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題名 顧客集中度對台灣上市櫃公司ESG爭議之影響：兼論總經理異動的調節效果
The Impact of Customer Concentration on ESG Controversies of Taiwanese Listed Companies: The Moderating Effect of CEO Turnover作者 李欣蕙
Li, Shin-Huei貢獻者 李佳玲
李欣蕙
Li, Shin-Huei關鍵詞 ESG
供應商ESG爭議
顧客集中度
CEO異動
ESG
ESG Controversies
Customer Concentration
CEO Turnover日期 2025 上傳時間 4-Aug-2025 14:51:54 (UTC+8) 摘要 本文以2018年至2022年間台灣非金融業之上市櫃公司為研究對象，探討顧客集中度對供應商ESG爭議的影響，並進一步分析CEO異動是否對此關係具調節效果。本文以TESG永續事件雷達資料庫為基礎，衡量公司所涉ESG爭議之強度，並採用OLS迴歸進行實證分析。研究結果顯示，顧客集中度越高的供應商，發生ESG爭議的嚴重程度亦越高，顯示依賴少數大客戶的公司反而可能因成本壓力或談判劣勢，而減少對社會責任的投入。另外也發現總經理短期內異動次數越高，會進一步強化顧客集中度對ESG爭議的正向關聯性，突顯總經理穩定性對公司ESG爭議管理的重要性。本文有助於公司與利害關係人理解顧客關係管理與內部治理對ESG爭議的潛在影響。
This study discusses the impact of customer concentration on ESG controversies among suppliers, based on non-financial listed firms in Taiwan-listed companies from 2018 to 2022. Besides, this study also examines whether CEO turnover moderates this relationship. Based on the data from the TESG Sustainable Event Radar database which measures the severity of ESG controversies, this study use OLS regression to conduct empirical analysis. The results indicate that suppliers with higher customer concentration tend to experience more severe ESG controversies, suggesting that firms heavily reliant on a few major customers may compromise social responsibility due to cost pressures or weaker bargaining power. Furthermore, frequent CEO turnover within a short period further strengthens the positive relationship between customer concentration and ESG controversy severity, highlighting the critical role of managerial stability in managing ESG-related risks. This study contributes to a deeper understanding for companies and stakeholders on how customer relationship management and internal governance affect ESG controversies.參考文獻 Aouadi, A. Marsat, S. (2018). Do ESG Controversies Matter for Firm Value? Evidence from International Data. Journal of Business Ethics, 151, 1027–1047 Bachnik, K., & Nowacki, R. (2018). How to build consumer trust: Socially responsible or controversial advertising. Sustainability, 10(7), 2173. Baker, T., & Griffith, S. J. (2007). The missing monitor in corporate governance: The directors’ and officers’ liability insurer. Georgetown Law Journal, 95: 1795-1842. Ballinger, G. A., & Marcel, J. J. (2010). The use of an interim CEO during succession episodes and firm performance. Strategic Management Journal, 31(3), 262–283. Banerjee, S., Dasgupta, S., & Kim, Y. (2008). Buyer–supplier relationships and the stakeholder theory of capital structure. The Journal of Finance, 63(5), 2507–2552. Bejou, D., Ennew, C. T., & Palmer, A. (1998). Trust, ethics and relationship satisfaction. International Journal of Bank Marketing, 16(4), 170-175. Bennett, V. M., Pierce, L., Snyder, J. A., & Toffel, M. W. (2013). Customer-driven misconduct: How competition corrupts business practices. Management Science, 59(8), 1725–1742. Bhattacharya, C. B., & Sen, S. (2003). Consumer–company identification: A framework for understanding consumers’ relationships with companies. Journal of Marketing, 67(2), 76–88. Boeker, W. (1992). Power and managerial dismissal: Scapegoating at the top. Administrative Science Quarterly, 37(3), 400–421. Brammer, S., & Pavelin, S. (2006). Corporate reputation and social performance: The importance of fit. Journal of Management Studies, 43(3), 435–455. Brickley, J. A., Coles, J. L., & Jarrell, G. (1997). Leadership structure: Separating the CEO and Chairman of the Board. Journal of Corporate Finance, 3(3), 189–220. Budianto, A. (2019). Customer loyalty: Quality of service. Journal of Management Review, 3(1), 299–305. Campello, M., & Gao, J. (2016). Customer concentration and loan contract terms. Journal of Financial Economics, 123(1), 108–136. Chang, H., Hall, C. M., & Paz, M. T. (2021). Suppliers’ product market competition, customer concentration, and cost structure. Journal of Management Accounting Research, 33(3), 9–27. Chen, C. Y., Hung, M., & Wang, Y. (2022). Media, reputational risk, and bank loan contracting. Journal of Financial Intermediation, 50, 100969. Chen, J., Su, X., Tian, X., Xu, B., & Zuo, L. (2024). Do major corporate customers deter corporate misconduct? Journal of Accounting and Economics. Advance online publication. Chintrakarn, P., Jiraporn, P., Kim, J.