanges as Regulators of ESG Factor Disclosure. Washington University Global Studies Law Review, 19(2), 167-233. Friedman, M. (1970). The Social Responsibility of Business Is to Increase Its Profits. New York Times Magazine, 13, 122-126. Giannetti, M., Liao, G., & Yu, X. (2015). The Brain Gain of Corporate Boards: Evidence from China. The Journal of Finance, 70(4), 1629-1682. Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and Social Responsibility: A Review of ESG and CSR Research in Corporate Finance. Journal of Corporate Finance, 66, 1-16. Godfrey, P. C. (2005). The Relationship between Corporate Philanthropy and Shareholder Wealth: A Risk Management Perspective. The Academy of Management Review, 30, 777-798. Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The Relationship between Corporate Social Responsibility and Shareholder Value: an Empirical Test of the Risk Management Hypothesis. Strategic Management Journal, 30, 425-445. Habib, A., & Bhuiyan, B. U. (2017). Determinants of Monetary Penalties for Environmental Violations. Business Strategy and the Environment, 26, 754-775. Hong, H., Kubikz, J. D., Liskovich, I., & Scheinkman, J. (2019). Crime, Punishment and the Value of Corporate Social Responsibility. Available at SSRN 2492202 Hong, H., & Liskovich, I. (2015). Crime, Punishment and the Halo Effect of Corporate Social Responsibility. National Bureau of Economic Research, Inc. Huang, P., Jiao, Y., & Li, S. (2022). Impact of Internal Control Quality on the Information Content of Social Responsibility Reports: A Study Based on Text Similarity—Evidence from China. Inrernational Journal of Acounting Information Systems, 45. Hussain, M. J., Tian, G., Ashraf, A., & Khan, M. K. (2023). Chief Executive Officer Ability and Corporate Environmental Sustainability Information Disclosure. Business Ethics, the Environment & Responibility, 32(1), 24-39. Jia, Y., Gao, X., & Julian, S. (2020). Do Firms Use Corporate Social Responsibility to Insure Against Stock Price Risk? Evidence from a Natural Experiment. Strategic Management Journal, 41(2), 290-307. Kao, E. h., Shiu, Y.-M., & Lin, C.-H. (2016). Does Engagement in Corporate Social Responsibility Reduce Firm Risk? Evidence from China Journal of Management, 33(3), 501-529. Karpoff, J. M., Lee, D. S., & Martin, G. S. (2007). The Legal Penalties for Financial Misrepresentation. SSRN Electronic Journal. https://doi.org/ http://dx.doi.org/10.2139/ssrn.933333 Karpoff, J. M., Lott, J. R., & Wehrly, E. W. (2005). The Reputational Penalties for Environmental Violations: Empirical Evidence. Journal of Law and Economics, 68, 653-675. Kazim, I., Wang, F., & Zhang, X. (2024). Unlocking the Link: Foreign-experienced Board of Directors and Environmental Violations in China. Finance Research Letters, 60. Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate Sustainability: First Evidence on Materiality. The Accounting Review, 91(6), 1697-1724. Khokhar, A.-R., & Shahriari, H. (2022). Is the SEC Captured? Evidence from Political Connectedness and SEC Enforcement Actions. Accounting and Finance, 62(2), 2725-2756. Koh, P.-S., Qian, C., & Wang, H. (2014). Firm Litigation Risk and the Insurance Value of Corporate Social Performance. Strategic Management Journal, 35(10), 1464-1482. Li, T.-T., Wang, K., Sueyoshi, T., & Wang, D. D. (2021). ESG: Research Progress and Future Prospects. Sustainability, 13(21), 11663. Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social Capital, Trust, and Firm Performance : The Value of Corporate Social Responsibility during the Financial Crisis. The Journal of Finance, 4, 1785-1824. Luo, J., Kaul, A., & Seo, H. (2018). Winning Us with Trifles: Adverse Selection in the Use of Philanthropy as Insurance. Strategic Management Journal, 39(10), 2591-2617. Mahoney, L. S., Thorne, L., Cecil, L., & LaGore, W. (2013). A Research Note on Standalone Corporate Social Responsibility Reports: Signaling or Greenwashing? Critical Perspectives on Accounting, 24, 350-359. McDonnell, M.-H., & King, B. G. (2017). Order in the Court: How Firm Status and Reputation Shape the Outcomes of Employment Discrimination Suits. American Sociological Review, 83(1), 61-87. McMurry, R. I., & Ramsey, S. D. (1986). Environmental Crime: The Use of Criminal of Sanctions in Enforcing Environmental Laws. Loyola of Los Angeles Law Review, 19, 1133-1169. Minor, D., & Morgan, J. (2011). CSR as Reputation Insurance: Premium Non Nocere. Calfornia Management Review, 53, 40-59. Murè, P., Spallone, M., Mango, F., Marzioni, S., & Bittucci, L. (2021). ESG and Reputation: The Case of Sanctioned Italian Banks. Corporate Social Responibility and Environmental Management, 28(1), 265-277. Peloza, J. (2006). Corporate Social Responsibility as Reputation Insurance. California Management Review, 48(2), 52-72. Rousseau, S. (2009). Empirical Analysis of Sanctions for Environmental Offenses. International Review of Environmental and Resource Economics, 3, 161-194. Shevchenko, A. (2021). Do Financial Penalties for Environmental Violations Facilitate Improvements in Corporate Environmental Performance? An Empirical Investigation. Business Strategy and the Environment, 30(4), 1723-1734. Shiu, Y.-M., & Yang, S.-L. (2017). Does Engagement in Corporate Social Responsibility Provide Strategic Insurance-Like Effects? Strategic Management Journal, 38, 455-470. Sun, M., & Huang, M.-C. (2022). Does CSR Reputatuin Mitigate the Impact of Corporate Social Irresponsibility? Asian Business & Management, 21, 261-285. Vanhamme, J., & Grobben, B. (2009). ‘‘Too Good to be True!’’.The Effectiveness of CSR History in Countering Negative Publicity. Journal of Business Ethics, 85, 273-283. Waddock, S. A., & Graves, S. B. (1997). The Corporate Social Performance-Financial Performance Link. Strategic Management Journal, 18, 303-319. Zavyalova, A., Pfarrer, M. D., Reger, R. K., & Hubbard, T. D. (2016). Reputation as a Benefit and a Burden? How Stakeholders' Organizational Identification Affects the Role of Reputation Following a Negative Event. Academy of Management Journal 59(1), 253-276. Zhang, D., Zhang, Z., & Managi, S. (2019). A Bibliometric Analysis on Green Finance: Current Status, Development, and Future Directions. Finance Research Letters, 29, 425-430. Zheng, X. (2021). A Tale of Two Enforcement Venues: Determinants and Consequences of the SEC’s Choice of Enforcement Venue After the Dodd-Frank Act. The Accounting Review, 96(6), 451-476.
描述 碩士
國立政治大學
會計學系
111353110
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111353110
資料類型 thesis
dc.contributor.advisor 戚務君zh_TW
dc.contributor.author (Authors) 王宣泯zh_TW
dc.creator (作者) 王宣泯zh_TW
dc.date (日期) 2024en_US
dc.date.accessioned 3-Jun-2024 11:55:07 (UTC+8)-
dc.date.available 3-Jun-2024 11:55:07 (UTC+8)-
dc.date.issued (上傳時間) 3-Jun-2024 11:55:07 (UTC+8)-
dc.identifier (Other Identifiers) G0111353110en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/151540-
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) 111353110zh_TW
