1. NCCU Academic Hub
  2. Publications
  3. College of Commerce
  4. Theses
  5. Item

Publications-Theses

Article View/Open

Publication Export

Google ScholarTM

NCCU Library

Citation Infomation

Related Publications in TAIR

題名 加入自願性倡議組織對於企業減碳成效與ESG表現之探討:以RE100公司為例
The Impact of Joining Voluntary Initiatives on Carbon Reduction and ESG Performance: The Case of RE100 Companies
作者 劉晏争
Liu, Yan-Zheng
貢獻者 楊曉文
Yang, Sharon
劉晏争
Liu, Yan-Zheng
關鍵詞 RE100
自願性環境倡議
碳排放強度
ESG評級
先行者效應
雙重差分法
事件研究法
RE100
Voluntary Environmental Initiatives
Carbon Emissions Intensity
ESG Ratings
First-Mover Effect
Difference-in-Differences
Event Study
日期 2025
上傳時間 1-Jul-2025 15:16:12 (UTC+8)
摘要 在全球邁向淨零碳排與永續轉型的趨勢下，企業參與自願性環境倡議組織已成為推動ESG布局的重要策略之一。然而，相關倡議對企業實質減碳成效與ESG評級的影響，至今仍存在諸多討論。本文以2005年至2024年間加入RE100之327家企業為樣本，運用雙重差分法、固定效果模型與事件研究法，分析企業在加入前後的碳排放強度、ESG總分與各項細部指標之變化，並進一步探討加入時點對碳排成效的影響。研究結果顯示，企業在加入RE100後整體碳排放強度顯著下降，特別是在間接排放（範疇二）方面效果最為明顯；早期加入者相較後期企業展現更顯著的減碳幅度，驗證先行者效應的存在。在ESG評分方面，環境指標於加入後呈現明顯提升，部分企業甚至於加入前即出現提前反應。本文補足目前RE100相關實證研究之缺口，並對自願性永續政策的實質影響提供具體證據與政策啟示。
Amid the global transition toward net-zero emissions and sustainable development, corporate participation in voluntary environmental initiatives has become a key strategy for advancing ESG practices. However, the actual impact of such initiatives on corporate carbon reduction performance and ESG ratings remains subject to debate. This study examines a sample of 327 companies that joined the RE100 initiative between 2005 and 2024. Using a combination of difference-in-differences (DID) estimation, fixed effects models, and event study methodology, the research analyzes changes in carbon emissions intensity, ESG overall scores, and detailed sub-indicators before and after joining RE100. The empirical results reveal a significant decrease in overall carbon emissions intensity following participation, particularly for indirect emissions (Scope 2). Furthermore, early adopters exhibit more pronounced reductions compared to later joiners, confirming the presence of a first-mover advantage. In terms of ESG performance, environmental scores show a notable increase post-adoption, with some firms exhibiting early responses even prior to official commitment. This study fills a gap in the empirical literature on RE100 and provides concrete evidence and policy insights regarding the effectiveness of voluntary sustainability initiatives.
參考文獻 Alok, S., Kumar, N., & Wermers, R. (2020). Do fund managers misestimate climatic disaster risk? The Review of Financial Studies, 33(3), 1146-1183. Andersson, M., Bolton, P., & Samama, F. (2016). Hedging climate risk. Financial Analysts Journal, 72(3), 1-13. Aswani, J., Raghunandan, A., & Rajgopal, S. (2024). Are carbon emissions associated with stock returns? Review of Finance, 28, 75-106. Bolton, P., & Kacperczyk, M. (2021). Do investors care about carbon risk? Journal of Financial Economics, 142(2), 517-549. Chen, F., Chen, Z., & Zhang, X. (2024). Belated stock returns for green innovation under carbon emissions trading market. Journal of Corporate Finance, 85, Article 102558. Delmas, M. A., & Montes-Sancho, M. J. (2011). An institutional perspective on the diffusion of international management system standards: The case of the environmental management standard ISO 14001. Business Ethics Quarterly, 21(1), 103–132. Gianfrate, G., & Peri, M. (2019). The green advantage: Exploring