博碩士論文 111424013 詳細資訊



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：61 、訪客IP：3.144.93.14
姓名 賴昱澤(Yu-Tse Wu)  查詢紙本館藏   畢業系所 產業經濟研究所
論文名稱 企業ESG表現與其現金持有量之關係
(The Relationship Between Corporate ESG Performance and Cash Holdings)
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]
  1. 本電子論文使用權限為同意立即開放。
  2. 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。
  3. 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) 本研究以 2017 年至 2022 年台灣上市公司資料為樣本，利用最大概似估計
(Maximum Likelihood Estimation, MLE) 方法進行分析，探討企業ESG與現金持有量之間的關聯性。實證結果顯示，企業的ESG分數與其現金持有量之間存在顯著的正向相關。具體而言，公司的ESG分數愈高，其現金持有量也愈高。聯立現金持有量與企業風險之方程式估計顯示，ESG表現的影響可分為直接效果和間接效果兩個途徑：首先，ESG表現對現金持有量的直接效果顯著且為正相關，代表高ESG評分企業傾向於持有更多現金，以因應潛在的財務需求和投資機會。其次，就企業系統風險和獨特性風險兩個途徑的間接效果而言，系統風險途徑顯示負向相關，這意味著高ESG評分企業因降低了系統風險而減少了部分現金持有需求。然而，獨特性風險途徑則無顯著相關性，顯示企業的獨特性風險並未對其現金持有量產生顯著影響。

綜合上述正向及負向影響，當考慮總和效果時，高ESG評分企業的現金持有量仍呈現正相關。這顯示ESG表現較佳的企業在實現永續發展目標的同時，仍舊注重現金持有與其維持財務穩定性和靈活性之功能。相對於既有文獻僅驗證ESG表現與現金持有量之間直接途徑的關係，本研究在此基礎之上，亦分析間接影響之系統風險途徑的負向相關性，以及獨特性風險途徑無顯著相關性。就管理意涵而言，本研究期能為企業在制定財務策略和投資者在評估企業價值時提供有價值的參考，促進企業在實現永續發展與財務穩定之間找到平衡點。
摘要(英) This study uses data from listed companies in Taiwan from 2017 to 2022 and employs the Maximum Likelihood Estimation (MLE) method to analyze the relationship between corporate ESG (Environmental, Social, and Governance) performance and cash holdings.Empirical results show a significant positive correlation between a company′s ESG scores and its cash holdings. Specifically, the higher the company′s ESG score, the higher its cash holdings. The estimation of the simultaneous equations of cash holdings and corporate risks indicates that the impact of ESG performance can be divided into direct and indirect effects through two channels: Firstly, the direct effect of ESG performance on cash holdings is significant and positive, indicating that companies with higher ESG ratings tend to hold more cash to meet potential financial needs and investment opportunities. Secondly, the indirect effects through the channels of systemic risk and idiosyncratic risk show that the systemic risk channel has a negative correlation, meaning that companies with higher ESG ratings reduce some of their cash holding needs by lowering systemic risk. However, the idiosyncratic risk channel shows no significant correlation, indicating that a company′s idiosyncratic risk does not significantly affect its cash holdings.
Considering the combined positive and negative effects, when the total effect is taken into account, companies with higher ESG ratings still show a positive correlation with their cash holdings. This indicates that companies with better ESG performance, while achieving sustainable development goals, still focus on maintaining cash holdings to ensure financial stability and flexibility. Compared to existing literature that only verifies the direct relationship between ESG performance and cash holdings, this study further analyzes the negative correlation of the systemic risk channel and the non-significant correlation of the idiosyncratic risk channel in the indirect effects. In terms of managerial implications, this study aims to provide valuable references for companies in formulating financial strategies and for investors in evaluating corporate value, promoting a balance between achieving sustainable development and maintaining financial stability.
