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題名 資安危機中的永續抉擇：台灣實證研究
Sustainable Responses to Cybersecurity Crises: Analysis of Taiwan’s Listed Companies
作者 巫可筠
Wu, Ke-Yun
貢獻者 黃嘉威
Huang, Chia-Wei
巫可筠
Wu, Ke-Yun
關鍵詞 資安重大訊息揭露制度
資訊安全事件
ESG
Cybersecurity Material Information Disclosure
Cybersecurity Incident
ESG
日期 2025
上傳時間 1-Jul-2025 14:49:37 (UTC+8)
摘要 本文以台灣自2021年起實施之「資安重大訊息揭露制度」為研究背景，將「是否發布資安重訊」作為資安事件之代理變數，透過傾向分數配對法（Propensity Score Matching, PSM）建立具可比性之控制組，並採用差異中之差異法（Difference-in-Differences, DiD）及動態DiD模型進行實證分析，探討事件發生後企業於 ESG 各構面及其子項目之投入變化。實證結果顯示，企業整體 ESG 投入、環境構面與社會構面在分數上並未呈現顯著變化，唯公司治理構面於事件後第二年顯著提升。本研究進一步拆解各項子項目，了解分數上升的驅動原因。分析結果發現企業在資安事件發生後之永續改善，具體體現在社會構面中之資訊安全治理與公司治理構面中之董事會結構之調整。綜上所述，企業於資安事件後之永續作為，針對資安事件漏洞展現出了選擇性之調整行為。本文實證結果有助於補足 ESG 與資安交叉議題之研究缺口，並可提供企業與監管機關於風險治理與永續策略制定上之參考。 關鍵字：資安重大訊息揭露制度、資訊安全事件、ESG
This study examines whether cybersecurity incidents prompt firms to adjust their ESG practices. Using Taiwan’s 2021 policy requiring disclosure of material cybersecurity events as the empirical setting, we treat such disclosures as proxies for incidents. Applying Propensity Score Matching and Difference-in-Differences（DiD) models, including dynamic DiD, we analyze ESG score changes. Results show no significant changes in overall ESG, environmental, or social scores, but governance scores significantly improved in the second year. Further analysis suggests enhancements in information security and board structure. These findings indicate selective ESG responses and offer insights into corporate risk and sustainability strategies. Keyword：Cybersecurity Material Information Disclosure, Cybersecurity Incident, ESG
參考文獻 [1]     Akey, P., Lewellen, S., Liskovich, I., and Schiller, C. M. (2024). Hacking corporate reputations. ECGI Working Paper Series in Finance, 948. http://dx.doi.org/10.2139/ssrn.3143740 [2]     Benoit, W. L. (1997). Image repair discourse and crisis communication. Public Relations Review, 23(2), 177–186. https://doi.org/10.1016/S0363-8111(97)90023-0 [3]     Bissoondoyal-Bheenick, E., Brooks, R., and Do, H. X. (2023). ESG and firm performance: The role of size and media channels. Economic Modelling, 121, 106203-. https://doi.org/10.1016/j.econmod.2023.106203 [4]     Boasiako, K. A., and O'Connor Keefe, M. (2021). Data breaches and corporate liquidity management. European Financial Management, 27(3), 528–551. https://doi.org/10.1111/eufm.12289 [5]     Borghesi, R., Houston, J. F., and Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance (Amsterdam, Netherlands), 26, 164–181. https://doi.org/10.1016/j.jcorpfin.2014.03.008 [6]     Boubakri, N., El Ghoul, S., Wang, H., Guedhami, O., and Kwok, C. C. Y. (2016). Cross-listing and corporate social responsibility. Journal of Corporate Finance, 41, 123–138. https://doi.org/10.1016/j.jcorpfin.2016.08.008 [7]     Cao, J., Titman, S., Zhan, X., and Zhang, W. (2023). ESG preference, institutional trading, and stock return patterns. Journal of Financial and Quantitative Analysis, 58(5), 1843–1877. https://doi.org/10.1017/S0022109022000916 [8]     Delmas, M. A., and Burbano, V. C. (2011). The Drivers of Greenwashing. California Management Review, 54, 64-87. https://doi.org/10.1525/cmr.2011.54.1.64 [9]     Deshpande, M., and