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題名 黑人民權運動對公司ESG績效的影響
The Impact of the Black Civil Rights Movement on Corporate ESG Performance作者 周歆晏
Chou, Hsin-Yen貢獻者 黃嘉威
Huang, Chia-Wei
周歆晏
Chou, Hsin-Yen關鍵詞 1950年代黑人民權運動
黑人董事
ESG
企業社會責任
營運韌性
ESG
CSR
Civil Rights Movements
black directors
social capital日期 2024 上傳時間 1-七月-2024 12:40:11 (UTC+8) 摘要 本研究旨在探討美國1950年代黑人民權運動對公司ESG表現之影響，觀察樣本為美國上市公司，樣本期間橫跨2010-2021年，分別以Compustat、MSCI、Sustainalytics等資料庫之ESG分數及E、S、G個別構面之分數為應變數，以公司董事會中5-15歲時歷經美國1950年代黑人民權運動之董事比例、黑人董事比例為自變數，另以女性董事、忙碌董事、獨立董事、低出席董事比例、是否具財務背景董事、公司規模、淨值市價比、槓桿比率、股利發放率、ROA、Tobin’s Q、已上市年分等其他董事會特性、公司之營運及財務指標為控制變數建立多元迴歸模型。研究結果顯示董事的早年經驗對Compustat、Sustainalytics資料庫提供之ESG整體分數存在正向顯著影響，黑人董事對三個資料庫的ESG整體表現皆呈正向顯著影響，尤其以對S構面分數影響最為顯著，表示曾遭受、見證不公平待遇之董事將更具同理及包容心，善待公司之員工、顧客、股東、上下游供應鏈等利害關係群體，透過社會資本的累積打造企業韌性，從而降低市場性負面事件對於整體營運狀況之衝擊。
This study investigates the impact of the American Civil Rights Movement in the 1950s on corporate ESG performance using panel datasets from Compustat, MSCI, and Sustainalytics. The research explores how directors' experiences during their youth, including potential encounters with discrimination and exposure to social movements, influence the ESG scores of publicly traded U.S. firms from 2010 to 2021. Existing literature suggests that adverse childhood experiences may lead to posttraumatic growth, fostering traits like increased empathy and engagement in prosocial activities such as ESG practices. Based on these insights, the hypotheses posit that a higher proportion of directors who have experienced or witnessed discrimination and participated in social movements correlates positively with corporate ESG performance. This finding holds robustly across the three databases. Directors with such backgrounds are likely to empathize with stakeholders, contributing to the development of firm-specific social capital, which can be considered a form of insurance that proves beneficial when investors and the broader economy experience a significant loss of confidence.參考文獻 Albuquerque, R., Koskinen, Y. and Zhang, C. (2019). Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence, Management Science, 65(10), 4451-4949. Albuquerque, R., Koskinen, Y., Yang, S. and Zhang, C. (2020). Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash, Review of Corporate Finance Studies, 9(3), 593-621. Amin, A., Chourou, L., Kamal, S., Malik, M. and Zhao, Y. (2020). It’s Who You Know that Counts: Board Connectedness and CSR Performance, Journal of Corporate Finance, 64, 101662. Arayssi, M., Jizi, M. and Tabaja, H.H. (2019). The Impact of Board Composition on the Level of ESG Disclosures in GCC Countries, Sustainability Accounting, Management and Policy Journal, 11(1), 137-161. Bénabou, R. and Tirole, J. (2009). Individual and Corporate Social Responsibility, Economica, 77(305), 1-19. Bonanno, G.A. (2004). Loss, Trauma, and Human Resilience: Have We Underestimated the Human Capacity to Thrive after Extremely Aversive Events?, American Psychologist, 59(1), 20-28. Cai, X., Gao, N., Garrett, I. and Xu, Y. (2020). Are CEOs Judged on Their Companies' Social Reputation?, Journal of Corporate Finance, 64, 101621. Cheng, B., Ioannou, I. and Serafeim, G. (2013), Corporate Social Responsibility and Access to Finance, Strategic Management Journal, 35(1), 1-23. Cooper, E.W. and