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題名 高碳排產業對環境績效的影響
The Impact of High Carbon Emission Industries on Environmental Performance: Evidence from Taiwan作者 陳妍安
Chen, Yen-An貢獻者 湛可南
Chan, Ko-Nan
陳妍安
Chen, Yen-An關鍵詞 高碳排產業
環境績效
家族企業
女性獨董
High carbon emission industries
Environmental performance
Family firms
Female independent directors日期 2024 上傳時間 1-Jul-2024 12:38:48 (UTC+8) 摘要 直覺上，高碳排產業較容易對環境產生負面影響，使人們認為其對環境分數也有相當巨大的負面衝擊。但根據過往文獻分析，高碳排產業被認為將在當今日漸嚴格的永續法規下採取創新策略以改善環境績效評分，讓自家企業實踐永續經營。本文旨在檢測高碳排產業是否對其環境績效反而有正向的影響，而在分析了2010年至2022年共1499筆台灣企業樣本後，我們的統計回歸結果印證了高碳排放產業確實對環構面分數的影響是正向且顯著的。而根據我們的進一步探討，發現在高碳排產業下在非家族企業與擁有女性獨立董事的企業對環境績效有加強的效果，且為顯著正面，推論這分別與企業研發費用的增加與代理成本的降低有關。本次研究也透過差異法（DID）方法處理了內生性問題，回歸結果確認了高碳排變數對環境分數的影響一致。
The conventional wisdom argues that high carbon emission industries that harm the environment would gain significantly lower environmental scores. However, high carbon emission industries can adopt innovative strategies under stringent regulations to improve their environmental performance. We test if firms with high carbon emissions exhibit better environmental performance using Taiwanese data from 2010 to 2022. We find that better environmental pillar scores are shown in high carbon emission industries. This industry effect is strengthened in non-family firms and firms including female independent directors and this may be due to sufficient innovation expenditure and lower agency costs, respectively. We address the endogeneity issues by adopting the Difference-in-Differences (DID) method. Our results hold under all robustness tests.參考文獻 Abeysekera, A. P., & Fernando, C. S. (2020). Corporate social responsibility versus corporate shareholder responsibility: A family firm perspective. Journal of Corporate Finance, 61, 101370. Anderson, R. C., Duru, A., & Reeb, D. M. (2012). Investment policy in family controlled firms. Journal of Banking & Finance, 36(6), 1744-1758 Aswani, J., Raghunandan, A., & Rajgopal, S. (2024). Are carbon emissions associated with stock returns? Review of Finance, 28(1), 75-106. Bae, K. H., Kang, J. K., & Kim, J. M. (2002). Tunneling or value added? Evidence from mergers by Korean business groups. Journal of Finance, 57(6), 2695-2740. Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97, 207-221 Berrone, P., Cruz, C., Gomez-Mejia, L. R., & Larraza-Kintana, M. (2010). Socioemotional wealth and corporate responses to institutional pressures: Do family-controlled firms pollute less? Administrative Science Quarterly, 55(1), 82-113. Bertrand, M., Mehta, P., & Mullainathan, S. (2002). Ferreting out tunneling: An application to Indian business groups. The Quarterly Journal of Economics, 117(1), 121-148. Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164-181. Broadstock, D. C., Matousek, R., Meyer, M., & Tzeremes, N. G. (2020). Does corporate social responsibility impact firms' innovation capacity? The indirect link between environmental & social governance implementation and innovation performance. Journal of Business Research, 119, 99-110. Chrisman, J. J., & Patel, P. C. (2012). Variations in R&D investments of family and nonfamily firms: Behavioral agency and myopic loss aversion perspectives. Academy of management Journal, 55(4), 976-997. Davidson, D. J., & Freudenburg, W. R. (1996). Gender and environmental risk concerns: A review and analysis of available research. Environment and Behavior, 28, 302–339. DeAngelo, H., & DeAngelo, L. (2000). Controlling stockholders and the disciplinary role of corporate payout policy: A study of the Times Mirror Company. Journal of Financial Economics, 56(2), 153-207. Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693-714. El Ghoul, S., Guedhami, O., Wang, H., & Kwok, C. C. (2016). Family control and corporate social responsibility. Journal of Banking & Finance, 73, p.131-146. Feygina, I., Jost, J. T., & Goldsmith, R. E. (2010). System justification, the denial of global warming, and the possibility of “system-sanctioned change.” Personality and Social Psychology Bulletin, 36, 326–338. Fernando, C. S., Sharfman, M. P., & Uysal, V. B. (2017). Corporate environmental policy and shareholder value: Following the smart money. Journal of Financial and Quantitative Analysis, 52(5), 2023-2051. Fowlie, M. (2010). Emissions trading, electricity restructuring, and investment in pollution abatement. American Economic Review, 100(3), 837-869. 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, 101889. Gupta, V. K., Mortal, S., Chakrabarty, B., Guo, X., & Turban, D. B. (2020). CFO gender and financial statement irregularities. Academy of Management Journal, 63(3), 802-831 Ho, J. L., Hsu, F. H., & Lee, C. L. (2022). Business strategy, corporate social responsibility activities, and financial performance. Journal of International Accounting Research, 21(1), 49-75. Hong, H., & Kacperczyk, M. (2009). The price of sin: The effects of social norms on markets. Journal of Financial Economics, 93(1), 15-36. Javeed, S. A., Latief, R., Jiang, T., San Ong, T., & Tang, Y. (2021). How environmental regulations and corporate social responsibility affect the firm innovation with the moderating role of Chief executive officer (CEO) power and ownership concentration? Journal of Cleaner Production, 308, 127212. Jin, R., Jiang, X., & Hu, H. W. (2023). Internal and external CSR in China: How do women independent directors matter? Asia Pacific Journal of Management, 40(1), 169-204. Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697-1724. Lanoie, P., Laurent‐Lucchetti, J., Johnstone, N., & Ambec, S. (2011). Environmental policy, innovation and performance: new insights on the Porter hypothesis. Journal of Economics & Management Strategy, 20(3), 803-842. Liang, H., & Renneboog, L. (2017). On the foundations of corporate social responsibility. Journal of Finance, 72(2), 853-910. Lin, Y. E., Li, Y. W., Cheng, T. Y., & Lam, K. (2021). Corporate social responsibility and investment efficiency: does business strategy matter? International Review of Financial Analysis, 73, 101585. Liu, C. (2018). Are women greener? Corporate gender diversity and environmental violations. Journal of Corporate Finance, 52, 118-142. Maury, B. (2022). Strategic CSR and firm performance: The role of prospector and growth strategies. Journal of Economics and Business, 118, 106031. McCright, A. M., & Dunlap, R. E. (2011a). Cool dudes: The denial of climate change among conservative white males in the United States. Global Environmental Change, 21, 1163–1172 McGuinness, P. B., Vieito, J. P., & Wang, M. (2017). The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance, 42, 75-99 McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26(1), 117-127. Miles, R. E., Snow, C. C., Meyer, A. D., & Coleman Jr, H. J. (1978). Organizational strategy, structure, and process. Academy of Management Review, 3(3), 546-562. Miller, D., & Friesen, P. H. (1983). Strategy‐making and environment: the third link. Strategic Management Journal, 4(3), 221-235. Miller, D., & Le Breton-Miller, I. (2005). Managing for the long run: Lessons in competitive advantage from great family businesses. Harvard Business Press. Pearson, A. R., Ballew, M. T., Naiman, S., & Schuldt, J. P. (2017). Race, class, gender and climate change communication. Oxford Research Encyclopedia of Climate Science. DOI:10.1093/acrefore/9780190228620.013.412 Petersen, M. A. (2008). Estimating standard errors in finance panel data sets: Comparing approaches. The Review of Financial Studies, 22(1), 435-480. Rao, K., & Tilt, C. (2016). Board composition and corporate social responsibility: The role of diversity, gender, strategy and decision making. Journal of Business Ethics, 138, 327-347 