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題名 企業參與國際倡議與公司績效之關聯性
Relationship Between Corporate Participation in International Initiatives and Firm Performance
作者 宋承軒
Song, Cherng-Shiuan
貢獻者 林宛瑩
Lin, Wan-Ying
宋承軒
Song, Cherng-Shiuan
關鍵詞 參與國際倡議
參與國際倡議數量
公司績效
Corporate Participation in International Initiatives
Number of International Initiatives
Firm Performance
日期 2025
上傳時間 1-Jul-2025 14:16:27 (UTC+8)
摘要 隨著全球永續發展趨勢與環境、社會及公司治理議題的重要性提升，全球企業亦將這些議題納入公司績效及投資決策的重要考量。本研究以2017至2023年台灣上市公司(非金融業)為樣本。探討企業參與ESG和碳排相關的國際倡議與公司績效之關聯性，並進一步分析企業參與國際倡議的數量是否對公司績效產生不同影響。本研究之實證結果顯示，企業是否參與國際倡議與 Tobin’s Q 及股價報酬率皆呈正向關聯，其中僅股價報酬率達到顯著水準，說明支持企業參與永續倡議有助於短期股價表現。進一步以企業參與倡議的數量衡量之研究結果則顯示，Tobin’s Q僅部分達到單尾顯著水準，而股價報酬率則達到顯著水準。
In response to the growing global emphasis on sustainable development and the increasing importance of Environmental, Social, and Governance (ESG) issues, corporations worldwide have increasingly incorporated these factors into corporate performance evaluations and investment decisions. This study uses a sample of Taiwanese listed non-financial firms from 2017 to 2023 to examine the relationship between corporate participation in ESG- and carbon-related international initiatives and firm performance. Furthermore, it investigates whether the number of international initiatives a firm participates in yields differential effects on performance. The empirical results indicate that corporate participations in international initiatives is positively associated with both Tobin’s Q and stock returns, with only the stock returns reaching statistical significance. This finding suggests that corporate engagement in sustainability initiatives may enhance short-term stock performance. Regarding the number of initiatives, the results show that the association with Tobin’s Q is marginally significant under a one-tailed test, while stock returns demonstrate statistically significant associations.
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Corporate social responsibility and investment efficiency. Journal of business ethics, 148, 647-671. Bolton, P., & Kacperczyk, M. (2021). Do investors care about carbon risk? Journal of financial economics, 142(2), 517-549. Capozza, D. R., & Seguin, P. J. (2003). Inside ownership, risk sharing and Tobin's q‐ratios: Evidence from REITs. Real Estate Economics, 31(3), 367-404. Chung, K. H., & Pruitt, S. W. (1994). A simple approximation of Tobin's q. Financial management, 70-74. Clark, G. L., & Viehs, M. (2014). The implications of corporate social responsibility for investors: An overview and evaluation of the existing CSR literature. Available at SSRN 2481877. Clark, G. L., Feiner, A., & Viehs, M. (2015). From the stockholder to the stakeholder: How sustainability can drive financial outperformance. Coad, A. (2009). The Growth of firms: A survey of theories and empirical evidence. Edward Elgar. Dalton, D. R., Daily, C. M., Ellstrand, A. E., & Johnson, J. L. (1998). 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描述 碩士
國立政治大學
會計學系
111353048
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111353048
資料類型 thesis
dc.contributor.advisor 林宛瑩zh_TW
dc.contributor.advisor Lin, Wan-Yingen_US
dc.contributor.author (Authors) 宋承軒zh_TW
dc.contributor.author (Authors) Song, Cherng-Shiuanen_US
dc.creator (作者) 宋承軒zh_TW
dc.creator (作者) Song, Cherng-Shiuanen_US
dc.date (日期) 2025en_US
dc.date.accessioned 1-Jul-2025 14:16:27 (UTC+8)-
dc.date.available 1-Jul-2025 14:16:27 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2025 14:16:27 (UTC+8)-
dc.identifier (Other Identifiers) G0111353048en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/157670-
