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題名 產業特性、廠商特質與ESG績效
The Impact of Industry and Firm Characteristics on ESG Performance作者 施景輔
Shih, Jing-Fu貢獻者 王國樑<br>張美玲
Wang, Kuo-Liang<br>Chang, Mei-Lin
施景輔
Shih, Jing-Fu關鍵詞 企業永續
ESG績效
產業特性
公司特質
Corporate Sustainability
ESG Performance
Industry Characteristics
Corporate Attributes日期 2024 上傳時間 5-Aug-2024 13:37:30 (UTC+8) 摘要 企業永續經營為近年來於國內外皆越來越受到高度關注的議題，由於既有文獻大多從公司治理與財務角度探討企業ESG績效影響因素，本研究則企圖加入產業經濟理論進行探討。且因為永續分數算法繁複，本文以系統性公式整理永續分數衡量。在建立ESG績效迴歸模型後，利用2023年838家台灣上市廠商資料進行迴歸實證分析，結果發現，市場佔有率、廠商ROA、廠商研發費用率、廠商專利數、董事會規模及出席董事會比例對ESG績效具有正面且顯著的效果，對ESG績效有顯著負面影響的變數則為董事長兼總經理。在產業特性上，發現非服務業在ESG績效表現上會顯著低於服務業的。
In recent years, corporate sustainability has increasingly become a highly regarded issue both domestically and internationally. While existing literature explores corporate ESG performance from the perspectives of corporate governance and finance, this paper aims to incorporate industrial economic theory. Given the complexity of sustainable scoring algorithms, this paper systematically organizes ESG scores using a formulated approach. Following the establishment of an ESG performance regression model, empirical model is conducted through regression analysis using industry economic variable data from 838 individually listed Taiwanese companies in 2023. The results indicate that market share, firm ROA, firm R&D expenditure ratio, firm patens, board size, and board meeting attendance ratio have a significant and positive effect on ESG performance. Conversely, the variable of CEO duality has a significantly negative impact on ESG performance. Regarding industry characteristics, it is observed that the ESG scores of non-service industries exhibit significantly lower ESG performance compared to service industries.參考文獻 Abdi, Y., Li, X., & Camara-turull, X. (2020). Impact of Sustainability on Firm Value and Financial Performance in the Air Transport Industry. Sustainability, 12(23), 9957. Al-shaer, H., & Zaman, M. (2016). Gender Diversity and Sustainability Reporting Quality. Journal of Contemporary Accounting & Economics, 12(3), 210–222. Almaqtari, F. A., Elsheikh, T., Al-hattami, H. M., & Mishra, N. (2023). The Impact of Board Characteristics on Environmentally Friendly Production: A Cross Country Study in Asia and Europe. Journal of Cleaner Production, 392, 136257. Birindelli, G., Dell’atti, S., Iannuzzi, A. P., & Savioli, M. (2018). Composition and Activity of the Board of Directors: Impact on ESG Performance in the Banking System. Sustainability, 10(12), 4699. Bøhren, Ø., & Staubo, S. (2014). Does Mandatory Gender Balance Work? Changing Organizational Form to Avoid Board Upheaval. Journal of Corporate Finance, 28, 152–168. Brickley, J. A., Coles, J. L., & Jarrell, G. (1997). Leadership Structure: Separating the CEO and Chairman of the Board. Journal of Corporate Finance, 3(3), 189–220. Buallay, A. (2019). Is Sustainability Reporting (ESG) ssociated with Performance? Evidence from the European Banking Sector. Management of Environmental Quality, 30(1) , 98–115. Chams, N., & García-Blandón, J. (2019). Sustainable or Not Sustainable? The Role of the Board of Directors. Journal of Cleaner Production, 226, 1067–1081. Chen, H., Kuo, T., & Chen, J. (2022). Impacts on the ESG and Financial Performances of Companies in the Manufacturing Industry Based on the Climate Change Related Risks. Journal of Cleaner Production, 380(Part 1), 134951. Derwall, J., Koedijk, K., & Horst, J. T. (2011). A