1. NCCU Academic Hub
  2. Publications
  3. College of Commerce
  4. Theses
  5. Item

Publications-Theses

Article View/Open

Publication Export

Google ScholarTM

NCCU Library

Citation Infomation

Related Publications in TAIR

題名 企業投入研發活動對於ESG表現與財務績效之間的調節作用-以美國資訊科技產業為例
The Moderating Effect of R&D Investment between ESG Performance and Financial Performance : Evidence from US Information and Technology Industry
作者 周明瑋
Chou, Ming-Wei
貢獻者 陳立民
Chen, Li-Ming
周明瑋
Chou, Ming-Wei
關鍵詞 資訊科技產業
ESG
研發費用
無形資產
財務績效
IT Industry
ESG
R&D expense
Intangible asset
Financial performance
日期 2024
上傳時間 1-Jul-2024 12:23:55 (UTC+8)
摘要 本研究旨在探討企業投入ESG及研發活動是否有助於提升財務績效，並近一步分析企業投入研發活動對於ESG表現及財務績效之間是否有調節作用。研究對象為美國資訊科技產業，資料期間為2018年至2022年共五年度，企業共1,746間，有效樣本為417間，五年總計為1,652筆資料。 迴歸結果顯示，無論是ESG整體分數，或是環境構面(E)、社會構面(S)、公司治理構面(G)三個構面的個別分數，其迴歸係數都為正值且顯著。其中，環境構面(E)的模型解釋力最高，意味著環境構面(E)表現對財務績效的正向影響最為顯著。另外，研究結果也顯示出企業投入研發可提升營收和獲利，且研發費用及無形資產兩者互為因果，共同促進公司財務績效的提升。除此之外，本研究也發現，對於企業而言，研發投入對於ESG表現具有一定程度的影響，但並非主導因素。 進一步將企業所投入的研發活動視為調節變數之後，模型解釋力在E、S、G及整體面向皆有所提升，代表企業的研發活動對於調節ESG表現與財務績效之間有部份作用，且對於高研發支出的企業，ESG對於EPS的影響更為顯著。
This study examines the impact of corporate ESG and R&D activities on financial performance. We use a sample of 1,746 US information technology companies from 2018 to 2022, with a total of 1,652 observations. Our regression results show that both overall ESG scores and individual E, S, and G scores have positive and statistically significant coefficients. Among them, the coefficient of the E score is the highest, indicating that the overall ESG performance has the most significant positive impact on financial performance. Additionally, the results also indicate that corporate investment in R&D can increase revenue and profit, and R&D expenses and intangible assets are mutually causal, jointly promoting the improvement of corporate financial performance. Our results also find that for companies, R&D expenses have a certain impact on ESG performance, but are not the main factor. Further analysis shows that when R&D activities are used as a moderating variable, the explanatory power of the model is improved in all aspects of E, S, G, and overall, indicating that corporate R&D activities have a partial moderating effect on the relationship between ESG performance and financial performance. In addition, our study also finds that the environmental dimension (E) has the most significant impact on financial performance; and for companies with high R&D expenditures, the impact of ESG on EPS is more significant.
