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題名 ESG 評分對財務績效和市場情緒的面板數據分析：以STOXX 600 成分股為例
A panel data analysis of the impact of ESG scores on financial performance and market sentiment – evidence from STOXX 600 constituents
作者 萬瓏棠
Catteau, Valentin
貢獻者 吳文傑
Wu, Wen-Chieh
萬瓏棠
Catteau, Valentin
關鍵詞 ESG評分
可持續金融
財務績效
市場情緒
STOXX 600
面板數據
固定效應
隨機效應
ESG scores
sustainable finance
financial performance
market sentiment
STOXX 600
panel data
fixed effects
random effects
日期 2024
上傳時間 5-Aug-2024 13:29:37 (UTC+8)
摘要 這篇論文探討了ESG（環境、社會和治理）評分是否是財務績效和投資者信任的可靠指標，使用了2017年至2022年間STOXX 600成分股的面板數據分析。主要研究問題是調查ESG評分對公司財務指標和市場情緒的影響。為了探索這一點，我使用了固定效應和隨機效應模型來分析ESG評分、資產回報率（ROA）和股票回報率之間的關係，同時控制了市場、行業和公司特定變量。我發現ESG評分與財務績效之間存在複雜而細微的關係。具體來說，在某些情況下，E評分具有統計顯著性但與ROA呈負相關，這表明高E評分可能帶來成本，而這些成本並不能立即提高盈利能力。S和G評分顯示出最小或混合的顯著性。相反，更大的市場資本化與更好的財務績效穩定相關，而員工數量增加通常與ROA呈負相關，這表明大公司可能存在潛在的低效能。關於股票回報率，結果同樣顯示出與ESG評分之間存在弱或負相關，這表明儘管ESG努力可能會增強長期可持續性，但並不一定會立即轉化為市場收益，儘管行業和公司規模之間存在差異。這些結果突顯了使用ESG評分作為財務健康和投資者信心的普遍指標的複雜性。 這項研究對ESG評分的相關性進行了貢獻，建議政策制定者和投資者應考慮ESG努力的具體情境，而不是僅依賴於匯總評分來做出投資決策。未來的研究應該專注於改進ESG衡量方法，並探索其在不同行業和地區的長期影響。
This thesis examines whether ESG (Environmental, Social, and Governance) scores serve as reliable indicators of financial performance and investor trust, using panel data analysis on STOXX 600 constituents from 2017 to 2022. The primary research question investigates the impact of ESG scores on firm financial metrics and market sentiment. To explore this, I employed fixed and random effects models to analyze the relationship between ESG scores, return on assets (ROA), and stock returns, while controlling for market, industry, and firm-specific variables. I found a mixed and nuanced relationship between ESG scores and financial performance. Specifically, the E score was found to have statistical significance but a negative correlation with ROA in some instances, suggesting that high E scores might entail costs that do not immediately enhance profitability. S and G scores showed minimal or mixed significance. In contrast, larger market capitalization was consistently associated with better financial performance, while an increased number of employees generally correlated negatively with ROA, indicating potential inefficiencies in larger firms. Regarding stock returns, the findings similarly indicated a weak or negative relationship with ESG scores, suggesting that while ESG efforts might enhance long-term sustainability, they do not necessarily translate into immediate market gains, although differences between industries and company size exist. These results highlight the complexities of using ESG scores as universal indicators of financial health and investor confidence. This research contributes to the ongoing debate on the relevance of ESG metrics, suggesting that policymakers and investors should consider the specific contexts of ESG efforts rather than relying solely on aggregated scores for investment decisions. Future research should focus on refining ESG measurement methodologies and exploring their long-term impacts across different industries and regions.
