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題名 交叉股權對企業社會責任的影響初探
A Preliminary Study on the Impact of Cross ownership on Corporate Social Responsibility
作者 林安琪
Lin, An-Qi
貢獻者 潘振宇
Pan, Chen-Yu
林安琪
Lin, An-Qi
關鍵詞 交叉持股
環境社會和治理
Cournot競爭
Bertrand競爭
Cross Ownership
Cournot Competition
Bertrand Competition
Environmental,social,and governance
日期 2025
上傳時間 4-Aug-2025 14:16:13 (UTC+8)
摘要 環境社會和治理（Environmental,social,and governance,ESG）是目前全球提倡永續發展的主流，也是評估企業發展的重要指標。交叉持股對企業投資ESG的影響具體是何種表現為本文探討的一個重要核心。本文考慮了一個寡佔模型，其中廠商自由選擇ESG投入、產出水準或產品價格。在企業交叉持有對方股權的情況下，探究交叉股權對均衡ESG投資、產業利潤與社會福利的影響。結果表明，在交叉持股的Cournot競爭下，交叉持股比重上升，會使產業利潤上升，但會導致ESG投入、產量、社會福利下降。本文亦考慮Bertrand競爭，結論與Cournot競爭非常相似。
Environmental, Social, and Governance (ESG) has become a global mainstream approach to promoting sustainable development and serves as a key indicator for evaluating corporate performance. This paper investigates the impact of cross ownership on firms' ESG investment decisions. We consider an oligopoly model in which firms freely choose their levels of ESG investment, output, or product price. Under mutual shareholding structures, we explore how cross ownership affects equilibrium ESG investment, industry profits, and social welfare. Our findings suggest that under Cournot competition with cross ownership, an increase in cross ownership raises industry profits but reduces ESG investment, output, and social welfare. Similar results are observed under Bertrand competition, where the effects of cross ownership closely mirror those found in the Cournot setting.
參考文獻 [1] Bárcena-Ruiz, J.C., Sagasta, A., (2021). Environmental policies with consumer-friendly firms and cross-ownership. Economic Modelling, 103, 105612. https://doi.org/10.1016/j.econmod.2021.105612 [2] Bottega, L., Freitas, J.De., (2009). Public, private and nonprofit regulation for environmental quality. Journal of Economics and Management Strategy 18 (1):105–23. [3] Brito, D., Ribeiro, R., Vasconcelos, H., (2020). Overlapping ownership, endogenous quality, and welfare. Economics letters, 190, 109074. [4] Fanti, L., (2013). Cross-ownership and unions in a Cournot duopoly: When profits reduce with horizontal product differentiation, Japan and the World Economy, 27, 34–40. https://doi.org/10.1016/j.japwor.2013.03.005 [5] Fernandez, D., & Santalo, J. (2010). When necessity becomes a virtue: The effect of product market competition on corporate social responsibility. Journal of Economics and Management Strategy, 19, 453–487. [6] Gilo, David, Yossi Moshe, and Yossi Spiegel. (2006). Partial cross ownership and tacit collusion. The RAND Journal of Economics, 37:81–99. [7] Goett, Andrew A., Kathleen Hudson, and Kenneth E. Train. (2000). Customers’ choice among retail energy suppliers: The willingness-to-pay for service attributes. Energy Journal, 21 (4): 1–28. [8] Hirose, K., Matsumura T., (2022). Common ownership and environmental corporate social responsibility, Energy Economics, 114,106269. https://doi.org/10.1016/j.eneco.2022.106269 [9] Innes, Robert, and Abdoul G. Sam. 2008. Voluntary pollution reductions and the enforcement of environmental law: An Empirical Study of the 33/50 Program. Journal of Law and Economics, 51 (2): 271–96. [10] Johnston, Robert J., and Cathy A. Roheim. 2006. A battle of taste and environmental convictions for ecolabeled seafood: A contingent ranking experiment. Journal of Agricultural and Resource Economics, 31 (2): 283–300. [11] Kitzmueller, M., Shimshack, J. (2012). Economic perspectives on corporate social responsibility. Journal of Economic Literature, 50(1), 51-84. DOI: 10.1257/jel.50.1.51 [12] Li, Y., Zhang, J., Zhou, Z., (2023). Vertical differentiation with overlapping ownership. Economics letters, 222, 110947. [13] López, A.L., Vives, X., (2019). Overlapping ownership, R & D spillovers, and antitrust policy. Journal of Political Economy, 127(5), 2394-2437. https://dx.doi.org/10.1086/701811 [14] Martin, S. (2002). Advanced industrial economics (2nd ed.). Oxford: Blackwell Publishers. [15] Mohr, Lois A., Deborah J. Webb, and Katherine E. Harris. 