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題名 股利支付率及ESG評分之交互作用對於公司財務績效影響之實證分析
An Empirical Analysis of the Interaction Effect between Dividend Payout Ratio and ESG Scores on Corporate Financial Performance作者 林毓淇
Lin, Yu-Qi貢獻者 吳文傑
林毓淇
Lin, Yu-Qi關鍵詞 ESG評分
股利支付率
Tobin’s Q
超額報酬
ESG score
Dividend payout ratio
Tobin’s Q
Excess returns日期 2024 上傳時間 5-八月-2024 14:46:10 (UTC+8) 摘要 本研究使用台灣經濟新報文化事業股份有限公司TEJ之台灣上市櫃公司，於西元2016年至2023年的縱橫資料進行研究，探討公司於股利支付與ESG發展之間之交互作用對於公司財務績效的影響。 股利發放及ESG投資這兩件事，反映了公司於短期股東回報、長期發展之間之權衡，存在部分替代關係；然而從長期角度來看，良好的ESG發展可能提高公司長期盈利能力，進而提高公司未來股利支付，亦可能是相輔相成的關係。而兩者對於投資者而言，都是信號傳遞的管道。 實證結果顯示，ESG評分與股利支付率之間確實存在交互作用，且對公司財務績效有顯著正向影響。最小平方法模型、控制產業、同時控制產業及時間之最小平方法模型和隨機效果模型，結果皆顯示ESG評分股利支付率交乘項對於Tobin’s Q及超額報酬皆有正向顯著影響。證實ESG評分與股利支付率之間存在交互作用，即高股利支付率之公司投入ESG轉型時，相較於低股利支付率之公司而言，可以顯著提升公司財務績效，削弱因ESG轉型帶來之成本對財務績效所產生的負面影響，並且隨著ESG評分的提升，對於公司財務績效之負面影響趨緩，證實ESG評分對於公司財務績效有非線性影響；同時，股利支付率對於公司財務績效的負面影響，也將隨著公司投入ESG發展的提升而趨緩，當ESG評分提升至一定程度時，高股利支付率對於公司財務績效的負向影響將轉為正向。因此雖然從資源、資金角度而言，公司於投入ESG轉型及發放股利兩者之間，存在一定程度的替代關係，但實證結果說明若於兩者間取得適當平衡，將有助於提升公司財務績效。 本文亦發現負債比率對於超額報酬有顯著正向影響，與過去實證結果不同，推論債權融資相對股權融資有更高的收益，因此負債比率對於超額報酬呈現正向顯著之影響。而Beta值與總資產週轉次數對於Tobin’s Q與超額報酬皆有顯著正向影響，顯示高風險與高報酬相關，而公司整體資產使用效能越高，財務績效越好。
This study uses panel data of Taiwan-listed companies from 2016 to 2023 obtained from Taiwan Economic Journal Cultural & Educational Co., Ltd. (TEJ) to analyze the interaction between dividend payout ratio and ESG score on firm financial performance. Dividend distribution and ESG investment reflect a company's trade-off between short-term shareholder returns and long-term development, exhibiting a partial substitution relationship. However, from a long-term perspective, strong ESG development may enhance a company's long-term profitability, potentially increasing future dividend payouts, suggesting a complementary relationship. Both factors serve as signaling mechanisms for investors. The empirical results demonstrate a significant positive interaction between ESG scores and dividend payout rates, exerting a significant positive impact on corporate financial performance. The ordinary least squares (OLS) model, industry-controlled OLS model, industry and time-controlled OLS model, and random effects model all show that the interaction term of ESG scores and dividend payout rates has a significant positive effect on both Tobin's Q and excess returns. These findings confirm the existence of an interaction between ESG scores and dividend payout rates, indicating that high-dividend companies can significantly enhance their financial performance by engaging in ESG transition compared to low-dividend companies, mitigating the negative impact of ESG transition costs on financial performance. Moreover, as the ESG score improves, the negative impact on financial performance diminishes, demonstrating a non-linear effect of ESG scores on financial performance. Simultaneously, the negative effect of dividend payout rates on corporate financial performance will also diminish as the company's ESG development progresses, and once the ESG score reaches a certain level, the impact of high dividend payout rates on financial performance will shift from negative to positive. Although there exists a trade-off relationship between investing in ESG transition and dividend payout from a resource and capital allocation perspective, the empirical results suggest that achieving an appropriate balance between the two will contribute to improved financial performance. Furthermore, the empirical results show that the debt ratio has a significant positive effect on excess returns, contrary to previous empirical findings, suggesting that debt financing yields higher returns relative to equity financing, thus contributing to the significant positive impact of the debt ratio on excess returns. Furthermore, beta values and total asset turnover ratios exhibit significant positive effects on both Tobin's Q and excess returns, indicating a correlation between higher risk and higher returns, and that the higher the overall asset utilization efficiency of a company, the better its financial performance.