Li, Y. (2019). Who Is Screened Out? Application Costs and the Targeting of Disability Programs. American Economic Journal. Economic Policy, 11(4), 213–248. https://doi.org/10.1257/pol.20180076 [10]  Gatzlaff, K. M., and McCullough, K. A. (2010). The effect of data breaches on shareholder wealth. Risk Management and Insurance Review, 13(1), 61–83. https://doi.org/10.1111/j.1540-6296.2010.01178.x [11]  Ghuslan, M. I., Jaffar, R., Mohd Saleh, N., and Yaacob, M. H. (2021). Corporate governance and corporate reputation: The role of environmental and social reporting quality. Sustainability, 13(18), 10452. https://doi.org/10.3390/su131810452 [12]  Gomez-Trujillo, A. M., Velez-Ocampo, J., and Gonzalez-Perez, M. A. (2020). A literature review on the causality between sustainability and corporate reputation: What goes first? Management of Environmental Quality, 31(2), 406–430. https://doi.org/10.1108/MEQ-09-2019-0207 [13]  Harjoto, M. A., and Jo, H. (2011). Corporate Governance and CSR Nexus. Journal of Business Ethics, 100(1), 45–67. https://doi.org/10.1007/s10551-011-0772-6 [14]  Houqe, M. N., Ahmed, K., and Richardson, G. (2020). The effect of environmental, social, and governance performance factors on firms’ cost of debt: International evidence. The International Journal of Accounting, 55(3), 2050014. https://dx.doi.org/10.1142/S1094406020500146. [15]  Kamiya, S., Kang, J.-K., Kim, J., Milidonis, A., and Stulz, R. M. (2021). Risk management, firm reputation, and the impact of successful cyberattacks on target firms. Journal of Financial Economics, 139(3), 719–749. https://doi.org/10.1016/j.jfineco.2019.05.019 [16]  Kim, I., Wan, H., Wang, B., and Yang, T. (2019). Institutional Investors and Corporate Environmental, Social, and Governance Policies: Evidence from Toxics Release Data. Management Science, 65(10), 4901–4926. https://doi.org/10.1287/mnsc.2018.3055 [17]  Maaloul, A., Zéghal, D., Ben Amar, W., and Mansour, S. (2023). The Effect of Environmental, Social, and Governance (ESG) Performance and Disclosure on Cost of Debt: The Mediating Effect of Corporate Reputation. Corporate Reputation Review, 26(1), 1–18. https://doi.org/10.1057/s41299-021-00130-8 [18]  Pineiro-Chousa, J., Vizcaíno-González, M., López-Cabarcos, M. ángeles, and Romero-Castro, N. (2017). Managing reputational risk through environmental management and reporting: An options theory approach. Sustainability, 9(3), 376-. https://doi.org/10.3390/su9030376 [19]  Scott, J., Rosenberg, S., and McCabe, B. (2019). Corporate social responsibility behaviors and corporate reputation. Social Responsibility Journal, 15(3), 395-408. https://doi.org/10.1108/SRJ-11-2017-0255 [20]  Setiarini, A., Gani, L., Diyanty, V., and Adhariani, D. (2023). Strategic orientation, risk‐taking, corporate life cycle and environmental, social and governance (ESG) practices: Evidence from ASEAN countries. Business Strategy and Development, 6(3), 491–502. https://doi.org/10.1002/bsd2.257 [21]  Shu, H., and Wong, S. M. (2018). When a Sinner Does a Good Deed: The Path‐Dependence of Reputation Repair. Journal of Management Studies, 55(5), 770–808. https://doi.org/10.1111/joms.12312 [22]  Tang, F., and Yang, L. (2024). The Effects of IT Management Certification Type and Corporate Social Responsibility Performance on Investors’ Responses to Cybersecurity Breaches. The Journal of Information Systems, 38(3), 77–92. https://doi.org/10.2308/ISYS-2023-032 [23]  Ulke, A.