高階經理人經歷對ESG績效與財務績效之影響－以會計師事務所及理工背景經驗為例

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：15

、訪客IP：3.12.104.80

姓名

陳鼎杰(Ting-Chieh Chen) 查詢紙本館藏

畢業系所

企業管理學系在職專班

論文名稱

高階經理人經歷對ESG績效與財務績效之影響－以會計師事務所及理工背景經驗為例

相關論文

★ 電動車產業之經營策略研究－以F公司為例	★ 機車製造廠於新產品開發之過程管制探討-以Y公司為例
★ 跨境電商之倉儲物流管理研究－以K公司為研究對象	★ 逆向抵押貸款之風險管理政策-以C銀行為研究對象
★ 酒類消費與犯罪率之視覺化分析	★ 以均值回歸特性探討分析師個人評價產生之長短期預測不一致
★ 產業差異對於分析師目標價與推薦門檻影響之探討	★ 分析師營收預測與油價變動關聯性之探討
★ 分析師多年期預測與其預測能力之探討	★ 探討分析師對盈餘成份認定與其對資本市場之影響
★ 探討企業未來性資產對分析師盈餘預測與推薦不一致之影響	★ 以中國新財富票選探討擇時能力對成為明星分析師之影響
★ 分析師觀點建構過度投資指標	★ 公司財務限制與企業社會責任之關聯-以現金股利及庫藏股買回為指標
★ 探討分析師資本支出預測之資訊意涵	★ 過度投資與球場因素對美國職棒關係之研究

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]

[檢視]

[下載]

本電子論文使用權限為同意立即開放。
已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。
請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。

摘要(中)

本研究主要探討高階經理人經歷對ESG (Environmental環境、Social社會、
Governance公司治理)績效與財務績效之影響。經實證結果顯示會計師事務所經
驗之高階經理人與ESG績效存有顯著負的邊際解釋力，主係在會計教育裡「穩
健原則」的概念則是深烙在所有會計人心中，因此在推行ESG可能略顯保守；
理工背景工作經驗之高階經理人ESG績效存有顯著正的邊際解釋力，根據「行
政院國家科學委員會專題研究計畫成果報告「任務複雜性對高科技經理人資訊
行為的影響研究」指出通常理工背景經驗之理經人通常會採取開放的心胸，積
極主動的去吸收、學習，甚至具創新的精神，並實際在業務上試驗。在本研究
中結果顯示ESG績效與財務績效有顯著正的邊際解釋力， ESG執行不但可以帶
來財務績效的提升，也可增強企業聲譽、減少風險，如：員工工作安全、品牌
聲譽等，ESG實踐將有助於企業實現長期繁榮穩定發展，從而增強企業價值和
永續經營。最後在本研究中，將ESG績效拆分為E、S、G三種面向績效與高階
經理人之經歷作為調節變數，結果顯示僅對TOBIN’S Q具有正的邊際影響力。

摘要(英)

This study examines the impact of senior managers’ experience on ESG
(Environmental, Social, Governance) performance and financial performance.The
empirical results show that senior managers with accounting firm experience have
significant negative marginal explanatory power on ESG performance, mainly
because the concept of “conservatism principle” is deeply engrained in the minds of
all accountants in accounting education, so they may be a bit conservative in
implementing ESG. According to the “Study on the Impact of Task Complexity on
the Information Behavior of High-Tech Managers” a report on the results of the
National Science Council of the Executive Yuan’s special research project, managers
with science and technology backgrounds usually adopt an open mind, take the
initiative to absorb, learn, and even innovate, and actually experiment in business. In
this study, the results show that ESG performance and financial performance have
significant positive marginal explanatory power. ESG implementation not only brings
financial performance improvement, but also enhances corporate reputation and
reduces risks, such as employee job safety and brand reputation.Lastly, in this study,
ESG performance was split into E, S, and G performance-oriented and senior manager
experience as moderating variables, and the results showed a positive marginal effect
on TOBIN′S Q only.

