1. NCCU Academic Hub
  2. Publications
  3. College of Global Banking and Finance
  4. Theses
  5. Item

Publications-Theses

Article View/Open

Publication Export

Google ScholarTM

NCCU Library

Citation Infomation

Related Publications in TAIR

題名 新興市場中ESG新聞對股價的影響：基於AI的分析
The Impact of ESG News on Stock Prices in Emerging Markets: An AI-Based Analysis
作者 勞士杰
Lao, Shih-Chieh
貢獻者 江彌修<br>呂桔誠
Chiang, Mi-Hsiu<br>Lyu, Jye-Cherng
勞士杰
Lao, Shih-Chieh
關鍵詞 人工智慧
資料探勘
新興市場
ESG
新聞
股價
情緒分析
Artificial intelligence
Data mining
Emerging market
ESG
News
Stock price
Sentiment analysis
日期 2024
上傳時間 5-Aug-2024 14:18:00 (UTC+8)
摘要 我使用資料探勘和生成式人工智慧來擷取和分析非結構化的公司 ESG 新聞，創建了一個資料集。其中，資料集包含 2005 年至 2023 年期間一新興市場國家市值排名前 50 名公司的 6,962 個公司對照日期的觀察結果。我再使用該資料集來研究股票價格對此新興市場中不同類型的 ESG 新聞的反應。我證實在新興市場中，正面新聞有正面的股價反應，負面新聞有負面的股價反應，而當事件引起更大的關注時，正面的新聞會產生負面的股價反應。股價反應對吸引更多關注並與商業模式和創新等議題相關的正面事件更為強烈。此外，我也證實對於同一產業沒有直接財務影響的正面新聞，負面股價反應最為強烈。人工智慧協助我得出的結論是，欲透過實踐 ESG 行動立即提高新興市場公司價值，它們必須增加現金流或降低風險。若情況並非如此，實踐 ESG 行動可能會在短期間內導致公司價值降低。
Using data mining and generative AI to capture and analyze unstructured firm-level ESG news, I create a dataset comprising 6,962 firm-day observations for the top 50 companies by market capitalization in an emerging market over the period 2005–2023. I then use the dataset to examine how stock prices react to different types of ESG news in an emerging market. I demonstrate that in emerging markets, there are positive price reactions to positive news and negative price reactions to negative news, and that positive news are met with negative price reactions when the event attracts greater awareness. The price reactions are stronger to positive events that attracts greater awareness and is related to issues such as business model and innovation. Furthermore, I show that the negative price reactions are the strongest for positive news without an immediate financial impact related to the same industry. With the assistance of AI, I conclude that for ESG initiatives to immediately enhance company value in emerging markets, they must lead to either increased cash flows or reduced risk. If that is not the case, ESG initiatives can lead to lower value for firms in the short term.
參考文獻 Araci, D. (2019). Finbert: Financial sentiment analysis with pre-trained language models. arXiv preprint arXiv:1908.10063. Ballinari, D., Audrino, F., & Sigrist, F. (2022). When does attention matter? The effect of investor attention on stock market volatility around news releases. International Review of Financial Analysis, 82, 102185. Beckmann, D., Menkhoff, L., & Suto, M. (2008). Does culture influence asset managers’ views and behavior? Journal of Economic Behavior & Organization, 67(3–4), 624–643. Berg, F., Kölbel, J. F., & Rigobón, R. (2022). Aggregate confusion: the divergence of ESG ratings. Review of Finance, 26(6), 1315–1344. Broadstock, D. C., Chan, K., Cheng, L. T. W., & Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance Research Letters, 38, 101716. Bronzini, M., Nicolini, C., Lepri, B., Passerini, A., & Staiano, J. (2023). Glitter or Gold? Deriving Structured Insights from Sustainability Reports via Large Language Models. arXiv (Cornell University). Brown, T. B., Mann, B., Ryder, N., Subbiah, M., Kaplan, J., Dhariwal, P., Neelakantan, A., Shyam, P., Sastry, G., Askell, A., Agarwal, S., Herbert-Voss, A., Krueger, G., Henighan, T., Child, R., Ramesh, A., Ziegler, D. M., Wu, J., Winter, C., . . . Amodei, D. (2020). Language