參考文獻 Agrawal, S., Liu, L. Y., Rajgopal, S., Sridharan, S. A., Yan, Y., & Yohn, T. L. (2023). ESG ratings of ESG index providers. Columbia Business School Research Paper, 4468531. Asian Development Bank. (2015). Catalyzing green finance: a concept for leveraging blended finance for green development. Asian Development Bank. Auffhammer, M., & Mansur, E. T. (2014). Measuring climatic impacts on energy consumption: a review of the empirical literature. Energy Economics, 46, 522-530. Baltagi, B. H. (2008). Econometric analysis of panel data. John Wiley & Sons. Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. Bauer, R., & Hann, D. (2010). Corporate environmental management and credit risk. SSRN Electronic Journal. Bhattacharya, C. B., & Sen, S. (2004). Doing better at doing good: when, why, and how consumers respond to corporate social initiatives. California Management Review, 47(1), 9-24. Berg, F., Koelbel, J. F., & Rigobon, R. (2019). Aggregate confusion: the divergence of ESG ratings. MIT Sloan School of Management. Boston Consulting Group. (2022, December 15). Fixing the great disconnect in sustainable investing. Boston Consulting Group. Brammer, S., Brooks, C., & Pavelin, S. (2006). Corporate social performance and stock returns: UK evidence from disaggregate measures. Financial Management, 35(3), 97-116. Branz, R.W. (1981). The relationship between return and market value of common stocks. Journal of Financial Economics, 9(1), 3-18. Chen, N.-F., Roll, R., & Ross, S.A. (1986). Economic forces and the stock market. Journal of Business, 59(3), 383-403. Choi, D., & Faria-e-Castro, M. (2021, March 19). Climate change and financial stability. Federal Reserve. Clark, G. L., Feiner, A., & Viehs, M. (2015). From the stockholder to the stakeholder: how sustainability can drive financial outperformance. SSRN Electronic Journal. Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: the initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59-100. Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835-2857. Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621-640. European Securities and Markets Authority (ESMA). (2022). Sustainable finance roadmap 2022-2024. European Securities and Markets Authority. European Union. (2019). Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector. Official Journal of the European Union, L 317, 1-16. Fama, E.F., & French, K.R. (1992). The cross-section of expected stock returns. Journal of Finance, 47(2), 427-465. Flammer, C. (2015). Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Management Science, 61(11), 2549-2568. Freeman, R. E. (1984). Strategic management: a stakeholder approach. Pitman. 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. Giese, G., Lee, L. E., Melas, D., Nagy, Z., & Nishikawa, L. (2019). Foundations of ESG investing: how ESG affects equity valuation, risk, and performance. The Journal of Portfolio Management, 45(5), 69-83. Gompers, P. A., Ishii, J. L., & Metrick, A. (2003). Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107-156. Goldman Sachs. (2024). SFDR two years on: trends and anatomy of Article 8 and 9 funds in 2023. Goldman Sachs. Halid, S., Abdul Rahman, R., Mahmud, R., & Mansor, N. (2023). A literature review on ESG score and its impact on firm performance. International Journal of Academic Research in Accounting, Finance and Management Sciences, 13(1). Hayes, A. (2024, January 22). What is greenwashing? How it works, examples, and statistics. Investopedia. Retrieved June 6, 2024. Hayes, A. (2024, February 20). Mergers and acquisitions (M&A). Investopedia. Retrieved June 6, 2024. Intergovernmental Panel on Climate Change (IPCC). (2014). Climate change 2014: mitigation of climate change. Contribution of Working Group III to the Fifth Assessment Report of the IPCC. Cambridge University Press. IPCC. (2021). Climate change 2021: the physical science basis. Contribution of Working Group I to the Sixth Assessment Report of the IPCC. Cambridge University Press. IPCC. (2022). Climate change 2022: impacts, adaptation, and vulnerability. Contribution of Working Group II to the Sixth Assessment