關鍵字(中) ★ 現金持有量
★ ESG分數
★ 永續發展
★ 財務穩定性		 關鍵字(英) ★ Cash Holdings
★ ESG Score
★ Sustainable Development
★ Financial Stability
論文目次 目錄
中文摘要 i
ABSTRACT ii
一、緒論 1
1-1 研究背景與動機 1
1-2 研究目的 2
1-3 論文架構 2
1-4 研究流程 4
二、文獻回顧與研究假說 5
2-1 文獻回顧 5
2-1-1 企業現金持有目的及影響因素 5
2-1-2 企業系統性風險之影響因素 6
2-1-3 企業獨特性風險之影響因素 6
2-2 研究假說 8
2-2-1 ESG與現金持有量 8
2-2-2 ESG、系統風險和現金持有量 9
2-2-3 ESG、獨特性風險和現金持有量 10
三、樣本資料及研究方法 12
3-1 樣本資料 12
3-2 變數定義 12
3-2-1 被解釋變數 12
3-2-2 主要解釋變數 12
3-2-3 間接途徑 14
3-2-4 控制變數 15
3-3 實證模型 17
四、實證結果 20
4-1 敘述統計量 20
4-2 相關係數矩陣 22
4-3 最大概似估計結果 24
4-3-1 ESG、系統風險、獨特性風險以及現金持有量 24
4-3-2 環境、社會、公司治理構面分數、系統風險、獨特性風險以及現金持有量 26
4-4 穩健性測試 31
4-4-1 現金持有量之替代變量 31
4-4-2 系統風險之替代變量 31
五、結論 33
5-1 研究結論 33
5-2 研究建議 35
參考文獻 36
參考文獻 中文文獻:

〔1〕 公開資訊觀測站，永續報告書年資料，檢索2023年，取自https://mops.twse.com.tw/mops/web/t100sb11
〔2〕 吳旻容，「ESG對現金持有及現金價值的影響—以台灣上市櫃公司為例」，國立中央大學財務金融學系，碩士論文，民國 112 年。
〔3〕 陳彥芳，「企業社會責任與公司風險之關聯性」，國立台灣大學財務金融學系，碩士論文，民國 107 年。
〔4〕 簡良恩，「企業社會責任對現金持有及現金價值之影響」，國立台灣大學財務金融學，碩士論文，民國 106 年。

英文文獻:

〔1〕 Acharya, V., Almeida, H., Campello, M., (2013). Aggregate risk and the choice between cash and lines of credit. Journal of Finance, 68, 2059–2116.
〔2〕 Albuquerque, R., Koskinen, Y., and Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65, 4451–4469.
〔3〕 Ang, A., Hodrick, R. J., Xing, Y., & Zhang, X. (2006). The cross-section of volatility and expected returns. Journal of Finance, 61(1), 259-299.
〔4〕 Arouri, M., and Pijourlet, G. (2017). CSR performance and the value of cash holdings: International evidence. Journal of Business Ethics, 140, 263–284.
〔5〕 Bae, K. H., and Wang, J. (2015). Why do firms in customer–supplier relationships hold more cash? International Review of Finance, 15, 489–520.
〔6〕 Baker, H. K., and Riddick, L. A. (2013). International perspectives on corporate finance and governance. Journal of Corporate Finance, 9(1), 1-29.
〔7〕 Bates, T. W., Kahle, K. M., and Stulz, R. M. (2009). Why do US firms hold so much more cash than they used to? Journal of Finance, 64, 1985–2021.
〔8〕 Baumol, W. J. (1952). The transactions demand for cash: An inventory theoretic approach. Quarterly Journal of Economics, 66, 545–556.
〔9〕 Boungou, W., and Yatié, A. (2022). The impact of the Ukraine–Russia war on worldstock market returns. Economics Letters, 215, 110516.
〔10〕 Chang, C. H., Chen, S. S., Chen, Y. S., and Peng, S. C. (2019). Commitment to build trust by socially responsible firms: Evidence from cash holdings. Journal of Corporate Finance, 56, 364–387.