Models are Few-Shot Learners. Neural Information Processing Systems, 33, 1877–1901. Capelle-Blancard, G., & Petit, A. (2017). Every little helps? ESG news and stock market reaction. Journal of Business Ethics, 157(2), 543–565. Chatterji, A., Durand, R., Levine, D. I., & Touboul, S. (2015). Do ratings of firms converge? Implications for managers, investors and strategy researchers. Strategic Management Journal, 37(8), 1597–1614. Chen, H., & Yang, S. S. (2020). Do Investors exaggerate corporate ESG information? Evidence of the ESG momentum effect in the Taiwanese market. Pacific-basin Finance Journal, 63, 101407. Cheng, I., Hong, H., & Shue, K. (2012). Do Managers Do Good with Other Peoples’ Money? Social Science Research Network. Cohen, J. P., Holder‐Webb, L., Nath, L., & Wood, D. А. (2011). Retail Investors’ Perceptions of the Decision-Usefulness of Economic Performance, Governance, and Corporate Social Responsibility Disclosures. Behavioral Research in Accounting, 23(1), 109–129. Cornell, B., & Damodaran, A. (2020). Valuing ESG: doing good or sounding good? Social Science Research Network. De Vincentiis, P. (2022). Do international investors care about ESG news? Qualitative Research in Financial Markets, 15(4), 572–588. Dimson, E., Karakaş, O., & Li, X. (2015). Active ownership. The Review of Financial Studies, 28(12), 3225–3268. Fatouros, G., Soldatos, J., Kouroumali, K., Makridis, G., & Kyriazis, D. (2023). Transforming sentiment analysis in the financial domain with ChatGPT. Machine Learning With Applications, 14, 100508. Flammer, C. (2013). Corporate social responsibility and shareholder reaction: the environmental awareness of investors. Academy of Management Journal, 56(3), 758–781. Friedman, M. (2007). The social responsibility of business is to increase its profits. In Corporate ethics and corporate governance (pp. 173-178). Berlin, Heidelberg: springer berlin heidelberg. Grewal, J., Riedl, E. J., & Serafeim, G. (2019). Market reaction to mandatory nonfinancial disclosure. Management Science, 65(7), 3061–3084. Harford, J., Mansi, S. A., & Maxwell, W. F. (2008). Corporate governance and firm cash holdings. In The US. Journal of Financial Economics, 87(3), 535–555. Huang, R. D., & Shiu, C. Y. (2009). Local Effects of Foreign Ownership in an Emerging Financial Market: Evidence from Qualified Foreign Institutional Investors in Taiwan. Financial Management, 38(3), 567–602. Hughes, A. M., Urban, M., & Wójcik, D. (2021). Alternative ESG Ratings: How Technological Innovation is reshaping Sustainable investment. Sustainability, 13(6), 3551. Hwang, J., Kim, H., & Jung, D. (2021). The Effect of ESG Activities on Financial Performance during the COVID-19 Pandemic—Evidence from Korea. Sustainability, 13(20), 11362. Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323–329. Jensen, M. C. (2002). Value maximization, stakeholder theory, and the corporate objective function. Business Ethics Quarterly, 12(2), 235–256. Jiang, F., & Kim, K. (2020). Corporate governance in China: a survey. Social Science Research Network. Jones, G. H., Jones, B. H., & Little, P. (2000). Reputation as reservoir: buffering against loss in times of economic crisis. Corporate Reputation Review, 3(1), 21–29. Kaminsky, G. L., Reinhart, C. M., & Végh, C. A. (2004). When it rains, it pours: Procyclical capital flows and macroeconomic policies. NBER Macroeconomics Annual, 19, 11–53. Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate Sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697–1724. Kim, R., & Bonha, K. (2023). The impact of ESG rating disagreement on corporate value. Seonmul Yeon’gu/Seonmul Yeongu, 31(3), 219–241. Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304–329. Li, Q., Watts, E. M., & Zhu, C. (2023). Retail investors and ESG news. Social Science Research Network. Melinda, A., & Wardhani, R. (2020). The Effect of Environmental, Social, Governance, and Controversies on Firms’ Value: Evidence from Asia. In International symposia in economic theory and econometrics (pp. 147–173). Meriç, İ., Ding, J., & Meriç, G. (2016). Global Portfolio Diversification with Emerging Stock Markets. Emerging Markets Journal/Emerging Markets Journal, 6(1), 59–62. Naeem, N., Cankaya, S., & Bildik, R. (2022). Does ESG performance affect the financial performance of environmentally sensitive industries? A comparison between emerging and developed markets. Borsa Istanbul Review, 22, S128–S140. Noreen, U., Shafique, A., Ahmed, Z., & Ashfaq, M. (2023). Banking 4.0: Artificial Intelligence (AI) in Banking Industry & Consumer’s Perspective. Sustainability, 15(4), 3682. Nyakurukwa, K., & Seetharam, Y. (2023). Investor reaction to ESG news sentiment: evidence from South Africa. EconomiA, 24(1), 68–85. Odell, J., & Ali, U. (2016). ESG investing in emerging and frontier markets. Journal of Applied Corporate Finance, 28(2), 96-10. O’Shaughnessy, M., Schiff, D., Varshney, L. R., Rozell, C. J., & Davenport, M. A. (2022). What governs attitudes toward artificial intelligence adoption and governance? Science and Public Policy/Science & Public Policy, 50(2), 161–176. Pham, H. N., & Nguyen, M. C. (2022). Minority investor protection mechanisms and agency costs: An empirical study using a World Bank–developed approach. Accounting, 8(2), 235–248. Piccioni, C. A., Bastos, S. B., & Cajueiro, D. O. (2024). Stock Price Reaction to Environmental, Social, and Governance News: Evidence from Brazil and Financial Materiality. Sustainability, 16(7), 2839. Serafeim, G., & Yoon, A. (2022). Which corporate ESG news does the market react to? Financial Analysts Journal, 78(1), 59–78. Sherwood, M. W., & Pollard, J. (2017). The risk-adjusted return potential of integrating ESG strategies into emerging market equities. Journal of Sustainable Finance & Investment, 8(1), 26–44. Shu, P., & Chiang, S. (2020). The impact of corporate governance on corporate social performance: Cases from listed firms in Taiwan. Pacific-basin Finance Journal, 61, 101332. Van Der Laan Smith, J., Adhikari, A., Tondkar, R. H., & Andrews, R. L. (2010). The impact of corporate social disclosure on investment behavior: A cross-national study. Journal of Accounting and Public Policy, 29(2), 177–192. Werther, W. B., & Chandler, D. (2005). Strategic corporate social responsibility as global brand insurance. Business Horizons, 48(4), 317–324. Wolf, T., Debut, L., Sanh, V., Chaumond, J., Delangue, C., Moi, A., ... & Rush, A. M. (2020, October). Transformers: State-of-the-art natural language processing. In Proceedings of the 2020 conference on empirical methods in natural language processing: system demonstrations (pp. 38-45). Zeschky, M., Widenmayer, B., & Gassmann, O. (2011). Frugal innovation in emerging markets. Research Technology Management, 54(4), 38–45.
