| 摘要(英) |
As people become more environmentally conscious, the concept of ESG (Environment, Social, Governance) is gradually gaining popularity in the financial market. The recent pandemic has highlighted the better resilience of highly ESG-focused companies, making it an important non-financial indicator for investment when investors and foreign capital look for investment targets. The Corporate Governance Evaluation conducted by the Financial Supervisory Commission (FSC) has consistency in evaluating all listed and OTC companies in Taiwan. Starting in 2020, the three-year plan of "Corporate Governance 3.0 - Sustainable Development Roadmap" (2021-2023) has gradually incorporated ESG-related indicators into the evaluation. Therefore, this research chooses the Corporate Governance Evaluation conducted by the FSC as the research target event. Past academic research has found that investors are more willing to pay higher prices to invest in companies with better corporate governance, allowing those companies to enjoy relative higher stock values. This study includes all listed companies as the research subjects, and incorporates their ranking range changes (up or down) into consideration, using the "event study" to conduct research on the correlation between the company ranking range changes (upgrading or downgrading) and stock price variations for all listed companies announced in the third (2017) and subsequent editions. The empirical results of this research show that when listed companies rise to the first ranking range (<=5%) and the second ranking range (6%~20%), investors may have anticipated the news beforehand, resulting in significant positive cumulative abnormal returns on and before the event day. This can serve as an indicator for investors to refer to and screen investment targets, or to increase the willingness of companies to invest in corporate governance evaluation and ESG costs. |
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