the convenience of issuing green bonds. Journal of Cleaner Production, 219, 127-135. Iazzolino, G., Bruni, M. E., Veltri, S., Morea, D., & Baldissarro, G. (2023). The impact of ESG factors on financial efficiency: An empirical analysis for the selection of sustainable firm portfolios. Corporate Social Responsibility and Environmental Management, 30(5), 1917–1927. Jalalov, M., & Bae, J. H. (2025). Exploring the motivations behind corporate participation in the RE100 initiative and its impact on financial performance. Energy Policy, 198, 114503. Kim, E.-H., & Lyon, T. P. (2011). Strategic environmental disclosure: Evidence from the DOE’s voluntary greenhouse gas registry. Journal of Environmental Economics and Management, 61(3), 311-326. Kim, E.-H., & Lyon, T. P. (2014). Greenwash vs. brownwash: Exaggeration and undue modesty in corporate sustainability disclosure (Ross School of Business Paper No. 1266). University of Michigan. Kube, R., von Graevenitz, K., Löschel, A., & Massier, P. (2019). Do voluntary environmental programs reduce emissions? EMAS in the German manufacturing sector. Energy Economics, 84, Article 104558. Lee, J., & Koh, K. (2024). ESG performance and firm risk in the U.S. financial firms. Review of Financial Economics. Advance online publication Li, J., & Xu, X. (2024). Can ESG rating reduce corporate carbon emissions? – An empirical study from Chinese listed companies. Journal of Cleaner Production, 434, Article 140226. Matsumura, E. M., Prakash, R., & Vera-Muñoz, S. C. (2014). Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review, 89(2), 695-724. Monasterolo, I., & de Angelis, L. (2020). Blind to carbon risk? An analysis of stock market reaction to the Paris Agreement. Ecological Economics, 170, Article 106571. Park, J. (2024). Voluntary environmental initiative and ESG performance: Evidence from RE100 [Preprint]. Korea Institute for International Economic Policy. Potoski, M., & Prakash, A. (2005). Covenants with weak swords: ISO 14001 and facilities' environmental performance. Journal of Policy Analysis and Management, 24(4), 745–769. Tang, D. Y., & Zhang, Y. (2020). Do shareholders benefit from green bonds? Journal of Corporate Finance, 61, Article 101427. Treepongkaruna, S., Au Yong, H. H., Thomsen, S., & Kyaw, K. (2024). Greenwashing, carbon emission, and ESG. Business Strategy and the Environment, 33(1), 1-14. Wang, C., Li, J., Yi, Y., & Yang, S. (2024). Crowding in or crowding out? Executive environmental attention and ESG performance of mining listed companies. Mineral Economics. Advance online publication. Yuan, K., & Wu, B. (2024). The crowding-out effect of the environmental regulation on corporate sustainability. Frontiers in Environmental Science, 11, Article 1273278.
描述 碩士
國立政治大學
金融學系
112352004
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112352004
資料類型 thesis
dc.contributor.advisor 楊曉文zh_TW
dc.contributor.advisor Yang, Sharonen_US
dc.contributor.author (Authors) 劉晏争zh_TW
dc.contributor.author (Authors) Liu, Yan-Zhengen_US
dc.creator (作者) 劉晏争zh_TW
dc.creator (作者) Liu, Yan-Zhengen_US
dc.date (日期) 2025en_US
dc.date.accessioned 1-Jul-2025 15:16:12 (UTC+8)-
dc.date.available 1-Jul-2025 15:16:12 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2025 15:16:12 (UTC+8)-
dc.identifier (Other Identifiers) G0112352004en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/157829-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 金融學系zh_TW