描述 碩士
國立政治大學
國際金融碩士學位學程
111ZB1002
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111ZB1002
資料類型 thesis
dc.contributor.advisor 江彌修<br>呂桔誠zh_TW
dc.contributor.advisor Chiang, Mi-Hsiu<br>Lyu, Jye-Cherngen_US
dc.contributor.author (Authors) 勞士杰zh_TW
dc.contributor.author (Authors) Lao, Shih-Chiehen_US
dc.creator (作者) 勞士杰zh_TW
dc.creator (作者) Lao, Shih-Chiehen_US
dc.date (日期) 2024en_US
dc.date.accessioned 5-Aug-2024 14:18:00 (UTC+8)-
dc.date.available 5-Aug-2024 14:18:00 (UTC+8)-
dc.date.issued (上傳時間) 5-Aug-2024 14:18:00 (UTC+8)-
dc.identifier (Other Identifiers) G0111ZB1002en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152836-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際金融碩士學位學程zh_TW
dc.description (描述) 111ZB1002zh_TW
dc.description.abstract (摘要) 我使用資料探勘和生成式人工智慧來擷取和分析非結構化的公司 ESG 新聞，創建了一個資料集。其中，資料集包含 2005 年至 2023 年期間一新興市場國家市值排名前 50 名公司的 6,962 個公司對照日期的觀察結果。我再使用該資料集來研究股票價格對此新興市場中不同類型的 ESG 新聞的反應。我證實在新興市場中，正面新聞有正面的股價反應，負面新聞有負面的股價反應，而當事件引起更大的關注時，正面的新聞會產生負面的股價反應。股價反應對吸引更多關注並與商業模式和創新等議題相關的正面事件更為強烈。此外，我也證實對於同一產業沒有直接財務影響的正面新聞，負面股價反應最為強烈。人工智慧協助我得出的結論是，欲透過實踐 ESG 行動立即提高新興市場公司價值，它們必須增加現金流或降低風險。若情況並非如此，實踐 ESG 行動可能會在短期間內導致公司價值降低。zh_TW
dc.description.abstract (摘要) Using data mining and generative AI to capture and analyze unstructured firm-level ESG news, I create a dataset comprising 6,962 firm-day observations for the top 50 companies by market capitalization in an emerging market over the period 2005–2023. I then use the dataset to examine how stock prices react to different types of ESG news in an emerging market. I demonstrate that in emerging markets, there are positive price reactions to positive news and negative price reactions to negative news, and that positive news are met with negative price reactions when the event attracts greater awareness. The price reactions are stronger to positive events that attracts greater awareness and is related to issues such as business model and innovation. Furthermore, I show that the negative price reactions are the strongest for positive news without an immediate financial impact related to the same industry. With the assistance of AI, I conclude that for ESG initiatives to immediately enhance company value in emerging markets, they must lead to either increased cash flows or reduced risk. If that is not the case, ESG initiatives can lead to lower value for firms in the short term.en_US
dc.description.tableofcontents Acknowledgements i Abstract ii Table of Contents iii List of Tables v 1 Introduction 1 1.1 Overview 1 1.2 Emerging Financial Market Environment 6 1.3 AI in Emerging Markets 8 2 Literature Review 10 3 Methodology 13 3.1 Data Collection 13 3.2 Sentiment and ESG Analysis 14 3.3 Other Data 16 3.4 Summary Statistics 17 3.5 Event-study with Regression Model and Panel Data 24 4 Empirical Results 25 4.1 Price Reactions to ESG News 25 4.2 Price Reactions to ESG News by Financial Materiality 27 4.3 Price Reactions to ESG News by ESG Theme 30 5 Discussion 33 6 Limitations 34 7 Conclusion 35 8 References 37zh_TW
dc.format.extent 987012 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111ZB1002en_US
dc.subject (關鍵詞) 人工智慧zh_TW
dc.subject (關鍵詞) 資料探勘zh_TW
dc.subject (關鍵詞) 新興市場zh_TW
dc.subject (關鍵詞) ESGzh_TW
dc.subject (關鍵詞) 新聞zh_TW
dc.subject (關鍵詞) 股價zh_TW
dc.subject (關鍵詞) 情緒分析zh_TW
dc.subject (關鍵詞) Artificial intelligenceen_US
dc.subject (關鍵詞) Data miningen_US
dc.subject (關鍵詞) Emerging marketen_US
dc.subject (關鍵詞) ESGen_US
dc.subject (關鍵詞) Newsen_US
dc.subject (關鍵詞) Stock priceen_US
dc.subject (關鍵詞) Sentiment analysisen_US
dc.title (題名) 新興市場中ESG新聞對股價的影響：基於AI的分析zh_TW