Tale of Values-Driven and Profit-Seeking Social Investors. Journal of Banking & Finance, 35(8), 2137–2147. Dicuonzo, G., Donofrio, F., Ranaldo, S., & Dell’atti, V. (2022). The Effect of Innovation on Environmental, Social and Governance (ESG) Practices. Meditari Accountancy Research, 30(9) , 1191–1209. Dixon-Fowler, H. R., Ellstrand, A. E., & Johnson, J. L. (2017). The Role of Board Environmental Committees in Corporate Environmental Performance. Journal of Business Ethics, 140, 423–438. Farza, K., Ftiti, Z., Hlioui, Z., Louhichi, W., & Omri, A. (2022). The Effect of Corporate Board Characteristics on Environmental Innovation. Environmental Modeling & Assessment, 27, 1021–1042. Garcia-Castro, R., Ariño, M. a., & Canela, M. A. (2010). Does Social Performance Really Lead to Financial Performance? Accounting for Endogeneity. Journal of Business Ethics, 92, 107–126. Goodstein, J., Gautam, K., & Boeker, W. (1994). The Effect of Board Size and Diversity on Strategic Change. Strategic Management Journal, 15(3), 241–250. Innocenteze, O. C., Okerekeoti, M., & Uchenna, C. (2022). Board Composition And Corporate Environmental Investment:A Study Of Listed Oil And Gas Firms In Nigeria. Quest, 10(7), 37–47. Jo, H., & Na, H. (2012). Does CSR Reduce Firm Risk? Evidence from Controversial Industry Sectors. Journal of Business Ethics, 110, 441–456. Khaireddine, H., Salhi, B., Aljabr, J., & Jarboui, A. (2020). Impact of Board Characteristics on Governance, Environmental and Ethical Disclosure. Society and Business Review, 15(3) , 273–295. Kumari, P. s. R., Makhija, H., Sharma, D., & Behl , A. (2022). Board Characteristics and Environmental Disclosures: Evidence from Sensitive and Non-Sensitive Industries of India. International Journal of Managerial Finance, 18(4), 677–700. Martín, C. josé G., & Herrero, B. (2020). Do Board Characteristics Affect Environmental Performance? A Study of EU Firms. Corporate Social Responsibility and Environmental Management, 27(1), 74–94. Masud, Md. abdul kaium, Nurunnabi, M., & Bae, S. M. (2018). The Effects of Corporate Governance on Environmental Sustainability Reporting: Empirical Evidence from South Asian Countries. Asian Journal of Sustainability and Social Responsibility, 3. Mcwilliams, A., & Siegel, D. (2000). Corporate Social Responsibility And Firm Financial Performance: Correlation or Misspecification? Strategic Management Journal, 21(52), 603–609. Miralles-Quirós, M. M., Miralles-Quirós, J. L., & Hernández, J. R. (2019). ESG Performance and Shareholder Value Creation in the Banking Industry: International Differences. Sustainability, 11(5), 1404. Nguyen, T. H. h., Elmagrhi, M. H., & Ntim, C. G. (2021). Environmental Performance, Sustainability, Governance and Financial Performance: Evidence from Heavily Polluting Industries in China. Business Strategy and the Environment, 30(5), 2313–2331. O’connell, V., & Cramer, N. (2010). The Relationship between Firm Performance and Board Characteristics in Ireland. European Management Journal, 28(5), 387–399. Peters, G. F., & Romi, A. M. (2014). Does the Voluntary Adoption of Corporate Governance Mechanisms Improve Environmental Risk Disclosures? Evidence from Greenhouse Gas Emission Accounting. Journal of Business Ethics, 125, 637–666. Pulino, S. C., Ciaburri, M., Magnanelli, B. S., & Nasta, L. (2022). Does ESG Disclosure Influence Firm Performance? Sustainability, 14(13), 