2001. “Do consumers expect companies to be socially responsible? The impact of corporate social responsibility on buying behavior.” Journal of Consumer Affairs, 35 (1): 45–72. [16] Schinkel, M.P., Spiegel, Y., (2017). Can collusion promote sustainable consumption and production? International Journal of Industrial Organization, 53, 371~398. https://doi.org/10.1016/j.ijindorg.2016.04.012 [17] Schinkel, M.P., Treuren, L., (2021). Corporate social responsibility by joint agreement, Tinbergen Institute Discussion Paper, 2021-063/VII. https://doi.org/10.1016/j.jeem.2023.102897 [18] Shelegia S., Spiegel Y., (2012). Bertrand competition when firms hold passive ownership stakes in one another. Economics letters, 114:136–38 [19] Shelegia, S., & Spiegel, Y. (2024). Horizontal partial cross ownership and innovation. The Journal of Industrial Economics, 4,0021-1821. http://dx.doi.org/10.1111/joie.12392. [20] Siegel, S., & Vitaliano, F. (2007). An empirical analysis of the strategic use of corporate social responsibility. Journal of Economics & Management Strategy, 16, 773–792. [21] Singh, N. and X. Vives (1984), Price and quantity competition in a differentiated duopoly, RAND Journal of Economics, 15, 546-554. [22] Xing, M.Q., Lee, S.H. (2024b). Cross-ownership and green managerialdelegation contracts in a mixed oligopoly. Journal of Environmental Economics and Management, 126:102993. [23] Xing, M.Q., Lee, S.H.，(2025). Consumer environmental awareness in a green managerial eelegation Contract under common ownership. Metroeconomica, 76(3):439–452. https://doi.org/10.1111/meca.12492 [24] Xu, L.L., Zhang, Y. D., Matsumura T., (2023). Competition mode and common ownership in a mixed oligopoly. The Manchester School, 91(4), 306-319. https://doi.org/10.1111/manc.12431
描述 碩士
國立政治大學
國際經營與貿易學系
112351054
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112351054
資料類型 thesis
dc.contributor.advisor 潘振宇zh_TW
dc.contributor.advisor Pan, Chen-Yuen_US
dc.contributor.author (Authors) 林安琪zh_TW
dc.contributor.author (Authors) Lin, An-Qien_US
dc.creator (作者) 林安琪zh_TW
dc.creator (作者) Lin, An-Qien_US
dc.date (日期) 2025en_US
dc.date.accessioned 4-Aug-2025 14:16:13 (UTC+8)-
dc.date.available 4-Aug-2025 14:16:13 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2025 14:16:13 (UTC+8)-
dc.identifier (Other Identifiers) G0112351054en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158540-
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) 112351054zh_TW
dc.description.abstract (摘要) 環境社會和治理（Environmental,social,and governance,ESG）是目前全球提倡永續發展的主流，也是評估企業發展的重要指標。交叉持股對企業投資ESG的影響具體是何種表現為本文探討的一個重要核心。本文考慮了一個寡佔模型，其中廠商自由選擇ESG投入、產出水準或產品價格。在企業交叉持有對方股權的情況下，探究交叉股權對均衡ESG投資、產業利潤與社會福利的影響。結果表明，在交叉持股的Cournot競爭下，交叉持股比重上升，會使產業利潤上升，但會導致ESG投入、產量、社會福利下降。本文亦考慮Bertrand競爭，結論與Cournot競爭非常相似。zh_TW
dc.description.abstract (摘要) Environmental, Social, and Governance (ESG) has become a global mainstream approach to promoting sustainable development and serves as a key indicator for evaluating corporate performance. This paper investigates the impact of cross ownership on firms' ESG investment decisions. We consider an oligopoly model in which firms freely choose their levels of ESG investment, output, or product price. Under mutual shareholding structures, we explore how cross ownership affects equilibrium ESG investment, industry profits, and social welfare. Our findings suggest that under Cournot competition with cross ownership, an increase in cross ownership raises industry profits but reduces ESG investment, output, and social welfare. Similar results are observed under Bertrand competition, where the effects of cross ownership closely mirror those found in the Cournot setting.en_US
dc.description.tableofcontents 1 緒論 1 2 文獻探討 4 3 模型設定與均衡分析 7 3.1 Cournot 競爭—一階段對稱持有 8 3.2 Cournot 競爭—一階段非對稱持有 11 3.2.1 單邊持有 11 3.2.2 雙邊非對稱持有 14 3.3 Cournot 競爭—二階段對稱持有 16 3.4 Cournot 競爭—二階段非對稱單邊持有 24 4 Bertrand 競爭 29 4.1 一階段對稱持有 29 4.2 二階段對稱持有 32 5 總結 35 參考文獻 36zh_TW
dc.format.extent 1114674 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112351054en_US
dc.subject (關鍵詞) 交叉持股zh_TW
dc.subject (關鍵詞) 環境社會和治理zh_TW
dc.subject (關鍵詞) Cournot競爭zh_TW
dc.subject (關鍵詞) Bertrand競爭zh_TW
dc.subject (關鍵詞) Cross Ownershipen_US
dc.subject (關鍵詞) Cournot Competitionen_US
dc.subject (關鍵詞) Bertrand Competitionen_US
dc.subject (關鍵詞) Environmental,social,and governanceen_US
dc.title (題名) 交叉股權對企業社會責任的影響初探zh_TW
