董事會結構及研發費用對 ESG 評分之影響－ 以 2016~2022 年台灣上市上櫃公司為例

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：67

、訪客IP：13.58.162.85

姓名

李柏毅(BO-YI, LI) 查詢紙本館藏

畢業系所

產業經濟研究所在職專班

論文名稱

董事會結構及研發費用對 ESG 評分之影響－以 2016~2022 年台灣上市上櫃公司為例

相關論文

★ 探討企業永續行為：從漂綠行為說起	★ 空氣汙染對臺灣太陽能發電之影響
★ 空氣汙染對於房價的影響-以桃園重劃區為例	★ 公司治理、創新與公司經營績效：台灣電子業之實證研究
★ 新冠肺炎與投保行為之研究-以S人壽保險公司之銀行保險通路為例	★ 公司產品多樣化對營運績效的影響:以台灣電子產業為例
★ 董事會性別組成比例與員工之關係：以台灣企業勞動訴訟為例子	★ 論我國破產免責制度-以消費者債務清理條例為研究核心
★ 董事會性別平衡對經營績效影響	★ 疫情、市場情緒、公司治理與股價波動度
★ 談台灣電子與非電子產業CSR行為與財務績效之關係 -以GRI資料進行分析	★ 國家財富、最適外匯儲備水準與主權基金
★ 成人參與數位學習與個人特徵之關聯性分析	★ 女性董事及研發投資比例對公司經營績效的影響
★ 延長道路交通安全講習時數政策對年輕新手機車騎士常見事故型態影響之研究	★ 創新效率對於股價報酬之影響 —以台灣電子工業上市櫃公司為例

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)

隨著全球對企業永續發展議題的高度關注，董事會結構和研究與開發費用投入已成為企業治理和經營績效的重要焦點。近年來，各國政府要求企業設置多元化的董事會，特別強調董事獨立性和性別多樣性。一個多元化的董事會能有效提供客觀的監督和建議，帶來不同的視角和經驗，從而提升公司治理水準，促進企業在環境、社會責任及治理(ESG)方面的表現。此外，企業也日益重視研究與開發費用的投入，尤其是在環境保護、綠色創新和產品研發方面，這不僅減少企業運營對環境的影響以遵循日益嚴謹的法規，還能提升其社會責任的表現。
本研究旨在探討董事會結構及研發費用對TESG評分之影響，數據資料取自台灣經濟新報(TEJ pro)資料庫之2016至2022年台灣上市上櫃公司。研究聚焦於獨立董事比例、女性董事比例及研究與開發費用對企業TESG表現的影響。透過固定效果模型的實證分析，發現獨立董事比例對TESG評分有顯著正向影響，女性董事比例的影響不顯著，而企業研究與開發費用投入的增加對TESG評分則具有正向影響。此外，在穩健性測試顯示，當企業符合金管會獨立董事人數規範時，TESG評分有顯著正向影響，而董事會中是否有女性董事的影響依然不顯著。
研究結果顯示，企業在追求永續發展過程中，董事會結構的多元化及研發費用投入能有效提升ESG評分。因此本文建議政府在政策制定方面，隨著多元化規範日益健全，可以進一步要求獨立董事具備多樣化的背景，以加強董事會的綜合能力，避免決策過度集中在少數領域的董事手中從而產生判斷盲點。此外，綠色創新已成為研發投入的主要潮流，企業透過綠色創新，不僅能減少環境污染，還能達到轉型的目標和增強企業競爭力，這也與全球經濟和環境永續的趨勢相符。

摘要(英)

As global attention to issues in corporate sustainability heightens, board structure and R&D expenditure have become focal points of corporate governance and performance. In recent years, governments across the world required firms to establish boards of diversity, particularly emphasizing on board independence and gender diversity. A diversified board of directors can effectively provide objective supervision and advice, bringing in different perspectives and experiences, thereby raising corporate governance standards and performance in aspects of Environmental, Social, and Governance (ESG). Additionally, companies are increasingly focusing on R&D expenditure, especially in environmental protection, green innovation, and product development. This not only reduces the environmental impact of corporate operations in compliance with increasingly stringent regulations, but also enhances their performance in social responsibility.
This study aims to explore the impact of board structure and R&D expenditure on TESG scores, using data from the Taiwan Economic Journal (TEJ pro) database on Taiwanese listed companies from 2016 to 2022. The research focuses on the impact of the proportion of independent directors, the proportion of female directors, and R&D expenditure on corporate TESG performance. Using fixed effects model, our empirical analysis found that the proportion of independent directors has a significant positive impact on TESG scores, while the proportion of female directors does not have a significant impact. Additionally, increasing corporate R&D expenditure also positively impacts TESG scores. Robustness tests further show that firms complying with the Financial Supervisory Commission′s (FSC) requirements on the number of independent directors, deliver a significant positive impact on TESG scores, while the effects of the presence of female directors in the board of directors remains insignificant.
The research results indicate that in the pursuit of sustainable development, the diversification of board structure and the investment in R&D expenditure can effectively improve ESG scores. Therefore, this paper suggests that as regulations on diversity become increasingly sophisticated, the government should further mandate diverse backgrounds of independent directors in policy formulation, in seeking an overhaul in the overall capabilities of the board and avoiding blind spots in the decision-making process arisen from over-concentration in the hands of a few directors who only specialize in certain areas. Furthermore, green innovation has become a major trend in R&D expenditure, so through green innovation, firms can not only reduce ecological damages but also achieve transformation goals and enhance corporate competitiveness, aligning with global economic and environmental sustainability trends.