參考文獻 Agarwala, N., et al. (2024). "ESG disclosures and corporate performance: A non-linear and disaggregated approach." Journal of Cleaner Production 437: 140517. Alfalih, A. A. (2023). "ESG disclosure practices and financial performance: a general and sector analysis of SP-500 non-financial companies and the moderating effect of economic conditions." Journal of Sustainable Finance & Investment 13(4): 1506-1533. Arnott, R. D. and C. S. Asness (2003). "Surprise! Higher dividends= higher earnings growth." Financial Analysts Journal 59(1): 70-87. Basse, T. and S. Reddemann (2011). "Inflation and the dividend policy of US firms." Managerial Finance 37(1): 34-46. Benlemlih, M. (2014). "Why do socially responsible firms pay more dividends." Second Geneva summit on sustainable finance. Benlemlih, M. (2019). "Corporate social responsibility and dividend policy." Research in International Business and Finance 47: 114-138. Bissoondoyal-Bheenick, E., et al. (2023). "ESG and firm performance: The role of size and media channels." Economic Modelling 121: 106203. Boďa, M. and R. Jeřábek (2024). "Corporate value, price and dividend policy: A case study of US listed firms." Managerial and Decision Economics 45(2): 664-684. Bollen, N. P. (2007). "Mutual fund attributes and investor behavior." Journal of financial and quantitative analysis 42(3): 683-708. Bunnun, W. and N. Chancharat (2022). "The Path Analysis of Ownership Structure and Dividend Payout Ratio on Firm Performance of Listed Companies in the Stock Exchange of Thailand." Journal of Business, Innovation and Sustainability (JBIS) 17(2). Cajias, M., et al. (2014). "Do responsible real estate companies outperform their peers?" International Journal of Strategic Property Management 18(1): 11-27. Chan, K. C. and N. F. Chen (1991). "Structural and return characteristics of small and large firms." The Journal of finance 46(4): 1467-1484. Chen, H.-Y. and S. S. Yang (2020). "Do investors exaggerate corporate ESG information? Evidence of the ESG momentum effect in the Taiwanese market." Pacific-Basin Finance Journal 63: 101407. Dincer, B., et al. (2023). "Nexus between Sustainability Reporting and Firm Performance: Considering Industry Groups, Accounting, and Market Measures." Sustainability 15(7): 5849. Falck, O. and S. Heblich (2007). "Corporate social responsibility: Doing well by doing good." Business horizons 50(3): 247-254. Gutiérrez-Ponce, H. and S. A. Wibowo (2023). "Do sustainability activities affect the financial performance of banks? The case of Indonesian Banks." Sustainability 15(8): 6892. Hall, M. and L. Weiss (1967). "Firm size and profitability." The Review of Economics and Statistics: 319-331. Huang, M.-J., et al. (2021). "Establishing a dynamic capital structure model for company sustainability performance using data mining techniques." Sustainability 13(11): 6026. Jarjir, S. L., et al. (2022). "Corporate social responsibility as a common risk factor." Global Finance Journal 52: 100577. Lindenberg, E. B. and S. A. Ross (1981). "Tobin's q ratio and industrial organization." Journal of business: 1-32. Meckling, W. H. and M. C. Jensen (1976). "Theory of the Firm." Managerial Behavior, Agency Costs and Ownership Structure. Miller, M. H. and K. Rock (1985). "Dividend policy under asymmetric information." The Journal of finance 40(4): 1031-1051. Minutolo, M. C., et al. (2019). "Exploring environmental, social, and governance disclosure effects on the S&P 500 