dc.title (題名) A Preliminary Study on the Impact of Cross ownership on Corporate Social Responsibilityen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) [1] Bárcena-Ruiz, J.C., Sagasta, A., (2021). Environmental policies with consumer-friendly firms and cross-ownership. Economic Modelling, 103, 105612. https://doi.org/10.1016/j.econmod.2021.105612 [2] Bottega, L., Freitas, J.De., (2009). Public, private and nonprofit regulation for environmental quality. Journal of Economics and Management Strategy 18 (1):105–23. [3] Brito, D., Ribeiro, R., Vasconcelos, H., (2020). Overlapping ownership, endogenous quality, and welfare. Economics letters, 190, 109074. [4] Fanti, L., (2013). Cross-ownership and unions in a Cournot duopoly: When profits reduce with horizontal product differentiation, Japan and the World Economy, 27, 34–40. https://doi.org/10.1016/j.japwor.2013.03.005 [5] Fernandez, D., & Santalo, J. (2010). When necessity becomes a virtue: The effect of product market competition on corporate social responsibility. Journal of Economics and Management Strategy, 19, 453–487. [6] Gilo, David, Yossi Moshe, and Yossi Spiegel. (2006). Partial cross ownership and tacit collusion. The RAND Journal of Economics, 37:81–99. [7] Goett, Andrew A., Kathleen Hudson, and Kenneth E. Train. (2000). Customers’ choice among retail energy suppliers: The willingness-to-pay for service attributes. Energy Journal, 21 (4): 1–28. [8] Hirose, K., Matsumura T., (2022). Common ownership and environmental corporate social responsibility, Energy Economics, 114,106269. https://doi.org/10.1016/j.eneco.2022.106269 [9] Innes, Robert, and Abdoul G. Sam. 2008. Voluntary pollution reductions and the enforcement of environmental law: An Empirical Study of the 33/50 Program. Journal of Law and Economics, 51 (2): 271–96. [10] Johnston, Robert J., and Cathy A. Roheim. 2006. A battle of taste and environmental convictions for ecolabeled seafood: A contingent ranking experiment. Journal of Agricultural and Resource Economics, 31 (2): 283–300. [11] Kitzmueller, M., Shimshack, J. (2012). Economic perspectives on corporate social responsibility. Journal of Economic Literature, 50(1), 51-84. DOI: 10.1257/jel.50.1.51 [12] Li, Y., Zhang, J., Zhou, Z., (2023). Vertical differentiation with overlapping ownership. Economics letters, 222, 110947. [13] López, A.L., Vives, X., (2019). Overlapping ownership, R & D spillovers, and antitrust policy. Journal of Political Economy, 127(5), 2394-2437. https://dx.doi.org/10.1086/701811 [14] Martin, S. (2002). Advanced industrial economics (2nd ed.). Oxford: Blackwell Publishers. [15] Mohr, Lois A., Deborah J. Webb, and Katherine E. Harris. 2001. “Do consumers expect companies to be socially responsible? The impact of corporate social responsibility on buying behavior.” Journal of Consumer Affairs, 35 (1): 45–72. [16] Schinkel, M.P., Spiegel, Y., (2017). Can collusion promote sustainable consumption and production? International Journal of Industrial Organization, 53, 371~398. https://doi.org/10.1016/j.ijindorg.2016.04.012 [17] Schinkel, M.P., Treuren, L., (2021). Corporate social responsibility by joint agreement, Tinbergen Institute Discussion Paper, 2021-063/VII. https://doi.org/10.1016/j.jeem.2023.102897 [18] Shelegia S., Spiegel Y., (2012). Bertrand competition when firms hold passive ownership stakes in one another. Economics letters, 114:136–38 [19] Shelegia, S., & Spiegel, Y. (2024). Horizontal partial cross ownership and innovation. The Journal of Industrial Economics, 4,0021-1821. http://dx.doi.org/10.1111/joie.12392. [20] Siegel, S., & Vitaliano, F. (2007). An empirical analysis of the strategic use of corporate social responsibility. Journal of Economics & Management Strategy, 16, 773–792. [21] Singh, N. and X. Vives (1984), Price and quantity competition in a differentiated duopoly, RAND Journal of Economics, 15, 546-554. [22] Xing, M.Q., Lee, S.H. (2024b). Cross-ownership and green managerialdelegation contracts in a mixed oligopoly. Journal of Environmental Economics and Management, 126:102993. [23] Xing, M.Q., Lee, S.H.，(2025). Consumer environmental awareness in a green managerial eelegation Contract under common ownership. Metroeconomica, 76(3):439–452. https://doi.org/10.1111/meca.12492 [24] Xu, L.L., Zhang, Y. D., Matsumura T., (2023). Competition mode and common ownership in a mixed oligopoly. The Manchester School, 91(4), 306-319. https://doi.org/10.1111/manc.12431zh_TW