企業社會責任揭露對分析師行為之影響

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姓名

鄭雅駿(Ya-Chun Cheng) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

企業社會責任揭露對分析師行為之影響

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至系統瀏覽論文 (2028-7-24以後開放)

摘要(中)

本研究旨在探討於台灣上市之企業的CSR資訊與ESG各領域指標項目之揭露對分析師行為的影響。通過對在台灣上市之企業的 CSR資訊與 ESG項目揭露的評分並以迴歸分析進行測量，我們證明了對於CSR資訊與ESG各領域指標項目揭露程度較高的企業，分析師的追隨人數會增加越多，並使分析師預測特性中的預測準確性提升以及降低預測離散度分歧程度。
我們的結果支持以下預測：
CSR資訊與ESG各領域指標項目揭露程度較高的企業會使更多的分析師願意追隨該企業並對其做出分析及預測且會使分析師的預測準確性提升並降低分析師之間的預測分歧度。我們的研究結果有助於理解企業揭露CSR資訊與ESG各領域指標項目揭露的重要性，以及其所能產生的效果以及益處，並從中理解分析師對這些資訊的揭露所產生的行為之變化。

摘要(英)

This study examines the impact of corporate social responsibility (CSR) information and environmental, social, and governance (ESG) disclosure on analyst behavior in Taiwanese listed companies. Through measuring the extent of CSR information and ESG disclosure in these companies, we have demonstrated that firms with higher levels of CSR information and ESG disclosure attract more analyst following, leading to increased forecast accuracy and reduced forecast dispersion.
Our results support the following predictions: Companies with higher levels of CSR and ESG information disclosure attract a greater number of analysts, resulting in improved forecast accuracy and reduced forecast dispersion. Our findings contribute to the understanding of the importance of CSR and ESG information disclosure by companies and shed light on the behavioral changes among analysts resulting from the disclosure of such information.

關鍵字(中)

★ CSR資訊揭露
★ 分析師追隨
★ ESG各領域指標項目
★ 分析師預測特性

關鍵字(英)

★ CSR and ESG disclosure
★ forecast property
★ analyst following

論文目次

摘要 i
ABSTRACT ii
誌謝 iii
目錄iv
圖目錄vi
表目錄vii
一、
緒論 1
1-1 研究背景與動機 1
1-2 研究目的 4
1-3 研究範疇 4
1-4 研究流程 5
二、
文獻探討 6
2-1 企業揭露資訊對分析師預測的影響 6
2-1-1 增加資訊透明度對分析師預測的影響 6
2-1-2 強制性揭露與自願性揭露對分析師預測的影響 7
2-1-3 非財務面資訊對分析師預測的影響 8
2-2 企業 CSR揭露與 CSR績效對分析師預測的影響 8
2-2-1 CSR揭露程度對分析師預測的影響 9
2-2-2 CSR績效表現對分析師預測的影響 9
2-3 過去研究之缺口 10
三、
研究假說 12
3-1 研究架構 12
3-2 研究假設 12
四、
變數定義與選樣 14
4-1 變數定義與衡量 14
4-1-1 CSR揭露分數之衡量 14
4-1-2 分析師追隨人數 15
4-1-3 分析師盈餘預測特性 15
4-1-4 控制變數 16
4-2 樣本選樣 17
五、
實證分析與結果 20
5-1 敘述性統計 20
5-1-1 CSR揭露分數 20
5-1-2 有效樣本之各變數 24
5-2 CSR資訊揭露與分析師追隨人數之迴歸分析 27
5-3 CSR資訊揭露與分析師預測特性之迴歸分析 31
六、
結論與建議 40
6-1 研究結論 40
6-2 管理意涵 41
6-3 研究限制 41
6-4 後續研究方法及建議 42
參考文獻 44
中文文獻 44
英文文獻 45

參考文獻

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指導教授

曹壽民(Show-Ming Tsao)

審核日期

2023-7-20

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