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題名 企業策略類型對ESG與財務績效關係之影響
The Impact of Corporate Business Strategy on the Relationship between ESG and Financial Performance
作者 陳偲翎
Chen, Sih-Ling
貢獻者 陳明進
陳偲翎
Chen, Sih-Ling
關鍵詞 企業策略類型
ESG
財務績效
Business strategy
ESG
Financial performance
日期 2024
上傳時間 5-Aug-2024 12:22:59 (UTC+8)
摘要 本研究按Miles and Snow (1978)之企業策略類型分類理論作為企業策略分類之依據，以2018年至2022年臺灣上市(櫃)公司為樣本，探討我國企業的企業策略類型對於ESG成效以及財務績效之間的影響。以普通最小平方法進行實證分析，結果顯示ESG成效與財務績效之間具有關聯，而TESG排名分數裡獲得分數越高者，對財務績效的獲利能力、企業價值都會產生正向影響；企業策略類型之因素確實影響著ESG與財務績效，防禦型企業策略多會使財務績效有所下降，而探勘型企業策略多令財務績效提升，但探勘型企業較防禦型企業的ESG成效，不一定對於財務績效會有較佳表現。此外額外測試顯示固定效果與產業特性對於企業策略類型、ESG成效、財務績效間之關聯性有所影響，後續相關研究應將此二因素皆納入考量。
This study uses Miles and Snow's (1978) corporate strategy type classification theory as the basis for corporate strategy classification, taking Taiwan's listed OTC companies from 2018 to 2022 as a sample to explore the impact of corporate business strategy on the relationship between ESG and financial performance. The empirical results show that there is a correlation between ESG investment and financial performance, and the higher the TESG ranking score, the higher the score will have a positive impact on financial performance, profitability, and corporate value; corporate strategy type factors do affect ESG and financial performance. Defender tends to reduce financial performance, while Prospector tends to improve financial performance. However, compared to Defender companies, Prospector corporations investing in ESG do not necessarily have better performance on financial performance. In addition, additional tests show that fixed effects and industry characteristics have an impact on the correlation between corporate business strategy, ESG, and financial performance. Subsequent relevant research should take these two factors into consideration.
參考文獻 Alareeni, B. A., & A. Hamdan (2020). ESG impact on performance of US S&P 500-listed firms. Corporate Governance: The International Journal of Business in Society, 20(7): 1409-1428. Alsayegh, M. F., Abdul Rahman, R., & Homayoun, S. (2020). Corporate economic, environmental, and social sustainability performance transformation through ESG disclosure. Sustainability, 12(9), 3910. Andersen, M.L. and Dejoy, J.S. (2011). Corporate social and financial performance: the role of size, industry, risk, R&D and advertising expenses as control variables. Business and Society Review, Vol. 116 No. 2, pp. 237-256. Attig, N., El Ghoul, S., Guedhami, O., & Suh, J. (2013). Corporate social responsibility and credit ratings. Journal of business ethics, 117, 679-694.. Bentley, K. A., Omer, T. C., & Sharp, N. Y. (2013). Business strategy, financial reporting irregularities, and audit effort. Contemporary accounting research, 30(2), 780-817. Branco, M. C., & Rodrigues, L. L. (2006). Corporate social responsibility and resource-based perspectives. Journal of business Ethics, 69, 111-132. Chen, Z., & Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis, 83, 102291. Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic management journal, 35(1), 1-23. Deng, B., Ji, L., & Liu, Z. (2022). The effect of strategic corporate social responsibility on financial performance: evidence from China. Emerging Markets Finance and Trade, 58(6), 1726-1739. Drempetic, S., Klein, C., & Zwergel, B. (2020). The influence of firm size on the ESG score: Corporate sustainability ratings under review. Journal of business ethics, 167(2), 333-360. Fatemi, A., Fooladi, I., & Tehranian, H. (2015). Valuation effects of corporate social responsibility. Journal of Banking & Finance, 59, 182-192. Fauzi, H., & Idris, K. (2009). The relationship of CSR and financial performance: New evidence from Indonesian companies. Issues in Social and Environmental Accounting, 3(1). Friedman, M. (2007). The social responsibility of business is to increase its profits. In Corporate ethics and corporate governance (pp. 173-178). Springer. Galbreath, J. (2010). The impact of strategic orientation on corporate social responsibility. International Journal of Organizational Analysis, 18(1), 23-40. Garcia, A. S., Mendes-Da-Silva, W., & Orsato, R. J. