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題名 永續表現與投資效率關聯性：論永續報告確信及外部關注度之影響
The Relationship between Corporate Sustainability Performance and Investment Efficiency: The Impact of Corporate Sustainability Report Assurance and External Attention作者 陳毓琪
Chen, Yu-Chi貢獻者 李佳玲
Lee, Chia-Ling
陳毓琪
Chen, Yu-Chi關鍵詞 永續發展投入績效
投資效率
永續報告書確信
外部關注度
Corporate Sustainability Performance
Investment Efficiency
Assurance of Sustainability Reports
External Attention日期 2024 上傳時間 4-Sep-2024 14:46:46 (UTC+8) 摘要 本研究以我國上市公司為研究對象，以實證分析的方式，探討企業永續發展投入績效與投資效率間的關係，此外進一步探討是否有其他因素將影響二者間之關聯性。得出了以下結論： 一、企業永續發展投入績效與投資不效率間存有負向關係，且於過度投資情況下較為明顯。 二、在ESG三個構面的永續發展投入中，於環境構面（Environment）的投入績效，與投資效率間有最顯著的關係。 三、永續報告書之確信對永續發展績效及投資不足間有顯著的調節效果，削弱永續發展績效及投資不足間原有的負向關係。 四、外部關注度的高低對永續發展績效及投資不足間有顯著的調節效果，削弱永續發展績效及投資不足間原有的負向關係。
This study empirically analyzes the relationship between corporate sustainability performance and investment efficiency, using listed companies in Taiwan as the research subjects. Additionally, it explores whether other factors influence this relationship. The conclusions of this study are as follows: 1. There is a negative relationship between corporate sustainability performance and investment inefficiency, which is more pronounced in cases of overinvestment. 2. Among the three dimensions of ESG, investment in the Environmental dimension shows the most significant relationship with investment efficiency. 3. The assurance of corporate sustainability reports significantly moderates the relationship between corporate sustainability performance and underinvestment, weakening their original negative relationship. 4. The level of external attention also significantly moderates the relationship between corporate sustainability performance and underinvestment, weakening their original negative relationship.參考文獻 台灣經濟新報（2021年1月1日）。TESG 永續發展指標介紹。取自https://www.tejwin.com/news/tesg-%E6%B0%B8%E7%BA%8C%E7%99%BC%E5%B1%95%E6%8C%87%E6%A8%99%E4%BB%8B%E7%B4%B9/ 台灣經濟新報（2022年2月3日）。TESG永續發展指標，台灣企業專屬的 ESG指標！取自https://www.tejwin.com/news/台灣的esg指標-tesg/ 台灣經濟新報（2023年5月26日）。ESG永續發展指南｜6大ESG公司治理策略快速掌握！取自https://www.tejwin.com/insight/esg/ Baker, M., Stein, J. C., & Wurgler, J. (2003). When does the market matter? Stock prices and the investment of equity-dependent firms. The quarterly journal of economics, 118(3), 969-1005. Bank, M., Larch, M., & Peter, G. (2011). Google search volume and its influence on liquidity and returns of German stocks. Financial markets and portfolio management, 25, 239-264. Barro, R. J. (1990). The stock market and investment. The review of financial studies, 3(1), 115-131. Benlemlih, M. and Bitar, M. (2018), “Corporate social responsibility and investment efficiency”, Journal of Business Ethics, Springer Netherlands, Vol. 148 No. 3, pp. 647-671. Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48, 112–131. Bilyay-Erdogan, S., Danisman, G. O., & Demir, E. (2024). ESG performance and investment efficiency: The impact of information asymmetry. Journal of International Financial Markets, Institutions and Money, 91, 101919. Blankespoor, E., Miller, G. S., & White, H. D. (2014). The role of dissemination in market liquidity: Evidence from firms' use of Twitter™. The accounting review, 89(1), 79-112. Bushman, R. M., & Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of accounting and Economics, 32(1-3), 237-333. Chatterji, A. K., Levine, D. I., & Toffel, M. W. (2009). How well do social ratings actually measure corporate social responsibility?. Journal of Economics & Management Strategy, 18(1), 125-169. Chen, F., Hope, O. K., Li, Q., & Wang, X. (2011). Financial