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題名 永續報告書的品質對於企業市場績效之影響
The impact of the quality of sustainability reports on corporate market performance
作者 林耿鋒
Lin, Keng-Feng
貢獻者 李志宏
Li, Jhih-Hong
林耿鋒
Lin, Keng-Feng
關鍵詞 永續報告書
可讀性
第三方認證
Sustainability report
Readability
Third-party certification
日期 2024
上傳時間 5-Aug-2024 13:44:49 (UTC+8)
摘要 近年來，永續報告書已逐漸成為一門顯學，企業能透過其傳達自身在永續發展上的實踐與作為。隨著報告書如雨後春筍般發行，投資人與利害關係人也開始慢慢將焦點轉移到永續報告書的資訊揭露品質上，期望能辨別出不同品質的報告書，並研究其品質會如何影響到公司的績效，因此，本文旨在探討永續報告書的品質與企業市場績效間的關係。 本研究之樣本為2021年至2023年間台灣有發行永續報告書之上市櫃公司，以品質指數與可讀性分數來作為永續報告書品質的衡量指標，探討其與企業市場績效的關聯性。實證結果顯示永續報告書的認證與企業市場績效之間存在正向關係，此外，若企業選擇將永續報告書進行雙重認證，則能更進一步地提升其市場績效；在可讀性方面則是發現當企業永續報告書的可讀性愈差時，其市場績效愈佳，推測其背後原因，台灣企業永續報告書的可讀性愈低，可能意味著其使用了愈多永續相關的專業詞彙，旨在傳達自身在ESG方面實際的作為與貢獻，進而提升其在市場上的聲譽與價值。最後，本研究也發現，在台灣企業進行永續報告書認證時，不會因為選擇不同的認證單位(會計師事務所或其他第三方單位)，而對其市場績效產生顯著影響。
In recent years, sustainability reports have gradually become a significant focus, allowing companies to convey their practices and actions in sustainable development. As these reports spring up like mushrooms, investors and stakeholders have begun to shift their attention to the quality of information disclosure in sustainability reports. They hope to distinguish reports of varying quality and study how their quality impacts company performance. Therefore, this study aims to explore the relationship between the quality of sustainability reports and corporate market performance. The sample for this study consists of listed companies in Taiwan that issued sustainability reports from 2021 to 2023. The quality of sustainability reports is measured using a quality index and readability score, exploring their relationship with corporate market performance. The empirical results indicate a positive relationship between the certification of sustainability reports and corporate market performance. Furthermore, if a company opts for dual certification of its sustainability report, its market performance is further enhanced. In terms of readability, it is found that the poorer the readability of a company's sustainability report, the better its market performance. It is speculated that the lower readability of Taiwan's corporate sustainability reports may indicate the use of more specialized sustainability-related terminology, aiming to convey their actual actions and contributions in ESG, thereby enhancing their reputation and value in the market. Finally, this study also finds that the choice of different certification bodies (accounting firms or other third-party organizations) for sustainability report certification does not significantly impact the market performance of Taiwanese companies.
參考文獻 江佑國，2023，字裡行間顯實績：檢視CSR報告書可讀性與CSR績效之關聯，國立臺灣大學會計學系碩士論文。 吳幸蓁、陳漢鐘、戚務君，2017，誠信經營與企業社會責任報告書之揭露與確信，中華會計學刊，第12卷S期，頁423-470。 資誠聯合會計師事務所，2021，全球投資人ESG調查報告，檢自: https://www.pwc.tw/zh/publications/global-insights/esg-investor-survey.html 資誠聯合會計師事務所，2022，2022全球投資人調查報告，檢自: https://www.pwc.tw/zh/publications/global-insights/global-investor-survey-2022.html 甄友薇，2015，企業社會責任報告書揭露品質之決定因素及其與公司績效之關聯性，國立臺灣大學財務金融研究所碩士論文。 謝秉蓉、陳建志、王銀杏，2021，台灣企業社會責任報告書揭露品質與企業價值之關聯性探討，管理與系統，第28卷1期，頁61-87。 