Report of the IPCC. Cambridge University Press. IPCC. (2023). Climate change 2023: synthesis report. Contribution of Working Groups I, II, and III to the Sixth Assessment Report of the IPCC. Cambridge University Press. IPCC. (n.d.). IPCC. Retrieved June 6, 2024. International Monetary Fund (IMF). (2021, October 4). Investment funds: fostering the transition to a green economy. International Monetary Fund. London Stock Exchange Group (LSEG). (2023). ESG scores methodology. London Stock Exchange Group. Margolis, J. D., Elfenbein, H. A., & Walsh, J. P. (2007). Does it pay to be good? A meta-analysis and redirection of research on the relationship between corporate social and financial performance. Harvard University Working Paper. McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: correlation or misspecification? Strategic Management Journal, 21(5), 603-609. Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance, and the theory of investment. American Economic Review, 48(3), 261-297. Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). Corporate social and financial performance: a meta-analysis. Organization Studies, 24(3), 403-441. Oikonomou, I., Brooks, C., & Pavelin, S. (2014). The effects of corporate social performance on the cost of corporate debt and credit ratings. Financial Review, 49(1), 49-75. Refinitiv. (2022). Environmental, Social and Governance (ESG) scores from Refinitiv. LSEG. Retrieved June 6, 2024. Rezai, A., Taylor, L., & Foley, D. K. (2012). Global warming and economic externalities. Economic Theory, 49(2), 329-351. STOXX Ltd. (n.d.). STOXX index guide. STOXX Ltd. Retrieved June 6, 2024. The Investopedia Team. (2024, May 11). What are some examples of fiduciary duty? Investopedia. Retrieved June 6, 2024. The World Bank. (2022). Scaling up finance for nature. The World Bank. United Nations. (2012). The United Nations Sustainable Development Goals (UNSDGs). United Nations. United Nations. (2015). Paris Agreement. United Nations. United Nations. (2015). Transforming our world: the 2030 agenda for sustainable development. United Nations. United Nations. (n.d.). The Sustainable Development Goals. United Nations. Retrieved June 6, 2024. Retrieved June 6, 2024. United Nations Framework Convention on Climate Change (UNFCCC). (1998). Kyoto Protocol to the UNFCCC. United Nations. UNFCCC. (n.d.). Kyoto Protocol. United Nations. Retrieved June 6, 2024. UNFCCC. (n.d.). The Paris Agreement. United Nations. Retrieved June 6, 2024. United Nations Industrial Development Organization (UNIDO). (n.d.). Corporate Social Responsability. United Nations. Retrieved June 6, 2024. UN DESA. (2023). The Sustainable Development Goals report 2023: special edition - July 2023. UN DESA. Unruh, G., Kiron, D., Kruschwitz, N., Reeves, M., Rubel, H., & zum Felde, A. (2016). The state of corporate sustainability in 2016. MIT Sloan Management Review. Yang, O.-S., & Han, J.-H. (2023). Assessing the effect of corporate ESG management on corporate financial & market performance and export. Sustainability, 15(3), 2316. Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185-211.
描述 碩士
國立政治大學
應用經濟與社會發展英語碩士學位學程(IMES)
111266018
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111266018
資料類型 thesis
dc.contributor.advisor 吳文傑zh_TW
dc.contributor.advisor Wu, Wen-Chiehen_US
dc.contributor.author (Authors) 萬瓏棠zh_TW
dc.contributor.author (Authors) Catteau, Valentinen_US
dc.creator (作者) 萬瓏棠zh_TW
dc.creator (作者) Catteau, Valentinen_US
dc.date (日期) 2024en_US
dc.date.accessioned 5-Aug-2024 13:29:37 (UTC+8)-
dc.date.available 5-Aug-2024 13:29:37 (UTC+8)-
dc.date.issued (上傳時間) 5-Aug-2024 13:29:37 (UTC+8)-
dc.identifier (Other Identifiers) G0111266018en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152677-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 應用經濟與社會發展英語碩士學位學程(IMES)zh_TW
dc.description (描述) 111266018zh_TW