-C., & Kim, Y. S. (2016). The effect of corporate governance on corporate social responsibility. Asia-Pacific Journal of Financial Studies, 45(1), 102–123. Daily, C. M., & Dalton, D. R. (1995). CEO and director turnover in failing firms: An illusion of change? 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國立政治大學
會計學系
112353027資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112353027 資料類型 thesis dc.contributor.advisor 李佳玲 zh_TW dc.contributor.author (Authors) 李欣蕙 zh_TW dc.contributor.author (Authors) Li, Shin-Huei en_US dc.creator (作者) 李欣蕙 zh_TW dc.creator (作者) Li, Shin-Huei en_US dc.date (日期) 2025 en_US dc.date.accessioned 4-Aug-2025 14:51:54 (UTC+8) - dc.date.available 4-Aug-2025 14:51:54 (UTC+8) - dc.date.issued (上傳時間) 4-Aug-2025 14:51:54 (UTC+8) - dc.identifier (Other Identifiers) G0112353027 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158661 - 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) 112353027 zh_TW dc.description.abstract (摘要) 本文以2018年至2022年間台灣非金融業之上市櫃公司為研究對象，探討顧客集中度對供應商ESG爭議的影響，並進一步分析CEO異動是否對此關係具調節效果。本文以TESG永續事件雷達資料庫為基礎，衡量公司所涉ESG爭議之強度，並採用OLS迴歸進行實證分析。研究結果顯示，顧客集中度越高的供應商，發生ESG爭議的嚴重程度亦越高，顯示依賴少數大客戶的公司反而可能因成本壓力或談判劣勢，而減少對社會責任的投入。另外也發現總經理短期內異動次數越高，會進一步強化顧客集中度對ESG爭議的正向關聯性，突顯總經理穩定性對公司ESG爭議管理的重要性。本文有助於公司與利害關係人理解顧客關係管理與內部治理對ESG爭議的潛在影響。 zh_TW dc.description.abstract (摘要) This study discusses the impact of customer concentration on ESG controversies among suppliers, based on non-financial listed firms in Taiwan-listed companies from 2018 to 2022. Besides, this study also examines whether CEO turnover moderates this relationship. Based on the data from the TESG Sustainable Event Radar database which measures the severity of ESG controversies, this study use OLS regression to conduct empirical analysis. The results indicate that suppliers with higher customer concentration tend to experience more severe ESG controversies, suggesting that firms heavily reliant on a few major customers may compromise social responsibility due to cost pressures or weaker bargaining power. Furthermore, frequent CEO turnover within a short period further strengthens the positive relationship between customer concentration and ESG controversy severity, highlighting the critical role of managerial stability in managing ESG-related risks. This study contributes to a deeper understanding for companies and stakeholders on how customer relationship management and internal governance affect ESG controversies. en_US dc.description.tableofcontents 目錄 i 表目錄 ii 圖目錄 ii 第一章 緒論 1 第一節 研究背景與動機 1 第二節 研究貢獻 6 第三節 研究架構 7 第二章 文獻回顧 8 第一節 顧客集中度 8 第二節 供應商ESG爭議 9 第三節 顧客集中度對供應商ESG爭議之影響 10 第四節 CEO異動的調節效果 13 第三章 研究設計 14 第一節 假說推論 14 第二節 實證模型之建立 17 第三節 變數之選取與衡量 19 第四節 資料來源與樣本篩選 27 第四章 實證結果 29 第一節 敘述性統計 29 第二節 相關係數分析 33 第三節 迴歸分析 36 第四節 穩健性測試 42 第五節 額外測試 47 第五章 結論 49 第一節 研究結論 49 第二節 研究限制 50 第三節 研究建議 51 參考文獻 53 zh_TW dc.format.extent 2473808 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112353027 en_US dc.subject (關鍵詞) ESG zh_TW dc.subject (關鍵詞) 供應商ESG爭議 zh_TW dc.subject (關鍵詞) 顧客集中度 zh_TW dc.subject (關鍵詞) CEO異動 zh_TW dc.subject (關鍵詞) ESG en_US dc.subject (關鍵詞) ESG Controversies en_US dc.subject (關鍵詞) Customer Concentration en_US dc.subject (關鍵詞) CEO Turnover en_US dc.title (題名) 顧客集中度對台灣上市櫃公司ESG爭議之影響：兼論總經理異動的調節效果 zh_TW dc.title (題名) The Impact of Customer Concentration on ESG Controversies of Taiwanese Listed Companies: The Moderating Effect of CEO Turnover en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Aouadi, A. Marsat, S. (2018). Do ESG Controversies Matter for Firm Value? Evidence from International