關鍵字(中)

★ 會計師事務所經驗
★ 理工背景經驗
★ ESG績效
★ 財務績效

關鍵字(英)

★ Accounting Firm Experience
★ Engineering background Experience
★ ESG performance
★ Financial performance.

論文目次

摘要 i
ABSTRACT ii
誌謝 iii
目錄 iv
表目錄 vi
第一章緒論 1
1-1 研究動機及目的 1
1-2 論文架構 2
第二章文獻探討 3
2-1會計師事務所經驗對ESG績效影響 3
2-2理工背景經驗對ESG績效影響 4
2-3會計師事務所經驗與ESG公司治理面向之關聯 4
2-4理工背景經驗與ESG環境面向之關聯 5
2-5 ESG績效對財務績效影響 5
2-6假說設立 6
第三章研究方法 13
3-1資料來源與選樣方法 13
3-2實證模型建立 13
一、 Logistic迴歸 13
二、會計師事務所經驗之高階經理人與ESG績效之關係 16
三、具有理工背景經驗之高階經理人與ESG績效之關係 16
四、有會計師事務所經驗之高階經理人與ESG公司治理面向之關聯 19
五、具有理工背景經驗之高階經理ESG環境面向之關聯 19
六、ESG績效與財務績效之關係 22
七、ESG績效與財務績效之關係－以高階經理人經歷為調整效果 24
3-3變數衡量 27
第四章實證結果 28
4-1假說一之實證結果 29
一、假說一之敘述性統計 29
二、假說一之相關性分析 31
三、假說一之迴歸結果 33
4-2假說二之實證結果 35
一、假說二之敘述性統計 35
二、假說二之相關性分析 37
三、假說二之迴歸結果 39
4-3假說三之實證結果 41
一、假說三之敘述性統計 41
二、假說三之相關性分析 43
三、假說三之迴歸結果 45
4-4假說四之實證結果 50
一、假說四之敘述性統計 50
二、假說四之相關性分析 52
三、假說四之迴歸結果 54
4-5假說五之實證結果 56
4-6額外測試 62
一、有無會計師事務所經驗及會計系學歷對於ESG績效影響 62
二、H2a額外測試之迴歸結果 63
三、ESG績效對未來財務績效之影響 65
第五章研究結論與建議 67
5-1研究結論及貢獻 67
5-2研究限制與建議 68
參考文獻 69

參考文獻

中文文獻
1. 葉銀華、蘇裕惠、柯承恩、李冠德，2003，公司治理機制對於關係人交易的影響，證券市場發展季刊，15: 69-106。
2. 王美鴻，2001，〈任務複雜性對高科技經理人資訊行為的影響研究〉，行政院國家科學委員會專題研究計畫成果報告。