Ren, X., Li, J., Wang, X., & Lei, X. (2024). Female directors and CSR: Does the presence of female directors affect CSR focus? International Review of Financial Analysis, 92, 103101. Stavins, R. N. (1998). What can we learn from the grand policy experiment? Lessons from SO2 allowance trading. Journal of Economic Perspectives, 12(3), 69-88. Stein, J. C. (1988). Takeover threats and managerial myopia. Journal of Political Economy, 96(1), 61-80. Stern, N. (2008). The economics of climate change. American Economic Review, 98(2), 1-37. Wahid, A. S. (2019). The effects and the mechanisms of board gender diversity: Evidence from financial manipulation. Journal of Business Ethics, 159(3), 705-725 Yuan, Y., Lu, L. Y., Tian, G., & Yu, Y. (2020). Business strategy and corporate social responsibility. Journal of Business Ethics, 162, 359-377. Zelezny, L. C., Chua, P. P., & Aldrich, C. (2000). New ways of thinking about environmentalism: Elaborating on gender differences in environmentalism. Journal of Social Issues, 56, 443–457. 描述 碩士
國立政治大學
財務管理學系
111357003資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111357003 資料類型 thesis dc.contributor.advisor 湛可南 zh_TW dc.contributor.advisor Chan, Ko-Nan en_US dc.contributor.author (Authors) 陳妍安 zh_TW dc.contributor.author (Authors) Chen, Yen-An en_US dc.creator (作者) 陳妍安 zh_TW dc.creator (作者) Chen, Yen-An en_US dc.date (日期) 2024 en_US dc.date.accessioned 1-Jul-2024 12:38:48 (UTC+8) - dc.date.available 1-Jul-2024 12:38:48 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2024 12:38:48 (UTC+8) - dc.identifier (Other Identifiers) G0111357003 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152062 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 111357003 zh_TW dc.description.abstract (摘要) 直覺上，高碳排產業較容易對環境產生負面影響，使人們認為其對環境分數也有相當巨大的負面衝擊。但根據過往文獻分析，高碳排產業被認為將在當今日漸嚴格的永續法規下採取創新策略以改善環境績效評分，讓自家企業實踐永續經營。本文旨在檢測高碳排產業是否對其環境績效反而有正向的影響，而在分析了2010年至2022年共1499筆台灣企業樣本後，我們的統計回歸結果印證了高碳排放產業確實對環構面分數的影響是正向且顯著的。而根據我們的進一步探討，發現在高碳排產業下在非家族企業與擁有女性獨立董事的企業對環境績效有加強的效果，且為顯著正面，推論這分別與企業研發費用的增加與代理成本的降低有關。本次研究也透過差異法（DID）方法處理了內生性問題，回歸結果確認了高碳排變數對環境分數的影響一致。 zh_TW dc.description.abstract (摘要) The conventional wisdom argues that high carbon emission industries that harm the environment would gain significantly lower environmental scores. However, high carbon emission industries can adopt innovative strategies under stringent regulations to improve their environmental performance. We test if firms with high carbon emissions exhibit better environmental performance using Taiwanese data from 2010 to 2022. We find that better environmental pillar scores are shown in high carbon emission industries. This industry effect is strengthened in non-family firms and firms including female independent directors and this may be due to sufficient innovation expenditure and lower agency costs, respectively. We address the endogeneity issues by adopting the Difference-in-Differences (DID) method. Our results hold under all robustness tests. en_US dc.description.tableofcontents 1. Introduction 1 2. Literature Review and Hypotheses 7 2.1. Environmental Performance of companies in high carbon emission industries 7 2.2. Environmental Performance of family firms in high carbon emission industries 9 2.3. Environmental Performance of firms with female independent directors in high carbon emission industries 10 2.4. Hypothesis 13 3. Data and Methodology 14 3.1. Data and Classification 14 3.2. Definition of Variables and Summary Statistics 17 3.3. Research Design 19 4. Empirical Result 21 4.1. High carbon Emission Industries 21 4.2. Family Firms under High carbon Emission Industries 22 4.3. Female Independent Directors Firms under High carbon Emission Industries 22 4.4. Robustness Tests for Endogeneity 23 5. Conclusion 25 Reference 27 Appendix 31 zh_TW dc.format.extent 1450730 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111357003 