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of cleaner production, 150, 135-147. Ghosh, A. (2013). Corporate sustainability and corporate financial performance: the Indian context. Indian Institute of Management, Calcutta, Working Paper Series WPS No. 721/January 2013. Hambrick, D. C. (1983). Some tests of the effectiveness and functional attributes of Miles and Snow's strategic types. Academy of Management journal, 26(1), 5-26. Han, J. J., Kim, H. J., & Yu, J. (2016). Empirical study on relationship between corporate social responsibility and financial performance in Korea. Asian Journal of Sustainability and Social Responsibility, 1, 61-76. Hemingway, C. A., & Maclagan, P. W. (2004). Managers' personal values as drivers of corporate social responsibility. Journal of business ethics, 50, 33-44. Ittner, C. D., Larcker, D. F., & Rajan, M. V. (1997). The choice of performance measures in annual bonus contracts. Accounting Review, 231-255. Kim, S., & Li, Z. (2021). Understanding the impact of ESG practices in corporate finance. Sustainability, 13(7), 3746 Lian, Y., & Weng, X. (2024). ESG performance and investment efficiency. Finance Research Letters, 62, 105084. 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, 72(4), 1785-1824. March, J. G. (1991). Exploration and exploitation in organizational learning. Organization science, 2(1), 71-87. Margolis, J. D., Elfenbein, H. A., & Walsh, J. P. (2009). Does it pay to be good... and does it matter? A meta-analysis of the relationship between corporate social and financial performance. Working paper, Harvard University. Miles, P. C., & Angelis, J. N. (2022). Untangling innovation: an examination of compensation, corporate social responsibility, and corporate financial performance. Social Responsibility Journal, 18(8), 1567-1586. 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. Nirino, N., Santoro, G., Miglietta, N., & Quaglia, R. (2021). Corporate controversies and company's financial performance: Exploring the moderating role of ESG practices. Technological Forecasting and Social Change, 162, 120341. Park, J. G., Park, K., Noh, H., & Kim, Y. G. (2023). Characterization of CSR, ESG, and corporate citizenship through a text mining-based review of literature. Sustainability, 15(5), 3892. Porter, M. (1980), Competitive Strategy. Free Press, New York, NY. Porter, M. (1985), Competitive Advantage. Free Press, New York, NY. Prior, D., Surroca, J., & Tribó, J. A. (2008). Are socially responsible managers really ethical? Exploring the relationship between earnings management and corporate social responsibility. Corporate governance: An international review, 16(3), 160-177. Schuler, D. A., & Cording, M. (2006). A corporate social performance–corporate financial performance behavioral model for consumers. Academy of management Review, 31(3), 540-558. Treacy, M., & Wiersema, F. (2007). The discipline of market leaders: Choose your customers, narrow your focus, dominate your market. Hachette UK. Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of global responsibility, 8(2), 169-178. Yuan, Y., Lu, L. Y., Tian, G., & Yu, Y. (2020). Business strategy and corporate social responsibility. Journal of Business Ethics, 162, 359-377.