〔11〕 Chen, H., Xu, Y., Yang, J., (2021). Systematic risk, debt maturity, and the term structure of credit spreads. Journal of Financial Economics, 139(3), 770-799.
〔12〕 Cheung, A. (2016). Corporate social responsibility and corporate cash holdings. Journal of Corporate Finance, 37, 412–430.
〔13〕 Claessens, S., Djankov, S., and Lang, L. H. P. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1-2), 81-112.
〔14〕 Cooper, E. W., and Uzun, H. (2015). Corporate Social Responsibility and the Cost of Debt. Journal of Accounting and Finance, 15(8), 11-29.
〔15〕 Deng, X., Kang, J. K., and Low, B. S. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110, 87–109.
〔16〕 Dittmar, A., Mahrt-Smith, J., and Servaes, H. (2003). International corporate governance and corporate cash holdings. Journal of Financial and Quantitative Analysis, 38, 111–133.
〔17〕 El Ghoul, S., Guedhami, O., Kwok, C. C., and Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking and Finance, 35, 2388–2406.
〔18〕 Fama, E. F., and French, K. R. (1993). Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33, 3–56.
〔19〕 Friedman, S., and Singh, H. (1989). CEO succession and stockholder reaction: The influence of organizational context and event content. Academy of Management Journal, 32(4), 718-744.
〔20〕 Gande, A., and Lewis, C. M. (2009). Shareholder-initiated class action lawsuits: Shareholder wealth effects and industry spillovers. Journal of Financial and Quantitative Analysis, 44(4), 823-850.
〔21〕 Ghaly, M., Dang, V. A., and Stathopoulos, K. (2015). Cash holdings and employee welfare. Journal of Corporate Finance, 33, 53–70.
〔22〕 Godfrey, P., (2005). The relationship between corporate philanthropy and shareholder wealth: a risk management perspective. Academy of Management Review, 30, 777–798.
〔23〕 Goodman, L., (1960). On the exact variance of products. Journal of the American Statistical Association, 55, 708–713.
〔24〕 Han, S., and Qiu, J. (2007). Corporate precautionary cash holdings. Journal of Corporate Finance, 13, 43–57.
〔25〕 Harford, J., Mansi, S. A., and Maxwell, W. F. (2008). Corporate governance and firm cash holdings in the US. Journal of Financial Economics, 87, 535–555.
〔26〕 Harford, J., Klasa, S., Maxwell, W., (2014). Refinancing risk and cash holdings. Journal of Finance, 69, 975–1011.
〔27〕 Harper, J., and Sun, L. (2020). Environmental performance and corporate cash holdings. Applied Economics Letters, 27, 1234-1237
〔28〕 He, C., Chen, R., and Liu, Y. (2022). US-China trade war and China’s stock market: an event-driven analysis. Economic Research-EkonomskaIstraživanja, 35(1), 3277-3290.
〔29〕 Holder, M. E., Langrehr, F. W., and Hexter, J. L. (1998). Dividend policy determinants: An investigation of the influences of stakeholder theory. Financial Management, 27, 73–82.
〔30〕 Huang, H. H., Liu, C., and Sun, L. (2019). Chemical releases and corporate cash holdings. International Review of Financial Analysis, 64, 159–173.
〔31〕 Itzkowitz, J., (2013). Customers and cash: how relationships affect suppliers′ cash holdings. Journal of Corporate Finance, 19, 159–180.
〔32〕 Jamali, D. (2008). A stakeholder approach to corporate social responsibility: A fresh perspective into theory and practice. Journal of Business Ethics, 82, 213–231.
〔33〕 Javakhadze, D., Ferris, S. P., and French, D. W. (2016). Social capital, investments, and external financing. Journal of Corporate Finance, 37, 38–55.
〔34〕 Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76, 323–329.