reporting quality and investment efficiency of private firms in emerging markets. The accounting review, 86(4), 1255-1288. Cook, K. A., Romi, A. M., Sánchez, D., & Sánchez, J. M. (2019). The influence of corporate social responsibility on investment efficiency and innovation. Journal of Business Finance & Accounting, 46(3-4), 494-537. Da, Z., Engelberg, J., & Gao, P. (2011). In search of attention. The journal of finance, 66(5), 1461-1499. Dai, L., Parwada, J. T., & Zhang, B. (2015). The governance effect of the media's news dissemination role: Evidence from insider trading. Journal of Accounting Research, 53(2), 331-366. Deng, X., Kang, J. K., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of financial Economics, 110(1), 87-109. Dhaliwal, D., Li, O. Z., Tsang, A., & Yang, Y. G. (2014). Corporate social responsibility disclosure and the cost of equity capital: The roles of stakeholder orientation and financial transparency. Journal of accounting and public policy, 33(4), 328-355. Drake, M. S., Roulstone, D. T., & Thornock, J. R. (2012). Investor information demand: Evidence from Google searches around earnings announcements. Journal of Accounting research, 50(4), 1001-1040. Freeman, R. E., & Reed, D. L. (1983). Stockholders and stakeholders: A new perspective on corporate governance. California management review, 25(3), 88-106. Friedman, M. (1970), “A Friedman doctrine: the social responsibility of business is to increase its profits”, The New York Times Magazine, Vol. 13, pp. 32-33. Fuhrmann, S., Ott, C., Looks, E., & Guenther, T. W. (2017). The contents of assurance statements for sustainability reports and information asymmetry. Accounting and Business Research, 47(4), 369-400. Gao, F., Lisic, L. L., & Zhang, I. X. (2014). Commitment to social good and insider trading. Journal of Accounting and Economics, 57(2-3), 149-175. Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. Hayashi, F. (1982). Tobin's marginal q and average q: A neoclassical interpretation. Econometrica: Journal of the Econometric Society, 213-224. Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of accounting and economics, 31(1-3), 405-440. Ho, K. C., Li, H. M., & Gong, Y. (2022). How does corporate social performance affect investment inefficiency? An empirical study of China market. Borsa Istanbul Review, 22(3), 515-524. Hodge, K., Subramaniam, N., & Stewart, J. (2009). Assurance of sustainability reports: Impact on report users' confidence and perceptions of information credibility. Australian accounting review, 19(3), 178-194. Hu, X., Hua, R., Liu, Q., & Wang, C. (2023). The green fog: Environmental rating disagreement and corporate greenwashing. Pacific-Basin Finance Journal, 78, 101952. Jensen, M. (2001). Value maximisation, stakeholder theory, and the corporate objective function. European financial management, 7(3), 297-317. Jensen, M.C. and Meckling, W.H. (1976), “Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, Vol. 3 No. 4, pp. 305-360. Jung, B., Lee, W. J., & Weber, D. P. (2014). Financial reporting quality and labor investment efficiency. Contemporary Accounting Research, 31(4), 1047-1076. Kramer, M. R., & Porter, M. (2011). Creating shared value (Vol. 17). Boston, MA, USA: FSG. Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of financial economics, 115(2), 304-329. Liao, G., Wang, J., & Xue, J. (2024). Relative performance evaluation and investment efficiency. Pacific-Basin Finance Journal, 83, 102261. Liu, L., & Tian, G. G. (2021). Mandatory CSR disclosure, monitoring and investment efficiency: Evidence from China. Accounting & Finance, 61(1), 595-644. Luo, X., Zhang, J., & Duan, W. (2013). Social media and firm equity value. Information Systems Research, 24(1), 146-163. Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11, 159–189. Stein, J. C. (2003). Agency, information and corporate investment. Handbook of the Economics of Finance, 1, 111-165. Sun, Y., & Yu, L. (2024). Actions speak louder than words: Can credible green commitment facilitate bank loan financing? Evidence from China. Accounting & Finance. Surroca, J., & Tribó, J. A. (2008). Managerial entrenchment and corporate social performance. Journal of Business Finance & Accounting, 35(5‐6), 748-789. Swamy, V., Dharani, M., & Takeda, F. (2019). Investor attention and Google Search Volume Index: Evidence from an emerging market using quantile regression analysis. Research in International Business and Finance, 50, 1-17. Tobin, J. (1969). A general equilibrium approach to monetary theory. Journal of money, credit and banking, 1(1), 15-29. Yoshikawa, H., 1980, On the ‘q’ theory of investment, The American Economic Review 70, 739–743. 描述 碩士
國立政治大學
會計學系
111353006資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111353006 資料類型 thesis dc.contributor.advisor 李佳玲 zh_TW dc.contributor.advisor Lee, Chia-Ling en_US dc.contributor.author (Authors) 陳毓琪 zh_TW dc.contributor.author (Authors) Chen, Yu-Chi en_US dc.creator (作者) 陳毓琪 zh_TW dc.creator (作者) Chen, Yu-Chi en_US dc.date (日期) 2024 en_US dc.date.accessioned 4-Sep-2024 14:46:46 (UTC+8) - dc.date.available 4-Sep-2024 14:46:46 (UTC+8) - dc.date.issued (上傳時間) 4-Sep-2024 14:46:46 (UTC+8) - dc.identifier (Other Identifiers) G0111353006 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/153329 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 111353006 zh_TW dc.description.abstract (摘要) 本研究以我國上市公司為研究對象，以實證分析的方式，探討企業永續發展投入績效與投資效率間的關係，此外進一步探討是否有其他因素將影響二者間之關聯性。得出了以下結論： 一、企業永續發展投入績效與投資不效率間存有負向關係，且於過度投資情況下較為明顯。 二、在ESG三個構面的永續發展投入中，於環境構面（Environment）的投入績效，與投資效率間有最顯著的關係。 三、永續報告書之確信對永續發展績效及投資不足間有顯著的調節效果，削弱永續發展績效及投資不足間原有的負向關係。 四、外部關注度的高低對永續發展績效及投資不足間有顯著的調節效果，削弱永續發展績效及投資不足間原有的負向關係。 zh_TW dc.description.abstract (摘要) This study empirically analyzes the relationship between corporate sustainability performance and investment efficiency, using listed companies in Taiwan as the research subjects. Additionally, it explores whether other factors influence this relationship. The conclusions of this study are as follows: 1. There is a negative relationship between corporate sustainability performance and investment inefficiency, which is more pronounced in cases of overinvestment. 2. Among the three dimensions of ESG, investment in the Environmental dimension shows the most significant relationship with investment efficiency. 3. The assurance of corporate sustainability reports significantly moderates the relationship between corporate sustainability performance and underinvestment, weakening their original negative relationship. 4. The level of external attention also significantly moderates the relationship between corporate sustainability performance and underinvestment, weakening their original negative relationship. 