英文文獻
1. Ahmad, M., & Wu, Y. (2022). Combined role of green productivity growth, economic globalization, and eco-innovation in achieving ecological sustainability for OECD economies. Journal of Environmental Management, 302, 113980.
2. Ameer, R., & Othman, R. (2012). Sustainability practices and corporate financial performance: A study based on the top global corporations. Journal of Business Ethics, 108, 61-79.
3. Armstrong, M. B. (1987). Moral development and accounting education. Journal of Accounting Education, 5(1), 27-43.
4. Aydogan, N. (2002). Notes on the merger strategy of high versus low-tech industries: complementarities and moral hazard. Economics Bulletin, 12(7), 1-12.
5. Bansal, P., & Roth, K. (2000). Why companies go green: A model of ecological responsiveness. Academy of Management Journal, 43(4), 717-736.
6. Barbieri, J. C., Vasconcelos, I. F. G. d., Andreassi, T., & Vasconcelos, F. C. d. (2010). Innovation and sustainability: new models and propositions. Revista de Administração de Empresas, 50, 146-154.
7. Barker III, V. L., & Mueller, G. C. (2002). CEO characteristics and firm R&D spending. Management science, 48(6), 782-801.
8. Barnea, A., & Rubin, A. (2005). Corporate Social Responsibility as a Conflict Between Owners, Social Performance Metrics Conference. Haas Center for Responsible Business.
9. Bauer, R., & Hann, D. (2010). Corporate environmental management and credit risk. Available at SSRN 1660470.
10. Baumol, W. J. (2016). On the appropriate social responsibilities of successful entrepreneurs. Business & Society, 55(1), 14-22.
11. Berrone, P., Fosfuri, A., Gelabert, L., & Gomez‐Mejia, L. R. (2013). Necessity as the mother of ‘green’inventions: Institutional pressures and environmental innovations. Strategic Management Journal, 34(8), 891-909.
12. Berrone, P., & Gomez-Mejia, L. R. (2009). Environmental performance and executive compensation: An integrated agency-institutional perspective. Academy of Management Journal, 52(1), 103-126.
13. Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164-181.
14. Burbidge, J., & Harrison, A. (1984). Testing for the effects of oil-price rises using vector autoregressions. International economic review, 459-484.
15. Callen, J. L., & Segal, D. (2005). Empirical tests of the Feltham–Ohlson (1995) model. Review of Accounting Studies, 10, 409-429.
16. Cao, Z., & Narayanamoorthy, G. S. (2014). Accounting and litigation risk: Evidence from directors’ and officers’ insurance pricing. Review of Accounting Studies, 19, 1-42.
17. Carayannis, E. G., Sindakis, S., & Walter, C. (2015). Business model innovation as lever of organizational sustainability. The Journal of Technology Transfer, 40, 85-104.
18. Chittor, R., & Das, R. (2007). Professionalization of management and sucession performance-a vital linkage. Family Business Review20 (1), 65-79. In.
19. Cornell, B., & Shapiro, A. C. (1987). Corporate stakeholders and corporate finance. Financial management, 5-14.
20. Custódio, C., & Metzger, D. (2014). Financial expert CEOs: CEO׳ s work experience and firm׳ s financial policies. Journal of Financial Economics, 114(1), 125-154.
21. Datta, D. K., & Guthrie, J. P. (1994). Executive succession: Organizational antecedents of CEO characteristics. Strategic Management Journal, 15(7), 569-577.
22. De Santis, F., & Presti, C. (2018). The relationship between intellectual capital and big data: a review. Meditari Accountancy Research, 26(3), 361-380.
23. Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693-714.
24. Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management science, 60(11), 2835-2857.
25. Fabrizi, M., Mallin, C., & Michelon, G. (2014). The role of CEO’s personal incentives in driving corporate social responsibility. Journal of Business Ethics, 124, 311-326.
26. Gillan, K. (2005). Auditing oversight: Where we’ve been and where we’re going. Remarks delivered at The SEC Institute 20th Mid-Year SEC Reporting Forum, San Francisco, CA, June,
27. Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889.
28. Gottesman, A. A., & Morey, M. R. (2010). CEO educational background and firm financial performance. Journal of Applied Finance (Formerly Financial Practice and Education), 20(2).
29. Gounopoulos, D., & Pham, H. (2018). Financial expert CEOs and earnings management around initial public offerings. The International Journal of Accounting, 53(2), 102-117.
30. Guenster, N., Bauer, R., Derwall, J., & Koedijk, K. (2011). The economic value of corporate eco‐efficiency. European financial management, 17(4), 679-704.
31. Hambrick, D. C., Black, S., & Fredrickson, J. W. (1992). Executive leadership of the high technology firm: What is special about it. Advances in global high-technology management, 2, 3-18.
