ESG Quality effect on firm specific crashing risk: Evidence  from Taiwan.

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：40

、訪客IP：18.224.43.50

姓名

陳玟伶(Wen-Ling Chen) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

(ESG Quality effect on firm specific crashing risk: Evidence from Taiwan.)

相關論文

★ 我國中小企業貸款門檻操縱行為分析 -以某銀行授信戶為例	★ 董事會結構與自願性財務預測之關聯性
★ 國際化、創新活動與公司績效：台灣上市公司董事會結構論析	★ 國際化對公司經營績效的影響：資訊透明度的中介效果
★ 內部人持股與會計師選擇關聯性之研究-以馬來西亞上市公司為例	★ 利用吸引力因子進行嚴重服務失誤補救之成效
★ 提升企業價值之永續發展策略－以H公司資源回收為例	★ 組織變革對業務人員銷售力的影響-以電子零組件通路商為例
★ 會計保守性與法說會的關聯性	★ 探索產品品牌、品牌個性與人格特質的對應關係
★ 復徵證券交易所得稅對台灣股市之影響	★ 法人說明會對國際化績效與創新的影響
★ 投資人情緒與資訊透明度關聯性之研究	★ 公司股權結構與內部人交易關聯性之研究
★ 分析師是否高估應計項目的價值-兼論其對現金增資偏低訂價之影響	★ 分析師預測與新上市公司新股折價關聯性之研究

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

至系統瀏覽論文 (2028-5-11以後開放)

摘要(中)

本論文利用631間台灣上市上櫃公司從2005年到2020年的樣本研究 2014 年強制披露政策宣佈後，企業社會責任 (CSR) 報告質量對股價崩盤風險的影響。我們使用 propensity matching score (PSM) 配對方法將樣本進行配對後再用 difference in differences (DID) 模型檢測政策的有效性。實證結果發現較高的CSR報告書品質確實降低了公司未來的stock price crash risk，在政府宣佈強制揭露法規後，被法規規範的公司中抑制效果更為明顯。本研究數據發現，當企業越致力改善CSR報告書品質，對股價崩盤風險的影響更為顯著(the Net Pessimistic CSR Disclosure Tone (NPTONE), Readability (READ), Forward-looking statement (SFL))。公司在製作CSR報告書時應將報告書的閱讀難度降低，讓非專業的投資人也能輕易閱讀，或是避免使用過度樂觀的情緒與過高比例的前瞻性敘述影響投資人對公司未來預測的準確度。

摘要(英)

This paper uses a sample of 631 Taiwanese listed OTC companies from 2005 to 2020 to study the impact of corporate social responsibility (CSR) reporting quality on stock price crash risk after announcing the mandatory disclosure policy in 2014. We used the propensity matching score (PSM) method to pair the samples and used the difference in differences (DID) model to test the effectiveness of the policy. The empirical results show that the higher quality of CSR report will significantly reduce the company′s future stock price crash risk (the Net Pessimistic CSR Disclosure Tone (NPTONE), Readability (READ), Forward-looking statement (SFL)). After the government announced the mandatory disclosure regulations, the suppression effect is more obvious in the companies that are regulated by the policy. The statistic results of this study found that if companies dedicate in improving the quality of CSR reports, stock price crash risk will drop significantly. When making CSR reports, companies should reduce the difficulty of reading the reports so that non-professional investors can easily read, or avoid using excessively optimistic sentiments and excessively high proportion of forward-looking statements to affect investors’ accuracy of predictions about the company’s future.