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、 研究目的與問題 4 第三節、 研究架構 5 第貳章、 文獻探討與假説發展 6 第一節、 企業永續發展投入之相關文獻與其評等機制 6 第二節、 投資效率相關文獻 9 第三節、 資訊不對稱與投資效率相關文獻 10 第四節、 外部關注度與投資效率相關文獻 11 第參章、 研究方法 12 第一節、 研究樣本與資料來源 12 第二節、 變數衡量 14 第三節、 實證模型 21 第肆章、 實證結果分析 22 第一節、 敘述性統計 22 第二節、 相關性分析 24 第三節、 實證結果分析 27 第四節、 內生性檢定 37 第五節、 額外分析：投資效率之替代變數 40 第伍章、 結論 43 第一節、 研究結論 43 第二節、 研究貢獻 45 第三節、 研究建議 46 第四節、 研究限制 47 附錄 變數說明 48 附錄 TESG衡量指標 50 參考文獻 53 zh_TW dc.format.extent 1262067 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111353006 en_US dc.subject (關鍵詞) 永續發展投入績效 zh_TW dc.subject (關鍵詞) 投資效率 zh_TW dc.subject (關鍵詞) 永續報告書確信 zh_TW dc.subject (關鍵詞) 外部關注度 zh_TW dc.subject (關鍵詞) Corporate Sustainability Performance en_US dc.subject (關鍵詞) Investment Efficiency en_US dc.subject (關鍵詞) Assurance of Sustainability Reports en_US dc.subject (關鍵詞) External Attention en_US dc.title (題名) 永續表現與投資效率關聯性：論永續報告確信及外部關注度之影響 zh_TW dc.title (題名) The Relationship between Corporate Sustainability Performance and Investment Efficiency: The Impact of Corporate Sustainability Report Assurance and External Attention en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 台灣經濟新報（2021年1月1日）。TESG 永續發展指標介紹。取自https://www.tejwin.com/news/tesg-%E6%B0%B8%E7%BA%8C%E7%99%BC%E5%B1%95%E6%8C%87%E6%A8%99%E4%BB%8B%E7%B4%B9/ 台灣經濟新報（2022年2月3日）。TESG永續發展指標，台灣企業專屬的 ESG指標！取自https://www.tejwin.com/news/台灣的esg指標-tesg/ 台灣經濟新報（2023年5月26日）。ESG永續發展指南｜6大ESG公司治理策略快速掌握！取自https://www.tejwin.com/insight/esg/ Baker, M., Stein, J. C., & Wurgler, J. (2003). When does the market matter? Stock prices and the investment of equity-dependent firms. The quarterly journal of economics, 118(3), 969-1005. Bank, M., Larch, M., & Peter, G. (2011). Google search volume and its influence on liquidity and returns of German stocks. Financial markets and portfolio management, 25, 239-264. Barro, R. J. (1990). The stock market and investment. The review of financial studies, 3(1), 115-131. Benlemlih, M. and Bitar, M. (2018), “Corporate social responsibility and investment efficiency”, Journal of Business Ethics, Springer Netherlands, Vol. 148 No. 3, pp. 647-671. Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48, 112–131. Bilyay-Erdogan, S., Danisman, G. O., & Demir, E. (2024). ESG performance and investment efficiency: The impact of information asymmetry. Journal of International Financial Markets, Institutions and Money, 91, 101919. Blankespoor, E., Miller, G. S., & White, H. D. (2014). The role of dissemination in market liquidity: Evidence from firms' use of Twitter™. The accounting review, 89(1), 79-112. Bushman, R. M., & Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of accounting and Economics, 32(1-3), 237-333. Chatterji, A. K., Levine, D. I., & Toffel, M. W. (2009). How well do social ratings actually measure corporate social responsibility?. Journal of Economics & Management Strategy, 18(1), 125-169. Chen, F., Hope, O. K., Li, Q., & Wang, X. (2011). Financial reporting quality and investment efficiency of private firms in emerging markets. The accounting review, 86(4), 1255-1288. Cook, K. A., Romi, A. M., Sánchez, D., & Sánchez, J. M. (2019). The influence of corporate social responsibility on investment efficiency and innovation. Journal of Business Finance & Accounting, 46(3-4), 494-537. Da, Z., Engelberg, J., & Gao, P. (2011). In search of attention. The journal of finance, 66(5), 1461-1499. Dai, L., Parwada, J. T., & Zhang, B. (2015). The governance effect of the media's news dissemination role: Evidence from insider trading. Journal of Accounting Research, 53(2), 331-366. Deng, X., Kang, J. K., & Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of financial Economics, 110(1), 87-109. Dhaliwal, D., Li, O. Z., Tsang, A., & Yang, Y. G. (2014). Corporate social responsibility disclosure and the cost of equity capital: The roles of stakeholder orientation and financial transparency. Journal of accounting and public policy, 33(4), 328-355. Drake, M. S., Roulstone, D. T., & Thornock, J. R. (2012). Investor information demand: Evidence from Google searches around earnings announcements. Journal