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題名 CEO政治意識形態對ESG績效、報導與確信決策之影響
The Impact of CEO Political Ideology on ESG Performance, Reporting and Assurance Decisions作者 魏采容
Wei, Cai-Rong貢獻者 張祐慈
魏采容
Wei, Cai-Rong關鍵詞 CEO政治意識形態
ESG績效
ESG報導
ESG確信
CEO political ideology
ESG performance
ESG reporting
ESG assurance日期 2025 上傳時間 1-Sep-2025 14:39:13 (UTC+8) 摘要 本研究探討CEO政治意識形態與公司環境、社會及公司治理（ESG）績效、報導與確信決策之關聯性，並以2015年至2022年美國S&P 500指數成分股公司為研究對象。實證結果顯示，相較於保守主義CEO領導的公司，自由主義CEO領導的公司在ESG績效表現較佳；惟CEO政治意識形態對公司是否發布ESG報告的決策無顯著影響。此外，擁有自由主義CEO的公司更傾向委任四大會計師事務所提供ESG確信服務，而且在同儕影響的調節效果之下，自由主義CEO對於四大會計師事務所的偏好顯著增強。本研究提供CEO政治意識形態對ESG相關決策影響之實證見解，並闡明ESG確信服務提供者選擇的關鍵因素。
This study examines the association between CEO political ideology and corporate environmental, social, and governance（ESG）performance, reporting and assurance decisions, using a sample of S&P 500 firms from 2015 to 2022. The empirical results suggest that firms led by liberal CEOs exhibit higher ESG performance compared to those led by conservative CEOs. However, CEO political ideology does not significantly influence the decision to issue ESG reports. Furthermore, firms with liberal CEOs demonstrate a stronger preference for engaging the Big Four accounting firms to perform ESG assurance services, and this preference is significantly amplified under the moderating effect of peer influences. This study contributes to the literature by offering empirical insights into the impact of CEO political ideology on ESG-related decisions and elucidating key determinants in ESG assurance provider selection.參考文獻 一、 中文文獻 吳育芬與徐瑞麟，2014，美國政治獻金制度運作及查核業務專題考察報告，監察院。 二、 英文文獻 Agarwala, N., Pareek, R., and Sahu, T. N. 2024. Do firm attributes impact CSR participation? Evidence from a developing economy. International Journal of Emerging Markets, 19(12): 4526-4542. Alonso, M., Castro Herrera, D., and Ben-Amar, W. 2023. Do CEOs' political ideologies matter for climate disclosures? Available at SSRN 4571760. Alsahali, K., Ricardo, M., and and Marques, A. 2024. Board attributes and companies’ choice of sustainability assurance providers. Accounting and Business Research, 54(4): 392-422. Attig, N., Boubakri, N., El Ghoul, S., and Guedhami, O. 2016. Firm internationalization and corporate social responsibility. Journal of Business Ethics, 134(2): 171-197. Ballou, B., Chen, P.-C., Grenier, J. H., and Heitger, D. L. 2018. Corporate social responsibility assurance and reporting quality: Evidence from restatements. Journal of Accounting and Public Policy, 37(2): 167-188. Bhandari, A., and Golden, J. 2021. CEO political preference and credit ratings. Journal of Corporate Finance, 68: 101909. Blacconiere, W. G., and Patten, D. M. 1994. Environmental disclosures, regulatory costs, and changes in firm value. Journal of Accounting and Economics, 18(3): 357-377. Bochkay, K., Choi, S., and Hales, J. 2022. Credible disclosure or mere puffery? Empirical evidence on the voluntary use of sustainability disclosure standards. Available at SSRN 4167391. Bode, C., Singh, J., and Rogan, M. 2015. Corporate social initiatives and employee retention. Organization Science, 26(6): 1702-1720. Borghesi, R., Houston, J. F., and Naranjo, A. 2014. Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26: 164-181. Burris, V. 2001. The two faces of capital: Corporations and individual capitalists as political actors. American Sociological Review, 66(3): 361-381. Carney, D. R., Jost, J. T., Gosling, S. D., and Potter, J. 2008. The secret lives of liberals and conservatives: Personality profiles, interaction styles, and the things they leave behind. Political Psychology, 29(6): 807-840. Casey, R. J., and Grenier, J. H. 2015. Understanding and contributing to the enigma of corporate social responsibility (CSR) assurance in the United States. Auditing: A Journal of Practice and Theory, 34(1): 97-130. Chen, L., Liao, C.