-K., and Schons, L. M. (2016). CSR as a Selling of Indulgences: An Experimental Investigation of Customers’ Perceptions of CSR Activities Depending on Corporate Reputation. Corporate Reputation Review, 19(3), 263–280. https://doi.org/10.1057/s41299-016-0005-0 [24]  Utz, S. (2019). Corporate scandals and the reliability of ESG assessments: evidence from an international sample. Review of Managerial Science, 13(2), 483–511. https://doi.org/10.1007/s11846-017-0256-x [25]  Zimon, G., Arianpoor, A., and Salehi, M. (2022). Sustainability reporting and corporate reputation: The moderating effect of CEO opportunistic behavior. Sustainability, 14(3), 1257. https://doi.org/10.3390/su14031257
描述 碩士
國立政治大學
財務管理學系
112357007
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112357007
資料類型 thesis
dc.contributor.advisor 黃嘉威zh_TW
dc.contributor.advisor Huang, Chia-Weien_US
dc.contributor.author (Authors) 巫可筠zh_TW
dc.contributor.author (Authors) Wu, Ke-Yunen_US
dc.creator (作者) 巫可筠zh_TW
dc.creator (作者) Wu, Ke-Yunen_US
dc.date (日期) 2025en_US
dc.date.accessioned 1-Jul-2025 14:49:37 (UTC+8)-
dc.date.available 1-Jul-2025 14:49:37 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2025 14:49:37 (UTC+8)-
dc.identifier (Other Identifiers) G0112357007en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/157771-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理學系zh_TW
dc.description (描述) 112357007zh_TW
dc.description.abstract (摘要) 本文以台灣自2021年起實施之「資安重大訊息揭露制度」為研究背景，將「是否發布資安重訊」作為資安事件之代理變數，透過傾向分數配對法（Propensity Score Matching, PSM）建立具可比性之控制組，並採用差異中之差異法（Difference-in-Differences, DiD）及動態DiD模型進行實證分析，探討事件發生後企業於 ESG 各構面及其子項目之投入變化。實證結果顯示，企業整體 ESG 投入、環境構面與社會構面在分數上並未呈現顯著變化，唯公司治理構面於事件後第二年顯著提升。本研究進一步拆解各項子項目，了解分數上升的驅動原因。分析結果發現企業在資安事件發生後之永續改善，具體體現在社會構面中之資訊安全治理與公司治理構面中之董事會結構之調整。綜上所述，企業於資安事件後之永續作為，針對資安事件漏洞展現出了選擇性之調整行為。本文實證結果有助於補足 ESG 與資安交叉議題之研究缺口，並可提供企業與監管機關於風險治理與永續策略制定上之參考。 關鍵字：資安重大訊息揭露制度、資訊安全事件、ESGzh_TW
dc.description.abstract (摘要) This study examines whether cybersecurity incidents prompt firms to adjust their ESG practices. Using Taiwan’s 2021 policy requiring disclosure of material cybersecurity events as the empirical setting, we treat such disclosures as proxies for incidents. Applying Propensity Score Matching and Difference-in-Differences（DiD) models, including dynamic DiD, we analyze ESG score changes. Results show no significant changes in overall ESG, environmental, or social scores, but governance scores significantly improved in the second year. Further analysis suggests enhancements in information security and board structure. These findings indicate selective ESG responses and offer insights into corporate risk and sustainability strategies. Keyword：Cybersecurity Material Information Disclosure, Cybersecurity Incident, ESGen_US
dc.description.tableofcontents 口試委員會審定書 # 誌謝 i 中文摘要 ii ABSTRACT iii 目錄 iv 表目錄 v 圖目錄 vi 第一章 緒論 1 第一節 研究背景 1 第二節 研究動機 3 第三節 研究貢獻 4 第四節 研究流程 5 第二章 文獻回顧 6 第一節 資安事件對於企業之影響 6 第二節 風險事件後投入 ESG 對企業之影響 7 第三節 ESG 三構面之功能與企業投入動機 8 第三章 研究設計 10 第一節 研究方法 10 第二節 樣本選取與資料來源 11 第三節 變數解釋 13 第四節 實證模型建立 14 第四章 實證結果與分析 17 第一節 樣本敘述性統計分析 17 第二節 相關性分析 18 第三節 主構面DiD估計結果與分析 18 第四節 子項目動態DiD估計結果與分析 22 第五節 具體指標動態DiD估計結果與分析 26 第六節 安慰劑測試（Placebo Test） 29 第五章 結論與建議 32 第一節 研究結論 32 第二節 研究限制與建議 33 參考文獻 35 附錄 38zh_TW