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) 111353048zh_TW
dc.description.abstract (摘要) 隨著全球永續發展趨勢與環境、社會及公司治理議題的重要性提升，全球企業亦將這些議題納入公司績效及投資決策的重要考量。本研究以2017至2023年台灣上市公司(非金融業)為樣本。探討企業參與ESG和碳排相關的國際倡議與公司績效之關聯性，並進一步分析企業參與國際倡議的數量是否對公司績效產生不同影響。本研究之實證結果顯示，企業是否參與國際倡議與 Tobin’s Q 及股價報酬率皆呈正向關聯，其中僅股價報酬率達到顯著水準，說明支持企業參與永續倡議有助於短期股價表現。進一步以企業參與倡議的數量衡量之研究結果則顯示，Tobin’s Q僅部分達到單尾顯著水準，而股價報酬率則達到顯著水準。zh_TW
dc.description.abstract (摘要) In response to the growing global emphasis on sustainable development and the increasing importance of Environmental, Social, and Governance (ESG) issues, corporations worldwide have increasingly incorporated these factors into corporate performance evaluations and investment decisions. This study uses a sample of Taiwanese listed non-financial firms from 2017 to 2023 to examine the relationship between corporate participation in ESG- and carbon-related international initiatives and firm performance. Furthermore, it investigates whether the number of international initiatives a firm participates in yields differential effects on performance. The empirical results indicate that corporate participations in international initiatives is positively associated with both Tobin’s Q and stock returns, with only the stock returns reaching statistical significance. This finding suggests that corporate engagement in sustainability initiatives may enhance short-term stock performance. Regarding the number of initiatives, the results show that the association with Tobin’s Q is marginally significant under a one-tailed test, while stock returns demonstrate statistically significant associations.en_US
dc.description.tableofcontents 第壹章 緒論 1 第一節 研究動機與目的 1 第二節 研究議題 4 第三節 研究論文架構 5 第貳章 文獻探討與假說發展 6 第一節 國際倡議的發展與企業影響 6 第二節 ESG與公司績效之關聯性 12 第三節 TOBIN’S Q與企業永續發展 21 第參章 研究方法 25 第一節 研究假說 25 第二節 實證模型 27 第三節 變數定義與衡量 28 第四節 樣本選取及資料來源 35 第肆章 實證結果 36 第一節 產業參與國際倡議及年度分布 36 第二節 敘述性統計 37 第三節 相關係數矩陣 40 第四節 實證結果 44 第五節 額外測試 53 第伍章 結論與建議 66 第一節 研究結論 66 第二節 研究限制及未來建議 68 參考文獻 69zh_TW
dc.format.extent 2433368 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111353048en_US
dc.subject (關鍵詞) 參與國際倡議zh_TW
dc.subject (關鍵詞) 參與國際倡議數量zh_TW
dc.subject (關鍵詞) 公司績效zh_TW
dc.subject (關鍵詞) Corporate Participation in International Initiativesen_US
dc.subject (關鍵詞) Number of International Initiativesen_US
dc.subject (關鍵詞) Firm Performanceen_US
dc.title (題名) 企業參與國際倡議與公司績效之關聯性zh_TW
dc.title (題名) Relationship Between Corporate Participation in International Initiatives and Firm Performanceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 包沂靄、張淑清、吳冠勳、鄭淩淇、張慧珊（2024）。碳排放量、企業社會責任與公司治理對公司價值之影響。Journal of Data Analysis，19(1)，15-49。 吳幸蓁與廖蕙儀，2017，自願性揭露企業社會責任資訊之決定因素與其資訊後果， 中山管理評論，第25卷，第1期：13-62。 林宛瑩、汪瑞芝與游順合 (2012)。研發支出、內部董事與經營績效。會計審計論叢，2(1)，61-90。 張育琳，2019，節能減碳，企業綠色環境管理策略與公司績效之關連性，中山管 理評論，第27卷，第2期：279-326。 張雅淇、王雅琦（2023）。董事會特質、企業風險管理與券商分析師盈餘預測準確度之關聯性。中山管理評論，31(3)，481-543。 許永明（2021）。從學術文獻探討CSR作為企業策略性運用工具：過去、現在與未來。管理學報，38(4)，477-495。 彭郁潔、朱文儀、黃子軒（2024）。董事會獨立性、董事忙碌程度與公司績效之關係。中山管理評論，(印製中)，i+1-31。 蔡裕明、張璟升、張芷瑜、林承宏、洪婉瑜（2024）。探究高污染行業中企業社會責任實踐之經濟影響：從ESG績效到公司價值。管理資訊計算，13(2)，141-155。 蔡裕明、黃觀松、周文琪（2024）。綠色會計對臺灣上市公司碳排放與財務績效影響之研究。管理資訊計算，13()，30-43。 謝安軒、林宛瑩、鄭桂蕙 (2023)。環境社會治理績效與銀行借款條件。 Alareeni, B. A., & Hamdan, A. (2020). ESG impact on performance of US S&P 500-listed firms. Corporate Governance: The International Journal of Business in Society, 20(7), 1409-1428. Aragón-Correa, J. A. (1998). Strategic proactivity and firm approach to the natural environment. Academy of management Journal, 41(5), 556-567. 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