參考文獻 英文文獻 Adrian, T., & Shin, H. S. (2010). Liquidity and leverage. Journal of Financial Intermediation, 19(3), 418-437. Ahmad, N., Mobarek, A., Roni, N. N., & Tan, A. W. K. (2021). Revisiting the impact of ESG on financial performance of FTSE350 UK firms: Static and dynamic panel data analysis. Cogent Business & Management, 8(1). Ambec, S., Cohen, M. A., Elgie, S., & Lanoie, P. (2013). The Porter Hypothesis at 20: Can Environmental Regulation Enhance Innovation and Competitiveness? Review of Environmental Economics and Policy, 7(1), 2-22. Anagnostopoulou, S. C. (2008). R&D expenses and firm valuation: a literature review. International Journal of Accounting & Information Management, 16(1), 5-24. Arkan, T. (2016). The Importance of Financial Ratios in Predicting Stock Price Trends: A Case Study in Emerging Markets. Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia, 79, 13-26. Artz, K. W., Norman, P. M., Hatfield, D. E., & Cardinal, L. B. (2010). A Longitudinal Study of the Impact of R&D, Patents, and Product Innovation on Firm Performance. Journal of Product Innovation Management, 27(5), 725-740. Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, S119-S127. Baek, S., & Lee, D. H. (2023). Can R&D investment be a key driver for sustainable development? Evidence for Korean industry [Article; Early Access]. Corporate Social Responsibility and Environmental Management, 16. Barnett, M. L., & Salomon, R. M. (2006). Beyond dichotomy: the curvilinear relationship between social responsibility and financial performance. Strategic Management Journal, 27(11), 1101-1122. BÉNabou, R., & Tirole, J. (2009). Individual and Corporate Social Responsibility. Economica, 77(305), 1-19. Bowen, H. R. (1953). Social Responsibilities of the Businessman. Budisaptorini, Triwulan, A., & Chandrarin, G. (2019). The Effect of Company Size on Company Profitability and Company Value: The Case of Manufacturing Companies. International Journal of Economics and Business Administration, 7(2), 251-256. Cahan, S. F., Chen, C., Chen, L., & Nguyen, N. H. (2015). Corporate social responsibility and media coverage. Journal of Banking & Finance, 59. Chen, Y.-C., Hung, M., & Wang, Y. (2018). The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China. Journal of Accounting and Economics, 65(1), 169-190. Clark, G. L., Feiner, A., & Viehs, M. (2015). From the Stockholder to the Stakeholder: How Sustainability Can Drive Financial Outperformance. Cruz-Cázares, C., Bayona-Sáez, C., & García-Marco, T. (2013). You can’t manage right what you can’t measure well: Technological innovation efficiency. Research Policy, 42(6-7), 1239-1250. Curtis, A., McVay, S., & Toynbee, S. (2020). The changing implications of research and development expenditures for future profitability. Review of Accounting Studies, 25(2), 405-437. Deng, Z., & Lev, B. (2006). In-process R&D: To capitalize or expense? Journal of engineering and technology management, 23(1-2), 18-32. Eccles, R., & Serafeim, G. (2013). The performance frontier: Innovating for a sustainable strategy. Freihat, A. R. F., & Kanakriyah, R. (2017). Impact of R&D expenditure on financial performance: Jordanian evidence. European Journal of Business and Management, 9(32), 73-83. 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. Friedman, M. (1970). The Social Responsibility of Business Is to Increase Its Profits. The New York Times. Gatsi, J. G., Anipa, C. A. A., Gadzo, S. G., & Ameyibor, J. (2016). Corporate Social Responsibility, Risk Factor and Financial Performance of Listed Firms in Ghana Godfrey, P. C. (2005). The Relationship Between Corporate Philanthropy And Shareholder Wealth: A Risk Management Perspective. Academy of Management Review 30. Haessler, P. (2020). Strategic Decisions between Short-Term Profit and Sustainability. Administrative Sciences, 10(3). Kruschwitz, N. (2012). Integrating sustainability into strategy, governance and employee engagement. MIT Sloan Management Review, 53(4), 1. Lartey, V. C., Antwi, S., & Boadi, E. K. (2013). The relationship between liquidity and profitability of listed banks in Ghana. International journal of business and social science, 4(3), 48-56. Lee, K. H., Cin, B. C., & Lee, E. Y. (2016). Environmental Responsibility and Firm Performance: The Application of an Environmental, Social and Governance Model [Article]. Business Strategy and the Environment, 25(1), 40-53. Lin, B.