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題名 探討企業在永續績效上的差異：以道瓊永續指數與第三方認證為例
Exploring the differences in sustainability performance among companies: The Cases of DJSI and third-party assurance
作者 黃晴榆
Huang, Chin-Yu
貢獻者 蘇威傑
Su, Wei-Chieh
黃晴榆
Huang, Chin-Yu
關鍵詞 企業永續績效
ESG表現
道瓊永續指數（DJSI）
認證
Corporate Sustainability Performance
ESG Performance
Dow Jones Sustainability Index
DJSI
Third-party Assurance
日期 2024
上傳時間 4-Sep-2024 15:28:48 (UTC+8)
摘要 在企業永續經營已成為全球趨勢的現況下，多數公司都開始對永續相關作為進行投資，利害關係人也逐漸要求企業必須展現其對永續發展的承諾（Robinson et al., 2011）。因此，原本在永續領域處於領先地位的企業致力於透過入選永續指數或進行第三方認證等方式來證明其為獲得永續認可之企業。然而，擁有這些認可的企業，他們實際上的永續績效真的會比較好嗎？ 本研究為探討此疑問，以14項ESG指標作為企業永續績效的象徵，並將「入選道瓊永續指數（DJSI）與否」、「經過第三方認證與否」，以及「透過會計師事務所或其他查驗證單位進行認證」作為樣本分類依據。在以台灣企業作為研究樣本的情形下，結果顯示，入選過DJSI之企業在社會面向的表現顯著較佳，而未入選DJSI之高永續企業在環境與治理面向的表現顯著較好；企業的永續報告書是否經過第三方認證在多數ESG指標上無顯著差異；永續報告書透過其他查驗證單位進行認證之企業則是在社會及治理面向的表現顯著較佳。本研究之結論顯示入選某一機構的永續評鑑與否並不能代表一家公司永續績效的絕對性，因此需要多方參考不同機構的結果以評估企業永續績效；除此之外，建議未來企業可多經由其他查驗證單位來認證永續報告書，以更好的展現自身永續表現。
Under the global trends toward sustainable business operations, most companies have begun to invest in sustainability-related initiatives. Therefore, companies that were originally leading in the field of sustainability are striving to prove their sustainability abilities through being listed in sustainability indices or obtaining third-party assurance. However, for those companies that have received these recognitions, does their actual sustainability performance really turn out to be better? To explore this question, the study used 14 ESG indicators as symbols of corporate sustainability performance, and categorizing samples based on whether they are "listed in the Dow Jones Sustainability Index (DJSI) or not," "assured or not," and "assured by accounting firms or third-party professional organizations." In the case of using Taiwanese companies as research samples, the results show that: (1) Companies listed in the DJSI perform significantly better in social aspects, while non-DJSI companies with high sustainability perform significantly better in environmental and governance aspects. (2) There is no significant difference in most ESG indicators whether a company's sustainability report is assured. (3) Companies whose sustainability reports are assured by third-party professional organizations perform significantly better in social and governance aspects. The conclusion of this study indicates that being listed in a certain institution's sustainability rating does not necessarily represent a company's absolute sustainability performance. Therefore, when evaluating a company's sustainability performance, it is necessary to refer to the results of different agencies. In addition, it is recommended that companies in the future may assured from third-party professional organizations to better showcase their sustainability performance.