Data. Journal of Business Ethics, 151, 1027–1047 Bachnik, K., & Nowacki, R. (2018). How to build consumer trust: Socially responsible or controversial advertising. Sustainability, 10(7), 2173. Baker, T., & Griffith, S. J. (2007). The missing monitor in corporate governance: The directors’ and officers’ liability insurer. Georgetown Law Journal, 95: 1795-1842. Ballinger, G. A., & Marcel, J. J. (2010). The use of an interim CEO during succession episodes and firm performance. Strategic Management Journal, 31(3), 262–283. Banerjee, S., Dasgupta, S., & Kim, Y. (2008). Buyer–supplier relationships and the stakeholder theory of capital structure. The Journal of Finance, 63(5), 2507–2552. Bejou, D., Ennew, C. T., & Palmer, A. (1998). Trust, ethics and relationship satisfaction. International Journal of Bank Marketing, 16(4), 170-175. Bennett, V. M., Pierce, L., Snyder, J. A., & Toffel, M. W. (2013). Customer-driven misconduct: How competition corrupts business practices. Management Science, 59(8), 1725–1742. Bhattacharya, C. B., & Sen, S. (2003). Consumer–company identification: A framework for understanding consumers’ relationships with companies. Journal of Marketing, 67(2), 76–88. Boeker, W. (1992). Power and managerial dismissal: Scapegoating at the top. Administrative Science Quarterly, 37(3), 400–421. Brammer, S., & Pavelin, S. (2006). Corporate reputation and social performance: The importance of fit. Journal of Management Studies, 43(3), 435–455. Brickley, J. A., Coles, J. L., & Jarrell, G. (1997). Leadership structure: Separating the CEO and Chairman of the Board. Journal of Corporate Finance, 3(3), 189–220. Budianto, A. (2019). Customer loyalty: Quality of service. Journal of Management Review, 3(1), 299–305. Campello, M., & Gao, J. (2016). Customer concentration and loan contract terms. Journal of Financial Economics, 123(1), 108–136. Chang, H., Hall, C. M., & Paz, M. T. (2021). Suppliers’ product market competition, customer concentration, and cost structure. Journal of Management Accounting Research, 33(3), 9–27. Chen, C. Y., Hung, M., & Wang, Y. (2022). Media, reputational risk, and bank loan contracting. Journal of Financial Intermediation, 50, 100969. Chen, J., Su, X., Tian, X., Xu, B., & Zuo, L. (2024). Do major corporate customers deter corporate misconduct? Journal of Accounting and Economics. Advance online publication. Chintrakarn, P., Jiraporn, P., Kim, J.-C., & Kim, Y. S. (2016). The effect of corporate governance on corporate social responsibility. Asia-Pacific Journal of Financial Studies, 45(1), 102–123. Daily, C. M., & Dalton, D. R. (1995). CEO and director turnover in failing firms: An illusion of change? Strategic Management Journal, 16(5), 393–400. de Franco, C. (2020). ESG controversies and their impact on performance. The Journal of Investing, 29(2), 33–45. Dhaliwal, D., Michas, P. N., Naiker, V., & Sharma, D. (2019). Greater reliance on major customers and auditor going concern opinions. Contemporary Accounting Research. Doe, J., & Smith, A. (2022). Innovations in logistics and supply chain management. Journal of Supply Chain Innovations, 18(2), 45-60. Eccles, R. G., Newquist, S. C., & Schatz, R. (2007). Reputation and its risks. Harvard Business Review, 85(2), 104–114. Eriksson, T., Madsen, E. S., Dilling-Hansen, M., & Smith, V. (2001). Determinants of CEO and board turnover. Empirica, 28(3), 243–257. Fee, C. E., Hadlock, C. J., & Thomas, S. (2006). Corporate equity ownership and the governance of product market relationships. The Journal of Finance, 61(3), 1217–1251. Feng, H., & Xiao, J. Z. (2022). Board change and firm risk: Do new directors mean unstable corporate policies? Corporate Governance: An International Review, 30(2), 212–231. Friedman, M. 1970. The social responsibility of business is to increase its profit. The New York Times Magazine (September 13): 122-126. Haque, F., & Ntim, C. 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