-W., Lee, Y., & Hung, S.-C. (2006). R&D intensity and commercialization orientation effects on financial performance. Journal of Business Research, 59, 679–685. Lockett, A., Thompson, S., & Morgenstern, U. (2009). The development of the resource‐based view of the firm: A critical appraisal. International journal of management reviews, 11(1), 9-28. Madushanka, K. H., & Jathurika, M. (2018). The impact of liquidity ratios on profitability. International Research Journal of Advanced Engineering and Science, 3(4), 157-161. Malhotra, Y., & Pachauri, V. (2023). Employee Engagement in ESG Practices: A Way to Sustainability. Digital Disruption and Environmental, Social & Governance, 1-15. Margolis, J. D., & Walsh, J. P. (2003). Misery Loves Companies: Rethinking Social Initiatives by Business. McWilliams, A., & Siegel, D. (2000). Corporate Social Responsibility and Financial Performance: Correlation or Misspecification? , Strategic Management Journal(Vol. 21), pp. 603-609. Mohammad, W. M. W., & Wasiuzzaman, S. (2021). Environmental, Social and Governance (ESG) disclosure, competitive advantage and performance of firms in Malaysia. Cleaner Environmental Systems, 2, 100015. Morbey, G. K., & Reithner, R. M. (2016). How R&D Affects Sales Growth, Productivity and Profitability. ÖZkan, N. (2021). R&D Spending and Financial Performance: An Investigation in an Emerging Market. International Journal of Management Economics and Business. Preston, L. E., & O’Bannon, D. P. (1997). The Corporate Social-Financial Performance Relation. Business and Society, 36, 419-429. Priyadarshana, A. J. M., & Abeyrathna, S. P. G. M. (2019). Impact of Firm size on Profitability. International Journal of Scientific and Research Publications (IJSRP), 9(6). Sparkes, R., & Cowton, C. J. (2004). The Maturing Of Socially Responsible Investment: A Review Of The Developing Link With Corporate Social Responsibility. ournal of Business Ethics(52), 45–57. Tan, J., & Wei, J. Y. (2023). Configurational Analysis of ESG Performance, Innovation Intensity, and Financial Leverage: a Study on Total Factor Productivity in Chinese Pharmaceutical Manufacturing Firms [Article; Early Access]. Journal of the Knowledge Economy, 25. Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169-178. Vithessonthi, C., & Tongurai, J. (2015). The effect of leverage on performance: Domestically-oriented versus internationally-oriented firms. Research in International Business and Finance, 34, 265-280. Waddock, S. A., & Graves, S. B. (1997). The Corporate Social Performance-Financial Performance Link. Strategic Management Journal, 18(4), 303-319. Xu, J., Liu, F., & Shang, Y. (2021). R&D investment, ESG performance and green innovation performance: evidence from China [Article; Early Access]. Kybernetes, 50(3), 737-756. 網路資料 1. Microsoft 2022 年財報。取自：https://www.microsoft.com/investor/reports/ar22/# 2. Oracle 2023年財報。取自： https://www.oracle.com/a/ocom/docs/industries/financial-services/ofss-annual-report-2022-23.pdf 3. P&G 2021年財報。取自： https://assets.ctfassets.net/oggad6svuzkv/4Jv0tM2D5D4uo9fpGkFINt/51f922cfc331f8cd887e86f5dca2a59f/2021_annual_report.pdf 4. Adidas 2021年財報。取自： https://report.adidas-group.com/2021/en/servicepages/downloads/files/annual-report-adidas-ar21.pdf 5. 國際貨幣基金組織(International Monetary Fund , IMF) US 2023 GDP相關資料。取自： https://www.imf.org/external/datamapper/profile/USA 6. 美國商務部經濟分析局(Bureau of Economic Analysis, BEA) 2023 U.S. IT產業相關資料。取自： https://www.bea.gov/sites/default/files/2024-03/gdp4q23-3rd.pdf 7. GRI 準則。取自：https://www.globalreporting.org 8. IFRS S2 相關規範。取自： https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-navigator/ifrs-s2-climate-related-disclosures/ 9. Governance & Accountability Institute (G&A) S&P 500 相關資料。取自：https://www.ga-institute.com/index.php?id=9127