dc.description (描述) 112352004zh_TW
dc.description.abstract (摘要) 在全球邁向淨零碳排與永續轉型的趨勢下，企業參與自願性環境倡議組織已成為推動ESG布局的重要策略之一。然而，相關倡議對企業實質減碳成效與ESG評級的影響，至今仍存在諸多討論。本文以2005年至2024年間加入RE100之327家企業為樣本，運用雙重差分法、固定效果模型與事件研究法，分析企業在加入前後的碳排放強度、ESG總分與各項細部指標之變化，並進一步探討加入時點對碳排成效的影響。研究結果顯示，企業在加入RE100後整體碳排放強度顯著下降，特別是在間接排放（範疇二）方面效果最為明顯；早期加入者相較後期企業展現更顯著的減碳幅度，驗證先行者效應的存在。在ESG評分方面，環境指標於加入後呈現明顯提升，部分企業甚至於加入前即出現提前反應。本文補足目前RE100相關實證研究之缺口，並對自願性永續政策的實質影響提供具體證據與政策啟示。zh_TW
dc.description.abstract (摘要) Amid the global transition toward net-zero emissions and sustainable development, corporate participation in voluntary environmental initiatives has become a key strategy for advancing ESG practices. However, the actual impact of such initiatives on corporate carbon reduction performance and ESG ratings remains subject to debate. This study examines a sample of 327 companies that joined the RE100 initiative between 2005 and 2024. Using a combination of difference-in-differences (DID) estimation, fixed effects models, and event study methodology, the research analyzes changes in carbon emissions intensity, ESG overall scores, and detailed sub-indicators before and after joining RE100. The empirical results reveal a significant decrease in overall carbon emissions intensity following participation, particularly for indirect emissions (Scope 2). Furthermore, early adopters exhibit more pronounced reductions compared to later joiners, confirming the presence of a first-mover advantage. In terms of ESG performance, environmental scores show a notable increase post-adoption, with some firms exhibiting early responses even prior to official commitment. This study fills a gap in the empirical literature on RE100 and provides concrete evidence and policy insights regarding the effectiveness of voluntary sustainability initiatives.en_US
dc.description.tableofcontents 第一章、 緒論 7 第一節 研究背景與動機 7 第二節 研究目的與問題 8 第三節 研究架構 10 第四節 研究貢獻 10 第二章、 文獻回顧 12 第一節 RE100簡介與制度設計 12 第二節 自願性倡議組織與企業減碳行為之文獻 13 第三節 自願性揭露與企業ESG表現之文獻 14 第三章、 研究方法 16 第一節 研究假說建構 16 第二節 資料來源與樣本說明 18 第三節 變數說明 19 第四節 研究模型 23 第四章、 實證結果 26 第一節 研究樣本 26 第二節 敘述性統計 26 第三節 相關係數分析 29 第四節 實證結果分析 32 第五章、 結論 42 第六章、 參考資料 44zh_TW
dc.format.extent 1253299 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112352004en_US
dc.subject (關鍵詞) RE100zh_TW
dc.subject (關鍵詞) 自願性環境倡議zh_TW
dc.subject (關鍵詞) 碳排放強度zh_TW
dc.subject (關鍵詞) ESG評級zh_TW
dc.subject (關鍵詞) 先行者效應zh_TW
dc.subject (關鍵詞) 雙重差分法zh_TW
dc.subject (關鍵詞) 事件研究法zh_TW
dc.subject (關鍵詞) RE100en_US
dc.subject (關鍵詞) Voluntary Environmental Initiativesen_US
dc.subject (關鍵詞) Carbon Emissions Intensityen_US
dc.subject (關鍵詞) ESG Ratingsen_US
dc.subject (關鍵詞) First-Mover Effecten_US
dc.subject (關鍵詞) Difference-in-Differencesen_US
dc.subject (關鍵詞) Event Studyen_US
dc.title (題名) 加入自願性倡議組織對於企業減碳成效與ESG表現之探討:以RE100公司為例zh_TW
dc.title (題名) The Impact of Joining Voluntary Initiatives on Carbon Reduction and ESG Performance: The Case of RE100 Companiesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Alok, S., Kumar, N., & Wermers, R. (2020). Do fund managers misestimate climatic disaster risk? The Review of Financial Studies, 33(3), 1146-1183. Andersson, M., Bolton, P., & Samama, F. (2016). Hedging climate risk. Financial Analysts Journal, 72(3), 1-13. Aswani, J., Raghunandan, A., & Rajgopal, S. (2024). Are carbon emissions associated with stock returns? Review