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題名 ESG與公司價值：財務績效調節效果之探討
ESG Performance and Firm value: The Moderating Effect of Financial Performance作者 陳之敏
Chen, Chih-Min貢獻者 林宛瑩
陳之敏
Chen, Chih-Min關鍵詞 環境社會治理績效
公司價值
財務績效
ESG performance
Firm value
Financial performance日期 2024 上傳時間 5-Aug-2024 12:22:36 (UTC+8) 摘要 面對著全球暖化、COVID-19以及國際衝突等問題，投資人除了將企業的財務表現作為選擇投資標的時的指標外，亦開始將公司的環境、社會、治理(ESG)表現作為投資決策的重要考量因素。本研究以2018年至2022年臺灣上市(櫃)公司為研究對象，探討公司ESG表現與公司價值間是否存在關聯性，並探討公司ESG表現與公司價值之關聯性是否會受到財務表現影響。 本研究之實證結果顯示：公司的ESG表現與公司價值間存在顯著正向之關係，亦即公司的ESG表現愈佳，公司價值愈高，支持利害關係人理論。本研究亦發現，財務績效對ESG表現與公司價值之關聯性具有調節效果，財務績效佳之公司，其ESG表現對公司價值之關聯性較強。
Confronted with global warming, COVID-19, and international conflicts, investors have started to consider a company's Environmental, Social, and Governance (ESG) performance as an important factor in their investment decisions, in addition to the company's financial performance. This study examines whether there is a correlation between ESG performance and firm value for listed companies in Taiwan over the period of 2018 to 2022, and whether this correlation is influenced by financial performance. The empirical results indicate a significant and positive relationship between a company's ESG performance and its firm value. In other words, better ESG performance is associated with higher firm value which is in accordant with the stakeholder theory. The study also finds that financial performance moderates the relationship between ESG performance and firm value. In specific, companies with stronger financial performance show a stronger correlation between ESG performance and firm value.參考文獻 林宛瑩、汪瑞芝與游順合，2012，研發支出、內部董事與經營績效，會計審計論叢，第 2 卷第 1 期（6月）：61-90。 鄭桂蕙、林宛瑩與汪瑞芝，2023，SASB準則下環境社會治理績效與企業績效之關聯性，會計審計論叢，第13卷第2期（12月）：1-40。 謝安軒、林宛瑩與鄭桂蕙，2023，環境社會治理績效與銀行借款條件，2023年中華會計教育協會年會研討會論文。 Aydoğmuş, M., G. Gülay, and K. Ergun. 2022. Impact of ESG performance on firm value and profitability. Borsa Istanbul Review 22:S119-S127. Allouche, J., and P. Laroche. 2005. A meta-analytical investigation of the relationship between corporate social and financial performance. Revue de gestion des ressources humaines (57):18. Barnea, A., and A. Rubin. 2010. Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics 97:71-86. Benlemlih, M., and M. Bitar. 2018. Corporate social responsibility and investment efficiency. Journal of Business Ethics 148:647-671. Bifulco, G. M., R. Savio, F. Paolone, and R. Tiscini. 2023. The CSR committee as moderator for the ESG score and market value. Corporate Social Responsibility and Environmental Management 30 (6):3231-3241. Borghesi, R., J. F. Houston, and A. Naranjo. 2014. Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of corporate finance 26:164-181. Broadstock, D. C., S. Managi, R. Matousek, and N. G. Tzeremes. 2019. Does doing “good” always translate into doing “well”? An eco‐efficiency perspective. Business Strategy and the Environment 28 (6):1199-1217. Brammer, S., and A. Millington. 2008. Does it pay to be different? An analysis of the relationship between corporate social and financial performance. Strategic Management Journal 29 (12):1325-1343. Brown, W. O., E. Helland, and J. K. Smith. 2006. Corporate philanthropic practices. Journal of corporate finance 12 (5):855-877. Chen, L.-J., and S.-Y. Chen. 2011. The influence of profitability on firm value with capital structure as the mediator and firm size and industry as moderators. Investment Management and Financial Innovations (8, Iss. 3):121-129. Chen, X., J. Harford, and K. Li. 2007. Monitoring: Which institutions matter? Journal of Financial Economics 86 (2):279-305. Cho, W., J. Lee, and J. Park. 2024. Higher highs and lower lows: investor valuation of ESG and financial performance. Applied Economics Letters:1-6. Chung, K. H., and S. W. Pruitt. 1994. A Simple Approximation of Tobin's q. Financial Management 23 (3):70-74. Chung, K. H., P. Wright, and B. Kedia. 2003. Corporate governance and market valuation of capital and R&D investments. Review of Financial Economics 12 (2):161-172. Dalton, D. R., C. M. Daily, A. E. Ellstrand, and J. L. Johnson. 