en_US dc.subject (關鍵詞) 高碳排產業 zh_TW dc.subject (關鍵詞) 環境績效 zh_TW dc.subject (關鍵詞) 家族企業 zh_TW dc.subject (關鍵詞) 女性獨董 zh_TW dc.subject (關鍵詞) High carbon emission industries en_US dc.subject (關鍵詞) Environmental performance en_US dc.subject (關鍵詞) Family firms en_US dc.subject (關鍵詞) Female independent directors en_US dc.title (題名) 高碳排產業對環境績效的影響 zh_TW dc.title (題名) The Impact of High Carbon Emission Industries on Environmental Performance: Evidence from Taiwan en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Abeysekera, A. P., & Fernando, C. S. (2020). Corporate social responsibility versus corporate shareholder responsibility: A family firm perspective. Journal of Corporate Finance, 61, 101370. Anderson, R. C., Duru, A., & Reeb, D. M. (2012). Investment policy in family controlled firms. Journal of Banking & Finance, 36(6), 1744-1758 Aswani, J., Raghunandan, A., & Rajgopal, S. (2024). Are carbon emissions associated with stock returns? Review of Finance, 28(1), 75-106. Bae, K. H., Kang, J. K., & Kim, J. M. (2002). Tunneling or value added? Evidence from mergers by Korean business groups. Journal of Finance, 57(6), 2695-2740. Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97, 207-221 Berrone, P., Cruz, C., Gomez-Mejia, L. R., & Larraza-Kintana, M. (2010). Socioemotional wealth and corporate responses to institutional pressures: Do family-controlled firms pollute less? Administrative Science Quarterly, 55(1), 82-113. Bertrand, M., Mehta, P., & Mullainathan, S. (2002). Ferreting out tunneling: An application to Indian business groups. The Quarterly Journal of Economics, 117(1), 121-148. Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164-181. Broadstock, D. C., Matousek, R., Meyer, M., & Tzeremes, N. G. (2020). Does corporate social responsibility impact firms' innovation capacity? The indirect link between environmental & social governance implementation and innovation performance. Journal of Business Research, 119, 99-110. Chrisman, J. J., & Patel, P. C. (2012). Variations in R&D investments of family and nonfamily firms: Behavioral agency and myopic loss aversion perspectives. Academy of management Journal, 55(4), 976-997. Davidson, D. J., & Freudenburg, W. R. (1996). Gender and environmental risk concerns: A review and analysis of available research. Environment and Behavior, 28, 302–339. DeAngelo, H., & DeAngelo, L. (2000). Controlling stockholders and the disciplinary role of corporate payout policy: A study of the Times Mirror Company. Journal of Financial Economics, 56(2), 153-207. Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693-714. El Ghoul, S., Guedhami, O., Wang, H., & Kwok, C. C. (2016). Family control and corporate social responsibility. Journal of Banking & Finance, 73, p.131-146. Feygina, I., Jost, J. T., & Goldsmith, R. E. (2010). System justification, the denial of global warming, and the possibility of “system-sanctioned change.” Personality and Social Psychology Bulletin, 36, 326–338. Fernando, C. S., Sharfman, M. P., & Uysal, V. B. (2017). Corporate environmental policy and shareholder value: Following the smart money. Journal of Financial and Quantitative Analysis, 52(5), 2023-2051. Fowlie, M. (2010). Emissions trading, electricity restructuring, and investment in pollution abatement. American Economic Review, 100(3), 837-869. 