of Finance, 28, 75-106. Bolton, P., & Kacperczyk, M. (2021). Do investors care about carbon risk? Journal of Financial Economics, 142(2), 517-549. Chen, F., Chen, Z., & Zhang, X. (2024). Belated stock returns for green innovation under carbon emissions trading market. Journal of Corporate Finance, 85, Article 102558. Delmas, M. A., & Montes-Sancho, M. J. (2011). An institutional perspective on the diffusion of international management system standards: The case of the environmental management standard ISO 14001. Business Ethics Quarterly, 21(1), 103–132. Gianfrate, G., & Peri, M. (2019). The green advantage: Exploring the convenience of issuing green bonds. Journal of Cleaner Production, 219, 127-135. Iazzolino, G., Bruni, M. E., Veltri, S., Morea, D., & Baldissarro, G. (2023). The impact of ESG factors on financial efficiency: An empirical analysis for the selection of sustainable firm portfolios. Corporate Social Responsibility and Environmental Management, 30(5), 1917–1927. Jalalov, M., & Bae, J. H. (2025). Exploring the motivations behind corporate participation in the RE100 initiative and its impact on financial performance. Energy Policy, 198, 114503. Kim, E.-H., & Lyon, T. P. (2011). Strategic environmental disclosure: Evidence from the DOE’s voluntary greenhouse gas registry. Journal of Environmental Economics and Management, 61(3), 311-326. Kim, E.-H., & Lyon, T. P. (2014). Greenwash vs. brownwash: Exaggeration and undue modesty in corporate sustainability disclosure (Ross School of Business Paper No. 1266). University of Michigan. Kube, R., von Graevenitz, K., Löschel, A., & Massier, P. (2019). Do voluntary environmental programs reduce emissions? EMAS in the German manufacturing sector. Energy Economics, 84, Article 104558. Lee, J., & Koh, K. (2024). ESG performance and firm risk in the U.S. financial firms. Review of Financial Economics. Advance online publication Li, J., & Xu, X. (2024). Can ESG rating reduce corporate carbon emissions? – An empirical study from Chinese listed companies. Journal of Cleaner Production, 434, Article 140226. Matsumura, E. M., Prakash, R., & Vera-Muñoz, S. C. (2014). Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review, 89(2), 695-724. Monasterolo, I., & de Angelis, L. (2020). Blind to carbon risk? An analysis of stock market reaction to the Paris Agreement. Ecological Economics, 170, Article 106571. Park, J. (2024). Voluntary environmental initiative and ESG performance: Evidence from RE100 [Preprint]. Korea Institute for International Economic Policy. Potoski, M., & Prakash, A. (2005). Covenants with weak swords: ISO 14001 and facilities' environmental performance. Journal of Policy Analysis and Management, 24(4), 745–769. Tang, D. Y., & Zhang, Y. (2020). Do shareholders benefit from green bonds? Journal of Corporate Finance, 61, Article 101427. Treepongkaruna, S., Au Yong, H. H., Thomsen, S., & Kyaw, K. (2024). Greenwashing, carbon emission, and ESG. Business Strategy and the Environment, 33(1), 1-14. Wang, C., Li, J., Yi, Y., & Yang, S. (2024). Crowding in or crowding out? Executive environmental attention and ESG performance of mining listed companies. Mineral Economics. Advance online publication. Yuan, K., & Wu, B. (2024). The crowding-out effect of the environmental regulation on corporate sustainability. Frontiers in Environmental Science, 11, Article 1273278.zh_TW