dc.format.extent 2285958 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112357007en_US
dc.subject (關鍵詞) 資安重大訊息揭露制度zh_TW
dc.subject (關鍵詞) 資訊安全事件zh_TW
dc.subject (關鍵詞) ESGzh_TW
dc.subject (關鍵詞) Cybersecurity Material Information Disclosureen_US
dc.subject (關鍵詞) Cybersecurity Incidenten_US
dc.subject (關鍵詞) ESGen_US
dc.title (題名) 資安危機中的永續抉擇：台灣實證研究zh_TW
dc.title (題名) Sustainable Responses to Cybersecurity Crises: Analysis of Taiwan’s Listed Companiesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) [1]     Akey, P., Lewellen, S., Liskovich, I., and Schiller, C. M. (2024). Hacking corporate reputations. ECGI Working Paper Series in Finance, 948. http://dx.doi.org/10.2139/ssrn.3143740 [2]     Benoit, W. L. (1997). Image repair discourse and crisis communication. Public Relations Review, 23(2), 177–186. https://doi.org/10.1016/S0363-8111(97)90023-0 [3]     Bissoondoyal-Bheenick, E., Brooks, R., and Do, H. X. (2023). ESG and firm performance: The role of size and media channels. Economic Modelling, 121, 106203-. https://doi.org/10.1016/j.econmod.2023.106203 [4]     Boasiako, K. A., and O'Connor Keefe, M. (2021). Data breaches and corporate liquidity management. European Financial Management, 27(3), 528–551. https://doi.org/10.1111/eufm.12289 [5]     Borghesi, R., Houston, J. F., and Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance (Amsterdam, Netherlands), 26, 164–181. https://doi.org/10.1016/j.jcorpfin.2014.03.008 [6]     Boubakri, N., El Ghoul, S., Wang, H., Guedhami, O., and Kwok, C. C. Y. (2016). Cross-listing and corporate social responsibility. Journal of Corporate Finance, 41, 123–138. https://doi.org/10.1016/j.jcorpfin.2016.08.008 [7]     Cao, J., Titman, S., Zhan, X., and Zhang, W. (2023). ESG preference, institutional trading, and stock return patterns. Journal of Financial and Quantitative Analysis, 58(5), 1843–1877. https://doi.org/10.1017/S0022109022000916 [8]     Delmas, M. A., and Burbano, V. C. (2011). The Drivers of Greenwashing. California Management Review, 54, 64-87. https://doi.org/10.1525/cmr.2011.54.1.64 [9]     Deshpande, M., and Li, Y. (2019). Who Is Screened Out? Application Costs and the Targeting of Disability Programs. American Economic Journal. Economic Policy, 11(4), 213–248. https://doi.org/10.1257/pol.20180076 [10]  Gatzlaff, K. M., and McCullough, K. A. (2010). The effect of data breaches on shareholder wealth. Risk Management and Insurance Review, 13(1), 61–83. https://doi.org/10.1111/j.1540-6296.2010.01178.x [11]  Ghuslan, M. I., Jaffar, R., Mohd Saleh, N., and Yaacob, M. H. (2021). Corporate governance and corporate reputation: The role of environmental and social reporting quality. Sustainability, 13(18), 10452. https://doi.org/10.3390/su131810452 [12]  Gomez-Trujillo, A. M., Velez-Ocampo, J., and Gonzalez-Perez, M. A. (2020). A literature review on the causality between sustainability and corporate reputation: What goes first? Management of Environmental Quality, 31(2), 406–430. https://doi.org/10.1108/MEQ-09-2019-0207 [13]  Harjoto, M. A., and Jo, H. (2011). Corporate Governance and CSR Nexus. Journal of Business Ethics, 100(1), 45–67. https://doi.org/10.1007/s10551-011-0772-6 [14]  Houqe, M. N., Ahmed, K., and Richardson, G. (2020). The effect of environmental, social, and governance performance factors on firms’ cost of debt: International evidence. The International Journal of Accounting, 55(3), 2050014. https://dx.doi.org/10.1142/S1094406020500146. [15]  Kamiya, S., Kang, J.