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題名 企業多角化程度與氣候風險之關聯
The Relationship Between Corporate Diversification and Climate Risk
作者 沈柏宇
Sheng, Bor-Yeu
貢獻者 翁嘉祥
Weng, Chia-Hsiang
沈柏宇
Sheng, Bor-Yeu
關鍵詞 氣候風險
產業多角化
地域多角化
產業屬性
風險分散策略
Climate risk
business diversification
geographic diversification
industry characteristics
risk mitigation strategy
日期 2025
上傳時間 4-Aug-2025 14:49:56 (UTC+8)
摘要 本研究基於氣候相關財務揭露工作小組（TCFD）報告書建議、投資組合理論、資源基礎理論等觀點，構建多角化與氣候風險關係之實證模型，探討企業多角化策略是否有助降低氣候風險，並進一步檢驗高碳產業是否具調節效果。研究以2019至2023年美國S&P 500成分公司為樣本，運用固定效果迴歸模型，分別以環境風險評分（Environment Risk Score）與環境管理缺口分數（Environmental Management Gap）為應變數，衡量產業與地域多角化程度對氣候風險的影響。本研究主要探討：（1）不同類型之多角化策略對氣候風險之效果是否一致？（2）高碳排放產業是否加劇或削弱該關係？ 實證結果顯示，地域多角化穩定呈現風險緩解效果，支持其分散區域性氣候衝擊之功能；相對而言，產業多角化與氣候風險則呈正相關。高碳產業多角化之風險調節效果並未獲得支持。本文進一步納入替代變數（1-HHI）、交互項設計與分組檢定，並控制企業固定效果與年度干擾，提升模型識別力，降低樣本異質性與內生性干擾。整體結果具穩健性與理論一致性，顯示企業多角化對氣候風險之效果高度依賴其策略類型與氣候治理能力。
This study examines the relationship between corporate diversification and climate risk, drawing on TCFD guidelines, portfolio theory, and the resource-based view. Using panel data from S&P 500 firms (2019–2023), it explores whether industry and geographic diversification reduce climate risk and whether this relationship is moderated by high-carbon industry status. Fixed-effects regressions are employed with Environment Risk Score and Environmental Management Gap as key dependent variables. Results indicate that geographic diversification consistently mitigates climate risk,while industry diversification is positively associated with it. No significant moderating effects are found for high-carbon industries. Robustness is confirmed through alternative measures, interaction terms, and subgroup analyses. The findings highlight that the effectiveness of diversification depends on its type, implementation sequence, and the firm’s climate governance capacity, offering practical implications for sustainability strategy and risk management.
參考文獻 Amihud, Y., & Lev, B. (1981). Risk reduction as a managerial motive for conglomerate mergers. The Bell Journal of Economics, 12(2), 605–617. Ansoff, H. I. (1957). Strategies for diversification. Harvard Business Review, 35(5), 113–124. Aramonte, S., & Carl, M. (2021). Firm-level R&D after periods of intense technological innovation: The role of investor sentiment (BIS Working Papers No. 916). Bank for International Settlements. BP p.l.c. (2023). Annual Report and Form 20‑F 2022. BP p.l.c. Bansal, P. & DesJardine, M. R. (2014). Business sustainability: It is about time. Strategic Organization, 12(1), 70–78. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. Berger, P. G., & Ofek, E. (1995). Diversification's effect on firm value. Journal of Financial Economics, 37(1), 39-65. Bodnar, G. M., Tang, C., & Weintrop, J. (1997). Both sides of corporate diversification: The value impacts of geographic and industrial diversification (NBER Working Paper No. 6224). National Bureau of Economic Research. Bolton, P., & Kacperczyk, M. (2021). Do investors care about carbon risk? Journal of Financial Economics, 142(2), 517–549. Bolton, P., Kacperczyk, M., & Samama, F. (2022). Net‑zero carbon portfolio alignment. Financial Analysts Journal, 78(2), 19–33. Chatterjee, S., & Wernerfelt, B. (1991). The link between resources and type of diversification: Theory and evidence. Strategic Management Journal, 12(1), 33–48. Contractor, F. J., Kundu, S. K., & Hsu, C. C. (2003). A three-stage theory of international expansion: The link between multinationality and performance in the service sector. Journal of International Business Studies, 34(1), 5–18. Delios, A., & Beamish, P. W. (1999). Geographic scope, product diversification, and the corporate performance of Japanese firms. Strategic Management Journal, 20(8), 711–727. Denis, D. J., Denis, D. K., & Yost, K. (2002). Global diversification, industrial diversification, and firm value. Journal of Finance, 57(5), 1951–1979. Dietz, S., Bowen, A., Dixon, C., & Gradwell, P. (2016). Climate value at risk of global financial assets. Nature Climate Change, 6(7), 676–679. Dixit, A. K., & Pindyck, R. S. (1994). Investment under uncertainty. Princeton University Press. Eccles, R. G., & Klimenko, S. (2019). The investor revolution. Harvard Business Review, 97(3), 