關鍵字(中)

★ CSR
★ 可讀性
★ 崩盤風險
★ 前瞻性揭露

關鍵字(英)

★ CSR
★ ESG quality
★ crash risk

論文目次

中文摘要 i
English Abstract ii
Table of Contents iii
List of figures iv
List of tables iv
1. Introduction 1
2. Literature Review 5
3. Sample and variables 8
3.1. Data Source 8
3.2. ESG Quality 8
3.2.1. Net Pessimistic CSR Disclosure Tone (NPTONE) 8
3.2.2. Verifiability (VER) 9
3.2.3. Readability (READ) 9
3.2.4. Forward-looking statement (SFL) 10
3.2.5. Comprehensive (CPF) 11
3.3. Crash Risk 12
3.4. Control Variables 13
4. Baseline model 14
4.1. CSR Compulsory Disclosure Regulation 14
4.2. Propensity Score Matching (PSM) 16
4.3. Differences-in-Differences (DID) Approach 16
5. Empirical Results 18
5.1. Descriptive statistics and correlation test 18
5.2. Baseline Results 19
6. Conclusion 22
Reference 24
Appendix 1 29
Appendix 2 30
Appendix 3 31
Appendix 4 32
Appendix 5 33
Appendix 6 34
Appendix 7 35

參考文獻

[1] Alqatamin, R., Aribi, Z. A., & Arun, T. (2017). The effect of CEOs’ characteristics on forward-looking information. Journal of Applied Accounting Research.
[2] Athanasakou, V., & Hussainey, K. (2014). The perceived credibility of forward-looking performance disclosures. Accounting and business research, 44(3), 227-259.
[3] Aymen, A., Sourour, B. S., & Badreddine, M. (2018). THE EFFECT OF ANNUAL REPORT READABILITY ON FINANCIAL ANALYSTS’BEHAVIOR. Journal of Economics Finance and Accounting, 5(1), 26-37.
[4] Bao, D., Fung, S. Y. K., & Su, L. (2018). Can shareholders be at rest after adopting clawback provisions? Evidence from stock price crash risk. Contemporary Accounting Research, 35(3), 1578-1615.
[5] Bozzolan, S., Trombetta, M., & Beretta, S. (2009). Forward-looking disclosures, financial verifiability and analysts′ forecasts: A study of cross-listed European firms. European Accounting Review, 18(3), 435-473.
[6] Bradley, S. H., DeVito, N. J., Lloyd, K. E., Richards, G. C., Rombey, T., Wayant, C., & Gill, P. J. (2020). Reducing bias and improving transparency in medical research: a critical overview of the problems, progress and suggested next steps. Journal of the Royal Society of Medicine, 113(11), 433-443.
[7] Caliendo M, Kopeinig S (2008). Some practical guidance for the implementation of propensity score matching. Journal of economic surveys 22(1), 31–72
[8] Chae, S. J., Nakano, M., & Fujitani, R. (2020). Financial reporting opacity, audit quality and crash risk: Evidence from Japan. The Journal of Asian Finance, Economics and Business, 7(1), 9-17.
[9] Chen, J., Hong, H., & Stein, J. C. (2001). Forecasting crashes: Trading volume, past returns, and conditional skewness in stock prices. Journal of Financial Economics, 61(3), 345-381.
[10] Chen, Y. C., Hung, M., & Wang, Y. (2018). The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China. Journal of accounting and economics, 65(1), 169-190.
[11] DeFond, M. L., Hung, M., Li, S., & Li, Y. (2015). Does compulsory IFRS adoption affect crash risk?. The Accounting Review, 90(1), 265-299.
[12] Dimson, E. (1979). Risk measurement when shares are subject to infrequent trading. Journal of Financial Economics, 7(2), 197-226.
[13] Dumitrescu, A., & Zakriya, M. (2021). Stakeholders and the stock price crash risk: What matters in corporate social performance?. Journal of Corporate Finance, 67, 101871.
[14] Dumitrescu, A., & Zakriya, M. (2021). Stakeholders and the stock price crash risk: What matters in corporate social performance?. Journal of Corporate Finance, 67, 101871.
[15] Ertugrul, M., Lei, J., Qiu, J., & Wan, C. (2017). Annual report readability, tone ambiguity, and the cost of borrowing. Journal of Financial and Quantitative Analysis, 52(2), 811-836.