關鍵字(中)

★ 獨立董事比例
★ 女性董事比例
★ 研發費用投入
★ ESG 評比

關鍵字(英)

★ Proportion of independent directors
★ Proportion of female directors
★ Research and development (R&D) expenditure
★ ESG scores

論文目次

目錄
中文摘要 i
Abstract ii
誌謝 iv
壹、緒論 1
1.1 研究背景 1
1.2 研究目的 3
1.3 研究架構 6
貳、文獻回顧與假說建立 7
2.1 董事會結構 7
2.2 研究與開發費用 9
2.3 總結 11
參、資料來源與變數說明 12
3.1 資料來源 12
3.2 變數說明 12
3.2.1 被解釋變數 13
3.2.2 解釋變數 15
3.2.3 控制變數 16
肆、研究方法 19
4.1數據資料處理 19
4.2 變數相關敘述表 21
4.3 變數變異數膨脹因子 23
4.4 模型選擇 24
4.5 模型建立 24
伍、實證結果 26
5.1 獨立董事比例 27
5.2 女性董事比例 28
5.3 研究與開發費用 30
5.4 控制變數 31
陸、穩健性測試 34
6.1 解釋變數 34
6.2 迴歸估計式 35
6.3 實證結果 36
6.3.1是否符合金管會獨立董事法規 36
6.3.2 董事會中是否有女性董事 37
柒、討論 39
7.1 獨立董事 39
7.2 女性董事 39
7.3 研究與開發費用 40
捌、結論 43
8.1 建議 43
8.2 研究限制與未來方向 44
玖、參考文獻 46
9.1 中文文獻 46
9.2 英文文獻 46