106–116. Eisenhardt, K. M., & Martin, J. A. (2000). Dynamic capabilities: What are they? Strategic Management Journal, 21(10-11), 1105-1121. Fama, E. F., & French, K. R. (1997). Industry costs of equity. Journal of Financial Economics, 43(2), 153–193. Glenmede. (2024). ESG integration in high-carbon industries: Transition risks and capital flow trends. Glenmede Investment Management. Gort, M. (1962). Diversification and integration in American industry. Princeton University Press. Hart, S. L., & Dowell, G. (2011). A natural-resource-based view of the firm: Fifteen years after. Academy of Management Review, 36(1), 146-163. Hitt, M. A., Hoskisson, R. E., & Ireland, R. D. (1994). A mid-range theory of the interactive effects of international and product diversification on innovation and performance. Journal of Management, 20(2), 297–326. Hitt, M. A., Hoskisson, R. E., & Kim, H. (1997). International diversification: Effects on innovation and firm performance in product-diversified firms. Academy of Management Journal, 40(4), 767–798. Hoang, K., Nguyen, C., Huynh, T. L. D., Zhang, H., & Vu, V. T. T. (2025). How does carbon transition risk drive corporate diversification? Evidence from heavy emitter firms in China. Economic Analysis and Policy, 85, 1971–1994. IEA. (2021). Oil and gas industry in energy transitions. International Energy Agency. IPCC. (2021). Climate change 2021: The physical science basis. Ilhan, E., Sautner, Z., & Vilkov, G. (2021). Carbon tail risk. Journal of Financial Economics, 142(2), 621-647. Intergovernmental Panel on Climate Change. (2022). Climate change 2022: Impacts, adaptation and vulnerability. Contribution of Working Group II to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change (H.-O. Pörtner, D. C. Roberts, M. Tignor, et al., Eds.). Cambridge University Press. Islam, E., & Singh, M. (2022). Geographic diversification, climate risk, and bank lending: Evidence from farm loans. SSRN. Jacquemin, A. P., & Berry, C. H. (1979). Entropy measure of diversification and corporate growth. Journal of Industrial Economics, 27(4), 359–369. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323–329. Khanna, T., & Palepu, K. (2000). Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. Journal of Finance, 55(2), 867–891. Krueger, P., Sautner, Z., & Starks, L. T. (2020). The importance of climate risks for institutional investors. Review of Financial Studies, 33(3), 1067–1111. La Porta, R., López-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113–1155. Lang, L. H. P., & Stulz, R. M. (1994). Tobin’s Q, corporate diversification, and firm performance. Journal of Political Economy, 102(6), 1248–1280. Lewellen, W. G. (1971). A pure financial rationale for the conglomerate merger. The Journal of Finance, 26(2), 521–537. Li, X. (2024). Physical climate change exposure and firms' adaptation strategy. Strategic Management Journal, 46(3), 750–789. MSCI. (2023). ESG ratings methodology. MSCI ESG Research LLC. Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77–91. McGrath, R. G., & Nerkar, A. (2004). Real options reasoning and a new look at the R&D investment strategies of pharmaceutical firms. Strategic Management Journal, 25(1), 1-21. Montgomery, C. A. (1994). Corporate diversification. Journal of Economic Perspectives, 8(3), 163–178. New Climate Institute. (2023). Corporate climate responsibility monitor 2023: Transparency and integrity in emissions reduction. OECD. (2022). Climate change and corporate governance. Onali, E., & Mascia, D. V. (2022). Corporate diversification and stock risk: Evidence from a global shock. Journal of Corporate Finance, 72, 102150. Palepu, K. (1985). Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6(3), 239–255. Qian, G., & Li, L. (2002). Multinationality, global market diversification and risk performance. Journal of International Business Studies, 33(2), 355–372. Qian, G., Li, L., Li, J., & Qian, Z. (2010). Regional diversification and firm performance. Journal of International Business Studies, 41(8), 1274–1292. Rumelt, R. P. (1974). Strategy, structure, and economic performance. Harvard Business School Press. S&P Global Ratings. (2025). Ripple Effect: How value chains compound sector exposures to physical climate risks. S&P Global Sustainable1. (2025, March). Climate physical risk report: Financial impacts of water stress, drought, and extreme heat. Scharfstein, D. S., & Stein, J. C. (2000). The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient Investment. Journal of Finance. Song, W., Qu, W., & Xu, W. (2024). Does green finance reform promote heavily polluting enterprises’ diversification? Evidence from a quasi-natural experiment in China. SSRN. Stein, J. C. (1997). Internal Capital Markets and the Competition for Corporate Resources. Journal of Finance. Stern, N. (2007). The economics of climate change: The Stern review. Cambridge University Press. Stiglitz, J. E., & Stern, N. (2017). Report of the High-Level Commission on Carbon Prices. World Bank. Sustainalytics. (2023). ESG risk ratings methodology overview. Sustainalytics. (2024). The ESG Risk Ratings Methodology: Version 3.1 Task Force on Climate-related Financial Disclosures. (2017). Final report: Recommendations of the Task Force on Climate-related Financial Disclosures. Teece, D. J. (1982). Towards an economic theory of the multiproduct firm. Journal of Economic Behavior & Organization, 3(1), 39–63. Teece, D. J. (2007). Explicating dynamic capabilities: The nature and microfoundations of (sustainable) enterprise performance. Strategic Management Journal, 28(13), 1319–1350. Villalonga, B. (2004). Diversification discount or premium? New evidence from the business information tracking series. Journal of Finance, 59(2), 479–506. Weitzman, M. L. (2009). On modeling and interpreting the economics of catastrophic climate change. Review of Economics and Statistics, 91(1), 1-19. Williamson, O. E. (1985). The economic institutions of capitalism: Firms, markets, relational contracting. Free Press. World Commission on Environment and Development. (1987). Our common future. Oxford University Press. Young, M. N., et al. (2008). Corporate Governance in Emerging Economies: A Review of the Principal–Principal Perspective. Journal of Management Studies.
描述 碩士
國立政治大學
會計學系
112353003
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112353003
資料類型 thesis
dc.contributor.advisor 翁嘉祥zh_TW
dc.contributor.advisor Weng, Chia-Hsiangen_US
dc.contributor.author (Authors) 沈柏宇zh_TW
dc.contributor.author (Authors) Sheng, Bor-Yeuen_US
dc.creator (作者) 沈柏宇zh_TW
dc.creator (作者) Sheng, Bor-Yeuen_US
dc.date (日期) 2025en_US
dc.date.accessioned 4-Aug-2025 14:49:56 (UTC+8)-
dc.date.available 4-Aug-2025 14:49:56 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2025 14:49:56 (UTC+8)-
dc.identifier (Other Identifiers) G0112353003en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158650-
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) 112353003zh_TW
dc.description.abstract (摘要) 本研究基於氣候相關財務揭露工作小組（TCFD）報告書建議、投資組合理論、資源基礎理論等觀點，構建多角化與氣候風險關係之實證模型，探討企業多角化策略是否有助降低氣候風險，並進一步檢驗高碳產業是否具調節效果。研究以2019至2023年美國S&P 500成分公司為樣本，運用固定效果迴歸模型，分別以環境風險評分（Environment Risk Score）與環境管理缺口分數（Environmental Management Gap）為應變數，衡量產業與地域多角化程度對氣候風險的影響。本研究主要探討：（1）不同類型之多角化策略對氣候風險之效果是否一致？（2）高碳排放產業是否加劇或削弱該關係？ 實證結果顯示，地域多角化穩定呈現風險緩解效果，支持其分散區域性氣候衝擊之功能；相對而言，產業多角化與氣候風險則呈正相關。高碳產業多角化之風險調節效果並未獲得支持。本文進一步納入替代變數（1-HHI）、交互項設計與分組檢定，並控制企業固定效果與年度干擾，提升模型識別力，降低樣本異質性與內生性干擾。整體結果具穩健性與理論一致性，顯示企業多角化對氣候風險之效果高度依賴其策略類型與氣候治理能力。zh_TW
dc.description.abstract (摘要) This study examines the relationship between corporate diversification and climate risk, drawing on TCFD guidelines, portfolio theory, and the resource-based view. Using panel data from S&P 500 firms (2019–2023), it explores whether industry and geographic diversification reduce climate risk and whether this relationship is moderated by high-carbon industry status. Fixed-effects regressions are employed with Environment Risk Score and Environmental Management Gap as key dependent variables. Results indicate that geographic diversification consistently mitigates climate risk,while industry diversification is positively associated with it. No significant moderating effects are found for high-carbon industries. Robustness is confirmed through alternative measures, interaction terms, and subgroup analyses. The findings highlight that the effectiveness of diversification depends on its type, implementation sequence, and the firm’s climate governance capacity, offering practical implications for sustainability strategy and risk management.en_US
