ESG資訊對投資意願之影響 −檢視人格特質、價值觀、風險承受能力作為調節變項

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彭冠維(Guan-Wei Peng) 查詢紙本館藏

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論文名稱

ESG資訊對投資意願之影響 −檢視人格特質、價值觀、風險承受能力作為調節變項
(The Effects of ESG Information on Investment Intention − Investigating Personality Traits, Values, and Risk Tolerance as Potential Moderators)

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摘要(中)

近年來隨著永續概念的興起，越來越多國家開始重視永續的發展，相關概念也因應而生，聯合國於2004年的報告中首次提出ESG(環境、社會、公司治理)的概念，此後針對ESG的研究就如雨後春筍般出現，大多數針對ESG所進行的研究都是著重在ESG表現與公司價值以及財務績效的關聯，然而針對投資者在面對ESG投資時的投資意願的相關研究甚少。在過去研究投資意願的文獻中，人格特質時常被用來當作影響投資意願的因子，其中大五人格特質、價值觀、風險承受能力更是時常被討論。綜合上述所言，本次目的為了解ESG資訊是否會影響時投資者的投資意願，以及可能調節此關係的變項。
本研究透過問卷進行樣本蒐集，回收有效問卷數為279份，後續進行描述性統計分析、信效度分析、相關分析以及逐步迴歸分析。結論如下，（１）ESG資訊正向顯著影響投資意願；（２）自我超越價值觀在ESG資訊對投資意願之影響有顯著調節作用；（３）人格特質和風險承受能力在ESG資訊對投資意願之影響皆無調節作用；由此可知，投資人在面對ESG投資時有較高的意願進行投資，在人格特質中僅有少數人格特質與投資意願有所關聯，因此相較於人格特質，投資者可能受到其他因素的影響較大。本研究之結果針對過去文獻缺乏的部分提供觀點，以期望為後續研究者提供參考。

摘要(英)

In recent years, with the rise of the sustainability concept, an increasing number of countries have begun to emphasize sustainable development. The United Nations first proposed the concept of ESG (Environmental, Social, and Governance) in a report in 2004, sparking a significant amount of ESG-related research. However, there has been limited research on investors′ intention to engage in ESG investments. This study aimed to examine the effects of ESG information on investor intentions, and to explore possible moderating effects of personality traits, values, and risk tolerance on the ESG information and investment intention relationship. A convenient sample included 279 participants. Results revealed that (1) The presence of ESG information was significantly associated with higher investment intention; (2) Self-transcendence values significantly moderated the effects of ESG information on investment intention ; (3) Personality traits and risk tolerance did not moderate the effects of ESG information on investment intention. These findings supplement existing literature and provide a reference for future research.

關鍵字(中)

★ ESG
★ 投資意願
★ 大五人格
★ 價值觀
★ 風險承受能力

關鍵字(英)

★ ESG
★ investment intention
★ Big Five personality traits
★ values
★ risk tolerance

論文目次

中文摘要 i
Abstract ii
目錄 iii
圖目錄 iv
表目錄 v
一、緒論 1
1-1 研究背景與動機 1
1-2 研究目的 3
1-3 研究架構 3
二、文獻探討 5
2-1 ESG投資 5
2-2 大五人格特質理論 11
2-3 價值觀 16
2-4 風險承受能力 22
三、研究方法 27
3-1 研究架構與假設 27
3-2 研究工具 29
3-3 統計分析 32
四、實驗結果 35
4-1 描述性統計 35
4-2 信效度分析 36
4-3 相關分析 39
4-4 逐步迴歸分析 42
五、討論 55
5-1 有無ESG資訊組別之投資意願差異 55
5-2 大五人格特質與ESG投資意願之關聯 56
5-3 價值觀與ESG投資意願之關聯 56
5-4 風險承受能力與ESG投資意願之關聯 57
六、結論與建議 59
6-1 結論 59
6-2 管理意涵 61
6-3 研究限制與未來建議 63
參考文獻 64
附錄 77

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指導教授

陳永儀(Yung-Yee Chen)

審核日期

2024-7-19

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