描述 碩士
國立政治大學
會計學系
111353046
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111353046
資料類型 thesis
dc.contributor.advisor 陳明進zh_TW
dc.contributor.author (Authors) 陳偲翎zh_TW
dc.contributor.author (Authors) Chen, Sih-Lingen_US
dc.creator (作者) 陳偲翎zh_TW
dc.creator (作者) Chen, Sih-Lingen_US
dc.date (日期) 2024en_US
dc.date.accessioned 5-Aug-2024 12:22:59 (UTC+8)-
dc.date.available 5-Aug-2024 12:22:59 (UTC+8)-
dc.date.issued (上傳時間) 5-Aug-2024 12:22:59 (UTC+8)-
dc.identifier (Other Identifiers) G0111353046en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152494-
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) 111353046zh_TW
dc.description.abstract (摘要) 本研究按Miles and Snow (1978)之企業策略類型分類理論作為企業策略分類之依據，以2018年至2022年臺灣上市(櫃)公司為樣本，探討我國企業的企業策略類型對於ESG成效以及財務績效之間的影響。以普通最小平方法進行實證分析，結果顯示ESG成效與財務績效之間具有關聯，而TESG排名分數裡獲得分數越高者，對財務績效的獲利能力、企業價值都會產生正向影響；企業策略類型之因素確實影響著ESG與財務績效，防禦型企業策略多會使財務績效有所下降，而探勘型企業策略多令財務績效提升，但探勘型企業較防禦型企業的ESG成效，不一定對於財務績效會有較佳表現。此外額外測試顯示固定效果與產業特性對於企業策略類型、ESG成效、財務績效間之關聯性有所影響，後續相關研究應將此二因素皆納入考量。zh_TW
dc.description.abstract (摘要) This study uses Miles and Snow's (1978) corporate strategy type classification theory as the basis for corporate strategy classification, taking Taiwan's listed OTC companies from 2018 to 2022 as a sample to explore the impact of corporate business strategy on the relationship between ESG and financial performance. The empirical results show that there is a correlation between ESG investment and financial performance, and the higher the TESG ranking score, the higher the score will have a positive impact on financial performance, profitability, and corporate value; corporate strategy type factors do affect ESG and financial performance. Defender tends to reduce financial performance, while Prospector tends to improve financial performance. However, compared to Defender companies, Prospector corporations investing in ESG do not necessarily have better performance on financial performance. In addition, additional tests show that fixed effects and industry characteristics have an impact on the correlation between corporate business strategy, ESG, and financial performance. Subsequent relevant research should take these two factors into consideration.en_US
dc.description.tableofcontents 第壹章、緒論 1 第一節、研究動機與背景 1 第二節、研究問題與目的 5 第三節、研究架構 7 第貳章、文獻探討 9 第一節、ESG參與動機 9 第二節、ESG與財務績效 12 第三節、企業策略 14 第參章、研究方法 18 第一節、研究假說 18 第二節、研究樣本及資料來源 20 第三節、變數定義及實證模型 23 第肆章、研究結果 30 第一節、敘述性統計 30 第二節、相關係數分析 32 第三節、實證結果分析 34 第四節、額外測試 50 第伍章、結論與建議 55 第一節、研究結論 55 第二節、研究建議 56 參考文獻 57zh_TW
dc.format.extent 3036198 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111353046en_US
dc.subject (關鍵詞) 企業策略類型zh_TW
dc.subject (關鍵詞) ESGzh_TW
dc.subject (關鍵詞) 財務績效zh_TW
dc.subject (關鍵詞) Business strategyen_US
dc.subject (關鍵詞) ESGen_US
dc.subject (關鍵詞) Financial performanceen_US
dc.title (題名) 企業策略類型對ESG與財務績效關係之影響zh_TW
dc.title (題名) The Impact of Corporate Business Strategy on the Relationship between ESG and Financial Performanceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Alareeni, B. A., & A. Hamdan (2020). ESG impact on performance of US S&P 500-listed firms. Corporate Governance: The International Journal of Business in Society, 20(7): 1409-1428. Alsayegh, M. F., Abdul Rahman, R., & Homayoun, S. (2020). Corporate economic, environmental, and social sustainability performance transformation through ESG disclosure. Sustainability, 12(9), 3910. Andersen, M.L. and Dejoy, J.S. (2011). Corporate social and financial performance: the role of size, industry, risk, R&D and advertising expenses as control variables. Business and Society Review, Vol. 116 No. 2, pp. 237-256. Attig, N., El Ghoul, S., Guedhami, O., & Suh, J. (2013). Corporate social responsibility and credit ratings. Journal of business ethics, 117, 679-694.. Bentley, K. A., Omer, T. C., & Sharp, N. Y. (2013). Business strategy, financial reporting irregularities, and audit effort. Contemporary accounting research, 30(2), 780-817. Branco, M. C., & Rodrigues, L. L. (2006). Corporate social responsibility and resource-based perspectives. Journal of business Ethics, 69, 111-132. Chen, Z., & Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis, 83, 102291. Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic management journal, 35(1), 1-23. Deng, B., Ji, L., & Liu, Z. (2022). The effect of strategic corporate social responsibility on financial performance: evidence from China. Emerging Markets Finance and Trade, 58(6), 1726-1739. Drempetic, S., Klein, C., & Zwergel, B. (2020). The influence of firm size on the ESG score: Corporate sustainability ratings under review. Journal of business ethics, 167(2), 333-360. Fatemi, A., Fooladi, I., & Tehranian, H. (2015). Valuation effects of corporate social responsibility. Journal of Banking & Finance, 59, 182-192. Fauzi, H., & Idris, K. (2009). The relationship of CSR and financial performance: New evidence from Indonesian companies. Issues in Social and Environmental Accounting, 3(1). Friedman, M. (2007). The social responsibility of business is to increase its profits. In Corporate ethics and corporate governance (pp. 173-178). Springer. Galbreath, J. (2010). The impact of strategic orientation on corporate social responsibility. International Journal of Organizational Analysis, 18(1), 23-40. Garcia, A. S., Mendes-Da-Silva, W., & Orsato, R. J. (2017). Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of cleaner production, 150, 135-147. Ghosh, A. (2013). Corporate sustainability and corporate financial performance: the Indian context. Indian Institute of Management, Calcutta, Working Paper Series WPS No. 721/January 2013. Hambrick, D. C. (1983). Some tests of the effectiveness and functional attributes of Miles and Snow's strategic types. Academy of Management journal, 26(1), 5-26. Han, J. J., Kim, H. J., & Yu, J. (2016). Empirical study on relationship between corporate social responsibility and financial performance in Korea. Asian Journal of Sustainability and Social Responsibility, 1, 61-76. Hemingway, C. A., & Maclagan, P. W. (2004). Managers' personal values as drivers of corporate social responsibility. Journal of business ethics, 50, 33-44. Ittner, C. D., Larcker, D. F., & Rajan, M. V. (1997). The choice of performance measures in annual bonus contracts. Accounting Review, 231-255. Kim, S., & Li, Z. (2021). Understanding the impact of ESG practices in corporate finance. Sustainability, 13(7), 3746 Lian, Y., & Weng, X. (2024). ESG performance and investment efficiency. Finance Research Letters, 62, 105084. 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, 72(4), 1785-1824. March, J. G. (1991). Exploration and exploitation in organizational learning. Organization science, 2(1), 71-87. Margolis, J. D., Elfenbein, H. A., & Walsh, J. P. (2009). Does it pay to be good... and does it matter? A meta-analysis of the relationship between corporate social and financial performance. Working paper, Harvard University. Miles, P. C., & Angelis, J. N. (2022). Untangling innovation: an examination of compensation, corporate social responsibility, and corporate financial performance. Social Responsibility Journal, 18(8), 1567-1586. 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. Nirino, N., Santoro, G., Miglietta, N., & Quaglia, R. (2021). Corporate controversies and company's financial performance: Exploring the moderating role of ESG practices. Technological Forecasting and Social Change, 162, 120341. Park, J. G., Park, K., Noh, H., & Kim, Y. G. (2023). Characterization of CSR, ESG, and corporate citizenship through a text mining-based review of literature. Sustainability, 15(5), 3892. Porter, M. (1980), Competitive Strategy. Free Press, New York, NY. Porter, M. (1985), Competitive Advantage. Free Press, New York, NY. Prior, D., Surroca, J., & Tribó, J. A. (2008). Are socially responsible managers really ethical? Exploring the relationship between earnings management and corporate social responsibility. Corporate governance: An international review, 16(3), 160-177. Schuler, D. A., & Cording, M. (2006). A corporate social performance–corporate financial performance behavioral model for consumers. Academy of management Review, 31(3), 540-558. Treacy, M., & Wiersema, F. (2007). The discipline of market leaders: Choose your customers, narrow your focus, dominate your market. Hachette UK. Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of global responsibility, 8(2), 169-178. Yuan, Y., Lu, L. Y., Tian, G., & Yu, Y. (2020). Business strategy and corporate social responsibility. Journal of Business Ethics, 162, 359-377.zh_TW