-H., Tsang, A., and Yu, L. 2023. CEO career concerns in early tenure and corporate social responsibility reporting. Contemporary Accounting Research, 40(3): 1545-1575. Cheng, C. S. A., Huang, W., Li, S., and Zhang, Y. 2025. CEO political contribution and accounting conservatism. Journal of Accounting, Auditing & Finance, 40(3): 673-703. Chin, M. K., Hambrick, D. C., and Treviño, L. K. 2013. Political ideologies of CEOs:The influence of executives’ values on corporate social responsibility. Administrative Science Quarterly, 58(2): 197-232. Cho, C. H., and Patten, D. M. 2007. The role of environmental disclosures as tools of legitimacy: A research note. Accounting, Organizations and Society, 32(7): 639-647. Christensen, D. M., Dhaliwal, D. S., Boivie, S., and Graffin, S. D. 2015. Top management conservatism and corporate risk strategies: Evidence from managers' personal political orientation and corporate tax avoidance. Strategic Management Journal, 36(12): 1918-1938. Clarkson, P., Li, Y., Richardson, G., and Tsang, A. 2019. Causes and consequences of voluntary assurance of CSR reports. Accounting, Auditing & Accountability Journal, 32(8): 2451-2474. Cooper, M. J., Gulen, H., and Ovtchinnikov, A. V. 2010. Corporate political contributions and stock returns. Journal of Finance, 65(2): 687-724. Dah, M. A., and Jizi, M. I. 2018. Board independence and the efficacy of social reporting. Journal of International Accounting Research, 17(1): 25-45. Dhaliwal, D. S., Li, O. Z., Tsang, A., and Yang, Y. G. 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1): 59-100. Di Giuli, A., and Kostovetsky, L. 2014. Are red or blue companies more likely to go green? Politics and corporate social responsibility. Journal of Financial Economics, 111(1): 158-180. Dicuonzo, G., Donofrio, F., Ranaldo, S., and Dell'Atti, V. 2022. The effect of innovation on environmental, social and governance (ESG) practices. Meditari Accountancy Research, 30(4), 1191-1209. Elnahas, A. M., and Kim, D. 2017. CEO political ideology and mergers and acquisitions decisions. Journal of Corporate Finance, 45: 162-175. Fama, E. F., and French, K. R. 1992. The cross-section of expected stock returns. The Journal of Finance, 47(2): 427-465. Feldman, S., and Johnston, C. 2014. Understanding the determinants of political ideology: Implications of structural complexity. Political Psychology, 35(3): 337-358. Ferris, S. P., Houston, R., and Javakhadze, D. 2019. It is a sweetheart of a deal: Political connections and corporate-federal contracting. Financial Review, 54(1): 57-84. Gillan, S. L., Koch, A., and Starks, L. T. 2021. Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66: 101889. Gipper, B., Ross, S., and Shi, S. X. 2025. ESG assurance in the United States. Review of Accounting Studies, 30(2): 1753-1803. Godfrey, P. C., Merrill, C. B., and Hansen, J. M. 2009. The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis. Strategic Management Journal, 30(4): 425-445. Gupta, A., Fung, A., and Murphy, C. 2021. Out of character: CEO political ideology, peer influence, and adoption of CSR executive position by Fortune 500 firms. Strategic Management Journal, 42(3): 529-557. Gupta, A., Nadkarni, S., and Mariam, M. 2019. Dispositional sources of managerial discretion: CEO ideology, CEO personality, and firm strategies. Administrative Science Quarterly, 64(4): 855-893. Hambrick, D. C., and Mason, P. A. 1984. Upper echelons: The organization as a reflection of its top managers. The Academy of Management review, 9(2): 193-206. Hammami, A., and Hendijani Zadeh, M. 2020. Audit quality, media coverage, environmental, social, and governance disclosure and firm investment efficiency. International Journal of Accounting & Information Management, 28(1): 45-72. Hong, H., and Kostovetsky, L. 2012. Red and blue investing: Values and finance. Journal of Financial Economics, 103(1): 1-19. Hutton, I., Jiang, D., and Kumar, A. 2014. Corporate policies of republican managers. Journal of Financial and Quantitative Analysis, 49(5/6): 1279-1310. Isack, M., and