Uzun, H. (2022). Busy Outside Directors and ESG Performance, Journal of Sustainable Finance & Investment, 1-20. El Ghoul, S., Guedhami, O., Kwok, C.C.Y. and Mishra, D.R. (2011). Does Corporate Social Responsibility Affect the Cost of Capital?, Journal of Banking & Finance, 35(9), 2388-2406. Fama, E.F. (1980). Agency Problems and the Theory of the Firm, Journal of Political Economy, 88(2), 288-307. Fama, E.F. and Jensen, M.C. (1983). Separation of Ownership and Control, Journal of Law and Economics, 26(2), 301-325. Fich, E.M. (2005). Are Some Outside Directors Better than Others? Evidence from Director Appointments by Fortune 1000 Firms, Journal of Business, 78(5), 1943-1972. Fogel, K., Ma, L. and Morck, R. (2021). Powerful Independent Directors, Financial Management, 50(4), 935-983. Ginglinger, E. and Raskopf, C. (2023). Women Directors and E&S Performance: Evidence from Board Gender Quotas, Journal of Corporate Finance, 83, 102496. Greenberg, D.M., Baron-Cohen, S., Rosenberg, N., Fonagy, P. and Rentfrow, P.J. (2018). Elevated Empathy in Adults following Childhood Trauma, PLoS ONE, 13(10), e0203886. Hillman, A.J., Zardkoohi, A. and Bierman, L. (1999). Corporate Political Strategies and Firm Performance: Indications of Firm-specific Benefits from Personal Service in the U.S. Government, Strategic Management Journal, 20(1), 67-81. Johnson, R.A. and Greening, D.W. (1999). The Effects of Corporate Governance and Institutional Ownership Types on Corporate Social Performance, Academy of Management Journal, 42(5), 564-576. Lins, K.V., Servaes, H. and Tamayo, A. (2017). Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis, Journal of Finance, 72(4), 1785-1824. Nelson, K. (1993). The Psychological and Social Origins of Autobiographical Memory, Psychological Science, 4(1), 7-14. Nguyen, T., Nguyen, H.G. and Yin, X. (2014). Corporate Governance and Corporate Financing and Investment during the 2008 Financial Crisis, Financial Management, 44(1), 115-146. Oikonomou, I., Brooks, C. and Pavelin, S. (2012). The Impact of Corporate Social Performance on Financial Risk and Utility: A Longitudinal Analysis, Financial Management, 41(2), 483-515. Ozer, E.J., Best, S.R., Lipsey, T.L. and Weiss, D.S. (2003). Predictors of Posttraumatic Stress Disorder and Symptoms in Adults: A Meta-analysis, Psychological Bulletin, 129(1), 52-73. Troy, A.S, Willroth, E.C., Shallcross, A.J., Giuliani, N.R., Gross, J.J. and Mauss, I.B. (2023) Psychological Resilience: An Affect-Regulation Framework, Annual Review of Psychology, 74, 547-576. Wang, J. and Dewhirst, H.D. (1992). Boards of Directors and Stakeholder Orientation, Journal of Business Ethics, 11(2), 115-123. 描述 碩士
國立政治大學
財務管理學系
111357021資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111357021 資料類型 thesis dc.contributor.advisor 黃嘉威 zh_TW dc.contributor.advisor Huang, Chia-Wei en_US dc.contributor.author (作者) 周歆晏 zh_TW dc.contributor.author (作者) Chou, Hsin-Yen en_US dc.creator (作者) 周歆晏 zh_TW dc.creator (作者) Chou, Hsin-Yen en_US dc.date (日期) 2024 en_US dc.date.accessioned 1-七月-2024 12:40:11 (UTC+8) - dc.date.available 1-七月-2024 12:40:11 (UTC+8) - dc.date.issued (上傳時間) 1-七月-2024 12:40:11 (UTC+8) - dc.identifier (其他 識別碼) G0111357021 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152069 - 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) 111357021 zh_TW dc.description.abstract (摘要) 本研究旨在探討美國1950年代黑人民權運動對公司ESG表現之影響，觀察樣本為美國上市公司，樣本期間橫跨2010-2021年，分別以Compustat、MSCI、Sustainalytics等資料庫之ESG分數及E、S、G個別構面之分數為應變數，以公司董事會中5-15歲時歷經美國1950年代黑人民權運動之董事比例、黑人董事比例為自變數，另以女性董事、忙碌董事、獨立董事、低出席董事比例、是否具財務背景董事、公司規模、淨值市價比、槓桿比率、股利發放率、ROA、Tobin’s Q、已上市年分等其他董事會特性、公司之營運及財務指標為控制變數建立多元迴歸模型。