描述 碩士
國立政治大學
企業管理研究所(MBA學位學程)
111363015
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111363015
資料類型 thesis
dc.contributor.advisor 陳立民zh_TW
dc.contributor.advisor Chen, Li-Mingen_US
dc.contributor.author (Authors) 周明瑋zh_TW
dc.contributor.author (Authors) Chou, Ming-Weien_US
dc.creator (作者) 周明瑋zh_TW
dc.creator (作者) Chou, Ming-Weien_US
dc.date (日期) 2024en_US
dc.date.accessioned 1-Jul-2024 12:23:55 (UTC+8)-
dc.date.available 1-Jul-2024 12:23:55 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2024 12:23:55 (UTC+8)-
dc.identifier (Other Identifiers) G0111363015en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152010-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 企業管理研究所(MBA學位學程)zh_TW
dc.description (描述) 111363015zh_TW
dc.description.abstract (摘要) 本研究旨在探討企業投入ESG及研發活動是否有助於提升財務績效，並近一步分析企業投入研發活動對於ESG表現及財務績效之間是否有調節作用。研究對象為美國資訊科技產業，資料期間為2018年至2022年共五年度，企業共1,746間，有效樣本為417間，五年總計為1,652筆資料。 迴歸結果顯示，無論是ESG整體分數，或是環境構面(E)、社會構面(S)、公司治理構面(G)三個構面的個別分數，其迴歸係數都為正值且顯著。其中，環境構面(E)的模型解釋力最高，意味著環境構面(E)表現對財務績效的正向影響最為顯著。另外，研究結果也顯示出企業投入研發可提升營收和獲利，且研發費用及無形資產兩者互為因果，共同促進公司財務績效的提升。除此之外，本研究也發現，對於企業而言，研發投入對於ESG表現具有一定程度的影響，但並非主導因素。 進一步將企業所投入的研發活動視為調節變數之後，模型解釋力在E、S、G及整體面向皆有所提升，代表企業的研發活動對於調節ESG表現與財務績效之間有部份作用，且對於高研發支出的企業，ESG對於EPS的影響更為顯著。zh_TW
dc.description.abstract (摘要) This study examines the impact of corporate ESG and R&D activities on financial performance. We use a sample of 1,746 US information technology companies from 2018 to 2022, with a total of 1,652 observations. Our regression results show that both overall ESG scores and individual E, S, and G scores have positive and statistically significant coefficients. Among them, the coefficient of the E score is the highest, indicating that the overall ESG performance has the most significant positive impact on financial performance. Additionally, the results also indicate that corporate investment in R&D can increase revenue and profit, and R&D expenses and intangible assets are mutually causal, jointly promoting the improvement of corporate financial performance. Our results also find that for companies, R&D expenses have a certain impact on ESG performance, but are not the main factor. Further analysis shows that when R&D activities are used as a moderating variable, the explanatory power of the model is improved in all aspects of E, S, G, and overall, indicating that corporate R&D activities have a partial moderating effect on the relationship between ESG performance and financial performance. In addition, our study also finds that the environmental dimension (E) has the most significant impact on financial performance; and for companies with high R&D expenditures, the impact of ESG on EPS is more significant.en_US
dc.description.tableofcontents 第一章 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 研究架構 4 第二章 文獻回顧 5 第一節 ESG概述 5 第二節 企業參與ESG之動機 10 第三節 ESG與獲利之關聯 12 第四節 企業投入研發活動與獲利之關聯 14 第三章 研究方法 17 第一節 樣本與資料來源 17 第二節 變數設定 18 第三節 模型建立 22 第四章 研究結果 24 第一節 敘述性統計 24 第二節 迴歸分析 29 第五章 結論與建議 37 參考文獻 38 附錄 43zh_TW
dc.format.extent 3596703 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111363015en_US
dc.subject (關鍵詞) 資訊科技產業zh_TW
dc.subject (關鍵詞) ESGzh_TW
dc.subject (關鍵詞) 研發費用zh_TW
dc.subject (關鍵詞) 無形資產zh_TW
dc.subject (關鍵詞) 財務績效zh_TW
dc.subject (關鍵詞) IT Industryen_US
dc.subject (關鍵詞) ESGen_US
dc.subject (關鍵詞) R&D expenseen_US
dc.subject (關鍵詞) Intangible asseten_US
dc.subject (關鍵詞) Financial performanceen_US
dc.title (題名) 企業投入研發活動對於ESG表現與財務績效之間的調節作用-以美國資訊科技產業為例zh_TW
