本研究在探討美國金融業經理人對於ESG的決策以及市場對ESG表現的反應。研究中使用了KLD資料庫之ESG分數，樣本期間為2013至2018的美國金融業企業。首先我們探討環境(Environmental)、社會(Social)和公司治理(Governance)對美國金融業會計(ROA、ROE)和市場(Tobin’s Q)財務績效，金融業在這些市場中實施的ESG活動可以提供公司非財務面信息，並有助於減少公司與利益相關者之間的信息不對稱，這種增加的透明度可能會增加金融業的價值，實證結果發現ESG分數的增量與財務績效呈正向關係。再來，由於近年全球暖化的議題、COVID-19以及公司醜聞不斷地的爆發，以往對於企業而言，一個良好的公司治理，可以有效提升公司的獲利，但在面臨現今的情況下，環境與社會責任亦不可小覷，因此，我們想探討關於金融業經理人與投資人對於ESG的抉擇觀點是否相同。本研究實證結果表明，金融業投注較多心力於治理面向(G)，相對於經理人來說，市場對於社會面向(S)的反應較為顯著。;This study explores the decision-making of US financial industry managers on ESG and the market reactions to ESG performance. The study used the KLD database to collect ESG scores. The sample period of the US financial industry is selected from 2013 to 2018. First, we discuss the impact of the environment, society, and corporate governance on the accounting (ROA, ROE) and market (Tobin′s Q) financial performance of the US financial industry. The ESG activities implemented by the financial industry can provide non-financial information for companies and help reduce information asymmetry between companies and stakeholders. This increased transparency may increase the value of the financial industry. Empirical results show that the increase in ESG scores is positively related to financial performance. Furthermore, due to the global warming issues, COVID-19 and continuous outbreak of corporate scandals in recent years, for enterprises, a good corporate governance can effectively improve the company′s profits, but in the current situation, environmental and social responsibilities cannot be ignored. Therefore, we want to explore whether financial managers and investors will make the same choices about ESG. The empirical results of this study show that the financial industrial put more effort into the governance orientation (G). Compared with managers, the market reaction to the social orientation (S) is more significant.
