| 摘要: | 隨著企業社會責任概念的興起，投資者及社會大眾對企業非財務績效的關注逐漸增加。企業除了履行財務責任外，也應積極參與社會和環境議題，並透過發布企業永續報告書來揭露其在環境、社會與公司治理方面的表現。本研究聚焦於機構投資者，討論不同類型之機構投資者，是否對ESG揭露數量、ESG揭露品質與公司價值造成不同的影響。
本研究選取了2013至2022年間上市與上櫃公司之資料，研究結果發現專注型機構投資者持股比例與企業的ESG揭露數量呈現正向相關，而短暫型機構投資者（TRA）則呈現負向相關。此外，專注型機構投資者亦有助於提升企業ESG揭露的品質，其也反映在揭露的可讀性、語調、可驗證性與重複性上，顯示不同類型的機構投資者對企業ESG揭露的影響程度存在顯著差異。最後，COVID-19疫情爆發前，專注型機構投資者持股比例與ESG揭露數量愈高，對企業的長期價值有正向影響，而短暫型機構投資者則對企業價值有負面影響，而自2019年起，其影響力減弱。
;With the rise of corporate social responsibility (CSR), investors and the public have increasingly focused on corporate non-financial performance. Besides fulfilling financial obligations, companies are expected to actively engage in social and environmental issues, disclosing their performance through corporate sustainability reports. This study focuses on institutional investors, examining whether different types of institutional investors affect ESG disclosure quantity, ESG disclosure quality, and corporate value differently.
Using data from listed and over-the-counter companies between 2013 and 2022, we found that the shareholding proportion of dedicated institutional investors positively correlates with ESG disclosure quantity, while transient institutional investors (TRA) show a negative correlation. Moreover, dedicated institutional investors contribute to enhancing the quality of ESG disclosure, reflected in readability, tone, numerical contents, and similarity, indicating that there are significant differences in the impact of different types of institutional investors on ESG disclosure. Finally, before the outbreak of the COVID-19 pandemic, the higher of dedicated institutional investors and ESG disclosure quantity, the higher the long-term corporate value is. However, transient institutional investors are negatively affected corporate value. After the pandemic, the influence of institutional ownership has diminished. |