financial performance." Business Strategy and the Environment 28(6): 1083-1095. Pettit, R. R. (1972). "Dividend announcements, security performance, and capital market efficiency." The Journal of finance 27(5): 993-1007. Preston, L. E. and D. P. O'bannon (1997). "The corporate social-financial performance relationship: A typology and analysis." Business & Society 36(4): 419-429. Pu, G. (2023). "A non-linear assessment of ESG and firm performance relationship: evidence from China." Economic research-Ekonomska istraživanja 36(1). Rajverma, A. K., et al. (2019). "Impact of ownership structure and dividend on firm performance and firm risk." Managerial Finance 45(8): 1041-1061. Rozeff, M. S. (1982). "Growth, beta and agency costs as determinants of dividend payout ratios." Journal of financial Research 5(3): 249-259. Sadeghian, N. S., et al. (2012). "Debt policy and corporate performance: empirical evidence from Tehran Stock Exchange companies." International Journal of Economics and Finance 4(11): 217-224. Sahut, J.-M. and H. Pasquini-Descomps (2015). "ESG impact on market performance of firms: International evidence." Management international 19(2): 40-63. Sariyer, G. and D. Taşkın (2022). "Clustering of firms based on environmental, social, and governance ratings: Evidence from BIST sustainability index." Borsa Istanbul Review 22: S180-S188. Sauer, D. A. (1997). "The impact of social-responsibility screens on investment performance: Evidence from the Domini 400 Social Index and Domini Equity Mutual Fund." Review of Financial Economics 6(2): 137-149. Siddiqui, O., et al. (2024). "Non-linearity between ESG and Firm Value, Risk, and Performance: A Comparison of Developing and Developed Markets." Journal of Innovative Research in Management Sciences 5(1): 1-20. Simorangkir, R. (2019). "The Effect of Working Capital Turnover, Total Asset Turnover, Debt to Equity Ratio, Audit Committee, and Board of Directors on Tobins Q." Saudi Journal of Business and Management Studies 4(7): 619-628. Statman, M. and D. Glushkov (2009). "The wages of social responsibility." Financial Analysts Journal 65(4): 33-46. Swastika, D. L. T. (2013). "Corporate governance, firm size, and earning management: Evidence in Indonesia stock exchange." IOSR Journal of Business and Management 10(4): 77-82. Tamayo-Torres, I., et al. (2019). "Boosting sustainability and financial performance: the role of supply chain controversies." International Journal of Production Research 57(11): 3719-3734. Tiwari, R. and B. Kumar (2015). "Drivers of firm's value: Panel data evidence from Indian manufacturing industry." Asian Journal of Finance & Accounting 7(2). Tobin, J. (1969). "A general equilibrium approach to monetary theory." Journal of money, credit and banking 1(1): 15-29. Zahid, R. A., Taran, A., Khan, M. K., & Chersan, I. C. (2023). ESG, dividend payout policy and the moderating role of audit quality: Empirical evidence from Western Europe. Borsa Istanbul Review, 23(2), 350-367. 描述 碩士
國立政治大學
財政學系
111255024資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111255024 資料類型 thesis dc.contributor.advisor 吳文傑 zh_TW dc.contributor.author (作者) 林毓淇 zh_TW dc.contributor.author (作者) Lin, Yu-Qi en_US dc.creator (作者) 林毓淇 zh_TW dc.creator (作者) Lin, Yu-Qi en_US dc.date (日期) 2024 en_US dc.date.accessioned 5-八月-2024 14:46:10 (UTC+8) - dc.date.available 5-八月-2024 14:46:10 (UTC+8) - dc.date.issued (上傳時間) 5-八月-2024 14:46:10 (UTC+8) - dc.identifier (其他 識別碼) G0111255024 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152912 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財政學系 zh_TW dc.description (描述) 111255024 zh_TW dc.description.abstract (摘要) 本研究使用台灣經濟新報文化事業股份有限公司TEJ之台灣上市櫃公司，於西元2016年至2023年的縱橫資料進行研究，探討公司於股利支付與ESG發展之間之交互作用對於公司財務績效的影響。 