參考文獻 一、 中文部分 李宜樺、張瑞婷、柯沛均 (2014)。如何提升企業社會責任報告的公信力。會計研究月刊，340期，頁69-75。 劉謹全 (2014)。強化企業社會責任報告書的公信力，透過獨立公正的第三方查證。https://www.bsigroup.com/LocalFiles/zh-tw/e-news/No131/AA1000_with_ISAE3000.pdf，擷取日期：2024年5月4日。 二、 英文部分 Abdel-Khalik, A. R. (1993). Why do private companies demand auditing? A case for organizational loss of control. Journal of Accounting, Auditing & Finance, 8(1), 31-52. Alon, A., & Vidovic, M. (2015). Sustainability performance and assurance: Influence on reputation. Corporate Reputation Review, 18, 337-352. Alsayegh, M. F., Abdul Rahman, R., & Homayoun, S. (2022). Corporate Sustainability Performance and Firm Value through Investment Efficiency. Sustainability, 15(1), 305. Artiach, T., Lee, D., Nelson, D., & Walker, J. (2010). The determinants of corporate sustainability performance. Accounting & Finance, 50(1), 31-51. Becker-Blease, J. R., Kaen, F. R., Etebari, A., & Baumann, H. (2010). Employees, firm size and profitability of US manufacturing industries. Investment Management and Financial Innovations. Braam, G., & Peeters, R. (2018). Corporate sustainability performance and assurance on sustainability reports: Diffusion of accounting practices in the realm of sustainable development. Corporate Social Responsibility and Environmental Management, 25(2), 164-181. Brock, E., Nelson, J., & Brackley, A. (2023). Rate the Raters 2023: ESG Ratings at a Crossroads. London: The SustainAbility Institute By ERM. Cek, K., & Eyupoglu, S. (2020). Does environmental, social and governance performance influence economic performance? Journal of Business Economics and Management, 21(4), 1165-1184. Chatterji, A. K., Durand, R., Levine, D. I., & Touboul, S. (2016). Do ratings of firms converge? Implications for managers, investors and strategy researchers. Strategic Management Journal, 37(8), 1597-1614. Chatterji, A., & Levine, D. (2006). Breaking down the wall of codes: Evaluating non-financial performance measurement. California Management Review, 48(2), 29-51. Compact, U. G. (2004). Who cares wins: Connecting financial markets to a changing world. New York. Durand, R., Paugam, L., & Stolowy, H. (2019). Do investors actually value sustainability indices? Replication, development, and new evidence on CSR visibility. Strategic Management Journal, 40(9), 1471-1490. Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835-2857. Friske, W., Hoelscher, S. A., & 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(2), 372-392. 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. Hawn, O., Chatterji, A. K., & Mitchell, W. (2018). Do investors actually value sustainability? New evidence from investor reactions to the Dow Jones Sustainability Index (DJSI). Strategic Management Journal, 39(4), 949-976. 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. Huggins, A., Green, W. J., & Simnett, R. (2011). The competitive market for assurance engagements on greenhouse gas statements: Is there a role for assurers from the accounting profession? Current Issues in Auditing, 5(2), A1-A12. Jamali, D., Mezher, T., & Bitar, H. (2006). Corporate social responsibility and the challenge of triple bottom line integration: insights from the Lebanese context. International Journal of Environment and Sustainable Development, 5(4), 395-414. Kılıç, M., & Uyar, A. (2014). The impact of corporate characteristics on social responsibility and environmental disclosures in Turkish listed companies. In Corporate Governance: An International Perspective (pp. 253-276). Berlin, Heidelberg: Springer Berlin Heidelberg. Kim, J., Cho, K., & Park, C. K. (2019). Does CSR assurance affect the relationship between CSR performance and financial performance? Sustainability, 11(20), 5682. Koller, T., Nuttall, R., & Henisz, W. (2019). Five ways that ESG creates value. The McKinsey Quarterly. KPMG. (2022). Big shifts, small steps. Survey of sustainability reporting 2022. Kuo, L. C., Lee, C. L., & Lee, Y. T. (2022). The impact of voluntary assurance of CSR reports on firms' operating performance: Evidence from Taiwan. Managerial and Decision Economics, 43(8), 4041-4054. Lenz, I., Wetzel, H. A., & Hammerschmidt, M. (2017). Can doing good lead to doing poorly? Firm value implications of CSR in the face of CSI. Journal of the Academy of Marketing Science, 45, 677-697. López, M. V., Garcia, A., & Rodriguez, L. (2007). Sustainable development and