7595. Saeidi, S. P., Sofian, S., Saeidi, P., Saeid, S. P., & Saaeidi, S. A. (2015). How Does Corporate Social Responsibility Contribute to Firm Financial Performance? The Mediating Role of Competitive Advantage, Reputation, and Customer Satisfaction. Journal of Business Research, 68(2), 341–350. Shamil, M. M., Shaikh, J. M., Ho, P., & Krishnan, A. (2014). The Influence of Board Characteristics on Sustainability Reporting: Empirical Evidence from Sri Lankan Firms. Asian Review of Accounting, 22(2), 78–97. Spreckley, F. (1981). Social Audit: A Management Tool for Co-Operative Working. Beechwood College. Su, C., & Chen, C. (2020). Does Sustainability Index Matter to the Hospitality Industry? Tourism Management, 81, 104158. Zahra, S. A., & Pearce, J. A. (1989). Boards of Directors and Corporate Financial Performance: A Review and Integrative Model. Journal of Management, 15(2), 291–334. Zaman, R., Farooq, M. B., Khalid, F., & Mahmood, Z. (2021). Examining the Extent of and Determinants for Sustainability Assurance Quality: The Role of Audit Committees. Business Strategy and the Environment, 30(7), 2887–2906. 描述 碩士
國立政治大學
經濟學系
111258025資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111258025 資料類型 thesis dc.contributor.advisor 王國樑<br>張美玲 zh_TW dc.contributor.advisor Wang, Kuo-Liang<br>Chang, Mei-Lin en_US dc.contributor.author (Authors) 施景輔 zh_TW dc.contributor.author (Authors) Shih, Jing-Fu en_US dc.creator (作者) 施景輔 zh_TW dc.creator (作者) Shih, Jing-Fu en_US dc.date (日期) 2024 en_US dc.date.accessioned 5-Aug-2024 13:37:30 (UTC+8) - dc.date.available 5-Aug-2024 13:37:30 (UTC+8) - dc.date.issued (上傳時間) 5-Aug-2024 13:37:30 (UTC+8) - dc.identifier (Other Identifiers) G0111258025 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152704 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經濟學系 zh_TW dc.description (描述) 111258025 zh_TW dc.description.abstract (摘要) 企業永續經營為近年來於國內外皆越來越受到高度關注的議題，由於既有文獻大多從公司治理與財務角度探討企業ESG績效影響因素，本研究則企圖加入產業經濟理論進行探討。且因為永續分數算法繁複，本文以系統性公式整理永續分數衡量。在建立ESG績效迴歸模型後，利用2023年838家台灣上市廠商資料進行迴歸實證分析，結果發現，市場佔有率、廠商ROA、廠商研發費用率、廠商專利數、董事會規模及出席董事會比例對ESG績效具有正面且顯著的效果，對ESG績效有顯著負面影響的變數則為董事長兼總經理。在產業特性上，發現非服務業在ESG績效表現上會顯著低於服務業的。 zh_TW dc.description.abstract (摘要) In recent years, corporate sustainability has increasingly become a highly regarded issue both domestically and internationally. While existing literature explores corporate ESG performance from the perspectives of corporate governance and finance, this paper aims to incorporate industrial economic theory. Given the complexity of sustainable scoring algorithms, this paper systematically organizes ESG scores using a formulated approach. Following the establishment of an ESG performance regression model, empirical model is conducted through regression analysis using industry economic variable data from 838 individually listed Taiwanese companies in 2023. The results indicate that market share, firm ROA, firm R&D expenditure ratio, firm patens, board size, and board meeting attendance ratio have a significant and positive effect on ESG performance. Conversely, the variable of CEO duality has a significantly negative impact on ESG performance. Regarding industry characteristics, it is observed that the ESG scores of non-service industries exhibit significantly lower ESG performance compared to service industries. en_US dc.description.tableofcontents 第壹章 緒論 1 第一節 研究背景與動機 1 第二節 研究目的與範圍 2 第三節 研究架構與流程 2 第貳章 文獻回顧 3 第一節 ESG與廠商財務表現 3 第二節 ESG與產業特性 4 第三節 ESG與公司及董事會結構 