股利發放及ESG投資這兩件事，反映了公司於短期股東回報、長期發展之間之權衡，存在部分替代關係；然而從長期角度來看，良好的ESG發展可能提高公司長期盈利能力，進而提高公司未來股利支付，亦可能是相輔相成的關係。而兩者對於投資者而言，都是信號傳遞的管道。 實證結果顯示，ESG評分與股利支付率之間確實存在交互作用，且對公司財務績效有顯著正向影響。最小平方法模型、控制產業、同時控制產業及時間之最小平方法模型和隨機效果模型，結果皆顯示ESG評分股利支付率交乘項對於Tobin’s Q及超額報酬皆有正向顯著影響。證實ESG評分與股利支付率之間存在交互作用，即高股利支付率之公司投入ESG轉型時，相較於低股利支付率之公司而言，可以顯著提升公司財務績效，削弱因ESG轉型帶來之成本對財務績效所產生的負面影響，並且隨著ESG評分的提升，對於公司財務績效之負面影響趨緩，證實ESG評分對於公司財務績效有非線性影響；同時，股利支付率對於公司財務績效的負面影響，也將隨著公司投入ESG發展的提升而趨緩，當ESG評分提升至一定程度時，高股利支付率對於公司財務績效的負向影響將轉為正向。因此雖然從資源、資金角度而言，公司於投入ESG轉型及發放股利兩者之間，存在一定程度的替代關係，但實證結果說明若於兩者間取得適當平衡，將有助於提升公司財務績效。 本文亦發現負債比率對於超額報酬有顯著正向影響，與過去實證結果不同，推論債權融資相對股權融資有更高的收益，因此負債比率對於超額報酬呈現正向顯著之影響。而Beta值與總資產週轉次數對於Tobin’s Q與超額報酬皆有顯著正向影響，顯示高風險與高報酬相關，而公司整體資產使用效能越高，財務績效越好。 zh_TW dc.description.abstract (摘要) This study uses panel data of Taiwan-listed companies from 2016 to 2023 obtained from Taiwan Economic Journal Cultural & Educational Co., Ltd. (TEJ) to analyze the interaction between dividend payout ratio and ESG score on firm financial performance. Dividend distribution and ESG investment reflect a company's trade-off between short-term shareholder returns and long-term development, exhibiting a partial substitution relationship. However, from a long-term perspective, strong ESG development may enhance a company's long-term profitability, potentially increasing future dividend payouts, suggesting a complementary relationship. Both factors serve as signaling mechanisms for investors. The empirical results demonstrate a significant positive interaction between ESG scores and dividend payout rates, exerting a significant positive impact on corporate financial performance. The ordinary least squares (OLS) model, industry-controlled OLS model, industry and time-controlled OLS model, and random effects model all show that the interaction term of ESG scores and dividend payout rates has a significant positive effect on both Tobin's Q and excess returns. These findings confirm the existence of an interaction between ESG scores and dividend payout rates, indicating that high-dividend companies can significantly enhance their financial performance by engaging in ESG transition compared to low-dividend companies, mitigating the negative impact of ESG transition costs on financial performance. Moreover, as the ESG score improves, the negative impact on financial performance diminishes, demonstrating a non-linear effect of ESG scores on financial performance. Simultaneously, the negative effect of dividend payout rates on corporate financial performance will also diminish as the company's ESG development progresses, and once the ESG score reaches a certain level, the impact of high dividend payout rates on financial performance will shift from negative to positive. Although there exists a trade-off relationship between investing in ESG transition and dividend payout from a resource and capital allocation perspective, the empirical results suggest that achieving an appropriate balance between the two will contribute to improved financial performance. Furthermore, the empirical results show that the debt ratio has a significant positive effect on excess returns, contrary to previous empirical findings, suggesting that debt financing yields higher returns relative to equity financing, thus contributing to the significant positive impact of the debt ratio on excess returns. Furthermore, beta values and total asset turnover ratios exhibit significant positive effects on both Tobin's Q and excess returns, indicating a correlation between higher risk and higher returns, and that the higher the overall asset utilization efficiency of a company, the better its financial performance. en_US dc.description.tableofcontents 第一章 緒論 1 第一節 研究動機與目的 1 第二節 研究方法與範圍 4 第三節 研究限制 5 第四節 研究架構 5 第二章 文獻回顧 7 第一節 ESG評分對於財務績效相關研究 7 第二節 股利支付率相關研究 9 第三章 研究方法及變數 12 第一節 