dc.description.abstract (摘要) 本研究探討企業在遭遇負面事件時，其ESG表現是否能發揮減少裁罰金額之效果，以探究ESG表現對降低罰款之影響。實證結果發現：(1)企業之ESG表現對裁罰金額在統計上有顯著負向影響；(2)企業長期ESG表現所能帶來之影響力度大於短期表現。本研究提供ESG表現對裁罰金額產生影響之實證證據。zh_TW
dc.description.abstract (摘要) The purpose of this study is to examine the relationship between ESG performance and sanction resulting from encountering negative events. The study aims to examine whether a corporation’s ESG performance can mitigate sanctions or not. The empirical result suggest that: (1)ESG performance can mitigate sanctions; (2)The effect of long-term ESG performance is stronger than short-term performance. This study provide the empirical evidence of the relationship between ESG performance and sanction.en_US
dc.description.tableofcontents 第壹章緒論 1 第一節 研究背景 1 第二節 研究動機與目的 2 第三節 研究問題 4 第四節 研究架構 6 第貳章文獻探討與假說建立 8 第一節 文獻探討 8 第二節 假說發展 16 第參章研究方法 17 第一節 實證模型 17 第二節 變數名稱及定義 18 第三節 資料來源與樣本選取 21 第肆章實證結果 24 第一節 敘述性統計 24 第二節 相關係數分析 29 第三節 迴歸結果分析 32 第四節 細項測試 42 第五節 穩健性測試 46 第伍章結論與建議 50 第一節 研究結論 50 第二節 研究限制及後續研究建議 51 參考文獻 52 附錄一 57zh_TW
dc.format.extent 1399985 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111353110en_US
dc.subject (關鍵詞) 裁罰zh_TW
dc.subject (關鍵詞) 負面事件zh_TW
dc.subject (關鍵詞) 類保險效果zh_TW
dc.subject (關鍵詞) Sanctionen_US
dc.subject (關鍵詞) Negative Eventen_US
dc.subject (關鍵詞) Insurance-like Effecten_US
dc.title (題名) 企業ESG績效與政府管制裁罰的關聯性研究zh_TW
dc.title (題名) A Study on the Relationship between Corporate ESG Performance and Government Regulatory Enforcementen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 中文文獻 王儷玲，2023，金融科技在綠色金融的創新與應用，會計研究月刊，第451期，頁80至頁85。 林耿民、高晟晉，2016，推動上市（櫃）公司企業社會責任，證券暨期貨月刊，第34卷第6期，頁18至頁26。 高偉娟，2017，淺談企業社會責任報告書之可讀性，會計研究月刊，第382期，頁16至頁19。 許永明，2021，從學術文獻探討CSR作為企業策略性運用工具：過去、現在與未來，管理學報，第38卷第4期，頁477至頁495。 陳彩稚、許永明、張智媛，2015，企業社會責任對於股東價值之風險管理效果，臺大管理論叢，第26卷第1期，頁153至頁180。 陳韻如，2023，我國推動上市櫃公司永續發展路徑圖，證券暨期貨月刊，第41卷第4期，頁29至頁38。 黃曉盈，2023，強化上市櫃公司ESG資訊揭露，證券暨期貨月刊，第41卷第4期，頁19至頁28。 黃朝琮，2022，環境、社會與治理（ESG）資訊揭露之規範—以重大性之判斷為核心，台北大學法學論叢，第122期，頁1至頁111。 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，頁5至頁15。 盧建霖，2022，公司內部監理機制對企業碳排揭露、碳排放量及環保裁罰之影響，證券市場發展季刊，第34卷第4期，頁35至頁83。 英文文獻 Albuquerque, R., Koskinen, Y., & Zhang, C. (2018). Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence. Management Science, 65(10). Bae, J., Choi, W., & Lim, J. (2020). Corporate Social Responsibility: An Umbrella or a Puddle on a Rainy Day? Evidence Surrounding Corporate Financial Misconduct European Financial Management, 26(1), 77-117. Banker, R. D., Ma, X., Pomare, C., & Zhang, Y. (2023). When Doing Good for Society is Good for Shareholders: Importance of Alignment between Strategy and CSR Performance. Review of Accounting Studies, 28, 1074-1106. Barnett, M. L. (2014). Why Stakeholders Ignore Firm Misconduct: A Cognitive View. Journal of Management, 40(3), 676-702. Bowen, H. R. (1953). Social Responsibility of the Businessman. Harper & Row, New York. Brady, J., Evans, M. F., & Wehrly, E. W. (2019). Reputational Penalties for Environmental Violations: A Pure and Scientific Replication Study. International Review of Law and Economics, 57, 60-72. Cai, L., Cui, J., & Jo, H. (2016). Corporate Environmental Responsibility and Firm Risk. Journal of Business Ethics, 139, 563-594. Carroll, A. B. (1991). The Pyramid of Corporate Social Responsibility: Toward the Moral Management of Organizational Stakeholders. Business Horizons, 34(4), 39-48. Chakravarthy, J., deHann, E., & Gajgopal, S. (2014). Reputation Repair After a Serious Restatement. The Accounting Review, 89(4), 1329-1363. Cohen, M. A. (1992). Environmental Crime and Punishment: Legal/Economic Theory and Empirical Evidence on Enforcement of Federal Environmental Statutes. The Journal of Criminal Law and Criminology, 82(4), 1054-1108. Correia, M. M. (2014). Political Connection and SEC Enforcement. Journal of Accounting and Economics, 57, 241-262. Dhaliwal, D. S., Li, O. Z., Tsang, A., & 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. Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., & Yang, Y. G. (2012). Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure. The Accounting Review, 87, 723-759. Elkington, J. (1997). Cannibals with Forks: The Triple Bottom Line of 21st Century Business. Capstone, Oxford. Fauser, D. V., & Sebastian, U. (2021). Risk Mitigation of Corporate Social Performance in US Class Action Lawsuits. Financial Analysts Journal, 77(2), 43-65. Florackis, C., Fu, X., & Wang, J. (2023). Political Connection, Environmental Violation and Punishment: Evidence from Heavily Polluting Firms. International Review of Financial Analysis 88. Fornsari, F. (2020). Knowledge and Power in Measuring the Sustainable corporation: Stock Exchanges as Regulators of ESG Factor Disclosure. Washington University Global Studies Law Review, 19(2), 167-233. Friedman, M. (1970). The Social Responsibility of Business Is to Increase Its Profits. New York Times Magazine, 13, 122-126. Giannetti, M., Liao, G., & Yu, X. (2015). The Brain Gain of Corporate Boards: Evidence from China. The Journal of Finance, 70(4), 1629-1682. Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and Social Responsibility: A Review of ESG and CSR Research in Corporate Finance. Journal of Corporate Finance, 66, 1-16. Godfrey, P. C. (2005). The Relationship between Corporate Philanthropy and Shareholder Wealth: A Risk Management Perspective. The Academy of Management Review, 30, 777-798. Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The Relationship between Corporate Social Responsibility and Shareholder Value: an Empirical Test of the Risk Management Hypothesis. Strategic Management Journal, 30, 425-445. Habib, A., & Bhuiyan, B. U. (2017). Determinants of Monetary Penalties for Environmental Violations. Business Strategy and the Environment, 26, 754-775. Hong, H., Kubikz, J. D., Liskovich, I., & Scheinkman, J. (2019). Crime, Punishment and the Value of Corporate Social Responsibility. Available at SSRN 2492202 Hong, H., & Liskovich, I. (2015). Crime, Punishment and the Halo Effect of Corporate Social Responsibility. National Bureau of Economic Research, Inc. Huang, P., Jiao, Y., & Li, S. (2022). Impact of Internal Control Quality on the Information Content of Social Responsibility Reports: A Study Based on Text Similarity—Evidence from China. Inrernational Journal of Acounting Information Systems, 45. Hussain, M. J., Tian, G., Ashraf, A., & Khan, M. K. (2023). Chief Executive Officer Ability and Corporate Environmental Sustainability Information Disclosure. Business Ethics, the Environment & Responibility, 32(1), 24-39. Jia, Y., Gao, X., & Julian, S. (2020). Do Firms Use Corporate Social Responsibility to Insure Against Stock Price Risk? Evidence from a Natural Experiment. Strategic Management Journal, 41(2), 290-307. Kao, E. h., Shiu, Y.-M., & Lin, C.-H. (2016). Does Engagement in Corporate Social Responsibility Reduce Firm Risk? Evidence from China Journal of Management, 33(3), 501-529. Karpoff, J. M., Lee, D. S., & Martin, G. S. (2007). The Legal Penalties for Financial Misrepresentation. 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