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題名 企業ESG績效與董事會結構之關聯性-高汙染產業的調節效果
The Relationship Between Corporate ESG Performance and Board Structure: The Moderating Effect of High-Pollution Industries作者 許詔崴
Xu, Zhao-Wei貢獻者 林宛瑩
Lin, Wan-Ying
許詔崴
Xu, Zhao-Wei關鍵詞 ESG績效
董事會結構
董事會獨立性
董總雙重性
高汙染產業
ESG performance
Board structure
Board independence
CEO-chairman duality
High-pollution industries日期 2025 上傳時間 4-Feb-2025 15:55:05 (UTC+8) 摘要 本研究旨在探討企業ESG績效與董事會結構之關聯性，並分析高汙染產業的調節作用。就企業ESG績效與董事會結構之關聯性而言，本研究認為董事會獨立性較高的公司在公司治理上更健全，獨立董事不僅能保障股東權益，還能促進企業遵守法規、落實企業社會責任，從而提升ESG績效。另一方面，董事長兼任執行長的公司在文獻結論上各有分岐，根據代理理論，當董事長兼任執行長時，角色衝突可能削弱企業在社會責任上的表現；反之，根據管家理論，賦予執行長充分的權力與信任，有助於提升管理效能。本研究將根據實證結果驗證兩種理論的適用性。 就高汙染產業的調節作用而言，高汙染產業因受媒體與監管機構高度關注，其董事會在ESG策略執行與績效提升上面臨更大的壓力。獨立董事在高汙染產業中，不僅發揮監督功能，還利用專業知識提升企業聲譽。而對於董事長兼任執行長的高汙染產業企業，為了改善財務和市場表現，其在決策上可能更重視ESG政策。因此，本研究推測，高汙染產業將強化董事會結構與ESG績效之間的關聯性，促使企業在ESG表現上更為突出。 本研究以2019年至2023年間台灣上市(櫃)公司為研究樣本，採用ESG評級作為企業ESG績效的衡量指標，探討董事會結構與企業ESG績效之間的關聯性。研究選取董事會獨立性及董事長是否兼任執行長為主要解釋變數，分析其對企業ESG績效的影響。此外，本研究進一步以樣本公司所屬產業是否為高汙染產業作為調節變數，透過董事會獨立性與高汙染產業的交乘項、以及董事長是否兼任執行長與高汙染產業的交乘項，檢驗高汙染產業對董事會結構與ESG績效關聯性的調節效果。 實證結果顯示，董事會獨立性越高，企業ESG績效越佳；當董事長兼任執行長時，ESG績效通常較差，支持代理理論。在高汙染產業的調節效果測試中，僅董事會獨立性與ESG績效的關聯性存在顯著調節效果，獨立董事比例越高，ESG績效越佳，符合假說預期。 額外測試結果顯示，在ESG構面中，公司治理構面分數與董事會獨立性及董事長兼任執行長的情況有顯著相關。此外，高汙染產業對董事會獨立性與社會構面分數之關聯性，以及對董事長兼任執行長與環境構面及公司治理構面之關聯性，均呈現顯著調節效果。綜上所述，本研究結果為董事會結構與ESG績效關聯性，以及高汙染產業對此關聯性的影響提供實證支持，並強調高汙染產業中董事會結構的重要性。
This study aims to explore the relationship between corporate ESG performance and board structure, while analyzing the moderating effect of high-pollution industries. Regarding the relationship between ESG performance and board structure, this study posits that companies with a higher degree of board independence demonstrate better corporate governance. Independent directors not only protect shareholder rights but also promote compliance with regulations and the implementation of corporate social responsibility, thereby enhancing ESG performance. On the other hand, the literature provides mixed conclusions regarding companies where the chairman concurrently serves as the CEO. According to agency theory, role conflicts may weaken corporate social responsibility performance when the chairman also serves as the CEO. In contrast, stewardship theory suggests that granting sufficient power and trust to the CEO can improve managerial efficiency. This study empirically examines the applicability of these two theories. As for the moderating effect of high-pollution industries, such industries, being under heightened scrutiny from media and regulatory bodies, face greater pressure to execute ESG strategies and improve performance. In high-pollution industries, independent directors not only perform supervisory functions but also leverage their expertise to enhance corporate reputation. For companies in high-pollution industries where the chairman also serves as the CEO, the focus on ESG policies may increase to improve financial and market performance. Therefore, this study hypothesizes that high-pollution industries strengthen the relationship between board structure and ESG performance, encouraging more robust ESG practices. Using a sample of Taiwan-listed companies from 2019 to 2023, ESG ratings were employed as the measure of corporate ESG performance. The study selected board independence