1998. Meta-analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal 19 (3):269-290. Duque-Grisales, E., and J. Aguilera-Caracuel. 2021. Environmental, social and governance (ESG) scores and financial performance of multilatinas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics 168 (2):315-334. Ellili, N. O. D. 2022. Impact of ESG disclosure and financial reporting quality on investment efficiency. Corporate Governance: The International Journal of Business in Society 22 (5):1094-1111. Elsayed, K. 2007. Does CEO Duality Really Affect Corporate Performance? Corporate Governance: An International Review 15 (6):1203-1214. Fama, E. F. 1980. Agency problems and the theory of the firm. Journal of Political Economy 88 (2):288-307. Fama, E. F., and M. C. Jensen. 1983. Separation of Ownership and Control. The Journal of Law & Economics 26 (2):301-325. Fatemi, A., M. Glaum, and S. Kaiser. 2018. ESG performance and firm value: The moderating role of disclosure. Global finance journal 38:45-64. Freeman, R. E. 1994. The politics of stakeholder theory: Some future directions. Business Ethics Quarterly 4 (4): 409-421. Garel, A., and A. Petit-Romec. 2021. Investor rewards to environmental responsibility: Evidence from the COVID-19 crisis. Journal of corporate finance 68:101948. Ghani, R. A., A. Samah, N. Baharuddin, and Z. Ahmad. 2023. Determinants of Firm Value as Measured by the Tobin’s Q: A Case of Malaysian Plantation Sector. International Journal of Academic Research in Accounting, Finance and Management Sciences 13 (2):420-432. Ghoul, S. E., O. Guedhami, and Y. Kim. 2017. Country-level institutions, firm value, and the role of corporate social responsibility initiatives. Journal of International Business Studies 48:360-385. Griffin, J. J., and J. F. Mahon. 1997. The Corporate Social Performance and Corporate Financial Performance Debate:Twenty-Five Years of Incomparable Research. Business & Society 36 (1):5-31. Hatane, S. E. 2015. Employee Satisfaction and Performance as Intervening Variables of Learning Organization on Financial Performance. Procedia - Social and Behavioral Sciences 211:619-628. Heracleous, L. 2001. What is the Impact of Corporate Governance on Organisational Performance? Corporate Governance: An International Review 9 (3):165-173. Hu, Y., S. Chen, Y. Shao, and S. Gao. 2018. CSR and Firm Value: Evidence from China. Sustainability 10 (12):4597. He, F., C. Ding, W. Yue, and G. Liu. 2023. ESG performance and corporate risk-taking: Evidence from China. International Review of Financial Analysis 87:102550. Javed, M., M. A. Rashid, G. Hussain, and H. Y. Ali. 2020. The effects of corporate social responsibility on corporate reputation and firm financial performance: Moderating role of responsible leadership. Corporate Social Responsibility and Environmental Management 27 (3):1395-1409. Jensen, M. C. 1993. The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance 48 (3):831-880. Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (4):305-360. Jo, H., and M. A. Harjoto. 2011. Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. Journal of Business Ethics 103 (3):351-383. Jo, H., and Y. Kim. 2007. Disclosure frequency and earnings management. Journal of Financial Economics 84 (2):561-590. Kao, E. H., C.-C. Yeh, L.-H. Wang, and H.-G. Fung. 2018. The relationship between CSR and performance: Evidence in China. Pacific-Basin Finance Journal 51:155-170. Kim, W. S., K. Park, and S. H. Lee. 2018. Corporate social responsibility, ownership structure, and firm value: Evidence from Korea. Sustainability 10 (7):2497. Kotsantonis, S., C. Pinney, and G. Serafeim. 2016. ESG Integration in Investment Management: Myths and Realities. Journal of Applied Corporate Finance 28 (2):10-16. La Porta, R., F. Lopez-De-Silanes, A. Shleifer, and R. Vishny. 2002. Investor Protection and Corporate Valuation. The Journal of Finance 57 (3):1147-1170. Lev, B., and T. Sougiannis. 