dc.title (題名) The Impact of ESG News on Stock Prices in Emerging Markets: An AI-Based Analysisen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Araci, D. (2019). Finbert: Financial sentiment analysis with pre-trained language models. arXiv preprint arXiv:1908.10063. Ballinari, D., Audrino, F., & Sigrist, F. (2022). When does attention matter? The effect of investor attention on stock market volatility around news releases. International Review of Financial Analysis, 82, 102185. Beckmann, D., Menkhoff, L., & Suto, M. (2008). Does culture influence asset managers’ views and behavior? Journal of Economic Behavior & Organization, 67(3–4), 624–643. Berg, F., Kölbel, J. F., & Rigobón, R. (2022). Aggregate confusion: the divergence of ESG ratings. Review of Finance, 26(6), 1315–1344. Broadstock, D. C., Chan, K., Cheng, L. T. W., & Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance Research Letters, 38, 101716. Bronzini, M., Nicolini, C., Lepri, B., Passerini, A., & Staiano, J. (2023). Glitter or Gold? Deriving Structured Insights from Sustainability Reports via Large Language Models. arXiv (Cornell University). Brown, T. B., Mann, B., Ryder, N., Subbiah, M., Kaplan, J., Dhariwal, P., Neelakantan, A., Shyam, P., Sastry, G., Askell, A., Agarwal, S., Herbert-Voss, A., Krueger, G., Henighan, T., Child, R., Ramesh, A., Ziegler, D. M., Wu, J., Winter, C., . . . Amodei, D. (2020). Language Models are Few-Shot Learners. Neural Information Processing Systems, 33, 1877–1901. Capelle-Blancard, G., & Petit, A. (2017). Every little helps? ESG news and stock market reaction. Journal of Business Ethics, 157(2), 543–565. Chatterji, A., Durand, R., Levine, D. I., & Touboul, S. (2015). Do ratings of firms converge? Implications for managers, investors and strategy researchers. Strategic Management Journal, 37(8), 1597–1614. Chen, H., & Yang, S. S. (2020). Do Investors exaggerate corporate ESG information? Evidence of the ESG momentum effect in the Taiwanese market. Pacific-basin Finance Journal, 63, 101407. Cheng, I., Hong, H., & Shue, K. (2012). Do Managers Do Good with Other Peoples’ Money? Social Science Research Network. Cohen, J. P., Holder‐Webb, L., Nath, L., & Wood, D. А. (2011). Retail Investors’ Perceptions of the Decision-Usefulness of Economic Performance, Governance, and Corporate Social Responsibility Disclosures. Behavioral Research in Accounting, 23(1), 109–129. Cornell, B., & Damodaran, A. (2020). Valuing ESG: doing good or sounding good? Social Science Research Network. De Vincentiis, P. (2022). Do international investors care about ESG news? Qualitative Research in Financial Markets, 15(4), 572–588. Dimson, E., Karakaş, O., & Li, X. (2015). Active ownership. The Review of Financial Studies, 28(12), 3225–3268. Fatouros, G., Soldatos, J., Kouroumali, K., Makridis, G., & Kyriazis, D. (2023). Transforming sentiment analysis in the financial domain with ChatGPT. Machine Learning With Applications, 14, 100508. Flammer, C. (2013). Corporate social responsibility and shareholder reaction: the environmental awareness of investors. Academy of Management Journal, 56(3), 758–781. Friedman, M. (2007). The social responsibility of business is to increase its profits. In Corporate ethics and corporate governance (pp. 173-178). Berlin, Heidelberg: springer berlin heidelberg. Grewal, J., Riedl, E. J., & Serafeim, G. (2019). Market reaction to mandatory nonfinancial disclosure. Management Science, 65(7), 3061–3084. Harford, J., Mansi, S. A., & Maxwell, W. F. (2008). Corporate governance and firm cash holdings. In The US. Journal of Financial Economics, 87(3), 535–555. Huang, R. D., & Shiu, C. Y. (2009). Local Effects of Foreign Ownership in an Emerging Financial Market: Evidence from Qualified Foreign Institutional Investors in Taiwan. Financial Management, 38(3), 567–602. Hughes, A. M., Urban, M., & Wójcik, D. (2021). Alternative ESG Ratings: How Technological Innovation is reshaping Sustainable investment. Sustainability, 13(6), 3551. Hwang, J., Kim, H., & Jung, D. (2021). The Effect of ESG Activities on Financial Performance during the COVID-19 Pandemic—Evidence from Korea. Sustainability, 13(20), 11362. Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323–329. Jensen, M. C. (2002). Value maximization, stakeholder theory, and the corporate objective function. Business Ethics Quarterly, 12(2), 235–256. Jiang, F., & Kim, K. (2020). Corporate governance in China: a survey. Social Science Research Network. Jones, G. H., Jones, B. H., & Little, P. (2000). Reputation as reservoir: buffering against loss in times of economic crisis. Corporate Reputation Review, 3(1), 21–29. Kaminsky, G. L., Reinhart, C. M., & Végh, C. A. (2004). When it rains, it pours: Procyclical capital flows and macroeconomic policies. NBER Macroeconomics Annual, 19, 11–53. Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate Sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697–1724. Kim, R., & Bonha, K. (2023). The impact of ESG rating disagreement on corporate value. Seonmul Yeon’gu/Seonmul Yeongu, 31(3), 219–241. Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304–329. Li, Q., Watts, E. M., & Zhu, C. (2023). Retail investors and ESG news. Social Science Research Network. Melinda, A., & Wardhani, R. (2020). The Effect of Environmental, Social, Governance, and Controversies on Firms’ Value: Evidence from Asia. In International symposia in economic theory and econometrics (pp. 147–173). Meriç, İ., Ding, J., & Meriç, G. (2016). Global Portfolio Diversification with Emerging Stock Markets. Emerging Markets Journal/Emerging Markets Journal, 6(1), 59–62. Naeem, N., Cankaya, S., & Bildik, R. (2022). Does ESG performance affect the financial performance of environmentally sensitive industries? A comparison between emerging and developed markets. Borsa Istanbul Review, 22, S128–S140. Noreen, U., Shafique, A., Ahmed, Z., & Ashfaq, M. (2023). Banking 4.0: Artificial Intelligence (AI) in Banking Industry & Consumer’s Perspective. Sustainability, 15(4), 3682. Nyakurukwa, K., & Seetharam, Y. (2023). Investor reaction to ESG news sentiment: evidence from South Africa. EconomiA, 24(1), 68–85. Odell, J., & Ali, U. (2016). ESG investing in emerging and frontier markets. Journal of Applied Corporate Finance, 28(2), 96-10. O’Shaughnessy, M., Schiff, D., Varshney, L. R., Rozell, C. J., & Davenport, M. A. (2022). What governs attitudes toward artificial intelligence adoption and governance? Science and Public Policy/Science & Public Policy, 50(2), 161–176. Pham, H. N., & Nguyen, M. C. (2022). Minority investor protection mechanisms and agency costs: An empirical study using a World Bank–developed approach. Accounting, 8(2), 235–248. Piccioni, C. A., Bastos, S. B., & Cajueiro, D. O. (2024). Stock Price Reaction to Environmental, Social, and Governance News: Evidence from Brazil and Financial Materiality. Sustainability, 16(7), 2839. Serafeim, G., & Yoon, A. (2022). Which corporate ESG news does the market react to? Financial Analysts Journal, 78(1), 59–78. Sherwood, M. W., & Pollard, J. (2017). The risk-adjusted return potential of integrating ESG strategies into emerging market equities. Journal of Sustainable Finance & Investment, 8(1), 26–44. Shu, P., & Chiang, S. (2020). The impact of corporate governance on corporate social performance: Cases from listed firms in Taiwan. Pacific-basin Finance Journal, 61, 101332. Van Der Laan Smith, J., Adhikari, A., Tondkar, R. H., & Andrews, R. L. (2010). The impact of corporate social disclosure on investment behavior: A cross-national study. Journal of Accounting and Public Policy, 29(2), 177–192. Werther, W. B., & Chandler, D. (2005). Strategic corporate social responsibility as global brand insurance. Business Horizons, 48(4), 317–324. Wolf, T., Debut, L., Sanh, V., Chaumond, J., Delangue, C., Moi, A., ... & Rush, A. M. (2020, October). Transformers: State-of-the-art natural language processing. In Proceedings of the 2020 conference on empirical methods in natural language processing: system demonstrations (pp. 38-45). Zeschky, M., Widenmayer, B., & Gassmann, O. (2011). Frugal innovation in emerging markets. Research Technology Management, 54(4), 38–45.zh_TW