Adams, C. A., and Evans, R. (2004). Accountability, Completeness, Credibility and the Audit Expectations Gap. The Journal of Corporate Citizenship, 14, 97-115. Al-Shaer, H., and Zaman, M. (2016). Board Gender Diversity and Sustainability Reporting Quality. Journal of Contemporary Accounting & Economics, 12(3), 210-222. Bachoo, K., Tan, R., and Wilson, M. (2013). Firm Value and the Quality of Sustainability Reporting in Australia. Australian Accounting Review, 23(1), 67-87. Bakar, A. S. A., and Ameer, R. (2011). Readability of Corporate Social Responsibility communication in Malaysia. Corporate Social Responsibility and Environmental Management, 18(1), 50-60. Casey, R. J., and Grenier, J. H. (2015). Understanding and Contributing to the Enigma of Corporate Social Responsibility (CSR) Assurance in the United States. Auditing: A Journal of Practice & Theory, 34(1), 97-130. Dhaliwal, D. S., Li, O. Z., Tsang, A., and 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. Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., and Yang, Y. G. (2012). Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure. The Accounting Review, 87(3), 723-759. Du, S., and Yu, K. (2021). Do Corporate Social Responsibility Reports Convey Value Relevant Information? Evidence from Report Readability and Tone. Journal of Business Ethics, 172, 253-274. Friske, W., Hoelscher, S. A., and Nikolov, A. N. (2023). The Impact of Voluntary Sustainability Reporting on Firm Value: Insights from Signaling Theory. Journal of the Academy of Marketing Science, 51, 372-392. Heckman, J. J. (1979). Sample Selection Bias as a Specification Error. Econometrica: Journal of The Econometric Society, 47(1), 153-161. Jadoon, I. A., Ali, A., Ayub, U., Tahir, M., and Mumtaz, R. (2021). The impact of sustainability reporting quality on the value relevance of corporate sustainability performance. Sustainable Development, 29(1), 155-175. Li, F. (2008). Annual report readability, current earnings, and earnings persistence. Journal of Accounting and Economics, 45(2-3), 221-247. Martínez-Ferrero, J., and García-Sánchez, I. M. (2017). Sustainability assurance and cost of capital: Does assurance impact on credibility of corporate social responsibility information?. Business Ethics: A European Review, 26(3), 223-239. Moroney, R., Windsor, C., and Aw, Y. T. (2012). Evidence of assurance enhancing the quality of voluntary environmental disclosures: an empirical analysis. Accounting & Finance, 52(3), 903-939. Muslu, V., Mutlu, S., Radhakrishnan, S., and Tsang, A. (2019). Corporate Social Responsibility Report Narratives and Analyst Forecast Accuracy. Journal of Business Ethics, 154, 1119-1142. Nazari, J. A., Hrazdil, K., and Mahmoudian, F. (2017). Assessing social and environmental performance through narrative complexity in CSR reports. Journal of Contemporary Accounting & Economics, 13(2), 166-178. Plumlee, M., Brown, D., Hayes, R. M., and Marshall, R. S. (2015). Voluntary environmental disclosure quality and firm value: Further evidence. Journal of Accounting and Public Policy, 34(4), 336-361. Pflugrath, G., Roebuck, P., and Simnett, R. (2011). Impact of Assurance and Assurer's Professional Affiliation on Financial Analysts' Assessment of Credibility of Corporate Social Responsibility Information. Auditing: A Journal of Practice & Theory, 30(3), 239-254. Simnett, R., Vanstraelen, A., and Chua, W. F. (2009). Assurance on Sustainability Reports: An International Comparison . The Accounting Review, 84(3), 937-967. Sung, Y. T., Chang, T. H., Lin, W. C., Hsieh, K. S., and Chang, K. E. (2016). CRIE: An automated analyzer for Chinese texts. Behavior Research Methods, 48, 1238-1251. Wang, Z., Hsieh, T. S., and Sarkis, J. (2018). CSR Performance and the Readability of CSR Reports: Too Good to be True?. Corporate Social Responsibility and Environmental Management, 25(1), 66-79. Zorio, A., García-Benau, M. A., and Sierra, L. (2013). Sustainability Development and the Quality of Assurance Reports: Empirical Evidence. Business Strategy and the Environment, 22(7), 484-500.