研究結果顯示董事的早年經驗對Compustat、Sustainalytics資料庫提供之ESG整體分數存在正向顯著影響，黑人董事對三個資料庫的ESG整體表現皆呈正向顯著影響，尤其以對S構面分數影響最為顯著，表示曾遭受、見證不公平待遇之董事將更具同理及包容心，善待公司之員工、顧客、股東、上下游供應鏈等利害關係群體，透過社會資本的累積打造企業韌性，從而降低市場性負面事件對於整體營運狀況之衝擊。 zh_TW dc.description.abstract (摘要) This study investigates the impact of the American Civil Rights Movement in the 1950s on corporate ESG performance using panel datasets from Compustat, MSCI, and Sustainalytics. The research explores how directors' experiences during their youth, including potential encounters with discrimination and exposure to social movements, influence the ESG scores of publicly traded U.S. firms from 2010 to 2021. Existing literature suggests that adverse childhood experiences may lead to posttraumatic growth, fostering traits like increased empathy and engagement in prosocial activities such as ESG practices. Based on these insights, the hypotheses posit that a higher proportion of directors who have experienced or witnessed discrimination and participated in social movements correlates positively with corporate ESG performance. This finding holds robustly across the three databases. Directors with such backgrounds are likely to empathize with stakeholders, contributing to the development of firm-specific social capital, which can be considered a form of insurance that proves beneficial when investors and the broader economy experience a significant loss of confidence. 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 1 第三節 研究貢獻 3 第四節 預期結果 3 第二章、 文獻回顧 5 第一節 早年創傷經驗與人格發展 5 第二節 董事會特性與ESG績效 6 第三節 公司營況與ESG績效 8 第四節 研究假說 8 第三章、 研究模型與方法 10 第一節 研究架構 10 第二節 樣本選取與資料來源 10 第三節 變數定義與衡量 11 第四節 迴歸模型 16 第四章、 實證結果分析 19 第一節 樣本資料分析 19 第二節 迴歸分析 22 第五章、 研究結果與限制 28 第一節 研究結論 28 第二節 研究建議與限制 29 參考文獻 47 zh_TW dc.format.extent 2224133 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111357021 en_US dc.subject (關鍵詞) 1950年代黑人民權運動 zh_TW dc.subject (關鍵詞) 黑人董事 zh_TW dc.subject (關鍵詞) ESG zh_TW dc.subject (關鍵詞) 企業社會責任 zh_TW dc.subject (關鍵詞) 營運韌性 zh_TW dc.subject (關鍵詞) ESG en_US dc.subject (關鍵詞) CSR en_US dc.subject (關鍵詞) Civil Rights Movements en_US dc.subject (關鍵詞) black directors en_US dc.subject (關鍵詞) social capital en_US dc.title (題名) 黑人民權運動對公司ESG績效的影響 zh_TW dc.title (題名) The Impact of the Black Civil Rights Movement on Corporate ESG Performance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Albuquerque, R., Koskinen, Y. and Zhang, C. (2019). Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence, Management Science, 65(10), 4451-4949. Albuquerque, R., Koskinen, Y., Yang, S. and Zhang, C. (2020). Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash, Review of Corporate Finance Studies, 9(3), 593-621. Amin, A., Chourou, L., Kamal, S., Malik, M. and Zhao, Y. (2020). It’s Who You Know that Counts: Board Connectedness and CSR Performance, Journal of Corporate Finance, 64, 101662. Arayssi, M., Jizi, M. and Tabaja, H.H. (2019). The Impact of Board Composition on the Level of ESG Disclosures in GCC Countries, Sustainability Accounting, Management and Policy Journal, 11(1), 137-161. Bénabou, R. and Tirole, J. (2009). Individual and Corporate Social Responsibility, Economica, 77(305), 1-19. Bonanno, G.A. (2004). Loss, Trauma, and Human Resilience: Have We Underestimated the Human Capacity to Thrive after Extremely Aversive Events?, American Psychologist, 59(1), 20-28. Cai, X., Gao, N., Garrett, I. and Xu, Y. (2020). Are CEOs Judged on Their Companies' Social Reputation?, Journal of Corporate Finance, 64, 101621. Cheng, B., Ioannou, I. and Serafeim, G. (2013), Corporate Social Responsibility and Access to Finance, Strategic Management Journal, 35(1), 1-23. Cooper, E.W. and Uzun, H. (2022). Busy Outside Directors and ESG Performance, Journal of Sustainable Finance & Investment, 1-20. El Ghoul, S., Guedhami, O., Kwok, C.C.Y. and Mishra, D.R. (2011). Does Corporate Social Responsibility Affect the Cost of Capital?, Journal of Banking & Finance, 35(9), 2388-2406. Fama, E.F. (1980). Agency Problems and the Theory of the Firm, Journal of Political Economy, 88(2), 288-307. Fama, E.F. and Jensen, M.C. (1983). Separation of Ownership and Control, Journal of Law and Economics, 26(2), 301-325. Fich, E.M. (2005). Are Some Outside Directors Better than Others? Evidence from Director Appointments by Fortune 1000 Firms, Journal of Business, 78(5), 1943-1972. Fogel, K., Ma, L. and Morck, R. (2021). Powerful Independent Directors, Financial Management, 50(4), 935-983. Ginglinger, E. and Raskopf, C. (2023). Women Directors and E&S Performance: Evidence from Board Gender Quotas, Journal of Corporate Finance, 83, 102496. Greenberg, D.M., Baron-Cohen, S., Rosenberg, N., Fonagy, P. and Rentfrow, P.J. (2018). Elevated Empathy in Adults following Childhood Trauma, PLoS ONE, 13(10), e0203886. Hillman, A.J., Zardkoohi, A. and Bierman, L. (1999). Corporate Political Strategies and Firm Performance: Indications of Firm-specific Benefits from Personal Service in the U.S. Government, Strategic Management Journal, 20(1), 67-81. Johnson, R.A. and Greening, D.W. (1999). The Effects of Corporate Governance and Institutional Ownership Types on Corporate Social Performance, Academy of Management Journal, 42(5), 564-576. Lins, K.V., Servaes, H. and Tamayo, A. (2017). Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis, Journal of Finance, 72(4), 1785-1824. Nelson, K. (1993). The Psychological and Social Origins of Autobiographical Memory, Psychological Science, 4(1), 7-14. Nguyen, T., Nguyen, H.G. and Yin, X. (2014). Corporate Governance and Corporate Financing and Investment during the 2008 Financial Crisis, Financial Management, 44(1), 115-146. Oikonomou, I., Brooks, C. and Pavelin, S. (2012). The Impact of Corporate Social Performance on Financial Risk and Utility: A Longitudinal Analysis, Financial Management, 41(2), 483-515. Ozer, E.J., Best, S.R., Lipsey, T.L. and Weiss, D.S. (2003). Predictors of Posttraumatic Stress Disorder and Symptoms in Adults: A Meta-analysis, Psychological Bulletin, 129(1), 52-73. Troy, A.S, Willroth, E.C., Shallcross, A.J., Giuliani, N.R., Gross, J.J. and Mauss, I.B. (2023) Psychological Resilience: An Affect-Regulation Framework, Annual Review of Psychology, 74, 547-576. Wang, J. and Dewhirst, H.D. (1992). Boards of Directors and Stakeholder Orientation, Journal of Business Ethics, 11(2), 115-123. zh_TW