參考文獻

中文文獻
1.林于琇(2023)。台灣上市公司之女性董事比例、ESG活動及企業價值相互關係。國立成功大學財務金融研究所碩士論文。
2.邱垂昌與莊清騄(2010)。獨立董監事、公司資訊透明度與公司價值之關聯性。中山管理評論，18(4)，949-1008。
3.莊品丞 (2023)。產業特性、董事會結構與ESG之研究。德明財經科技大學財務金融學系理財與稅務管理碩士班碩士論文。
4.徐詩喬 (2023)。女性董事及研發投資比例對公司經營績效的影響。國立中央大學產業經濟研究所碩士論文。
5.詹哲旻 (2023)。公司治理3.0-擴大設置獨立董事對於公司績效之影響。國立成功大學財務金融研究所碩士論文。
6.謝錦堂 (2009)。董事會功能理論模型之驗證：台灣上市公司董事監事的觀點。管理學報，26(2)，127-144。
英文文獻
1.Adams, R. B., and Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291-309.
2.Adams, R. B., and Funk, P. (2011). Beyond the glass ceiling: Does gender matter? Management Science, 58(2), 219-235.
3.Al Naqbi, E., Alshurideh, M., AlHamad, A., and Al Kurdi, B. (2020). The impact of innovation on firm performance: A systematic review. International Journal of Innovation, Creativity and Change, 14(5). 31-58.
4.Amoroso, S., P. Moncada-Paternò-Castello., and Vezzani, A. (2017). R&D profitability: The role of risk and Knightean uncertainty. Small Business Economics, 48(2), 331–343.
5.Bravo, F., and Reguera-Alvarado, N. (2018). Do independent director’s characteristics influence financial reporting quality? Spanish Journal of Finance and Accounting, 47(1), 25-43.
6.Buallay, A., Hamdan, R., Barone, E., and Hamdan, A. (2022). Increasing female participation on boards: Effects on sustainability reporting. International Journal of Finance & Economics, 27(1), 111-124.
7.Busch, T., and Schnippering, M. (2022). Corporate social and financial performance: Revisiting the role of innovation. Corporate Social Responsibility and Environmental Management, 29(3), 635–645.
8.Chen, G., Chen, X., and Wan, P. (2022). Naive independent directors, corporate governance and firm performance. Frontiers in Psychology, 13. 984661.
9.Chen, R., Tong, J. Y., Zhang, F., and Zhou, G. (2022). Do female directors enhance R&D performance? International Review of Economics & Finance, 74, 253-275.
10.Chouaibi, S., Chouaibi, J., and Rossi, M. (2022). ESG and corporate financial performance: The mediating role of green innovation: UK common law versus Germany civil law. EuroMed Journal of Business, 17(1), 46-71.
11.Dawson, J., Kersley, R., & Natella, S. (2014). The CS Gender 3000: Women in Senior management. Credit Suisse Research Institute.
12.de Villiers, C., Naiker, V., and van Staden, C. J. (2011). The effect of board characteristics on firm environmental performance. Journal of Management, 37(6), 1636-1663.
13.Dicunzo, G., Donofrio, F., Ranaldo, S., and Dell’ Atti, V. (2022). The effect of innovation on environmental, social and governance (ESG) practices. Meditari Accountancy Research, 30(4), 1191-1209.
14.Di Simone, L., Petracci, B., and Piva, M. (2022). Economic sustainability, innovation, and the ESG factors: An empirical investigation. Sustainability, 14(4), 1-16.
15.Doni, F., and Fiameni, M. (2024). Can innovation affect the relationship between environmental, social, and governance issues and financial performance? Empirical evidence from the STOXX200 index. Business Strategy and the Environment, 33(2), 546-574.
16.Fatemi, A., Glaum, M., and Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64.
17.Ferri, S., Tron, A., Colantoni, F., and Savio, R. (2023). Sustainability disclosure and IPO performance: Exploring the impact of ESG reporting. Sustainability, 15(6), 1-15, 5144.
18.Francis, B., Hasan, I., and Wu, Q. (2015). Professors in the boardroom and their impact on corporate governance and firm performance. Financial Management, 44(3), 547-581.
19.Guerrero-Villegas, J., Pérez-Calero, L., Hurtado-González, J. M., and Giráldez-Puig, P. (2018). Board attributes and corporate social responsibility disclosure: A meta-analysis. Sustainability, 10(12), 4808.
20.Gul, F. A., Srinidhi, B., and Ng, A. C. (2011). Does board gender diversity improve the informativeness of stock prices? Journal of Accounting & Economics, 51(3), 314-338.
21.Hao, X., Chen, F., & Chen, Z. (2022). Does green innovation increase enterprise value? Business Strategy and the Environment, 31(3), 1232-1247.
22.Horbach, J. (2008). Determinants of environmental innovation - New evidence from German panel data sources. Research Policy, 37(1), 163-173.
23.Ioannou, I., and Serafeim, G. (2015). The impact of corporate social responsibility on investment recommendations: Analysts’ perceptions and shifting institutional logics. Strategic Management Journal, 36(7), 1053-1081.
24.Jain, B. A., and Kini, O. (2008). The impact of strategic investment choices on post-issue operating performance and survival of US IPO firms. Journal of Business Finance & Accounting, 35(3-4), 459-490.
25.Kim, S., and Li, Z. (2021). Understanding the impact of ESG practices in corporate finance. Sustainability, 13(7), 3746.
26.Liu, L. (2023). Green innovation, firm performance, and risk mitigation: Evidence from the USA. Environment, Development and Sustainability, 1-22. https://doi.org/10.1007/s10668-023-03632-z
27.Mallin, C. A., and Michelon, G. (2011). Board reputation attributes and corporate social performance: An empirical investigation of the U.S. Best Corporate Citizens. Accounting and Business Research, 41(2), 119-144.
28.Porter, M. E., and van der Linde, C. (1995). Toward a new conception of the environment-competitiveness relationship. Journal of Economic Perspectives, 9(4), 97-118.
29.Post, C., and Byron, K. (2015). Women on boards and firm financial performance: A meta-analysis. Academy of Management Journal, 58(5), 1546-1571.
30.Ravšelj, D., and Aristovnik, A. (2020). The impact of R&D expenditures on corporate performance: Evidence from Slovenian and world R&D companies. Sustainability, 12(5), 1943.
31.Shahbaz, M., Karaman, A. S., Kilic, M., and Uyar, A. (2020). Board attributes, CSR engagement, and corporate performance: What is the nexus in the energy sector? Energy Policy, 143, 111582.
32.Stock, J. H., and Watson, M. W. (2008). Heteroskedasticity-robust standard errors for fixed effects panel data regression. Econometrica, 76(1), 155-174.
33.Terjesen, S., Sealy, R., and Singh, V. (2009). Women directors on corporate boards: A review and research agenda. Corporate Governance: An International Review, 17(3), 320-337.
34.Weng, H.H., Chen, J.S., Chen, P.C. (2015). Effects of green innovation on environmental and corporate performance: A stakeholder perspective. Sustainability, 7(5), 4997-5026.
35.Yang, O.-S., and Han, J.-H. (2023). Assessing the effect of corporate ESG management on corporate financial & market performance and export. Sustainability, 15(3), 2316.

指導教授

蔡栢昇(Pak-Sing Choi)

審核日期

2024-7-26

推文