4 第參章 實證模型 8 第肆章 實證結果 13 第一節 資料說明 13 第二節 資料敘述統計分析 17 第三節 相關係數分析 21 第四節 共線性診斷與迴歸結果分析 23 第伍章 結論與建議 26 參考文獻 28 附錄 32 zh_TW dc.format.extent 1090442 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111258025 en_US dc.subject (關鍵詞) 企業永續 zh_TW dc.subject (關鍵詞) ESG績效 zh_TW dc.subject (關鍵詞) 產業特性 zh_TW dc.subject (關鍵詞) 公司特質 zh_TW dc.subject (關鍵詞) Corporate Sustainability en_US dc.subject (關鍵詞) ESG Performance en_US dc.subject (關鍵詞) Industry Characteristics en_US dc.subject (關鍵詞) Corporate Attributes en_US dc.title (題名) 產業特性、廠商特質與ESG績效 zh_TW dc.title (題名) The Impact of Industry and Firm Characteristics on ESG Performance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Abdi, Y., Li, X., & Camara-turull, X. (2020). Impact of Sustainability on Firm Value and Financial Performance in the Air Transport Industry. Sustainability, 12(23), 9957. Al-shaer, H., & Zaman, M. (2016). Gender Diversity and Sustainability Reporting Quality. Journal of Contemporary Accounting & Economics, 12(3), 210–222. Almaqtari, F. A., Elsheikh, T., Al-hattami, H. M., & Mishra, N. (2023). The Impact of Board Characteristics on Environmentally Friendly Production: A Cross Country Study in Asia and Europe. Journal of Cleaner Production, 392, 136257. Birindelli, G., Dell’atti, S., Iannuzzi, A. P., & Savioli, M. (2018). Composition and Activity of the Board of Directors: Impact on ESG Performance in the Banking System. Sustainability, 10(12), 4699. Bøhren, Ø., & Staubo, S. (2014). Does Mandatory Gender Balance Work? Changing Organizational Form to Avoid Board Upheaval. Journal of Corporate Finance, 28, 152–168. Brickley, J. A., Coles, J. L., & Jarrell, G. (1997). Leadership Structure: Separating the CEO and Chairman of the Board. Journal of Corporate Finance, 3(3), 189–220. Buallay, A. (2019). Is Sustainability Reporting (ESG) ssociated with Performance? Evidence from the European Banking Sector. Management of Environmental Quality, 30(1) , 98–115. Chams, N., & García-Blandón, J. (2019). Sustainable or Not Sustainable? The Role of the Board of Directors. Journal of Cleaner Production, 226, 1067–1081. Chen, H., Kuo, T., & Chen, J. (2022). Impacts on the ESG and Financial Performances of Companies in the Manufacturing Industry Based on the Climate Change Related Risks. Journal of Cleaner Production, 380(Part 1), 134951. Derwall, J., Koedijk, K., & Horst, J. T. (2011). A Tale of Values-Driven and Profit-Seeking Social Investors. Journal of Banking & Finance, 35(8), 2137–2147. Dicuonzo, G., Donofrio, F., Ranaldo, S., & Dell’atti, V. (2022). The Effect of Innovation on Environmental, Social and Governance (ESG) Practices. Meditari Accountancy Research, 30(9) , 1191–1209. Dixon-Fowler, H. R., Ellstrand, A. E., & Johnson, J. L. (2017). The Role of Board Environmental Committees in Corporate Environmental Performance. Journal of Business Ethics, 140, 423–438. Farza, K., Ftiti, Z., Hlioui, Z., Louhichi, W., & Omri, A. (2022). The Effect of Corporate Board Characteristics on Environmental Innovation. Environmental Modeling & Assessment, 27, 1021–1042. Garcia-Castro, R., Ariño, M. a., & Canela, M. A. (2010). Does Social Performance Really Lead to Financial Performance? Accounting for Endogeneity. Journal of Business Ethics, 92, 107–126. Goodstein, J., Gautam, K., & Boeker, W. (1994). The Effect of Board Size and Diversity on Strategic Change. Strategic Management Journal, 15(3), 241–250. Innocenteze, O. C., Okerekeoti, M., & Uchenna, C. (2022). Board