Aschauer, E. 2025. The role of CSR report assurance and ESG rating in bank manager's judgement on ESG lending decisions. International Journal of Auditing, 29(2): 280-304. Jizi, M. I., Salama, A., Dixon, R., and Stratling, R. 2014. Corporate governance and corporate social responsibility disclosure: Evidence from the US banking sector. Journal of Business Ethics, 125(4): 601-615. Jost, J. T. 2006. The end of the end of ideology. American psychologist., 61(7): 651-670. Kim, J. W., and Park, C. K. 2023. Can ESG performance mitigate information asymmetry? Moderating effect of assurance services. Applied Economics, 55(26): 2993-3007. Koh, P.-S., Qian, C., and Wang, H. 2014. Firm litigation risk and the insurance value of corporate social performance. Strategic Management Journal, 35(10): 1464-1482. Le, H., Nguyen, T., and Gregoriou, A. 2024. CEO age and corporate environmental policies. Journal of International Financial Markets, Institutions and Money, 97: 102076. Manski, C. F. 1993. Identification of endogenous social effects: The reflection problem. The Review of Economic Studies, 60(3): 531-542. Martínez-Ferrero, J., and Frías-Aceituno, J. V. 2015. Relationship between sustainable development and financial performance: International empirical research. Business Strategy and the Environment, 24(1): 20-39. Matsumura, E. M., Prakash, R., and Vera-Muñoz, S. C. 2014. Firm-Value effects of carbon emissions and carbon disclosures. The Accounting Review, 89(2): 695-724. Osei Bonsu, C., Liu, C., and Yawson, A. 2024. The impact of CEO attributes on corporate decision-making and outcomes: A review and an agenda for future research. International Journal of Managerial Finance, 20(2): 503-545. Patten, D. M. 2002. The relation between environmental performance and environmental disclosure: a research note. Accounting, Organizations and Society, 27(8): 763-773. Plumlee, M., Brown, D., Hayes, R. M., and Marshall, R. S. 2015. Voluntary environmental disclosure quality and firm value: Further evidence. Journal of Accounting and Public Policy, 34(4): 336-361. Schwartz, S. 1996. Value priorities and behavior: Applying a theory of integrated value systems. The psychology of values: The Ontario symposium. Lawrence Erlbaum Associates, Inc. Sierra, L., Zorio, A., and García-Benau, M. A. 2013. Sustainable development and assurance of corporate social responsibility reports published by Ibex-35 companies. Corporate Social Responsibility and Environmental Management, 20(6): 359-370. Simnett, R., Vanstraelen, A., and Chua, W. F. 2009. Assurance on sustainability reports: An international comparison. The Accounting Review, 84(3): 937-967. Tedin, K. L. 1987. Political ideology and the vote. Research in micropolitics, 2(1): 63-94. Turban, D. B., and Greening, D. W. 1997. Corporate social performance and organizational attractiveness to prospective employees. Academy of Management Journal, 40(3): 658-672. Velte, P. 2025. Determinants of the selection of sustainability assurance providers and consequences for firm value: a review of empirical research. Meditari Accountancy Research, 33(7): 443-465. Weber, J. L. 2018. Corporate social responsibility disclosure level, external assurance and cost of equity capital. Journal of Financial Reporting and Accounting, 16(4): 694-724. 描述 碩士
國立政治大學
會計學系
112353013資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112353013 資料類型 thesis dc.contributor.advisor 張祐慈 zh_TW dc.contributor.author (Authors) 魏采容 zh_TW dc.contributor.author (Authors) Wei, Cai-Rong en_US dc.creator (作者) 魏采容 zh_TW dc.creator (作者) Wei, Cai-Rong en_US dc.date (日期) 2025 en_US dc.date.accessioned 1-Sep-2025 14:39:13 (UTC+8) - dc.date.available 1-Sep-2025 14:39:13 (UTC+8) - dc.date.issued (上傳時間) 1-Sep-2025 14:39:13 (UTC+8) - dc.identifier (Other Identifiers) G0112353013 en_US dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158992 - 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) 112353013 zh_TW dc.description.abstract (摘要) 本研究探討CEO政治意識形態與公司環境、社會及公司治理（ESG）績效、報導與確信決策之關聯性，並以2015年至2022年美國S&P 500指數成分股公司為研究對象。