-K., Kim, J., Milidonis, A., and Stulz, R. M. (2021). Risk management, firm reputation, and the impact of successful cyberattacks on target firms. Journal of Financial Economics, 139(3), 719–749. https://doi.org/10.1016/j.jfineco.2019.05.019 [16]  Kim, I., Wan, H., Wang, B., and Yang, T. (2019). Institutional Investors and Corporate Environmental, Social, and Governance Policies: Evidence from Toxics Release Data. Management Science, 65(10), 4901–4926. https://doi.org/10.1287/mnsc.2018.3055 [17]  Maaloul, A., Zéghal, D., Ben Amar, W., and Mansour, S. (2023). The Effect of Environmental, Social, and Governance (ESG) Performance and Disclosure on Cost of Debt: The Mediating Effect of Corporate Reputation. Corporate Reputation Review, 26(1), 1–18. https://doi.org/10.1057/s41299-021-00130-8 [18]  Pineiro-Chousa, J., Vizcaíno-González, M., López-Cabarcos, M. ángeles, and Romero-Castro, N. (2017). Managing reputational risk through environmental management and reporting: An options theory approach. Sustainability, 9(3), 376-. https://doi.org/10.3390/su9030376 [19]  Scott, J., Rosenberg, S., and McCabe, B. (2019). Corporate social responsibility behaviors and corporate reputation. Social Responsibility Journal, 15(3), 395-408. https://doi.org/10.1108/SRJ-11-2017-0255 [20]  Setiarini, A., Gani, L., Diyanty, V., and Adhariani, D. (2023). Strategic orientation, risk‐taking, corporate life cycle and environmental, social and governance (ESG) practices: Evidence from ASEAN countries. Business Strategy and Development, 6(3), 491–502. https://doi.org/10.1002/bsd2.257 [21]  Shu, H., and Wong, S. M. (2018). When a Sinner Does a Good Deed: The Path‐Dependence of Reputation Repair. Journal of Management Studies, 55(5), 770–808. https://doi.org/10.1111/joms.12312 [22]  Tang, F., and Yang, L. (2024). The Effects of IT Management Certification Type and Corporate Social Responsibility Performance on Investors’ Responses to Cybersecurity Breaches. The Journal of Information Systems, 38(3), 77–92. https://doi.org/10.2308/ISYS-2023-032 [23]  Ulke, A.-K., and Schons, L. M. (2016). CSR as a Selling of Indulgences: An Experimental Investigation of Customers’ Perceptions of CSR Activities Depending on Corporate Reputation. Corporate Reputation Review, 19(3), 263–280. https://doi.org/10.1057/s41299-016-0005-0 [24]  Utz, S. (2019). Corporate scandals and the reliability of ESG assessments: evidence from an international sample. Review of Managerial Science, 13(2), 483–511. https://doi.org/10.1007/s11846-017-0256-x [25]  Zimon, G., Arianpoor, A., and Salehi, M. (2022). Sustainability reporting and corporate reputation: The moderating effect of CEO opportunistic behavior. Sustainability, 14(3), 1257. https://doi.org/10.3390/su14031257zh_TW