and whether the chairman concurrently serves as CEO as the main explanatory variables to analyze their impact on corporate ESG performance. Additionally, the study incorporated industry classification as a high-pollution industry as a moderating variable and examined the moderating effects of high-pollution industries through interaction terms of board independence and chairman-CEO duality with high-pollution industry classification. The empirical results indicate that higher board independence leads to better ESG performance, while chairman-CEO duality generally results in poorer ESG performance, supporting agency theory. For high-pollution industries, only the relationship between board independence and ESG performance exhibits significant moderating effects. A higher proportion of independent directors in high-pollution industries enhances ESG performance, aligning with the study's hypotheses. Additional tests reveal that within the ESG dimensions, corporate governance scores are significantly associated with board independence and chairman-CEO duality. Furthermore, high-pollution industries significantly moderate the relationship between board independence and social dimension scores, as well as the relationship between chairman-CEO duality and environmental and governance dimension scores. In conclusion, this study provides empirical evidence on the relationship between board structure and ESG performance and highlights the importance of board governance in high-pollution industries to enhance ESG outcomes.參考文獻 尹立宇，2015，經理人持股是否能降低代理問題，國立成功大學財務金融研究所碩士論文。 李仁貴，2022，董事會結構與ESG揭露之關聯性：以競爭優勢作為調節效果，國立臺北科技大學經營管理研究所碩士論文。 洪雪卿、陳薇如與傅雁鈴，2013，影響企業社會責任績效之重要因素為何？，商管科技季刊，第十四卷，第4期：405-441。 馬皓廷，2024，董事持股比例、審計委員會背景與盈餘管理之影響，國立彰化師範大學會計研究所碩士論文。 陳振遠、王健聰與洪世偉，2017，公司治理對於企業社會責任、公司價值之影響，中山管理評論，第二十五卷，第1期：135-176。 蔡昌憲，2023，董事會之永續治理角色與董事監督義務，臺灣財經法學論叢，第五卷，第1期：63-104。 鄭杭葭，2023，企業ESG資訊質與量間落差之影響因素探討，國立政治大學會計研究所碩士論文。 Ahmad, N., A. Mobarek, and N. N. Roni. 2021. Revisiting the impact of ESG on financial performance of FTSE350 UK firms: Static and dynamic panel data analysis. Cogent Business & Management, 8 (1):1900500. Ali, W., Wilson, J., and Husnain, M. 2022. Determinants/motivations of corporate social responsibility disclosure in developing economies: A survey of the extant literature. 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Corporate financial distress diagnosis model and application in credit rating for listing firms in China. Frontiers of Computer Science in China, 4: 220-236. Zhang, Y., Wang, X., Guo, W., Guo, X., Wang, Q., and Tan, X. 2024. Does ESG performance affect the enterprise value of China’s heavily polluting listed companies?. Sustainability, 16(7):2826. Zhao, Y., Dong, L., Sun, Y., Ma, Y., and Zhang, N. 2024. Is air pollution the original sin of firms? The impact of air pollution on firms' ESG scores. Energy Economics, 107704. 描述 碩士
國立政治大學
會計學系