實證結果顯示，相較於保守主義CEO領導的公司，自由主義CEO領導的公司在ESG績效表現較佳；惟CEO政治意識形態對公司是否發布ESG報告的決策無顯著影響。此外，擁有自由主義CEO的公司更傾向委任四大會計師事務所提供ESG確信服務，而且在同儕影響的調節效果之下，自由主義CEO對於四大會計師事務所的偏好顯著增強。本研究提供CEO政治意識形態對ESG相關決策影響之實證見解，並闡明ESG確信服務提供者選擇的關鍵因素。 zh_TW dc.description.abstract (摘要) This study examines the association between CEO political ideology and corporate environmental, social, and governance（ESG）performance, reporting and assurance decisions, using a sample of S&P 500 firms from 2015 to 2022. The empirical results suggest that firms led by liberal CEOs exhibit higher ESG performance compared to those led by conservative CEOs. However, CEO political ideology does not significantly influence the decision to issue ESG reports. Furthermore, firms with liberal CEOs demonstrate a stronger preference for engaging the Big Four accounting firms to perform ESG assurance services, and this preference is significantly amplified under the moderating effect of peer influences. This study contributes to the literature by offering empirical insights into the impact of CEO political ideology on ESG-related decisions and elucidating key determinants in ESG assurance provider selection. en_US dc.description.tableofcontents 壹、緒論 1 一、研究動機與目的 1 二、研究問題 3 三、研究架構與流程 4 貳、文獻探討 6 一、ESG績效相關研究 6 二、ESG報導與確信決策相關研究 7 三、CEO政治意識形態相關研究 9 參、研究方法 11 一、研究假說 11 二、實證模型與變數衡量 13 三、資料來源與樣本選取 18 肆、實證結果與分析 21 一、敘述性統計分析 21 二、相關係數分析 23 三、實證結果分析 25 四、額外分析 31 五、穩健性測試 34 伍、結論與建議 39 一、研究結論 39 二、研究限制與建議 41 參考文獻 42 附錄 48 zh_TW dc.format.extent 2050523 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112353013 en_US dc.subject (關鍵詞) CEO政治意識形態 zh_TW dc.subject (關鍵詞) ESG績效 zh_TW dc.subject (關鍵詞) ESG報導 zh_TW dc.subject (關鍵詞) ESG確信 zh_TW dc.subject (關鍵詞) CEO political ideology en_US dc.subject (關鍵詞) ESG performance en_US dc.subject (關鍵詞) ESG reporting en_US dc.subject (關鍵詞) ESG assurance en_US dc.title (題名) CEO政治意識形態對ESG績效、報導與確信決策之影響 zh_TW dc.title (題名) The Impact of CEO Political Ideology on ESG Performance, Reporting and Assurance Decisions en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 一、 中文文獻 吳育芬與徐瑞麟，2014，美國政治獻金制度運作及查核業務專題考察報告，監察院。 二、 英文文獻 Agarwala, N., Pareek, R., and Sahu, T. N. 2024. Do firm attributes impact CSR participation? Evidence from a developing economy. International Journal of Emerging Markets, 19(12): 4526-4542. Alonso, M., Castro Herrera, D., and Ben-Amar, W. 2023. Do CEOs' political ideologies matter for climate disclosures? Available at SSRN 4571760. Alsahali, K., Ricardo, M., and and Marques, A. 2024. Board attributes and companies’ choice of sustainability assurance providers. Accounting and Business Research, 54(4): 392-422. Attig, N., Boubakri, N., El Ghoul, S., and Guedhami, O. 2016. Firm internationalization and corporate social responsibility. Journal of Business Ethics, 134(2): 171-197. Ballou, B., Chen, P.-C., Grenier, J. H., and Heitger, D. L. 2018. Corporate social responsibility assurance and reporting quality: Evidence from restatements. Journal of Accounting and Public Policy, 37(2): 167-188. Bhandari, A., and Golden, J. 2021. CEO political preference and credit ratings. Journal of Corporate Finance, 68: 101909. Blacconiere, W. G., and Patten, D. M. 1994. Environmental disclosures, regulatory costs, and changes in firm value. Journal of Accounting and Economics, 18(3): 357-377. Bochkay, K., Choi, S., and Hales, J. 2022. Credible disclosure or mere puffery? Empirical evidence on the voluntary use of sustainability disclosure standards. Available at SSRN 4167391. Bode, C., Singh, J., and Rogan, M. 2015. Corporate social initiatives and employee retention. Organization Science, 26(6): 1702-1720. Borghesi, R., Houston, J. F., and Naranjo, A. 2014. Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26: 164-181. Burris, V. 2001. The two faces of capital: Corporations and individual capitalists as political actors. American Sociological Review, 66(3): 361-381. Carney, D. R., Jost, J. T., Gosling, S. D., and Potter, J. 2008. The secret lives of liberals and conservatives: Personality profiles, interaction styles, and the things they leave behind. Political Psychology, 29(6): 807-840. Casey, R. J., and Grenier, J. H. 2015. Understanding and contributing to the enigma of corporate social responsibility (CSR) assurance in the United States. Auditing: A Journal of Practice and Theory, 34(1): 97-130. Chen, L., Liao, C.-H., Tsang, A., and Yu, L. 2023. CEO career concerns in early tenure and corporate social responsibility reporting. Contemporary Accounting Research, 40(3): 1545-1575. Cheng, C. S. A., Huang, W., Li, S., and Zhang, Y. 2025. CEO political contribution and accounting conservatism. Journal of Accounting, Auditing & Finance, 40(3): 673-703. Chin, M. K., Hambrick, D. C., and Treviño, L. K. 2013. Political ideologies of CEOs:The influence of executives’ values on corporate social responsibility. Administrative Science Quarterly, 58(2): 197-232. Cho, C. H., and Patten, D. M. 2007. The role of environmental disclosures as tools of legitimacy: A research note. Accounting, Organizations and Society, 32(7): 639-647. Christensen, D. M., Dhaliwal, D. S., Boivie, S., and Graffin, S. D. 2015. Top management conservatism and corporate risk strategies: Evidence from managers' personal political orientation and corporate tax avoidance. Strategic Management Journal, 36(12): 1918-1938. Clarkson, P., Li, Y., Richardson, G., and Tsang, A. 2019. Causes and consequences of voluntary assurance of CSR reports. Accounting, Auditing & Accountability Journal, 32(8): 2451-2474. Cooper, M. J., Gulen, H., and Ovtchinnikov, A. V. 2010. Corporate political contributions and stock returns. Journal of Finance, 65(2): 687-724. Dah, M. A., and Jizi, M. I. 2018. Board independence and the efficacy of social reporting. Journal of International Accounting Research, 17(1): 25-45. Dhaliwal, D. S., Li, O. Z., Tsang, A., and Yang, Y. G. 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1): 59-100. Di Giuli, A., and Kostovetsky, L. 2014. Are red or blue companies more likely to go green? Politics and corporate social responsibility. Journal of Financial Economics, 111(1): 158-180. Dicuonzo, G., Donofrio, F., Ranaldo, S., and Dell'Atti, V. 2022. The effect of innovation on environmental, social and governance (ESG) practices. Meditari Accountancy Research, 30(4), 1191-1209. Elnahas, A. M., and Kim, D. 2017. CEO political ideology and mergers and acquisitions decisions. Journal of Corporate Finance, 45: 162-175. Fama, E. F., and French, K. R. 1992. The cross-section of expected stock returns. The Journal of Finance, 47(2): 427-465. Feldman, S., and Johnston, C. 2014. Understanding the determinants of political ideology: Implications of structural complexity. Political Psychology, 35(3): 337-358. Ferris, S. P., Houston, R., and Javakhadze, D. 2019. It is a sweetheart of a deal: Political connections and corporate-federal contracting. Financial Review, 54(1): 57-84. Gillan, S. L., Koch, A., and Starks, L. T. 2021. Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66: 101889. Gipper, B., Ross, S., and Shi, S. X. 2025. ESG assurance in the United States. Review of Accounting Studies, 30(2): 1753-1803. Godfrey, P. C., Merrill, C. B., and Hansen, J. M. 2009. The relationship between corporate social responsibility and shareholder value: an empirical test of the risk management hypothesis. Strategic Management Journal, 30(4): 425-445. Gupta, A., Fung, A., and Murphy, C. 2021. Out of character: CEO political ideology, peer influence, and adoption of CSR executive position by Fortune 500 firms. Strategic Management Journal, 42(3): 529-557. Gupta, A., Nadkarni, S., and Mariam, M. 2019. Dispositional sources of managerial discretion: CEO ideology, CEO personality, and firm strategies. Administrative Science Quarterly, 64(4): 855-893. Hambrick, D. C., and Mason, P. A. 