dc.description.abstract (摘要) 這篇論文探討了ESG（環境、社會和治理）評分是否是財務績效和投資者信任的可靠指標，使用了2017年至2022年間STOXX 600成分股的面板數據分析。主要研究問題是調查ESG評分對公司財務指標和市場情緒的影響。為了探索這一點，我使用了固定效應和隨機效應模型來分析ESG評分、資產回報率（ROA）和股票回報率之間的關係，同時控制了市場、行業和公司特定變量。我發現ESG評分與財務績效之間存在複雜而細微的關係。具體來說，在某些情況下，E評分具有統計顯著性但與ROA呈負相關，這表明高E評分可能帶來成本，而這些成本並不能立即提高盈利能力。S和G評分顯示出最小或混合的顯著性。相反，更大的市場資本化與更好的財務績效穩定相關，而員工數量增加通常與ROA呈負相關，這表明大公司可能存在潛在的低效能。關於股票回報率，結果同樣顯示出與ESG評分之間存在弱或負相關，這表明儘管ESG努力可能會增強長期可持續性，但並不一定會立即轉化為市場收益，儘管行業和公司規模之間存在差異。這些結果突顯了使用ESG評分作為財務健康和投資者信心的普遍指標的複雜性。 這項研究對ESG評分的相關性進行了貢獻，建議政策制定者和投資者應考慮ESG努力的具體情境，而不是僅依賴於匯總評分來做出投資決策。未來的研究應該專注於改進ESG衡量方法，並探索其在不同行業和地區的長期影響。zh_TW
dc.description.abstract (摘要) This thesis examines whether ESG (Environmental, Social, and Governance) scores serve as reliable indicators of financial performance and investor trust, using panel data analysis on STOXX 600 constituents from 2017 to 2022. The primary research question investigates the impact of ESG scores on firm financial metrics and market sentiment. To explore this, I employed fixed and random effects models to analyze the relationship between ESG scores, return on assets (ROA), and stock returns, while controlling for market, industry, and firm-specific variables. I found a mixed and nuanced relationship between ESG scores and financial performance. Specifically, the E score was found to have statistical significance but a negative correlation with ROA in some instances, suggesting that high E scores might entail costs that do not immediately enhance profitability. S and G scores showed minimal or mixed significance. In contrast, larger market capitalization was consistently associated with better financial performance, while an increased number of employees generally correlated negatively with ROA, indicating potential inefficiencies in larger firms. Regarding stock returns, the findings similarly indicated a weak or negative relationship with ESG scores, suggesting that while ESG efforts might enhance long-term sustainability, they do not necessarily translate into immediate market gains, although differences between industries and company size exist. These results highlight the complexities of using ESG scores as universal indicators of financial health and investor confidence. This research contributes to the ongoing debate on the relevance of ESG metrics, suggesting that policymakers and investors should consider the specific contexts of ESG efforts rather than relying solely on aggregated scores for investment decisions. Future research should focus on refining ESG measurement methodologies and exploring their long-term impacts across different industries and regions.en_US
dc.description.tableofcontents 1. INTRODUCTION 1 1.1 MOTIVATION 2 1.2 BACKGROUND 4 2. LITERATURE REVIEW 13 2.1 THEORETICAL FRAMEWORK 13 2.2 FINANCIAL PERFORMANCE AND MARKET SENTIMENT 14 2.3 ESG AND FINANCIAL PERFORMANCE 14 2.4 ESG AND STOCK PRICES 16 2.5 REGIONAL AND SECTORAL DIFFERENCES 17 2.6 RESEARCH GAPS 18 3. EMPIRICAL METHODS 19 3.1 CONCEPTUAL FRAMEWORK 19 3.2 HYPOTHESES 21 3.3 MODEL SPECIFICATIONS 23 4. DATA 29 4.1 VARIABLES 29 4.2 SOURCES 32 4.3 STOXX 600 SAMPLE 36 4.4 DATA MANIPULATION 37 5. RESULTS 39 5.1 MULTICOLLINEARITY 39 5.2 ESTIMATION RESULTS OF ESG SCORES ON ROA 41 5.3 ESTIMATION RESULTS OF ESG SCORES ON STOCK RETURNS 44 5.4 SUB ANALYSIS 47 6. CONCLUSIONS 51 6.1 IMPLICATIONS 52 6.2 LIMITATIONS 53 6.3 RECOMMENDATIONS 54 REFERENCES 55 APPENDIX 61zh_TW
dc.format.extent 2580557 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111266018en_US
dc.subject (關鍵詞) ESG評分zh_TW
dc.subject (關鍵詞) 可持續金融zh_TW
dc.subject (關鍵詞) 財務績效zh_TW
dc.subject (關鍵詞) 市場情緒zh_TW
dc.subject (關鍵詞) STOXX 600zh_TW
dc.subject (關鍵詞) 面板數據zh_TW
dc.subject (關鍵詞) 固定效應zh_TW
dc.subject (關鍵詞) 隨機效應zh_TW
dc.subject (關鍵詞) ESG scoresen_US
dc.subject (關鍵詞) sustainable financeen_US
dc.subject (關鍵詞) financial performanceen_US
dc.subject (關鍵詞) market sentimenten_US
dc.subject (關鍵詞) STOXX 600en_US
dc.subject (關鍵詞) panel dataen_US
dc.subject (關鍵詞) fixed effectsen_US
dc.subject (關鍵詞) random effectsen_US
dc.title (題名) ESG 評分對財務績效和市場情緒的面板數據分析：以STOXX 600 成分股為例zh_TW