描述 碩士
國立政治大學
財務管理學系
111357036
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111357036
資料類型 thesis
dc.contributor.advisor 李志宏zh_TW
dc.contributor.advisor Li, Jhih-Hongen_US
dc.contributor.author (Authors) 林耿鋒zh_TW
dc.contributor.author (Authors) Lin, Keng-Fengen_US
dc.creator (作者) 林耿鋒zh_TW
dc.creator (作者) Lin, Keng-Fengen_US
dc.date (日期) 2024en_US
dc.date.accessioned 5-Aug-2024 13:44:49 (UTC+8)-
dc.date.available 5-Aug-2024 13:44:49 (UTC+8)-
dc.date.issued (上傳時間) 5-Aug-2024 13:44:49 (UTC+8)-
dc.identifier (Other Identifiers) G0111357036en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152734-
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) 111357036zh_TW
dc.description.abstract (摘要) 近年來，永續報告書已逐漸成為一門顯學，企業能透過其傳達自身在永續發展上的實踐與作為。隨著報告書如雨後春筍般發行，投資人與利害關係人也開始慢慢將焦點轉移到永續報告書的資訊揭露品質上，期望能辨別出不同品質的報告書，並研究其品質會如何影響到公司的績效，因此，本文旨在探討永續報告書的品質與企業市場績效間的關係。 本研究之樣本為2021年至2023年間台灣有發行永續報告書之上市櫃公司，以品質指數與可讀性分數來作為永續報告書品質的衡量指標，探討其與企業市場績效的關聯性。實證結果顯示永續報告書的認證與企業市場績效之間存在正向關係，此外，若企業選擇將永續報告書進行雙重認證，則能更進一步地提升其市場績效；在可讀性方面則是發現當企業永續報告書的可讀性愈差時，其市場績效愈佳，推測其背後原因，台灣企業永續報告書的可讀性愈低，可能意味著其使用了愈多永續相關的專業詞彙，旨在傳達自身在ESG方面實際的作為與貢獻，進而提升其在市場上的聲譽與價值。最後，本研究也發現，在台灣企業進行永續報告書認證時，不會因為選擇不同的認證單位(會計師事務所或其他第三方單位)，而對其市場績效產生顯著影響。zh_TW
dc.description.abstract (摘要) In recent years, sustainability reports have gradually become a significant focus, allowing companies to convey their practices and actions in sustainable development. As these reports spring up like mushrooms, investors and stakeholders have begun to shift their attention to the quality of information disclosure in sustainability reports. They hope to distinguish reports of varying quality and study how their quality impacts company performance. Therefore, this study aims to explore the relationship between the quality of sustainability reports and corporate market performance. The sample for this study consists of listed companies in Taiwan that issued sustainability reports from 2021 to 2023. The quality of sustainability reports is measured using a quality index and readability score, exploring their relationship with corporate market performance. The empirical results indicate a positive relationship between the certification of sustainability reports and corporate market performance. Furthermore, if a company opts for dual certification of its sustainability report, its market performance is further enhanced. In terms of readability, it is found that the poorer the readability of a company's sustainability report, the better its market performance. It is speculated that the lower readability of Taiwan's corporate sustainability reports may indicate the use of more specialized sustainability-related terminology, aiming to convey their actual actions and contributions in ESG, thereby enhancing their reputation and value in the market. Finally, this study also finds that the choice of different certification bodies (accounting firms or other third-party organizations) for sustainability report certification does not significantly impact the market performance of Taiwanese companies.en_US
dc.description.tableofcontents 第一章 緒論 1 第一節 研究動機與背景 1 第二節 研究目的 4 第二章 文獻探討及研究假說 6 第一節 永續報告書品質與企業價值 6 第二節 永續報告書認證與企業價值 7 第三節 可讀性與企業價值 8 第四節 獨立第三方驗證機構 9 第三章 研究方法 11 第一節 樣本與樣本期間 11 第二節 實證模型 13 第三節 變數衡量 15 第四章 實證結果 18 第一節 樣本敘述統計 18 第二節 相關係數與共線性檢測 21 第三節 迴歸結果 23 第四節 額外分析 26 第五章 結論與建議 38 第一節 研究結論 38 第二節 研究建議 38 參考文獻 40zh_TW
dc.format.extent 1708463 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111357036en_US
dc.subject (關鍵詞) 永續報告書zh_TW
dc.subject (關鍵詞) 可讀性zh_TW
dc.subject (關鍵詞) 第三方認證zh_TW
dc.subject (關鍵詞) Sustainability reporten_US
dc.subject (關鍵詞) Readabilityen_US
dc.subject (關鍵詞) Third-party certificationen_US
dc.title (題名) 永續報告書的品質對於企業市場績效之影響zh_TW