1984. Upper echelons: The organization as a reflection of its top managers. The Academy of Management review, 9(2): 193-206. Hammami, A., and Hendijani Zadeh, M. 2020. Audit quality, media coverage, environmental, social, and governance disclosure and firm investment efficiency. International Journal of Accounting & Information Management, 28(1): 45-72. Hong, H., and Kostovetsky, L. 2012. Red and blue investing: Values and finance. Journal of Financial Economics, 103(1): 1-19. Hutton, I., Jiang, D., and Kumar, A. 2014. Corporate policies of republican managers. Journal of Financial and Quantitative Analysis, 49(5/6): 1279-1310. Isack, M., and Aschauer, E. 2025. The role of CSR report assurance and ESG rating in bank manager's judgement on ESG lending decisions. International Journal of Auditing, 29(2): 280-304. Jizi, M. I., Salama, A., Dixon, R., and Stratling, R. 2014. Corporate governance and corporate social responsibility disclosure: Evidence from the US banking sector. Journal of Business Ethics, 125(4): 601-615. Jost, J. T. 2006. The end of the end of ideology. American psychologist., 61(7): 651-670. Kim, J. W., and Park, C. K. 2023. Can ESG performance mitigate information asymmetry? Moderating effect of assurance services. Applied Economics, 55(26): 2993-3007. Koh, P.-S., Qian, C., and Wang, H. 2014. Firm litigation risk and the insurance value of corporate social performance. Strategic Management Journal, 35(10): 1464-1482. Le, H., Nguyen, T., and Gregoriou, A. 2024. CEO age and corporate environmental policies. Journal of International Financial Markets, Institutions and Money, 97: 102076. Manski, C. F. 1993. Identification of endogenous social effects: The reflection problem. The Review of Economic Studies, 60(3): 531-542. Martínez-Ferrero, J., and Frías-Aceituno, J. V. 2015. Relationship between sustainable development and financial performance: International empirical research. Business Strategy and the Environment, 24(1): 20-39. Matsumura, E. M., Prakash, R., and Vera-Muñoz, S. C. 2014. Firm-Value effects of carbon emissions and carbon disclosures. The Accounting Review, 89(2): 695-724. Osei Bonsu, C., Liu, C., and Yawson, A. 2024. The impact of CEO attributes on corporate decision-making and outcomes: A review and an agenda for future research. International Journal of Managerial Finance, 20(2): 503-545. Patten, D. M. 2002. The relation between environmental performance and environmental disclosure: a research note. Accounting, Organizations and Society, 27(8): 763-773. Plumlee, M., Brown, D., Hayes, R. M., and Marshall, R. S. 2015. Voluntary environmental disclosure quality and firm value: Further evidence. Journal of Accounting and Public Policy, 34(4): 336-361. Schwartz, S. 1996. Value priorities and behavior: Applying a theory of integrated value systems. The psychology of values: The Ontario symposium. Lawrence Erlbaum Associates, Inc. Sierra, L., Zorio, A., and García-Benau, M. A. 2013. Sustainable development and assurance of corporate social responsibility reports published by Ibex-35 companies. Corporate Social Responsibility and Environmental Management, 20(6): 359-370. Simnett, R., Vanstraelen, A., and Chua, W. F. 2009. Assurance on sustainability reports: An international comparison. The Accounting Review, 84(3): 937-967. Tedin, K. L. 1987. Political ideology and the vote. Research in micropolitics, 2(1): 63-94. Turban, D. B., and Greening, D. W. 1997. Corporate social performance and organizational attractiveness to prospective employees. Academy of Management Journal, 40(3): 658-672. Velte, P. 2025. Determinants of the selection of sustainability assurance providers and consequences for firm value: a review of empirical research. Meditari Accountancy Research, 33(7): 443-465. Weber, J. L. 2018. Corporate social responsibility disclosure level, external assurance and cost of equity capital. Journal of Financial Reporting and Accounting, 16(4): 694-724. zh_TW