dc.title (題名) A panel data analysis of the impact of ESG scores on financial performance and market sentiment – evidence from STOXX 600 constituentsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Agrawal, S., Liu, L. Y., Rajgopal, S., Sridharan, S. A., Yan, Y., & Yohn, T. L. (2023). ESG ratings of ESG index providers. Columbia Business School Research Paper, 4468531. Asian Development Bank. (2015). Catalyzing green finance: a concept for leveraging blended finance for green development. Asian Development Bank. Auffhammer, M., & Mansur, E. T. (2014). Measuring climatic impacts on energy consumption: a review of the empirical literature. Energy Economics, 46, 522-530. Baltagi, B. H. (2008). Econometric analysis of panel data. John Wiley & Sons. Barney, J. B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99-120. Bauer, R., & Hann, D. (2010). Corporate environmental management and credit risk. SSRN Electronic Journal. Bhattacharya, C. B., & Sen, S. (2004). Doing better at doing good: when, why, and how consumers respond to corporate social initiatives. California Management Review, 47(1), 9-24. Berg, F., Koelbel, J. F., & Rigobon, R. (2019). Aggregate confusion: the divergence of ESG ratings. MIT Sloan School of Management. Boston Consulting Group. (2022, December 15). Fixing the great disconnect in sustainable investing. Boston Consulting Group. Brammer, S., Brooks, C., & Pavelin, S. (2006). Corporate social performance and stock returns: UK evidence from disaggregate measures. Financial Management, 35(3), 97-116. Branz, R.W. (1981). The relationship between return and market value of common stocks. Journal of Financial Economics, 9(1), 3-18. Chen, N.-F., Roll, R., & Ross, S.A. (1986). Economic forces and the stock market. Journal of Business, 59(3), 383-403. Choi, D., & Faria-e-Castro, M. (2021, March 19). Climate change and financial stability. Federal Reserve. Clark, G. L., Feiner, A., & Viehs, M. (2015). From the stockholder to the stakeholder: how sustainability can drive financial outperformance. SSRN Electronic Journal. Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: the initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59-100. Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835-2857. Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621-640. European Securities and Markets Authority (ESMA). (2022). Sustainable finance roadmap 2022-2024. European Securities and Markets Authority. European Union. (2019). Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector. Official Journal of the European Union, L 317, 1-16. Fama, E.F., & French, K.R. (1992). The cross-section of expected stock returns. Journal of Finance, 47(2), 427-465. Flammer, C. (2015). Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Management Science, 61(11), 2549-2568. Freeman, R. E. (1984). Strategic management: a stakeholder approach. Pitman. 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. Giese, G., Lee, L. E., Melas, D., Nagy, Z., & Nishikawa, L. (2019). Foundations of ESG investing: how ESG affects equity valuation, risk, and performance. The Journal of Portfolio Management, 45(5), 69-83. Gompers, P. A., Ishii, J. L., & Metrick, A. (2003). Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107-156. Goldman Sachs. (2024). SFDR two years on: trends and anatomy of Article 8 and 9 funds in 2023. Goldman Sachs. Halid, S., Abdul Rahman, R., Mahmud, R., & Mansor, N. (2023). A literature review on ESG score and its impact on firm performance. International Journal of Academic Research in Accounting, Finance and Management Sciences, 13(1). Hayes, A. (2024, January 22). What is greenwashing? How it works, examples, and statistics. Investopedia. Retrieved June 6, 2024. Hayes, A. (2024, February 20). Mergers and acquisitions (M&A). Investopedia. Retrieved June 6, 2024. Intergovernmental Panel on Climate Change (IPCC). (2014). Climate change 2014: mitigation of climate change. Contribution of Working Group III to the Fifth Assessment Report of the IPCC. Cambridge University Press. IPCC. (2021). Climate change 2021: the physical science basis. Contribution of Working Group I to the Sixth Assessment Report of the IPCC. Cambridge University Press. IPCC. (2022). Climate change 2022: impacts, adaptation, and vulnerability. Contribution of Working Group II to the Sixth Assessment Report of the IPCC. Cambridge University Press. IPCC. (2023). 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