dc.description.tableofcontents 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究問題 3 第三節 研究目的 4 第四節 研究貢獻 4 第二章 文獻探討 7 第一節 企業多角化理論與衡量方式 7 第二節 氣候風險的理論與衡量方式 11 第三節 多角化策略與氣候風險管理 13 第四節 研究假說 17 第三章 研究設計 21 第一節 資料來源與樣本選擇 21 第二節 變數定義與衡量 22 第三節 模型建立 35 第四章 實證結果 39 第一節 敘述統計與資料特徵分析 40 第二節 變數間相關性檢驗 45 第三節 回歸模型估計結果 57 第四節 綜合討論與研究假說驗證 74 第五章 研究結論、建議與限制 76 第一節 研究結論 76 第二節 實務與政策建議 77 第三節 研究限制與未來研究方向 79 參考文獻 81zh_TW
dc.format.extent 1623549 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112353003en_US
dc.subject (關鍵詞) 氣候風險zh_TW
dc.subject (關鍵詞) 產業多角化zh_TW
dc.subject (關鍵詞) 地域多角化zh_TW
dc.subject (關鍵詞) 產業屬性zh_TW
dc.subject (關鍵詞) 風險分散策略zh_TW
dc.subject (關鍵詞) Climate risken_US
dc.subject (關鍵詞) business diversificationen_US
dc.subject (關鍵詞) geographic diversificationen_US
dc.subject (關鍵詞) industry characteristicsen_US
dc.subject (關鍵詞) risk mitigation strategyen_US
dc.title (題名) 企業多角化程度與氣候風險之關聯zh_TW
dc.title (題名) The Relationship Between Corporate Diversification and Climate Risken_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Amihud, Y., & Lev, B. (1981). Risk reduction as a managerial motive for conglomerate mergers. The Bell Journal of Economics, 12(2), 605–617. Ansoff, H. I. (1957). Strategies for diversification. Harvard Business Review, 35(5), 113–124. Aramonte, S., & Carl, M. (2021). Firm-level R&D after periods of intense technological innovation: The role of investor sentiment (BIS Working Papers No. 916). Bank for International Settlements. BP p.l.c. (2023). Annual Report and Form 20‑F 2022. BP p.l.c. Bansal, P. & DesJardine, M. R. (2014). Business sustainability: It is about time. Strategic Organization, 12(1), 70–78. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. Berger, P. G., & Ofek, E. (1995). Diversification's effect on firm value. Journal of Financial Economics, 37(1), 39-65. Bodnar, G. M., Tang, C., & Weintrop, J. (1997). Both sides of corporate diversification: The value impacts of geographic and industrial diversification (NBER Working Paper No. 6224). National Bureau of Economic Research. Bolton, P., & Kacperczyk, M. (2021). Do investors care about carbon risk? Journal of Financial Economics, 142(2), 517–549. Bolton, P., Kacperczyk, M., & Samama, F. (2022). Net‑zero carbon portfolio alignment. Financial Analysts Journal, 78(2), 19–33. Chatterjee, S., & Wernerfelt, B. (1991). The link between resources and type of diversification: Theory and evidence. Strategic Management Journal, 12(1), 33–48. Contractor, F. J., Kundu, S. K., & Hsu, C. C. (2003). A three-stage theory of international expansion: The link between multinationality and performance in the service sector. Journal of International Business Studies, 34(1), 5–18. Delios, A., & Beamish, P. W. (1999). Geographic scope, product diversification, and the corporate performance of Japanese firms. Strategic Management Journal, 20(8), 711–727. Denis, D. J., Denis, D. K., & Yost, K. (2002). Global diversification, industrial diversification, and firm value. Journal of Finance, 57(5), 1951–1979. Dietz, S., Bowen, A., Dixon, C., & Gradwell, P. (2016). Climate value at risk of global financial assets. Nature Climate Change, 6(7), 676–679. Dixit, A. K., & Pindyck, R. S. (1994). Investment under uncertainty. Princeton University Press. Eccles, R. G., & Klimenko, S. (2019). The investor revolution. Harvard Business Review, 97(3), 106–116. Eisenhardt, K. M., & Martin, J. A. (2000). Dynamic capabilities: What are they? Strategic Management Journal, 21(10-11), 1105-1121. Fama, E. F., & French, K. R. (1997). Industry costs of equity. Journal of Financial Economics, 43(2), 153–193. Glenmede. (2024). ESG integration in high-carbon industries: Transition risks and capital flow trends. Glenmede Investment Management. Gort, M. (1962). Diversification and integration in American industry. Princeton University Press. Hart, S. L., & Dowell, G. (2011). A natural-resource-based view of the firm: Fifteen years after. Academy of Management Review, 36(1), 146-163. Hitt, M. A., Hoskisson, R. E., & Ireland, R. D. (1994). A mid-range theory of the interactive effects of international and product diversification on innovation and performance. Journal of Management, 20(2), 297–326. Hitt, M. A., Hoskisson, R. E., & Kim, H. (1997). International