1996. The capitalization, amortization, and value-relevance of R&D. Journal of Accounting and Economics 21 (1):107-138. Liu, A. Z., A. X. Liu, R. Wang, and S. X. Xu. 2020. Too much of a good thing? The boomerang effect of firms’ investments on corporate social responsibility during product recalls. Journal of Management Studies 57 (8):1437-1472. Luo, C., D. Wei, and F. He. 2023. Corporate ESG performance and trade credit financing – Evidence from China. International Review of Economics & Finance 85:337-351. Liang, Y., M. J. Lee, and J. S. Jung. 2022. Dynamic capabilities and an ESG strategy for sustainable management performance. Frontiers in psychology 13:887776. Lins, K. V., H. Servaes, and A. Tamaya. 2017. Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis. The Journal of Finance 72 (4):1785-1824. Masulis, R. W., C. Wang, and F. Xie. 2009. Agency Problems at Dual-Class Companies. The Journal of Finance 64 (4):1697-1727. McConnell, J. J., and H. Servaes. 1990. Additional evidence on equity ownership and corporate value. Journal of Financial Economics 27 (2):595-612. Naqvi, S. K., F. Shahzad, I. U. Rehman, F. Qureshi, and U. Laique. 2021. Corporate social responsibility performance and information asymmetry: The moderating role of analyst coverage. Corporate Social Responsibility and Environmental Management 28 (6):1549-1563. Nordhaus, W. 2019. Climate change: The ultimate challenge for economics. American Economic Review 109 (6):1991-2014. Peng, L. S., and M. Isa. 2020. Environmental, social and governance (ESG) practices and performance in Shariah firms: agency or stakeholder theory? 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The Impact of ESG Screening on Return, Risk, and Diversification. Journal of Applied Corporate Finance 28 (2):47-55. Van Duuren, E., A. Plantinga, and B. Scholtens. 2016. ESG integration and the investment management process: Fundamental investing reinvented. Journal of Business Ethics 138:525-533. Vuković, B., T. Tica, and D. Jakšić. 2024. Firm value determinants: panel evidence from European listed companies. Strategic Management-International Journal of Strategic Management and Decision Support Systems in Strategic Management 29 (1). Wang, B., and M. Yang. 2022. A study on the mechanism of ESG performance on corporate value—Empirical evidence from A-share listed companies in China. Soft Sci 36 (6):78-84. Wijayaningsih, S., and A. Yulianto. 2021. The effect of capital structure, firm size, and profitability on firm value with investment decisions as moderating. Accounting Analysis Journal 10 (3):150-157. Wong, W. C., J. A. Batten, S. B. Mohamed-Arshad, S. Nordin, and A. A. Adzis. 2021. Does ESG certification add firm value? Finance Research Letters 39:101593. Yoon, B., J. H. Lee, and R. Byun. 2018. Does ESG performance enhance firm value? Evidence from Korea. Sustainability 10 (10):3635. Yu, X., and K. Xiao. 2022. Does ESG Performance Affect Firm Value? Evidence from a New ESG-Scoring Approach for Chinese Enterprises. Sustainability 14 (24):16940. Zahra, S. A., and J. A. Pearce. 1989. Boards of Directors and Corporate Financial Performance: A Review and Integrative Model. Journal of Management 15 (2):291-334. Zhan, S. 2023. ESG and Corporate Performance: A Review. SHS Web of Conferences 169 描述 碩士
國立政治大學
會計學系
111353043資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111353043 資料類型 thesis dc.contributor.advisor 林宛瑩 zh_TW dc.contributor.author (Authors) 陳之敏 zh_TW dc.contributor.author (Authors) Chen, Chih-Min en_US dc.creator (作者) 陳之敏 zh_TW dc.creator (作者) Chen, Chih-Min en_US dc.date (日期) 2024 en_US dc.date.accessioned 5-Aug-2024 12:22:36 (UTC+8) - dc.date.available 5-Aug-2024 12:22:36 (UTC+8) - dc.date.issued (上傳時間) 5-Aug-2024 12:22:36 (UTC+8) - dc.identifier (Other Identifiers) G0111353043 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152492 - 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) 111353043 zh_TW dc.description.abstract (摘要) 面對著全球暖化、COVID-19以及國際衝突等問題，投資人除了將企業的財務表現作為選擇投資標的時的指標外，亦開始將公司的環境、社會、治理(ESG)表現作為投資決策的重要考量因素。