〔35〕 Jo, H., and Harjoto, M. A. (2011). Corporate governance and firm value: The impact of corporate social responsibility. Journal of Business Ethics, 103, 351–383.
〔36〕 Keynes, J. M. (1936). The General Theory of Employment, Interest, and Money London, UK: Palgrave Macmillan.
〔37〕 Kim, E. H., and Sorensen, E. H. (1986). Evidence on the impact of the agency costs of debt on corporate debt policy. Journal of Financial and Quantitative Analysis, 21(2), 131-144.
〔38〕 Mazur, M., Dang, M., and Vega, M. (2021). COVID-19 and the march 2020 stock market crash. Evidence from SandP1500. Finance research letters, 38, 101690.
〔39〕 Lacey, R., and Kennett-Hensel, P. A. (2010). Longitudinal effects of corporate social responsibility on customer relationships. Journal of Business Ethics, 97, 581–597.
〔40〕 Luchtenberg, K. F., and Vu, Q. V. (2015). The 2008 financial crisis: Stock market contagion and its determinants. Research in International Business and Finance, 33,178-203.
〔41〕 Luo, X., and Bhattacharya, C. B. (2006). Corporate social responsibility, customer satisfaction, and market value. Journal of Marketing, 70(4), 1-18.
〔42〕 Luo, X., Bhattacharya, C., (2009). The debate over doing good: corporate social performance, strategic marketing levers, and firm-idiosyncratic risk. Journal of Marketing, 73, 198–213.
〔43〕 Myers, S. C., and Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, 187–221.
〔44〕 Ng, A. C., and Rezaee, Z. (2015). Business sustainability performance and cost of equity capital. Journal of Corporate Finance, 34, 128–149.
〔45〕 Opler, T., Pinkowitz, L., Stulz, R., and Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52, 3–46.
〔46〕 Peloza, J., (2006). Using corporate social responsibility as insurance for financial performance. California Management Review, 48, 52–72.
〔47〕 Peloza, J., and Shang, J. (2011). How can corporate social responsibility activities create value for stakeholders? A systematic review. Journal of the Academy of Marketing Science, 39, 117–135.
〔48〕 Palazzo, D., (2012). Cash holdings, risk, and expected returns. Journal of Financial Economics, 104, 162–185.
〔49〕 Pérez, A., and Rodríguez del Bosque, I. (2015). An integrative framework to understand how CSR affects customer loyalty through identification, emotions and satisfaction. Journal of Business Ethics, 129, 571–584.
〔50〕 Russo, A., Perrini, F., (2010). Investigating stakeholder theory and social capital: CSR in large firms and SMEs. Journal of Business Ethics, 91, 207–221.
〔51〕 Sharpe, W. F. (1963). A simplified model for portfolio analysis. Management Science, 9(2), 277-293.
〔52〕 Wolfers, J., and Zitzewitz, E. (2009). Using markets to inform policy: The case of the Iraq war. Economica, 76(302), 225-250.
〔53〕 Yan, B., Stuart, L., Tu, A., and Zhang, T. (2020). Analysis of the Effect of COVID-19on the Stock Market and Investing Strategies. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3563380
〔54〕 Zadeh,H , M., Magnan, M., Cormier, D., and Hammami, A. (2023). Does corporate social responsibility transparency mitigate corporate cash holdings? International Journal of Managerial Finance 19, 63–87.
指導教授 李丹 蔡栢昇(Tan Lee Pak-Sing Choi) 審核日期 2024-7-18
推文 facebook   plurk   twitter   funp   google   live   udn   HD   myshare   reddit   netvibes   friend   youpush   delicious   baidu   
網路書籤 Google bookmarks   del.icio.us   hemidemi   myshare   

若有論文相關問題，請聯絡國立中央大學圖書館推廣服務組 TEL:(03)422-7151轉57407，或E-mail聯絡  - 隱私權政策聲明