112353008資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112353008 資料類型 thesis dc.contributor.advisor 林宛瑩 zh_TW dc.contributor.advisor Lin, Wan-Ying en_US dc.contributor.author (Authors) 許詔崴 zh_TW dc.contributor.author (Authors) Xu, Zhao-Wei en_US dc.creator (作者) 許詔崴 zh_TW dc.creator (作者) Xu, Zhao-Wei en_US dc.date (日期) 2025 en_US dc.date.accessioned 4-Feb-2025 15:55:05 (UTC+8) - dc.date.available 4-Feb-2025 15:55:05 (UTC+8) - dc.date.issued (上傳時間) 4-Feb-2025 15:55:05 (UTC+8) - dc.identifier (Other Identifiers) G0112353008 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/155480 - 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) 112353008 zh_TW dc.description.abstract (摘要) 本研究旨在探討企業ESG績效與董事會結構之關聯性，並分析高汙染產業的調節作用。就企業ESG績效與董事會結構之關聯性而言，本研究認為董事會獨立性較高的公司在公司治理上更健全，獨立董事不僅能保障股東權益，還能促進企業遵守法規、落實企業社會責任，從而提升ESG績效。另一方面，董事長兼任執行長的公司在文獻結論上各有分岐，根據代理理論，當董事長兼任執行長時，角色衝突可能削弱企業在社會責任上的表現；反之，根據管家理論，賦予執行長充分的權力與信任，有助於提升管理效能。本研究將根據實證結果驗證兩種理論的適用性。 就高汙染產業的調節作用而言，高汙染產業因受媒體與監管機構高度關注，其董事會在ESG策略執行與績效提升上面臨更大的壓力。獨立董事在高汙染產業中，不僅發揮監督功能，還利用專業知識提升企業聲譽。而對於董事長兼任執行長的高汙染產業企業，為了改善財務和市場表現，其在決策上可能更重視ESG政策。因此，本研究推測，高汙染產業將強化董事會結構與ESG績效之間的關聯性，促使企業在ESG表現上更為突出。 本研究以2019年至2023年間台灣上市(櫃)公司為研究樣本，採用ESG評級作為企業ESG績效的衡量指標，探討董事會結構與企業ESG績效之間的關聯性。研究選取董事會獨立性及董事長是否兼任執行長為主要解釋變數，分析其對企業ESG績效的影響。此外，本研究進一步以樣本公司所屬產業是否為高汙染產業作為調節變數，透過董事會獨立性與高汙染產業的交乘項、以及董事長是否兼任執行長與高汙染產業的交乘項，檢驗高汙染產業對董事會結構與ESG績效關聯性的調節效果。 實證結果顯示，董事會獨立性越高，企業ESG績效越佳；當董事長兼任執行長時，ESG績效通常較差，支持代理理論。在高汙染產業的調節效果測試中，僅董事會獨立性與ESG績效的關聯性存在顯著調節效果，獨立董事比例越高，ESG績效越佳，符合假說預期。 額外測試結果顯示，在ESG構面中，公司治理構面分數與董事會獨立性及董事長兼任執行長的情況有顯著相關。此外，高汙染產業對董事會獨立性與社會構面分數之關聯性，以及對董事長兼任執行長與環境構面及公司治理構面之關聯性，均呈現顯著調節效果。綜上所述，本研究結果為董事會結構與ESG績效關聯性，以及高汙染產業對此關聯性的影響提供實證支持，並強調高汙染產業中董事會結構的重要性。 zh_TW dc.description.abstract (摘要) This study aims to explore the relationship between corporate ESG performance and board structure, while analyzing the moderating effect of high-pollution industries. Regarding the relationship between ESG performance and board structure, this study posits that companies with a higher degree of board independence demonstrate better corporate governance. Independent directors not only protect shareholder rights but also promote compliance with regulations and the implementation of corporate social responsibility, thereby enhancing ESG performance. On the other hand, the literature provides mixed conclusions regarding companies where the chairman concurrently serves as the CEO. According to agency theory, role conflicts may weaken corporate social responsibility performance when the chairman also serves as the CEO. In contrast, stewardship theory suggests that granting sufficient power and trust to the CEO can improve managerial efficiency. This study empirically examines the applicability of these two theories. As for the moderating effect of high-pollution industries, such industries, being under heightened scrutiny from media and regulatory bodies, face greater pressure to execute ESG strategies and improve performance. In high-pollution industries, independent directors not only perform supervisory functions but also leverage their expertise to enhance corporate reputation. For companies in high-pollution industries where the chairman also serves as the CEO, the focus on ESG policies may increase to improve financial and market performance. Therefore, this study hypothesizes that high-pollution industries strengthen the relationship between board structure and ESG performance, encouraging more robust ESG practices. Using a sample of Taiwan-listed companies from 2019 to 2023, ESG ratings were employed as the measure of corporate ESG performance. The study selected board independence and whether the chairman concurrently serves as CEO as the main explanatory variables to analyze their impact on corporate ESG