corporate performance: A study based on the Dow Jones sustainability index. Journal of Business Ethics, 75, 285-300. Mock, T. J., Rao, S. S., & Srivastava, R. P. (2013). The development of worldwide sustainability reporting assurance. Australian Accounting Review, 23(4), 280-294. O'Dwyer, B., & Owen, D. L. (2005). Assurance statement practice in environmental, social and sustainability reporting: a critical evaluation. The British Accounting Review, 37(2), 205-229. Rezaee, Z. (2016). Business sustainability research: A theoretical and integrated perspective. Journal of Accounting Literature, 36(1), 48-64. Robinson, M., Kleffner, A., & Bertels, S. (2011). Signaling sustainability leadership: Empirical evidence of the value of DJSI membership. Journal of Business Ethics, 101, 493-505. Ruiz-Blanco, S., Romero, S., & Fernandez-Feijoo, B. (2022). Green, blue or black, but washing–What company characteristics determine greenwashing? Environment, Development and Sustainability, 24(3), 4024-4045. S&P Global. (2024, April). Corporate Sustainability Assessment. Retrieved from https://www.spglobal.com/esg/csa/ S&P Global. (2024, April). DJSI Index Family. Retrieved from https://www.spglobal.com/esg/performance/indices/djsi-index-family S&P Global. (2024, April). ESG Scores. Retrieved from https://www.spglobal.com/esg/solutions/data-intelligence-esg-scores S&P Global. (2024, March). S&P Global Media & Stakeholder Analysis. Retrieved from https://portal.s1.spglobal.com/survey/documents/MSA_Methodology_Guidebook.pdf Searcy, C., & Elkhawas, D. (2012). Corporate sustainability ratings: an investigation into how corporations use the Dow Jones Sustainability Index. Journal of Cleaner Production, 35, 79-92. Simnett, R., Vanstraelen, A., & Chua, W. F. (2009). Assurance on sustainability reports: An international comparison. The Accounting Review, 84(3), 937-967. Thompson, E. K., Ashimwe, O., Buertey, S., & Kim, S. Y. (2022). The value relevance of sustainability reporting: does assurance and the type of assurer matter? Sustainability Accounting, Management and Policy Journal, 13(4), 858-877. WCED, S. W. S. (1987). World commission on environment and development. Our Common Future, 17(1), 1-91. Wong, R., & Millington, A. (2014). Corporate social disclosures: A user perspective on assurance. Accounting, Auditing & Accountability Journal, 27(5), 863-887. Zhou, S., Rashid, M. H. U., Mohd. Zobair, S. A., Sobhani, F. A., & Siddik, A. B. (2023). Does ESG impact firms’ sustainability performance? The mediating effect of innovation performance. Sustainability, 15(6), 5586. Zorio, A., García‐Benau, M. A., & 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
國際經營與貿易學系
111351016
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111351016
資料類型 thesis
dc.contributor.advisor 蘇威傑zh_TW
dc.contributor.advisor Su, Wei-Chiehen_US
dc.contributor.author (Authors) 黃晴榆zh_TW
dc.contributor.author (Authors) Huang, Chin-Yuen_US
dc.creator (作者) 黃晴榆zh_TW
dc.creator (作者) Huang, Chin-Yuen_US
dc.date (日期) 2024en_US
dc.date.accessioned 4-Sep-2024 15:28:48 (UTC+8)-
dc.date.available 4-Sep-2024 15:28:48 (UTC+8)-
dc.date.issued (上傳時間) 4-Sep-2024 15:28:48 (UTC+8)-
dc.identifier (Other Identifiers) G0111351016en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/153493-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營與貿易學系zh_TW
dc.description (描述) 111351016zh_TW
dc.description.abstract (摘要) 在企業永續經營已成為全球趨勢的現況下，多數公司都開始對永續相關作為進行投資，利害關係人也逐漸要求企業必須展現其對永續發展的承諾（Robinson et al., 2011）。因此，原本在永續領域處於領先地位的企業致力於透過入選永續指數或進行第三方認證等方式來證明其為獲得永續認可之企業。然而，擁有這些認可的企業，他們實際上的永續績效真的會比較好嗎？ 本研究為探討此疑問，以14項ESG指標作為企業永續績效的象徵，並將「入選道瓊永續指數（DJSI）與否」、「經過第三方認證與否」，以及「透過會計師事務所或其他查驗證單位進行認證」作為樣本分類依據。在以台灣企業作為研究樣本的情形下，結果顯示，入選過DJSI之企業在社會面向的表現顯著較佳，而未入選DJSI之高永續企業在環境與治理面向的表現顯著較好；企業的永續報告書是否經過第三方認證在多數ESG指標上無顯著差異；永續報告書透過其他查驗證單位進行認證之企業則是在社會及治理面向的表現顯著較佳。本研究之結論顯示入選某一機構的永續評鑑與否並不能代表一家公司永續績效的絕對性，因此需要多方參考不同機構的結果以評估企業永續績效；除此之外，建議未來企業可多經由其他查驗證單位來認證永續報告書，以更好的展現自身永續表現。zh_TW