[16] Fu, X., Wu, X., & Zhang, Z. (2021). The information role of earnings conference call tone: Evidence from stock price crash risk. Journal of Business Ethics, 173(3), 643-660.
[17] Gong, Y., Xia, Y., Xia, X., & Wang, Y. (2021). Management earnings forecasts bias, internal control, and stock price crash risk: New evidence from China. Emerging Markets Finance and Trade, 1-13.
[18] Habib, A., Hasan, M. M., & Jiang, H. (2018). Stock price crash risk: review of the empirical literature. Accounting & Finance, 58, 211-251.
[19] He, X., Li, A., & Zhu, K. (2020). Mandatory CSR Disclosure and its Insurance Effect: Evidence from China. International Journal of Economics and Financial Issues, 10(6), 154.
[20] Hong, M., Drakeford, B., & Zhang, K. (2020). The impact of mandatory CSR disclosure on green innovation: evidence from China. Green Finance, 2(3), 302-322.
[21] Hribar, P., & McInnis, J. (2012). Investor sentiment and analysts′ earnings forecast errors. Management Science, 58(2), 293-307.
[22] Hsu, C., Wang, R., & Whipple, B. C. (2022). Non-GAAP earnings and stock price crash risk. Journal of Accounting and Economics, 73(2-3), 101473.
[23] Hsu, F. J., & Chen, S. H. (2020). Does corporate social responsibility drive better performance by adopting IFRS? Evidence from emerging market. Journal of Computational and Applied Mathematics, 371, 112631.
[24] Huang, S., & Liu, H. (2021). Impact of COVID-19 on stock price crash risk: Evidence from Chinese energy firms. Energy economics, 101, 105431.
[25] Hunjra, A. I., Mehmood, R., & Tayachi, T. (2020). How do corporate social responsibility and corporate governance affect stock price crash risk?. Journal of Risk and Financial Management, 13(2), 30.
[26] Jackson, G., Bartosch, J., Avetisyan, E., Kinderman, D., & Knudsen, J. S. (2020). Mandatory non-financial disclosure and its influence on CSR: An international comparison. Journal of Business Ethics, 162(2), 323-342.
[27] Kaiser, L., & Welters, J. (2019). Risk-mitigating effect of ESG on momentum portfolios. The Journal of Risk Finance.
[28] Kao, W. C., Lin, S. M., & Yao, R. Y. (2021). 編製及確信準則對企業社會責任報告書可讀性之影響. 會計評論, (72), 1-34.
[29] Kim, C., Wang, K., & Zhang, L. (2019). Readability of 10‐K reports and stock price crash risk. Contemporary accounting research, 36(2), 1184-1216.
[30] Kim, J. B., & Zhang, L. (2016). Accounting conservatism and stock price crash risk: Firm‐level evidence. Contemporary accounting research,33(1), 412-441.
[31] Kim, J. B., Li, Y., & Zhang, L. (2011a). Corporate tax avoidance and stock price crash risk: Firm-level analysis. Journal of Financial Economics, 100(3), 639-662.
[32] Kim, J. B., Li, Y., & Zhang, L. (2011b). CFOs versus CEOs: Equity incentives and crashes. Journal of Financial Economics, 101(3), 713-730.
[33] Kim, Y., Li, H., & Li, S. (2014). Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43, 1-13.
[34] Kong, D., Shi, L., & Zhang, F. (2021). Explain or conceal? Causal language intensity in annual report and stock price crash risk. Economic Modelling, 94, 715-725.
[35] Kubick, T. R., & Lockhart, G. B. (2016). Proximity to the SEC and stock price crash risk. Financial management, 45(2), 341-367.
[36] Lee, A., & Chae, S. J. (2018). The effect of management disclosure and analysis on the stock crash risk: Evidence from Korea. The Journal of Asian Finance, Economics and Business, 5(4), 67-72.
[37] Lee, M. T. (2016). Corporate social responsibility and stock price crash risk: Evidence from an Asian emerging market. Managerial Finance.