dc.title (題名) The Moderating Effect of R&D Investment between ESG Performance and Financial Performance : Evidence from US Information and Technology Industryen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 英文文獻 Adrian, T., & Shin, H. S. (2010). Liquidity and leverage. Journal of Financial Intermediation, 19(3), 418-437. Ahmad, N., Mobarek, A., Roni, N. N., & Tan, A. W. K. (2021). Revisiting the impact of ESG on financial performance of FTSE350 UK firms: Static and dynamic panel data analysis. Cogent Business & Management, 8(1). Ambec, S., Cohen, M. A., Elgie, S., & Lanoie, P. (2013). The Porter Hypothesis at 20: Can Environmental Regulation Enhance Innovation and Competitiveness? Review of Environmental Economics and Policy, 7(1), 2-22. Anagnostopoulou, S. C. (2008). R&D expenses and firm valuation: a literature review. International Journal of Accounting & Information Management, 16(1), 5-24. Arkan, T. (2016). The Importance of Financial Ratios in Predicting Stock Price Trends: A Case Study in Emerging Markets. Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse Rynki Finansowe Ubezpieczenia, 79, 13-26. Artz, K. W., Norman, P. M., Hatfield, D. E., & Cardinal, L. B. (2010). A Longitudinal Study of the Impact of R&D, Patents, and Product Innovation on Firm Performance. Journal of Product Innovation Management, 27(5), 725-740. Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, S119-S127. Baek, S., & Lee, D. H. (2023). Can R&D investment be a key driver for sustainable development? Evidence for Korean industry [Article; Early Access]. Corporate Social Responsibility and Environmental Management, 16. Barnett, M. L., & Salomon, R. M. (2006). Beyond dichotomy: the curvilinear relationship between social responsibility and financial performance. Strategic Management Journal, 27(11), 1101-1122. BÉNabou, R., & Tirole, J. (2009). Individual and Corporate Social Responsibility. Economica, 77(305), 1-19. Bowen, H. R. (1953). Social Responsibilities of the Businessman. Budisaptorini, Triwulan, A., & Chandrarin, G. (2019). The Effect of Company Size on Company Profitability and Company Value: The Case of Manufacturing Companies. International Journal of Economics and Business Administration, 7(2), 251-256. Cahan, S. F., Chen, C., Chen, L., & Nguyen, N. H. (2015). Corporate social responsibility and media coverage. Journal of Banking & Finance, 59. Chen, Y.-C., Hung, M., & Wang, Y. (2018). The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China. Journal of Accounting and Economics, 65(1), 169-190. Clark, G. L., Feiner, A., & Viehs, M. (2015). From the Stockholder to the Stakeholder: How Sustainability Can Drive Financial Outperformance. Cruz-Cázares, C., Bayona-Sáez, C., & García-Marco, T. (2013). You can’t manage right what you can’t measure well: Technological innovation efficiency. Research Policy, 42(6-7), 1239-1250. Curtis, A., McVay, S., & Toynbee, S. (2020). The changing implications of research and development expenditures for future profitability. Review of Accounting Studies, 25(2), 405-437. Deng, Z., & Lev, B. (2006). In-process R&D: To capitalize or expense? Journal of engineering and technology management, 23(1-2), 18-32. Eccles, R., & Serafeim, G. (2013). The performance frontier: Innovating for a sustainable strategy. Freihat, A. R. F., & Kanakriyah, R. (2017). Impact of R&D expenditure on financial performance: Jordanian evidence. European Journal of Business and Management, 9(32), 73-83. 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. Friedman, M. (1970). The Social Responsibility of Business Is to Increase Its Profits. The New York Times. Gatsi, J. G., Anipa, C. A. A., Gadzo, S. G., & Ameyibor, J. (2016). Corporate Social Responsibility, Risk Factor and Financial Performance of Listed Firms in Ghana Godfrey, P. C. (2005). The Relationship Between Corporate Philanthropy And Shareholder Wealth: A Risk Management Perspective. Academy of Management Review 30. Haessler, P. (2020). Strategic Decisions between Short-Term Profit and Sustainability. Administrative Sciences, 10(3). Kruschwitz, N. (2012). Integrating sustainability into strategy, governance and employee engagement. MIT Sloan Management Review, 53(4), 1. Lartey, V. C., Antwi, S., & Boadi, E. K. (2013). The relationship between liquidity and profitability of listed banks in Ghana. International journal of business and social science, 4(3), 48-56. Lee, K. H., Cin, B. C., & Lee, E. Y. (2016). Environmental Responsibility and Firm Performance: The Application of an Environmental, Social and Governance Model [Article]. Business Strategy and the Environment, 25(1), 40-53. Lin, B.