本研究以2018年至2022年臺灣上市(櫃)公司為研究對象，探討公司ESG表現與公司價值間是否存在關聯性，並探討公司ESG表現與公司價值之關聯性是否會受到財務表現影響。 本研究之實證結果顯示：公司的ESG表現與公司價值間存在顯著正向之關係，亦即公司的ESG表現愈佳，公司價值愈高，支持利害關係人理論。本研究亦發現，財務績效對ESG表現與公司價值之關聯性具有調節效果，財務績效佳之公司，其ESG表現對公司價值之關聯性較強。 zh_TW dc.description.abstract (摘要) Confronted with global warming, COVID-19, and international conflicts, investors have started to consider a company's Environmental, Social, and Governance (ESG) performance as an important factor in their investment decisions, in addition to the company's financial performance. This study examines whether there is a correlation between ESG performance and firm value for listed companies in Taiwan over the period of 2018 to 2022, and whether this correlation is influenced by financial performance. The empirical results indicate a significant and positive relationship between a company's ESG performance and its firm value. In other words, better ESG performance is associated with higher firm value which is in accordant with the stakeholder theory. The study also finds that financial performance moderates the relationship between ESG performance and firm value. In specific, companies with stronger financial performance show a stronger correlation between ESG performance and firm value. en_US dc.description.tableofcontents 第壹章 緒論 1 第一節 研究動機與目的 1 第二節 研究議題 3 第三節 論文架構 4 第貳章 文獻探討 5 第一節 公司價值的決定性因素 5 第二節 ESG表現與公司價值之關聯性 7 第參章 研究方法 15 第一節 研究假說 15 第二節 實證模型及變數定義與衡量 17 第肆章 實證結果與分析 25 第一節 樣本之產業及分布年度 25 第二節 敘述性統計 26 第三節 相關性矩陣分析 29 第四節 ESG表現與公司價值相關性之實證結果 31 第五節 財務績效的調節效果 36 第六節 額外測試 39 第伍章 結論與建議 47 第一節 研究結論 47 第二節 研究限制與未來研究建議 49 參考文獻 50 zh_TW dc.format.extent 2411441 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111353043 en_US dc.subject (關鍵詞) 環境社會治理績效 zh_TW dc.subject (關鍵詞) 公司價值 zh_TW dc.subject (關鍵詞) 財務績效 zh_TW dc.subject (關鍵詞) ESG performance en_US dc.subject (關鍵詞) Firm value en_US dc.subject (關鍵詞) Financial performance en_US dc.title (題名) ESG與公司價值：財務績效調節效果之探討 zh_TW dc.title (題名) ESG Performance and Firm value: The Moderating Effect of Financial Performance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 林宛瑩、汪瑞芝與游順合，2012，研發支出、內部董事與經營績效，會計審計論叢，第 2 卷第 1 期（6月）：61-90。 鄭桂蕙、林宛瑩與汪瑞芝，2023，SASB準則下環境社會治理績效與企業績效之關聯性，會計審計論叢，第13卷第2期（12月）：1-40。 謝安軒、林宛瑩與鄭桂蕙，2023，環境社會治理績效與銀行借款條件，2023年中華會計教育協會年會研討會論文。 Aydoğmuş, M., G. Gülay, and K. Ergun. 2022. Impact of ESG performance on firm value and profitability. Borsa Istanbul Review 22:S119-S127. Allouche, J., and P. Laroche. 2005. A meta-analytical investigation of the relationship between corporate social and financial performance. Revue de gestion des ressources humaines (57):18. Barnea, A., and A. Rubin. 2010. Corporate social responsibility as a conflict between shareholders. Journal of Business Ethics 97:71-86. Benlemlih, M., and M. Bitar. 2018. Corporate social responsibility and investment efficiency. Journal of Business Ethics 148:647-671. Bifulco, G. M., R. Savio, F. Paolone, and R. Tiscini. 2023. The CSR committee as moderator for the ESG score and market value. Corporate Social Responsibility and Environmental Management 30 (6):3231-3241. Borghesi, R., J. F. Houston, and A. Naranjo. 2014. Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of corporate finance 26:164-181. Broadstock, D. C., S. Managi, R. Matousek, and N. G. Tzeremes. 2019. Does doing “good” always translate into doing “well”? An eco‐efficiency perspective. Business Strategy and the Environment 28 (6):1199-1217. Brammer, S., and A. Millington. 2008. Does it pay to be different? An analysis of the relationship between corporate social and financial performance. Strategic Management Journal 29 (12):1325-1343. Brown, W. O., E. Helland, and J. K. Smith. 2006. Corporate philanthropic practices. Journal of corporate finance 12 (5):855-877. Chen, L.-J., and S.