機構投資者類型對ESG資訊揭露之影響與其財務效果

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：107

、訪客IP：3.137.162.167

姓名

楊喬安(Chiao An Yang) 查詢紙本館藏

畢業系所

企業管理學系

論文名稱

機構投資者類型對ESG資訊揭露之影響與其財務效果
(The Impact of Institutional Investor Types on ESG Disclosure and Its Financial Effects)

相關論文

★ 財務揭露語調與預測未來盈餘能力之關聯：以美國年度報告 10-K 為例

★ 外國機構投資者持股比例對ESG資訊揭露之影響與其經濟效果

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]

至系統瀏覽論文 (2029-6-30以後開放)

摘要(中)

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。

摘要(英)

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.

關鍵字(中)

★ 企業社會責任
★ ESG揭露
★ 專注型機構投資者
★ 短暫型機構投資者

關鍵字(英)

★ corporate social responsibility
★ ESG disclosure
★ dedicated institutional investors
★ trasient institutional investors

論文目次

中文摘要 i
英文摘要 ii
致謝詞 iii
目錄 iv
表目錄 v
一、緒論 1
二、文獻探討 3
2-1 ESG和公司價值之關係 3
2-2 機構投資人對ESG揭露之影響 5
三、假說建立 7
四、樣本與實證模型 9
4-1 樣本選取 9
4-2 主要變數定義 10
4-3實證模型 16
五、實證結果 21
5-1 敘述性統計與相關性矩陣 21
5-2 機構投資人類型對ESG揭露數量研究結果 25
5-3 機構投資人類型對ESG揭露數量研究結果 26
5-4 機構投資者類型與ESG揭露數量對公司價值關聯性之研究結果 29
六、額外分析 31
6-1 自願與強制揭露 31
6-2 第三方確信 34
七、結論 36
參考文獻 38

參考文獻

Abdi, Y., Li, X., & Camara-Turull, X. (2022). Exploring the impact of sustainability (ESG) disclosure on firm value and financial performance (FP) in airline industry: The moderating role of size and age. Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, 24(4), 5052-5079.
Alotaibi, K., & Hussainey, K. (2016). Determinants of CSR disclosure quantity and quality: Evidence from non-financial listed firms in Saudi Arabia. International Journal of Disclosure and Governance, 13.
Aydogmus¸, M., Gulay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22(Suppl 2), S119-S127.
Barnett, M. L. (2007). Stakeholder Influence Capacity and the Variability of inancial Returns to Corporate Social Responsibility. The Academy of Management Review, 32(3), 794–816.
Bushee, B. J. (1998). Influence of Institutional Investors on Myopic R&D Investment Behavior.
Bushee, B.J. (2001) Do Institutional Investors Prefer Near-Term Earnings over Long-Run Value? Contemporary Accounting Research, 18, 207-246.
Chen, Yi-Chun & Hung, Mingyi & Wang, Yongxiang. (2017). The Effect of Mandatory CSR Disclosure on Firm Profitability and Social Externalities: Evidence from China. Journal of Accounting and Economics. 65.
Cheng, Beiting and Ioannou, Ioannis and Serafeim, George, Corporate Social Responsibility and Access to Finance (May 19, 2011). Strategic Management Journal, 35 (1): 1-23.
Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social.
Du, S., & Yu, K. (2021). Do Corporate Social Responsibility Reports Convey Value Relevant Information? Evidence from Report Readability and Tone. Journal of Business Ethics, 172, 253–274.
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693-714.
Friede, G., Busch, T., & Bassen, A.. ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233. 2015.
Hamza, S., & Jarboui, A. (2021). CSR or Social Impression-Management? Tone Management in CSR report. Journal of Financial Reporting and Accounting.
Huang, P., Jiao, Y., & Li, S. (2022). Impact of internal control quality on the information content of social responsibility reports: A study based on text similarity—Evidence from China. International Journal of Accounting Information Systems, 45, 100558.
Jackson, G., Bartosch, J., Avetisyan, E. et al. (2020). Mandatory Non-financial Disclosure and Its Influence on CSR: An International Comparison. J Bus Ethics 162, 323–342.
Lin, P. T., Jin, Y., Gao, F., Yang, R., & Lin, Q. (2023). Institutional Investors, CSR Report Readability and the Moderating Role of ESG Performance. Sage Open, 13(4).
Lopez-de-Silanes, F., McCahery, J. A., & Pudschedl, P. C. (2019). ESG Performance and Disclosure: A Cross-Country Analysis. TILEC Discussion Paper No. DP2019-032, European Corporate Governance Institute - Law Working Paper No. 481/2019.
Meng, Y., & Wang, X. (2019). Do institutional investors have homogeneous influence on corporate social responsibility? Evidence from investor investment horizon. Managerial Finance. Advance online publication.
Muslu, V., Mutlu, S., Radhakrishnan, S., & Tsang, A. (2019). Corporate Social Responsibility Report Narratives and Analyst Forecast Accuracy. Journal of Business Ethics, 154.
Nollet, J., Filis, G., & Mitrokostas, E. (2016). Corporate social responsibility and financial performance: A non-linear and disaggregated approach. Economic Modelling, 52(PB), 400-407.
Rezaei, F., & Sheikhi, S. (2015). The relation between institutional investors (Dedicated and Transient) and stock price synchronicity in Iran stock market. Science Journal (CSJ), 36(3 Special Issue).
Rouf, M. (2011). The Corporate Social responsibility Disclosure: A Study of Listed. Companies in Bangladesh. Business and Economics Research Journal, 2, 19-32.
Servaes, H., & Tamayo, A. (2012). The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness. Management Science, 59.
Servaes, H., & Tamayo, A. M. (2012). The Impact of Corporate Social Responsibility on Firm Value: The Role of Customer Awareness. Management Science, Forthcoming.
Whelan, T., Atz, U., Holt, T. V., & Clark, C. (2021). ESG and financial performance: Uncovering the relationship by aggregating evidence from 1,000 plus studies published between 2015-2020.
Yan, S., Hwang, I., & Jung, H. R. (2021). Can Analysts Identify Tone Management?: Evidence from China.
Yoon, B., Lee, J. H., & Byun, R. (2018). Does ESG performance enhance firm value? Evidence from Korea. Sustainability, 10(10).
Zhao, C., Yu, G., Jiahai, Y., Mengya, W., Daiyu, L., Yiou, Z., & Jiangang, K. (2018). ESG and Corporate Financial Performance: Empirical Evidence from China’s Listed Power Generation Companies. Sustainability, 10(8), 2607.

指導教授

曹壽民張東生(Shou-Min Tsao Dong-Shang Chang)

審核日期

2024-7-12

推文