[38] Lee, Y. C., Lu, Y. C., & Wang, Y. C. (2019). Corporate social irresponsibility, CEO overconfidence, and stock price crash risk. Applied Economics Letters, 26(14), 1143-1147.
[39] Li, F. (2008). Annual report readability, current earnings, and earnings persistence. Journal of Accounting and economics, 45(2-3), 221-247.
[40] Li, F. (2010). The information content of forward‐looking statements in corporate filings—A naïve Bayesian machine learning approach. Journal of Accounting Research, 48(5), 1049-1102.
[41] Loughran, T., & McDonald, B. (2011). When is a liability not a liability? Textual analysis, dictionaries, and 10‐Ks. The Journal of finance, 66(1), 35-65.
[42] Loughran, T., & McDonald, B. (2014). Measuring readability in financial disclosures. the Journal of Finance, 69(4), 1643-1671.
[43] Murata, R., & Hamori, S. (2021). ESG disclosures and stock price crash risk. Journal of Risk and Financial Management, 14(2), 70.
[44] Muslu, V., Mutlu, S., Radhakrishnan, S., & Tsang, A. (2019). Corporate social responsibility report narratives and analyst forecast accuracy. Journal of Business Ethics, 154(4), 1119-1142.
[45] Muslu, V., Radhakrishnan, S., Subramanyam, K. R., & Lim, D. (2015). Forward-looking MD&A disclosures and the information environment. Management Science, 61(5), 931-948.
[46] Ren, S., Wei, W., Sun, H., Xu, Q., Hu, Y., & Chen, X. (2020). Can mandatory environmental information disclosure achieve a win-win for a firm’s environmental and economic performance? Journal of Cleaner Production, 250, 119530.
[47] Shandiz, M. T., Zadeh, F. N., & Askarany, D. (2022). The Interactive Effect of Ownership Structure on the Relationship between Annual Board Report Readability and Stock Price Crash Risk. Journal of Risk and Financial Management, 15(6), 268.
[48] Sheu, H. J., Chung, H., & Liu, C. L. (2010). Comprehensive disclosure of compensation and firm value: The case of policy reforms in an emerging market. Journal of Business Finance & Accounting, 37(9‐10), 1115-1144.
[49] Sung, Y. T., Chang, T. H., Lin, W. C., Hsieh, K. S., & Chang, K. E. (2016). CRIE: An automated analyzer for Chinese texts. Behavior research methods, 48(4), 1238-1251.
[50] Tang, D. Y., & Zhong, R. (2019). Mandatory Sustainability Disclosure and Stock Price Crash Risk.
[51] Walther, B. R., & Willis, R. H. (2013). Do investor expectations affect sell-side analysts’ forecast bias and forecast accuracy?. Review of Accounting Studies, 18(1), 207-227.
[52] Wang, X., Cao, F., & Ye, K. (2018). Mandatory corporate social responsibility (CSR) reporting and financial reporting quality: Evidence from a quasi-natural experiment. Journal of Business Ethics, 152(1), 253-274.
[53] Watts, S. (2015). Corporate social responsibility reporting platforms: enabling transparency for accountability. Information Technology and Management, 16(1), 19-35.
[54] Wu, C. M., & Hu, J. L. (2019). Can CSR reduce stock price crash risk? Evidence from China′s energy industry. Energy Policy, 128, 505-518.
[55] Xu, H., Xu, X., & Yu, J. (2021). The impact of mandatory CSR disclosure on the cost of debt financing: Evidence from China. Emerging Markets Finance and Trade, 57(8), 2191-2205.
[56] Zhou, B., Zhang, C., & Zeng, Q. (2018). Does the rhetoric always hide bad intention: Annual report’s tone and stock crash risk. China Journal of Accounting Studies, 6(2), 178-205.
[57] Zhou, F., Zhu, J., Qi, Y., Yang, J., & An, Y. (2021). Multi-dimensional corporate social responsibilities and stock price crash risk: Evidence from China. International Review of Financial Analysis, 78, 101928.

指導教授

曹壽民(Shou-Min Tsao)

審核日期

2023-5-12

推文