performance. Additionally, the study incorporated industry classification as a high-pollution industry as a moderating variable and examined the moderating effects of high-pollution industries through interaction terms of board independence and chairman-CEO duality with high-pollution industry classification. The empirical results indicate that higher board independence leads to better ESG performance, while chairman-CEO duality generally results in poorer ESG performance, supporting agency theory. For high-pollution industries, only the relationship between board independence and ESG performance exhibits significant moderating effects. A higher proportion of independent directors in high-pollution industries enhances ESG performance, aligning with the study's hypotheses. Additional tests reveal that within the ESG dimensions, corporate governance scores are significantly associated with board independence and chairman-CEO duality. Furthermore, high-pollution industries significantly moderate the relationship between board independence and social dimension scores, as well as the relationship between chairman-CEO duality and environmental and governance dimension scores. In conclusion, this study provides empirical evidence on the relationship between board structure and ESG performance and highlights the importance of board governance in high-pollution industries to enhance ESG outcomes. en_US dc.description.tableofcontents 摘要 I ABSTRACT III 目錄 V 表目錄 VI 第壹章 緒論 1 第一節 研究動機與目的 1 第二節 研究議題 7 第三節 論文架構 8 第貳章 文獻探討 9 第一節 ESG績效(揭露)與董事會結構 9 第二節 高汙染產業與ESG績效 14 第參章 研究方法 17 第一節 研究假說 17 第二節 實證模型及變數定義與衡量 19 第三節 樣本選取與資料來源 25 第肆章 實證結果分析 26 第一節 敘述性統計 26 第二節 相關性分析及共線性檢定 29 第三節 ESG績效與董事會結構關聯性之實證結果 32 第四節 高汙染產業的調節效果 36 第五節 額外測試 39 第伍章 結論與建議 61 第一節 研究結論 61 第二節 研究限制與建議 63 參考文獻 65 表目錄 表3-1變數說明表 23 表3-2樣本篩選程序 25 表4-1研究變數之敘述性統計(N=8,082) 26 表4-2研究變數之VIF值 30 表4-3研究變數之相關係數矩陣 31 表4-4董事會結構對ESG績效的迴歸分析結果 32 表4-5高汙染產業調節效果的迴歸分析結果 36 表4-6額外測試研究變數之敘述性統計(N=8,082) 39 表4-7額外測試研究變數之相關係數矩陣 42 表4-8董事會結構對環境構面分數的迴歸分析結果 43 表4-9董事會結構對社會構面分數的迴歸分析結果 46 表4-10董事會結構對治理構面分數的迴歸分析結果 50 表4-11高汙染產業調節效果對環境構面與董事會結構之關聯性迴歸分析結果 54 表4-12高汙染產業調節效果對社會構面與董事會結構之關聯性迴歸分析結果 56 表4-13高汙染產業調節效果對治理構面與董事會結構之關聯性迴歸分析結果 58 zh_TW dc.format.extent 1202459 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112353008 en_US dc.subject (關鍵詞) ESG績效 zh_TW dc.subject (關鍵詞) 董事會結構 zh_TW dc.subject (關鍵詞) 董事會獨立性 zh_TW dc.subject (關鍵詞) 董總雙重性 zh_TW dc.subject (關鍵詞) 高汙染產業 zh_TW dc.subject (關鍵詞) ESG performance en_US dc.subject (關鍵詞) Board structure en_US dc.subject (關鍵詞) Board independence en_US dc.subject (關鍵詞) CEO-chairman duality en_US dc.subject (關鍵詞) High-pollution industries en_US dc.title (題名) 企業ESG績效與董事會結構之關聯性-高汙染產業的調節效果 zh_TW dc.title (題名) The Relationship Between Corporate ESG Performance and Board Structure: The Moderating Effect of High-Pollution Industries en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 尹立宇，2015，經理人持股是否能降低代理問題，國立成功大學財務金融研究所碩士論文。 李仁貴，2022，董事會結構與ESG揭露之關聯性：以競爭優勢作為調節效果，國立臺北科技大學經營管理研究所碩士論文。 洪雪卿、陳薇如與傅雁鈴，2013，影響企業社會責任績效之重要因素為何？，商管科技季刊，第十四卷，第4期：405-441。 馬皓廷，2024，董事持股比例、審計委員會背景與盈餘管理之影響，國立彰化師範大學會計研究所碩士論文。 陳振遠、王健聰與洪世偉，2017，公司治理對於企業社會責任、公司價值之影響，中山管理評論，第二十五卷，第1期：135-176。 蔡昌憲，2023，董事會之永續治理角色與董事監督義務，臺灣財經法學論叢，第五卷，第1期：63-104。 鄭杭葭，2023，企業ESG資訊質與量間落差之影響因素探討，國立政治大學會計研究所碩士論文。 Ahmad, N., A. 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