diversification: Effects on innovation and firm performance in product-diversified firms. Academy of Management Journal, 40(4), 767–798. Hoang, K., Nguyen, C., Huynh, T. L. D., Zhang, H., & Vu, V. T. T. (2025). How does carbon transition risk drive corporate diversification? Evidence from heavy emitter firms in China. Economic Analysis and Policy, 85, 1971–1994. IEA. (2021). Oil and gas industry in energy transitions. International Energy Agency. IPCC. (2021). Climate change 2021: The physical science basis. Ilhan, E., Sautner, Z., & Vilkov, G. (2021). Carbon tail risk. Journal of Financial Economics, 142(2), 621-647. Intergovernmental Panel on Climate Change. (2022). Climate change 2022: Impacts, adaptation and vulnerability. Contribution of Working Group II to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change (H.-O. Pörtner, D. C. Roberts, M. Tignor, et al., Eds.). Cambridge University Press. Islam, E., & Singh, M. (2022). Geographic diversification, climate risk, and bank lending: Evidence from farm loans. SSRN. Jacquemin, A. P., & Berry, C. H. (1979). Entropy measure of diversification and corporate growth. Journal of Industrial Economics, 27(4), 359–369. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323–329. Khanna, T., & Palepu, K. (2000). Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. Journal of Finance, 55(2), 867–891. Krueger, P., Sautner, Z., & Starks, L. T. (2020). The importance of climate risks for institutional investors. Review of Financial Studies, 33(3), 1067–1111. La Porta, R., López-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113–1155. Lang, L. H. P., & Stulz, R. M. (1994). Tobin’s Q, corporate diversification, and firm performance. Journal of Political Economy, 102(6), 1248–1280. Lewellen, W. G. (1971). A pure financial rationale for the conglomerate merger. The Journal of Finance, 26(2), 521–537. Li, X. (2024). Physical climate change exposure and firms' adaptation strategy. Strategic Management Journal, 46(3), 750–789. MSCI. (2023). ESG ratings methodology. MSCI ESG Research LLC. Markowitz, H. (1952). Portfolio selection. The Journal of Finance, 7(1), 77–91. McGrath, R. G., & Nerkar, A. (2004). Real options reasoning and a new look at the R&D investment strategies of pharmaceutical firms. Strategic Management Journal, 25(1), 1-21. Montgomery, C. A. (1994). Corporate diversification. Journal of Economic Perspectives, 8(3), 163–178. New Climate Institute. (2023). Corporate climate responsibility monitor 2023: Transparency and integrity in emissions reduction. OECD. (2022). Climate change and corporate governance. Onali, E., & Mascia, D. V. (2022). Corporate diversification and stock risk: Evidence from a global shock. Journal of Corporate Finance, 72, 102150. Palepu, K. (1985). Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6(3), 239–255. Qian, G., & Li, L. (2002). Multinationality, global market diversification and risk performance. Journal of International Business Studies, 33(2), 355–372. Qian, G., Li, L., Li, J., & Qian, Z. (2010). Regional diversification and firm performance. Journal of International Business Studies, 41(8), 1274–1292. Rumelt, R. P. (1974). Strategy, structure, and economic performance. Harvard Business School Press. S&P Global Ratings. (2025). Ripple Effect: How value chains compound sector exposures to physical climate risks. S&P Global Sustainable1. (2025, March). Climate physical risk report: Financial impacts of water stress, drought, and extreme heat. Scharfstein, D. S., & Stein, J. C. (2000). The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient Investment. Journal of Finance. Song, W., Qu, W., & Xu, W. (2024). Does green finance reform promote heavily polluting enterprises’ diversification? Evidence from a quasi-natural experiment in China. SSRN. Stein, J. C. (1997). Internal Capital Markets and the Competition for Corporate Resources. Journal of Finance. Stern, N. (2007). The economics of climate change: The Stern review. Cambridge University Press. Stiglitz, J. E., & Stern, N. (2017). Report of the High-Level Commission on Carbon Prices. World Bank. Sustainalytics. (2023). ESG risk ratings methodology overview. Sustainalytics. (2024). 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