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, 101889. Gupta, V. K., Mortal, S., Chakrabarty, B., Guo, X., & Turban, D. B. (2020). CFO gender and financial statement irregularities. Academy of Management Journal, 63(3), 802-831 Ho, J. L., Hsu, F. H., & Lee, C. L. (2022). Business strategy, corporate social responsibility activities, and financial performance. Journal of International Accounting Research, 21(1), 49-75. Hong, H., & Kacperczyk, M. (2009). The price of sin: The effects of social norms on markets. Journal of Financial Economics, 93(1), 15-36. Javeed, S. A., Latief, R., Jiang, T., San Ong, T., & Tang, Y. (2021). How environmental regulations and corporate social responsibility affect the firm innovation with the moderating role of Chief executive officer (CEO) power and ownership concentration? Journal of Cleaner Production, 308, 127212. Jin, R., Jiang, X., & Hu, H. W. (2023). Internal and external CSR in China: How do women independent directors matter? Asia Pacific Journal of Management, 40(1), 169-204. Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697-1724. Lanoie, P., Laurent‐Lucchetti, J., Johnstone, N., & Ambec, S. (2011). Environmental policy, innovation and performance: new insights on the Porter hypothesis. Journal of Economics & Management Strategy, 20(3), 803-842. Liang, H., & Renneboog, L. (2017). On the foundations of corporate social responsibility. Journal of Finance, 72(2), 853-910. Lin, Y. E., Li, Y. W., Cheng, T. Y., & Lam, K. (2021). Corporate social responsibility and investment efficiency: does business strategy matter? International Review of Financial Analysis, 73, 101585. Liu, C. (2018). Are women greener? Corporate gender diversity and environmental violations. Journal of Corporate Finance, 52, 118-142. Maury, B. (2022). Strategic CSR and firm performance: The role of prospector and growth strategies. Journal of Economics and Business, 118, 106031. McCright, A. M., & Dunlap, R. E. (2011a). Cool dudes: The denial of climate change among conservative white males in the United States. Global Environmental Change, 21, 1163–1172 McGuinness, P. B., Vieito, J. P., & Wang, M. (2017). The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance, 42, 75-99 McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26(1), 117-127. Miles, R. E., Snow, C. C., Meyer, A. D., & Coleman Jr, H. J. (1978). Organizational strategy, structure, and process. Academy of Management Review, 3(3), 546-562. Miller, D., & Friesen, P. H. (1983). Strategy‐making and environment: the third link. Strategic Management Journal, 4(3), 221-235. Miller, D., & Le Breton-Miller, I. (2005). Managing for the long run: Lessons in competitive advantage from great family businesses. Harvard Business Press. Pearson, A. R., Ballew, M. T., Naiman, S., & Schuldt, J. P. (2017). Race, class, gender and climate change communication. Oxford Research Encyclopedia of Climate Science. DOI:10.1093/acrefore/9780190228620.013.412 Petersen, M. A. (2008). Estimating standard errors in finance panel data sets: Comparing approaches. The Review of Financial Studies, 22(1), 435-480. Rao, K., & Tilt, C. (2016). Board composition and corporate social responsibility: The role of diversity, gender, strategy and decision making. Journal of Business Ethics, 138, 327-347 Ren, X., Li, J., Wang, X., & Lei, X. (2024). Female directors and CSR: Does the presence of female directors affect CSR focus? International Review of Financial Analysis, 92, 103101. Stavins, R. N. (1998). What can we learn from the grand policy experiment? Lessons from SO2 allowance trading. Journal of Economic Perspectives, 12(3), 69-88. Stein, J. C. (1988). Takeover threats and managerial myopia. Journal of Political Economy, 96(1), 61-80. Stern, N. (2008). The economics of climate change. American Economic Review, 98(2), 1-37. Wahid, A. S. (2019). The effects and the mechanisms of board gender diversity: Evidence from financial manipulation. Journal of Business Ethics, 159(3), 705-725 Yuan, Y., Lu, L. Y., Tian, G., & Yu, Y. (2020). Business strategy and corporate social responsibility. Journal of Business Ethics, 162, 359-377. Zelezny, L. C., Chua, P. P., & Aldrich, C. (2000). New ways of thinking about environmentalism: Elaborating on gender differences in environmentalism. Journal of Social Issues, 56, 443–457. zh_TW