of Accounting research, 50(4), 1001-1040. Freeman, R. E., & Reed, D. L. (1983). Stockholders and stakeholders: A new perspective on corporate governance. California management review, 25(3), 88-106. Friedman, M. (1970), “A Friedman doctrine: the social responsibility of business is to increase its profits”, The New York Times Magazine, Vol. 13, pp. 32-33. Fuhrmann, S., Ott, C., Looks, E., & Guenther, T. W. (2017). The contents of assurance statements for sustainability reports and information asymmetry. Accounting and Business Research, 47(4), 369-400. Gao, F., Lisic, L. L., & Zhang, I. X. (2014). Commitment to social good and insider trading. Journal of Accounting and Economics, 57(2-3), 149-175. Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. Hayashi, F. (1982). Tobin's marginal q and average q: A neoclassical interpretation. Econometrica: Journal of the Econometric Society, 213-224. Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of accounting and economics, 31(1-3), 405-440. Ho, K. C., Li, H. M., & Gong, Y. (2022). How does corporate social performance affect investment inefficiency? An empirical study of China market. Borsa Istanbul Review, 22(3), 515-524. Hodge, K., Subramaniam, N., & Stewart, J. (2009). Assurance of sustainability reports: Impact on report users' confidence and perceptions of information credibility. Australian accounting review, 19(3), 178-194. Hu, X., Hua, R., Liu, Q., & Wang, C. (2023). The green fog: Environmental rating disagreement and corporate greenwashing. Pacific-Basin Finance Journal, 78, 101952. Jensen, M. (2001). Value maximisation, stakeholder theory, and the corporate objective function. European financial management, 7(3), 297-317. Jensen, M.C. and Meckling, W.H. (1976), “Theory of the firm: managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, Vol. 3 No. 4, pp. 305-360. Jung, B., Lee, W. J., & Weber, D. P. (2014). Financial reporting quality and labor investment efficiency. Contemporary Accounting Research, 31(4), 1047-1076. Kramer, M. R., & Porter, M. (2011). Creating shared value (Vol. 17). Boston, MA, USA: FSG. Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of financial economics, 115(2), 304-329. Liao, G., Wang, J., & Xue, J. (2024). Relative performance evaluation and investment efficiency. Pacific-Basin Finance Journal, 83, 102261. Liu, L., & Tian, G. G. (2021). Mandatory CSR disclosure, monitoring and investment efficiency: Evidence from China. Accounting & Finance, 61(1), 595-644. Luo, X., Zhang, J., & Duan, W. (2013). Social media and firm equity value. Information Systems Research, 24(1), 146-163. Richardson, S. (2006). Over-investment of free cash flow. Review of Accounting Studies, 11, 159–189. Stein, J. C. (2003). Agency, information and corporate investment. Handbook of the Economics of Finance, 1, 111-165. Sun, Y., & Yu, L. (2024). Actions speak louder than words: Can credible green commitment facilitate bank loan financing? Evidence from China. Accounting & Finance. Surroca, J., & Tribó, J. A. (2008). Managerial entrenchment and corporate social performance. Journal of Business Finance & Accounting, 35(5‐6), 748-789. Swamy, V., Dharani, M., & Takeda, F. (2019). Investor attention and Google Search Volume Index: Evidence from an emerging market using quantile regression analysis. Research in International Business and Finance, 50, 1-17. Tobin, J. (1969). A general equilibrium approach to monetary theory. Journal of money, credit and banking, 1(1), 15-29. Yoshikawa, H., 1980, On the ‘q’ theory of investment, The American Economic Review 70, 739–743. zh_TW
