機構投資人及三大法人與企業 ESG 策略之關聯性 以台灣上市櫃公司為實證研究

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：34

、訪客IP：3.142.156.58

姓名

林心慧(Hsin-Hui Lin) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

機構投資人及三大法人與企業 ESG 策略之關聯性以台灣上市櫃公司為實證研究

相關論文

★ 半導體產業購併對股東財富效果之影響-以聯發科公司為例	★ 區塊鏈技術應用於金融科技公司企業資金電子調撥系統實作與驗證
★ 金融科技浪潮下銀行分行經營績效之探討－以個案銀行為例	★ 收購案後，主併公司與目標公司財務顧問之間開始合作原因之探討
★ 併購交易完成後，主併公司與目標公司財務顧問延續合作之因素探討	★ 產品組成變動與公司投資決策
★ CEO年齡與選擇併購目標公司之偏好	★ 外部董事產業經驗對於併購的影響
★ 目標公司執行長年齡與併購決策	★ 企業生命週期轉變對股利變化的影響
★ 經理人文化認同形成對風險承擔行為之影響 -以S&P500指數上市公司為例	★ 併購如何創造綜效──以台灣與韓國為例
★ CEO文化認同與債務期限選擇	★ 台灣上市櫃公司撰寫CSR報告書與公司價值之相關性探討
★ 經理人文化認同與公司CSR政策執行之關聯性-以S&P500指數上市公司為例	★ COVID-19疫情對全球航空產業營運之影響–以中華航空為例

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]

至系統瀏覽論文 (2027-7-26以後開放)

摘要(中)

本研究旨在探討機構投資人如何透過持股比例與投資期限影響企業在CSR的揭露。此論文涵蓋2020至2021台灣上市櫃公司發布且包含重大議題矩陣的永續報告書。研究方法包括將重大議題矩陣切割為6乘6的方格，根據揭露的資訊建立營運衝擊、重大議題一致性、利害關係人與重大性議題四種比例指標。同時收集矩陣揭露項目作為衡量公司CSR策略變數。此外採用Dyck et al.(2019)的分析方法考慮產業與公司規模，深入探討機構投資人持股與企業CSR策略間的關聯性。
本文的實證結果揭示了機構投資者在關注企業永續報告的議題上存在顯著差異。具體來說，外籍投資機構（FO）特別重視一致性與利害關係人相關的問題，而自營商則依據其投資期限的長短，集中於不同的策略領域。尤其是短期自營商，他們往往忽視那些對企業長期價值可能產生顯著影響的營運衝擊問題。這些發現不僅與現有研究相符，證實短期持股的機構投資者通常對推動企業ESG活動持消極態度，同時也突顯了隨著全球對永續發展議題的日益重視，機構投資者在促進企業實施ESG策略中的角色日益重要。這進一步凸顯了研究機構投資者如何影響企業永續策略的迫切性和重要性。

摘要(英)

This study aims to explore how institutional investors influence corporate CSR disclosures through their shareholding proportions and investment horizons. The analysis encompasses sustainability reports from listed and over the counter (OTC) companies in Taiwan for the years 2020 to 2021, which include matrices of significant issues. The research methodology involved segmenting these matrices into 6x6 grids and developing four proportionate indicators based on the disclosed information: Align, Performance Orientation, Stakeholder Orientation, and Importance of issues. Additionally, items disclosed within these matrices were collected to gauge corporate CSR strategies. Employing the analytical approach of Dyck et al. (2019), the study considered variations in industry and company size to thoroughly examine the relationship between institutional holdings and corporate CSR strategies.
This study′s empirical results reveal significant differences in institutional investors′ focus within corporate sustainability reports. Specifically, foreign institutional investors (FO) place particular emphasis on issues related to align and stakeholder issue, while proprietary traders adjust their strategic focus based on the duration of their investments. Particularly, short-term proprietary traders tend to overlook issues that may have significant long-term impacts on corporate value. These findings not only align with existing research, demonstrating that institutional investors with short-term holdings generally adopt a passive stance towards promoting corporate ESG activities, but also highlight the increasingly important role of institutional investors in advancing corporate ESG strategies as global attention to sustainability issues grows. This underscores the urgency and importance of exploring how institutional investors shape corporate sustainability strategies.

