| 摘要(英) |
As society continues to progress, the pursuit of responsible investment in the environment (E), society (S), and corporate governance (G) is already a social responsibility that companies cannot avoid. There have been many discussions about ESG or the impact of ESG on the company’s operating financial indicators. We focuses on the relevance of investing in ESG companies and the risks they take. However, the risk that investors really care about is the stock price loss caused by uncertainty when the market falls, that is, the downside risk. We uses 39 listed companies in the Taiwan Sustainability Index and uses industry-size matched method to find a control sample to study whether ESG companies have a lower downside risk, which can avoid ESG investors disappointed when market go down, and then It attracts more Taiwanese institutional investors and general investors to keep up with the trend of responsible investment, and also gives Taiwan listed companies a greater incentive to invest in improving social responsibility. Ang, Chen and Xing (2006) to decompose the market Beta that explains the return rate of individual stocks into two parts: the upperside Beta and the downside Beta, Focusing on the downside Beta as the downside risk proxy variable. We explore Whether the ESG company can have a lower risks and whether it can obtain a higher average return, hoping that by investing in ESG companies, ESG investors can pursue investment returns, less risk, and corporate social responsibility at the same time. |
| 參考文獻 |
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