dc.title (題名) The impact of the quality of sustainability reports on corporate market performanceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 江佑國，2023，字裡行間顯實績：檢視CSR報告書可讀性與CSR績效之關聯，國立臺灣大學會計學系碩士論文。 吳幸蓁、陳漢鐘、戚務君，2017，誠信經營與企業社會責任報告書之揭露與確信，中華會計學刊，第12卷S期，頁423-470。 資誠聯合會計師事務所，2021，全球投資人ESG調查報告，檢自: https://www.pwc.tw/zh/publications/global-insights/esg-investor-survey.html 資誠聯合會計師事務所，2022，2022全球投資人調查報告，檢自: https://www.pwc.tw/zh/publications/global-insights/global-investor-survey-2022.html 甄友薇，2015，企業社會責任報告書揭露品質之決定因素及其與公司績效之關聯性，國立臺灣大學財務金融研究所碩士論文。 謝秉蓉、陳建志、王銀杏，2021，台灣企業社會責任報告書揭露品質與企業價值之關聯性探討，管理與系統，第28卷1期，頁61-87。 Adams, C. A., and Evans, R. (2004). Accountability, Completeness, Credibility and the Audit Expectations Gap. The Journal of Corporate Citizenship, 14, 97-115. Al-Shaer, H., and Zaman, M. (2016). Board Gender Diversity and Sustainability Reporting Quality. Journal of Contemporary Accounting & Economics, 12(3), 210-222. Bachoo, K., Tan, R., and Wilson, M. (2013). Firm Value and the Quality of Sustainability Reporting in Australia. Australian Accounting Review, 23(1), 67-87. Bakar, A. S. A., and Ameer, R. (2011). Readability of Corporate Social Responsibility communication in Malaysia. Corporate Social Responsibility and Environmental Management, 18(1), 50-60. Casey, R. J., and Grenier, J. H. (2015). Understanding and Contributing to the Enigma of Corporate Social Responsibility (CSR) Assurance in the United States. Auditing: A Journal of Practice & Theory, 34(1), 97-130. Dhaliwal, D. S., Li, O. Z., Tsang, A., and 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. Dhaliwal, D. S., Radhakrishnan, S., Tsang, A., and Yang, Y. G. (2012). Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure. The Accounting Review, 87(3), 723-759. Du, S., and Yu, K. (2021). Do Corporate Social Responsibility Reports Convey Value Relevant Information? Evidence from Report Readability and Tone. Journal of Business Ethics, 172, 253-274. Friske, W., Hoelscher, S. A., and Nikolov, A. N. (2023). The Impact of Voluntary Sustainability Reporting on Firm Value: Insights from Signaling Theory. Journal of the Academy of Marketing Science, 51, 372-392. Heckman, J. J. (1979). Sample Selection Bias as a Specification Error. Econometrica: Journal of The Econometric Society, 47(1), 153-161. Jadoon, I. A., Ali, A., Ayub, U., Tahir, M., and Mumtaz, R. (2021). The impact of sustainability reporting quality on the value relevance of corporate sustainability performance. Sustainable Development, 29(1), 155-175. Li, F. (2008). Annual report readability, current earnings, and earnings persistence. Journal of Accounting and Economics, 45(2-3), 221-247. Martínez-Ferrero, J., and García-Sánchez, I. M. (2017). Sustainability assurance and cost of capital: Does assurance impact on credibility of corporate social responsibility information?. Business Ethics: A European Review, 26(3), 223-239. Moroney, R., Windsor, C., and Aw, Y. T. (2012). Evidence of assurance enhancing the quality of voluntary environmental disclosures: an empirical analysis. Accounting & Finance, 52(3), 903-939. Muslu, V., Mutlu, S., Radhakrishnan, S., and Tsang, A. (2019). Corporate Social Responsibility Report Narratives and Analyst Forecast Accuracy. Journal of Business Ethics, 154, 1119-1142. Nazari, J. A., Hrazdil, K., and Mahmoudian, F. (2017). Assessing social and environmental performance through narrative complexity in CSR reports. Journal of Contemporary Accounting & Economics, 13(2), 166-178. Plumlee, M., Brown, D., Hayes, R. M., and Marshall, R. S. (2015). Voluntary environmental disclosure quality and firm value: Further evidence. Journal of Accounting and Public Policy, 34(4), 336-361. Pflugrath, G., Roebuck, P., and Simnett, R. (2011). Impact of Assurance and Assurer's Professional Affiliation on Financial Analysts' Assessment of Credibility of Corporate Social Responsibility Information. Auditing: A Journal of Practice & Theory, 30(3), 239-254. Simnett, R., Vanstraelen, A., and Chua, W. F. (2009). Assurance on Sustainability Reports: An International Comparison . The Accounting Review, 84(3), 937-967. Sung, Y. T., Chang, T. H., Lin, W. C., Hsieh, K. S., and Chang, K. E. (2016). CRIE: An automated analyzer for Chinese texts. Behavior Research Methods, 48, 1238-1251. Wang, Z., Hsieh, T. S., and Sarkis, J. (2018). CSR Performance and the Readability of CSR Reports: Too Good to be True?. Corporate Social Responsibility and Environmental Management, 25(1), 66-79. Zorio, A., García-Benau, M. A., and Sierra, L. (2013). Sustainability Development and the Quality of Assurance Reports: Empirical Evidence. Business Strategy and the Environment, 22(7), 484-500.zh_TW