假說建立 12 第二節 實證模型設定 14 第三節 變數說明與資料來源 18 第四章 敘述統計分析 27 第一節 各產業財務績效比較 27 第二節 解釋變數之敘述統計 28 第三節 解釋變數相關性 34 第五章 實證結果分析 36 第一節 普通最小平方法分析 36 第二節 普通最小平方控制產業之分析 42 第三節 普通最小平方控制產業及時間之分析 48 第四節 隨機效果分析 54 第五節 情境分析 59 第六章 結論與建議 62 參考文獻 64 zh_TW dc.format.extent 2274225 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111255024 en_US dc.subject (關鍵詞) ESG評分 zh_TW dc.subject (關鍵詞) 股利支付率 zh_TW dc.subject (關鍵詞) Tobin’s Q zh_TW dc.subject (關鍵詞) 超額報酬 zh_TW dc.subject (關鍵詞) ESG score en_US dc.subject (關鍵詞) Dividend payout ratio en_US dc.subject (關鍵詞) Tobin’s Q en_US dc.subject (關鍵詞) Excess returns en_US dc.title (題名) 股利支付率及ESG評分之交互作用對於公司財務績效影響之實證分析 zh_TW dc.title (題名) An Empirical Analysis of the Interaction Effect between Dividend Payout Ratio and ESG Scores on Corporate Financial Performance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Agarwala, N., et al. (2024). "ESG disclosures and corporate performance: A non-linear and disaggregated approach." Journal of Cleaner Production 437: 140517. Alfalih, A. A. (2023). "ESG disclosure practices and financial performance: a general and sector analysis of SP-500 non-financial companies and the moderating effect of economic conditions." Journal of Sustainable Finance & Investment 13(4): 1506-1533. Arnott, R. D. and C. S. Asness (2003). "Surprise! Higher dividends= higher earnings growth." Financial Analysts Journal 59(1): 70-87. Basse, T. and S. Reddemann (2011). "Inflation and the dividend policy of US firms." Managerial Finance 37(1): 34-46. Benlemlih, M. (2014). "Why do socially responsible firms pay more dividends." Second Geneva summit on sustainable finance. Benlemlih, M. (2019). "Corporate social responsibility and dividend policy." Research in International Business and Finance 47: 114-138. Bissoondoyal-Bheenick, E., et al. (2023). "ESG and firm performance: The role of size and media channels." Economic Modelling 121: 106203. Boďa, M. and R. Jeřábek (2024). "Corporate value, price and dividend policy: A case study of US listed firms." Managerial and Decision Economics 45(2): 664-684. Bollen, N. P. (2007). "Mutual fund attributes and investor behavior." Journal of financial and quantitative analysis 42(3): 683-708. Bunnun, W. and N. Chancharat (2022). "The Path Analysis of Ownership Structure and Dividend Payout Ratio on Firm Performance of Listed Companies in the Stock Exchange of Thailand." Journal of Business, Innovation and Sustainability (JBIS) 17(2). Cajias, M., et al. (2014). "Do responsible real estate companies outperform their peers?" International Journal of Strategic Property Management 18(1): 11-27. Chan, K. C. and N. F. Chen (1991). "Structural and return characteristics of small and large firms." The Journal of finance 46(4): 1467-1484. Chen, H.-Y. and S. S. Yang (2020). "Do investors exaggerate corporate ESG information? Evidence of the ESG momentum effect in the Taiwanese market." Pacific-Basin Finance Journal 63: 101407. Dincer, B., et al. (2023). "Nexus between Sustainability Reporting and Firm Performance: Considering Industry Groups, Accounting, and Market Measures." Sustainability 15(7): 5849. Falck, O. and S. Heblich (2007). "Corporate social responsibility: Doing well by doing good." Business horizons 50(3): 247-254. Gutiérrez-Ponce, H. and S. A. Wibowo (2023). "Do sustainability activities affect the financial performance of banks? The case of Indonesian Banks." Sustainability 15(8): 6892. Hall, M. and L. Weiss (1967). "Firm size and profitability." The Review of Economics and Statistics: 319-331. Huang, M.-J., et al. (2021). "Establishing a dynamic capital structure model for company sustainability performance using data mining techniques." Sustainability 13(11): 6026. Jarjir, S. L., et al. (2022). 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