-Y. Chen. 2011. The influence of profitability on firm value with capital structure as the mediator and firm size and industry as moderators. Investment Management and Financial Innovations (8, Iss. 3):121-129. Chen, X., J. Harford, and K. Li. 2007. Monitoring: Which institutions matter? Journal of Financial Economics 86 (2):279-305. Cho, W., J. Lee, and J. Park. 2024. Higher highs and lower lows: investor valuation of ESG and financial performance. Applied Economics Letters:1-6. Chung, K. H., and S. W. Pruitt. 1994. A Simple Approximation of Tobin's q. Financial Management 23 (3):70-74. Chung, K. H., P. Wright, and B. Kedia. 2003. Corporate governance and market valuation of capital and R&D investments. Review of Financial Economics 12 (2):161-172. Dalton, D. R., C. M. Daily, A. E. Ellstrand, and J. L. Johnson. 1998. Meta-analytic reviews of board composition, leadership structure, and financial performance. Strategic Management Journal 19 (3):269-290. Duque-Grisales, E., and J. Aguilera-Caracuel. 2021. Environmental, social and governance (ESG) scores and financial performance of multilatinas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics 168 (2):315-334. Ellili, N. O. D. 2022. Impact of ESG disclosure and financial reporting quality on investment efficiency. Corporate Governance: The International Journal of Business in Society 22 (5):1094-1111. Elsayed, K. 2007. Does CEO Duality Really Affect Corporate Performance? Corporate Governance: An International Review 15 (6):1203-1214. Fama, E. F. 1980. Agency problems and the theory of the firm. Journal of Political Economy 88 (2):288-307. Fama, E. F., and M. C. Jensen. 1983. Separation of Ownership and Control. The Journal of Law & Economics 26 (2):301-325. Fatemi, A., M. Glaum, and S. Kaiser. 2018. ESG performance and firm value: The moderating role of disclosure. Global finance journal 38:45-64. Freeman, R. E. 1994. The politics of stakeholder theory: Some future directions. Business Ethics Quarterly 4 (4): 409-421. Garel, A., and A. Petit-Romec. 2021. Investor rewards to environmental responsibility: Evidence from the COVID-19 crisis. Journal of corporate finance 68:101948. Ghani, R. A., A. Samah, N. Baharuddin, and Z. Ahmad. 2023. Determinants of Firm Value as Measured by the Tobin’s Q: A Case of Malaysian Plantation Sector. International Journal of Academic Research in Accounting, Finance and Management Sciences 13 (2):420-432. Ghoul, S. E., O. Guedhami, and Y. Kim. 2017. Country-level institutions, firm value, and the role of corporate social responsibility initiatives. Journal of International Business Studies 48:360-385. Griffin, J. J., and J. F. Mahon. 1997. The Corporate Social Performance and Corporate Financial Performance Debate:Twenty-Five Years of Incomparable Research. Business & Society 36 (1):5-31. Hatane, S. E. 2015. Employee Satisfaction and Performance as Intervening Variables of Learning Organization on Financial Performance. Procedia - Social and Behavioral Sciences 211:619-628. Heracleous, L. 2001. What is the Impact of Corporate Governance on Organisational Performance? Corporate Governance: An International Review 9 (3):165-173. Hu, Y., S. Chen, Y. Shao, and S. Gao. 2018. CSR and Firm Value: Evidence from China. Sustainability 10 (12):4597. He, F., C. Ding, W. Yue, and G. Liu. 2023. ESG performance and corporate risk-taking: Evidence from China. International Review of Financial Analysis 87:102550. Javed, M., M. A. Rashid, G. Hussain, and H. Y. Ali. 2020. The effects of corporate social responsibility on corporate reputation and firm financial performance: Moderating role of responsible leadership. Corporate Social Responsibility and Environmental Management 27 (3):1395-1409. Jensen, M. C. 1993. The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. The Journal of Finance 48 (3):831-880. Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (4):305-360. Jo, H., and M. A. Harjoto. 2011. Corporate Governance and Firm Value: The Impact of Corporate Social Responsibility. Journal of Business Ethics 103 (3):351-383. Jo, H., and Y. Kim. 2007. Disclosure frequency and earnings management. Journal of Financial Economics 84 (2):561-590. Kao, E. 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