32. Hazarika, S., Karpoff, J. M., & Nahata, R. (2012). Internal corporate governance, CEO turnover, and earnings management. Journal of Financial Economics, 104(1), 44-69.
33. Healy, P. M., & Wahlen, J. M. (1999). A review of the earnings management literature and its implications for standard setting. Accounting horizons, 13(4), 365-383.
34. Hillman, A. J., & Keim, G. D. (2001). Shareholder value, stakeholder management, and social issues: what′s the bottom line? Strategic Management Journal, 22(2), 125-139.
35. Hitt, M. A., Ireland, R. D., & Palia, K. (1982). Industrial firms′ grand strategy and functional importance: Moderating effects of technology and uncertainty. Academy of Management Journal, 25(2), 265-298.
36. Hoffman, A. J. (2001). From heresy to dogma: An institutional history of corporate environmentalism. Stanford University Press.
37. Holliday, S. (2010). An interview with Chad Holliday,(former) CEO & chairman, DuPont the relationship between sustainability education and business. Academy of Management Learning & Education, 9(3), 532-541.
38. Johnson, D. K. (2002). The OECD Technology Concordance (OTC): Patents by industry of manufacture and sector of use.
39. Johnson, K. (2015). Finance chiefs getting shot at CEO role. Wall Street Journal.
40. Kalelkar, R., & Khan, S. (2016). CEO financial background and audit pricing. Accounting horizons, 30(3), 325-339.
41. Kinney Jr, W. R., & McDaniel, L. S. (1989). Characteristics of firms correcting previously reported quarterly earnings. Journal of Accounting and Economics, 11(1), 71-93.
42. Ku Ismail, K. N. I., & Chandler, R. (2005). Disclosure in the quarterly reports of Malaysian companies. Financial Reporting, Regulation and Governance, 4(1), 1-25.
43. Lash, J., & Wellington, F. (2007). Competitive advantage on a warming planet.
44. Lo, K. Y., & Kwan, C. L. (2017). The effect of environmental, social, governance and sustainability initiatives on stock value–Examining market response to initiatives undertaken by listed companies. Corporate social responsibility and environmental management, 24(6), 606-619.
45. Matsunaga, S. R., Wang, S., & Yeung, P. E. (2013). Does appointing a former CFO as CEO influence a firm’s accounting policies? Available at SSRN 2206523.
46. Miller, D., Steier, L., & Le Breton-Miller, I. (2003). Lost in time: Intergenerational succession, change, and failure in family business. Journal of Business Venturing, 18(4), 513-531.
47. McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: correlation or misspecification? Strategic Management Journal, 21(5), 603-609.
48. McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of management review, 26(1), 117-127.
49. Murphy, M. (1999). Every Investor′s Guide to High-tech Stocks and Mutual Funds: Proven Strategies for Picking High-growth Winners. Broadway.
50. Palmrose, Z. V., & Scholz, S. (2004). The circumstances and legal consequences of non‐GAAP reporting: Evidence from restatements. Contemporary accounting research, 21(1), 139-180.
51. Porter, M. E., & Kramer, M. R. (2006). The link between competitive advantage and corporate social responsibility. Harvard business review, 84(12), 78-92.
52. Ritter, J. R., & Welch, I. (2002). A review of IPO activity, pricing, and allocations. The journal of Finance, 57(4), 1795-1828.
53. Russo, M. V., & Fouts, P. A. (1997). A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal, 40(3), 534-559.
54. Stein, J. C. (1989). Efficient capital markets, inefficient firms: A model of myopic corporate behavior. The quarterly Journal of Economics, 104(4), 655-669.
55. Taylor, J., Vithayathil, J., & Yim, D. (2016). Doing Good for Whom? An Empirical Investigation of Corporate Social Responsibility and Firm Performance.
56. Tull Jr, G. L. (1982). A study of moral development of selected employees in certain public accounting firms. Louisiana State University and Agricultural & Mechanical College.
57. Tyler, B. B., & Steensma, H. K. (1998). The effects of executives′ experiences and perceptions on their assessment of potential technological alliances. Strategic Management Journal, 19(10), 939-965.
58. Ullmann, A. A. (1985). Data in search of a theory: A critical examination of the relationships among social performance, social disclosure, and economic performance of US firms. Academy of management review, 10(3), 540-557.
59. Vance, S. C. (1975). Are socially responsible corporations good investment risks. Management review, 64(8), 19-24.
60. Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility.
61. Waddock, S. A., & Graves, S. B. (1997). The corporate social performance–financial performance link. Strategic Management Journal, 18(4), 303-319.
62. Wiersema, M. F., & Bantel, K. A. (1992). Top management team demography and corporate strategic change. Academy of Management Journal, 35(1), 91-121.

指導教授

黃承祖(Cheng-Tsu Huang)

審核日期

2023-7-10

推文