Composition And Corporate Environmental Investment:A Study Of Listed Oil And Gas Firms In Nigeria. Quest, 10(7), 37–47. Jo, H., & Na, H. (2012). Does CSR Reduce Firm Risk? Evidence from Controversial Industry Sectors. Journal of Business Ethics, 110, 441–456. Khaireddine, H., Salhi, B., Aljabr, J., & Jarboui, A. (2020). Impact of Board Characteristics on Governance, Environmental and Ethical Disclosure. Society and Business Review, 15(3) , 273–295. Kumari, P. s. R., Makhija, H., Sharma, D., & Behl , A. (2022). Board Characteristics and Environmental Disclosures: Evidence from Sensitive and Non-Sensitive Industries of India. International Journal of Managerial Finance, 18(4), 677–700. Martín, C. josé G., & Herrero, B. (2020). Do Board Characteristics Affect Environmental Performance? A Study of EU Firms. Corporate Social Responsibility and Environmental Management, 27(1), 74–94. Masud, Md. abdul kaium, Nurunnabi, M., & Bae, S. M. (2018). The Effects of Corporate Governance on Environmental Sustainability Reporting: Empirical Evidence from South Asian Countries. Asian Journal of Sustainability and Social Responsibility, 3. Mcwilliams, A., & Siegel, D. (2000). Corporate Social Responsibility And Firm Financial Performance: Correlation or Misspecification? Strategic Management Journal, 21(52), 603–609. Miralles-Quirós, M. M., Miralles-Quirós, J. L., & Hernández, J. R. (2019). ESG Performance and Shareholder Value Creation in the Banking Industry: International Differences. Sustainability, 11(5), 1404. Nguyen, T. H. h., Elmagrhi, M. H., & Ntim, C. G. (2021). Environmental Performance, Sustainability, Governance and Financial Performance: Evidence from Heavily Polluting Industries in China. Business Strategy and the Environment, 30(5), 2313–2331. O’connell, V., & Cramer, N. (2010). The Relationship between Firm Performance and Board Characteristics in Ireland. European Management Journal, 28(5), 387–399. Peters, G. F., & Romi, A. M. (2014). Does the Voluntary Adoption of Corporate Governance Mechanisms Improve Environmental Risk Disclosures? Evidence from Greenhouse Gas Emission Accounting. Journal of Business Ethics, 125, 637–666. Pulino, S. C., Ciaburri, M., Magnanelli, B. S., & Nasta, L. (2022). Does ESG Disclosure Influence Firm Performance? Sustainability, 14(13), 7595. Saeidi, S. P., Sofian, S., Saeidi, P., Saeid, S. P., & Saaeidi, S. A. (2015). How Does Corporate Social Responsibility Contribute to Firm Financial Performance? The Mediating Role of Competitive Advantage, Reputation, and Customer Satisfaction. Journal of Business Research, 68(2), 341–350. Shamil, M. M., Shaikh, J. M., Ho, P., & Krishnan, A. (2014). The Influence of Board Characteristics on Sustainability Reporting: Empirical Evidence from Sri Lankan Firms. Asian Review of Accounting, 22(2), 78–97. Spreckley, F. (1981). Social Audit: A Management Tool for Co-Operative Working. Beechwood College. Su, C., & Chen, C. (2020). Does Sustainability Index Matter to the Hospitality Industry? Tourism Management, 81, 104158. Zahra, S. A., & Pearce, J. A. (1989). Boards of Directors and Corporate Financial Performance: A Review and Integrative Model. Journal of Management, 15(2), 291–334. Zaman, R., Farooq, M. B., Khalid, F., & Mahmood, Z. (2021). Examining the Extent of and Determinants for Sustainability Assurance Quality: The Role of Audit Committees. Business Strategy and the Environment, 30(7), 2887–2906. zh_TW