-W., Lee, Y., & Hung, S.-C. (2006). R&D intensity and commercialization orientation effects on financial performance. Journal of Business Research, 59, 679–685. Lockett, A., Thompson, S., & Morgenstern, U. (2009). The development of the resource‐based view of the firm: A critical appraisal. International journal of management reviews, 11(1), 9-28. Madushanka, K. H., & Jathurika, M. (2018). The impact of liquidity ratios on profitability. International Research Journal of Advanced Engineering and Science, 3(4), 157-161. Malhotra, Y., & Pachauri, V. (2023). Employee Engagement in ESG Practices: A Way to Sustainability. Digital Disruption and Environmental, Social & Governance, 1-15. Margolis, J. D., & Walsh, J. P. (2003). Misery Loves Companies: Rethinking Social Initiatives by Business. McWilliams, A., & Siegel, D. (2000). Corporate Social Responsibility and Financial Performance: Correlation or Misspecification? , Strategic Management Journal(Vol. 21), pp. 603-609. Mohammad, W. M. W., & Wasiuzzaman, S. (2021). Environmental, Social and Governance (ESG) disclosure, competitive advantage and performance of firms in Malaysia. Cleaner Environmental Systems, 2, 100015. Morbey, G. K., & Reithner, R. M. (2016). How R&D Affects Sales Growth, Productivity and Profitability. ÖZkan, N. (2021). R&D Spending and Financial Performance: An Investigation in an Emerging Market. International Journal of Management Economics and Business. Preston, L. E., & O’Bannon, D. P. (1997). The Corporate Social-Financial Performance Relation. Business and Society, 36, 419-429. Priyadarshana, A. J. M., & Abeyrathna, S. P. G. M. (2019). Impact of Firm size on Profitability. International Journal of Scientific and Research Publications (IJSRP), 9(6). Sparkes, R., & Cowton, C. J. (2004). The Maturing Of Socially Responsible Investment: A Review Of The Developing Link With Corporate Social Responsibility. ournal of Business Ethics(52), 45–57. Tan, J., & Wei, J. Y. (2023). Configurational Analysis of ESG Performance, Innovation Intensity, and Financial Leverage: a Study on Total Factor Productivity in Chinese Pharmaceutical Manufacturing Firms [Article; Early Access]. Journal of the Knowledge Economy, 25. Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169-178. Vithessonthi, C., & Tongurai, J. (2015). The effect of leverage on performance: Domestically-oriented versus internationally-oriented firms. Research in International Business and Finance, 34, 265-280. Waddock, S. A., & Graves, S. B. (1997). The Corporate Social Performance-Financial Performance Link. Strategic Management Journal, 18(4), 303-319. Xu, J., Liu, F., & Shang, Y. (2021). R&D investment, ESG performance and green innovation performance: evidence from China [Article; Early Access]. Kybernetes, 50(3), 737-756. 網路資料 1. Microsoft 2022 年財報。取自：https://www.microsoft.com/investor/reports/ar22/# 2. Oracle 2023年財報。取自： https://www.oracle.com/a/ocom/docs/industries/financial-services/ofss-annual-report-2022-23.pdf 3. P&G 2021年財報。取自： https://assets.ctfassets.net/oggad6svuzkv/4Jv0tM2D5D4uo9fpGkFINt/51f922cfc331f8cd887e86f5dca2a59f/2021_annual_report.pdf 4. Adidas 2021年財報。取自： https://report.adidas-group.com/2021/en/servicepages/downloads/files/annual-report-adidas-ar21.pdf 5. 國際貨幣基金組織(International Monetary Fund , IMF) US 2023 GDP相關資料。取自： https://www.imf.org/external/datamapper/profile/USA 6. 美國商務部經濟分析局(Bureau of Economic Analysis, BEA) 2023 U.S. IT產業相關資料。取自： https://www.bea.gov/sites/default/files/2024-03/gdp4q23-3rd.pdf 7. GRI 準則。取自：https://www.globalreporting.org 8. IFRS S2 相關規範。取自： https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-navigator/ifrs-s2-climate-related-disclosures/ 9. Governance & Accountability Institute (G&A) S&P 500 相關資料。取自：https://www.ga-institute.com/index.php?id=9127zh_TW