dc.description.abstract (摘要) Under the global trends toward sustainable business operations, most companies have begun to invest in sustainability-related initiatives. Therefore, companies that were originally leading in the field of sustainability are striving to prove their sustainability abilities through being listed in sustainability indices or obtaining third-party assurance. However, for those companies that have received these recognitions, does their actual sustainability performance really turn out to be better? To explore this question, the study used 14 ESG indicators as symbols of corporate sustainability performance, and categorizing samples based on whether they are "listed in the Dow Jones Sustainability Index (DJSI) or not," "assured or not," and "assured by accounting firms or third-party professional organizations." In the case of using Taiwanese companies as research samples, the results show that: (1) Companies listed in the DJSI perform significantly better in social aspects, while non-DJSI companies with high sustainability perform significantly better in environmental and governance aspects. (2) There is no significant difference in most ESG indicators whether a company's sustainability report is assured. (3) Companies whose sustainability reports are assured by third-party professional organizations perform significantly better in social and governance aspects. The conclusion of this study indicates that being listed in a certain institution's sustainability rating does not necessarily represent a company's absolute sustainability performance. Therefore, when evaluating a company's sustainability performance, it is necessary to refer to the results of different agencies. In addition, it is recommended that companies in the future may assured from third-party professional organizations to better showcase their sustainability performance.en_US
dc.description.tableofcontents 第一章 緒論 6 第二章 文獻探討與研究問題 9 第一節 企業永續績效 9 第二節 道瓊永續指數 11 第三節 第三方認證 14 第三章 研究方法 18 第一節 樣本選擇與分類 18 第二節 資料分析方法 21 第三節 變數定義與衡量 24 第四章 結果與分析 30 第一節 配對樣本之財務指標差異 30 一、DJSI 30 二、第三方認證 33 三、第三方認證機構 36 第二節 ESG指標敘述性統計與實證分析 40 一、DJSI 40 二、第三方認證 44 三、第三方認證機構 49 四、小結 54 第五章 結論與建議 55 第一節 研究結果 55 第二節 管理意涵 57 第三節 研究限制及未來建議 58 參考文獻 59zh_TW
dc.format.extent 2319863 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111351016en_US
dc.subject (關鍵詞) 企業永續績效zh_TW
dc.subject (關鍵詞) ESG表現zh_TW
dc.subject (關鍵詞) 道瓊永續指數（DJSI）zh_TW
dc.subject (關鍵詞) 認證zh_TW
dc.subject (關鍵詞) Corporate Sustainability Performanceen_US
dc.subject (關鍵詞) ESG Performanceen_US
dc.subject (關鍵詞) Dow Jones Sustainability Indexen_US
dc.subject (關鍵詞) DJSIen_US
dc.subject (關鍵詞) Third-party Assuranceen_US
dc.title (題名) 探討企業在永續績效上的差異：以道瓊永續指數與第三方認證為例zh_TW
dc.title (題名) Exploring the differences in sustainability performance among companies: The Cases of DJSI and third-party assuranceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、 中文部分 李宜樺、張瑞婷、柯沛均 (2014)。如何提升企業社會責任報告的公信力。會計研究月刊，340期，頁69-75。 劉謹全 (2014)。強化企業社會責任報告書的公信力，透過獨立公正的第三方查證。https://www.bsigroup.com/LocalFiles/zh-tw/e-news/No131/AA1000_with_ISAE3000.pdf，擷取日期：2024年5月4日。 二、 英文部分 Abdel-Khalik, A. R. (1993). Why do private companies demand auditing? A case for organizational loss of control. Journal of Accounting, Auditing & Finance, 8(1), 31-52. Alon, A., & Vidovic, M. (2015). Sustainability performance and assurance: Influence on reputation. Corporate Reputation Review, 18, 337-352. Alsayegh, M. F., Abdul Rahman, R., & Homayoun, S. (2022). Corporate Sustainability Performance and Firm Value through Investment Efficiency. Sustainability, 15(1), 305. Artiach, T., Lee, D., Nelson, D., & Walker, J. (2010). The determinants of corporate sustainability performance. Accounting & Finance, 50(1), 31-51. Becker-Blease, J. R., Kaen, F. R., Etebari, A., & Baumann, H. (2010). Employees, firm size and profitability of US manufacturing industries. Investment Management and Financial Innovations. Braam, G., & Peeters, R. (2018). Corporate sustainability performance and assurance on sustainability reports: Diffusion of accounting practices in the realm of sustainable development. Corporate Social Responsibility and Environmental Management, 25(2), 164-181. Brock, E., Nelson, J., & Brackley, A. (2023). Rate the Raters 2023: ESG Ratings at a Crossroads. London: The SustainAbility Institute By ERM. Cek, K., & Eyupoglu, S. (2020). Does environmental, social and governance performance influence economic performance? Journal of Business Economics and Management, 21(4), 1165-1184. Chatterji, A. K., Durand, R., Levine, D. I., & Touboul, S. (2016). Do ratings of firms converge? Implications for managers, investors and strategy researchers. Strategic Management Journal, 37(8), 1597-1614. Chatterji, A., & Levine, D. (2006). Breaking down the wall of codes: Evaluating non-financial performance measurement. California Management Review, 48(2), 29-51. Compact, U. G. (2004). Who cares wins: Connecting financial markets to a changing world. New York. Durand, R., Paugam, L., & Stolowy, H. (2019). Do investors actually value sustainability indices? Replication, development, and new evidence on CSR visibility. Strategic Management Journal, 40(9), 1471-1490. Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835-2857. Friske, W., Hoelscher, S. A., & 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(2), 372-392. 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. Hawn, O., Chatterji, A. K., & Mitchell, W. (2018). Do investors actually value sustainability? New evidence from investor reactions to the Dow Jones Sustainability Index (DJSI). Strategic Management Journal, 39(4), 949-976. 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. Huggins, A., Green, W. J., & Simnett, R. (2011). The competitive market for assurance engagements on greenhouse gas statements: Is there a role for assurers from the accounting profession? Current Issues in Auditing, 5(2), A1-A12. Jamali, D., Mezher, T., & Bitar, H. (2006). Corporate social responsibility and the challenge of triple bottom line integration: insights from the Lebanese context. International Journal of Environment and Sustainable Development, 5(4), 395-414. Kılıç, M., & Uyar, A. (2014). The impact of corporate characteristics on social responsibility and environmental disclosures in Turkish listed companies. In Corporate Governance: An International Perspective (pp. 253-276). Berlin, Heidelberg: Springer Berlin Heidelberg. Kim, J., Cho, K., & Park, C. K. (2019). Does CSR assurance affect the relationship between CSR performance and financial performance? Sustainability, 11(20), 5682. Koller, T., Nuttall, R., & Henisz, W. (2019). Five ways that ESG creates value. The McKinsey Quarterly. KPMG. (2022). Big shifts, small steps. Survey of sustainability reporting 2022. Kuo, L. C., Lee, C. L., & Lee, Y. T. (2022). The impact of voluntary assurance of CSR reports on firms' operating performance: Evidence from Taiwan. Managerial and Decision Economics, 43(8), 4041-4054. Lenz, I., Wetzel, H. A., & Hammerschmidt, M. (2017). Can doing good lead to doing poorly? Firm value implications of CSR in the face of CSI. Journal of the Academy of Marketing Science, 45, 677-697. López, M. V., Garcia, A., & Rodriguez, L. (2007). Sustainable development and corporate performance: A study based on the Dow Jones sustainability index. Journal of Business Ethics, 75, 285-300. Mock, T. J., Rao, S. S., & Srivastava, R. P. (2013). The development of worldwide sustainability reporting assurance. Australian Accounting Review, 23(4), 280-294. O'Dwyer, B., & Owen, D. L. (2005). Assurance statement practice in environmental, social and sustainability reporting: a critical evaluation. The British Accounting Review, 37(2), 205-229. Rezaee, Z. (2016). Business sustainability research: A theoretical and integrated perspective. Journal of Accounting Literature, 36(1), 48-64. Robinson, M., Kleffner, A., & Bertels, S. (2011). Signaling sustainability leadership: Empirical evidence of the value of DJSI membership. Journal of Business Ethics, 101, 493-505. Ruiz-Blanco, S., Romero, S., & Fernandez-Feijoo, B. (2022). Green, blue or black, but washing–What company characteristics determine greenwashing? Environment, Development and Sustainability, 24(3), 4024-4045. S&P Global. (2024, April). Corporate Sustainability Assessment. Retrieved from https://www.spglobal.com/esg/csa/ S&P Global. (2024, April). DJSI Index Family. Retrieved from https://www.spglobal.com/esg/performance/indices/djsi-index-family S&P Global. (2024, April). ESG Scores. Retrieved from https://www.spglobal.com/esg/solutions/data-intelligence-esg-scores S&P Global. (2024, March). S&P Global Media & Stakeholder Analysis. Retrieved from https://portal.s1.spglobal.com/survey/documents/MSA_Methodology_Guidebook.pdf Searcy, C., & Elkhawas, D. (2012). Corporate sustainability ratings: an investigation into how corporations use the Dow Jones Sustainability Index. Journal of Cleaner Production, 35, 79-92. Simnett, R., Vanstraelen, A., & Chua, W. F. (2009). Assurance on sustainability reports: An international comparison. 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