關鍵字(中)

★ 機構投資人
★ 三大法人
★ 企業社會責任
★ 自營商長短期持有

關鍵字(英)

★ Institutional Ownership
★ et Buy/Sell of Three Institutional Investors
★ Corporate Social Responsibility

論文目次

中文摘要 I
Abstract II
誌謝 III
目錄 IV
一緒論 1
1-1研究背景與動機 1
1-2研究特徵與貢獻 2
二文獻回顧及假設發展 4
2-1企業從事CSR活動對公司價值影響 4
2-2機構投資人與三大法人對公司CSR/ESG投資影響 4
三研究方法 11
3-1樣本描述 11
3-2研究變數 12
3-2-1自變數 12
3-2-2應變數 14
3-2-3控制變數 19
3-3敘述統計 20
3-4模型建立 25
四實證結果 28
4-1實證分析結果 28
4-1-1四大分類分析結果 28
4-1-2 Performance分析結果 28
4-1-3 Align分析結果 29
4-1-4 Stakeholder分析結果 29
4-1-5 Important 分析結果 30
4-2延伸探討：機構投資人和三大法人對企業CSR風險揭露的實證關聯性研究 42
4-3延伸探討：機構投資人和三大法人與企業CSR氣候風險揭露關聯性之實證結果 44
4-4延伸探討：自營商長短期與企業CSR揭露關聯性之實證結果 47
4-4-1研究假說 47
4-4-2樣本描述 50
4-4-3研究變數 51
4-4-4敘述統計 52
4-4-5模型建立 53
4-4-6實證分析結果 56
五研究結論與未來建議 66
六參考文獻 67

參考文獻

英文參考文獻
Bena, J., Ferreira, M. A., Matos, P., & Pires, P. (2017). Are foreign investors locusts? The long-term effects of foreign institutional ownership. Journal of Financial Economics, 126(1), 122-146.
Bravo, F. (2017). Are risk disclosures an effective tool to increase firm value? Managerial and Decision Economics, 38(8), 1116-1124.
Bright, A. A., & Tamara, A. L. (2023). The role of the external auditor in managing environmental, social, and governance (ESG) reputation risk. Review of Accounting Studies, 28, 2589-2641.
Bushee, B. J., & Noe, C. F. (2000). Corporate disclosure practices, institutional investors, and stock return volatility. Journal of Accounting Research, 38, 171-202.
Cheng, X., Cheng, H. H., Wang, X., & Wang, X. (2022). Common institutional ownership and corporate social responsibility. Journal of Banking & Finance, 136.
Chen, T., Dong, H., & Lin, C. (2020). Institutional shareholders and corporate social responsibility. Journal of Financial Economics, 135(2), 483-504.
Chen, Y. (2020). Are Institutional Investors Concerned about Corporate Social Responsibility Risk?. Open Journal of Social Sciences, 8(3), 427-454.
Cox, P., Brammer, S., & Millington, A. (2004). An empirical examination of institutional investor preferences for corporate social performance. Journal of Business Ethics, 52, 27-43.
Derrien, F., Kecskés, A., & Thesmar, D. (2013). Investor horizons and corporate policies. Journal of Financial and Quantitative Analysis, 48(6), 1755-1780.
Dowling, G. R. (2006). Communicating corporate reputation through stories. California Management Review, 49(1), 82-100.
Drobetz, W., El Ghoul, S., Fu, Z., & Guedhami, O. (2023). Institutional investors and corporate environmental costs: The roles of investment horizon and investor origin. European Financial Management, 30(2), 727–769.
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, 693-714.
Fombrun, C., & Shanley, M. (1990). What’s in a name? Reputation building and corporate strategy. Academy of Management Journal, 33(2), 233–258.
Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge University Press.
Froot, K. A., Perold, A., & Stein, J. C. (1991). Shareholder trading practices and corporate investment horizons. Journal of Applied Corporate Finance, 5(2), 42-58.
Fu, X., Tang, T., & Yan, X. (2019). Why do institutions like corporate social responsibility investments? Evidence from horizon heterogeneity. Journal of Empirical Finance, 51, 44-63.
Gompers, P. A., & Metrick, A. (2001). Institutional investors and equity prices. The Quarterly Journal of Economics, 116(1), 229-259.
Kim, H. D., Kim, T., Kim, Y., & Park, K. (2019). Do long-term institutional investors promote corporate social responsibility activities? Journal of Banking & Finance, 101, 256-269.
Krueger, P., Sautner, Z., & Starks, L. T. (2020). The importance of climate risks for institutional investors. The Review of Financial Studies, 33(3), 1067-1111.
Krüger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial Economics, 115(2), 304-329.
Lu, H., Liu, X., & Falkenberg, L. (2022). Investigating the impact of corporate social responsibility (CSR) on risk management practices. Business & Society, 61(2), 496-534.
Naseer, M. M., Khan, M. A., Bagh, T., Guo, Y., & Zhu, X. (2024). Firm climate change risk and financial flexibility: Drivers of ESG performance and firm value. Borsa Istanbul Review, 24(1), 106-117.
Nguyen, P. A., Kecskés, A., & Mansi, S. (2020). Does corporate social responsibility create shareholder value? The importance of long-term investors. Journal of Banking & Finance, 112, 105217.
Nofsinger, J. R., Sulaeman, J., & Varma, A. (2019). Institutional investors and corporate social responsibility. Journal of Corporate Finance, 58, 700-725.
Parrino, R., Sias, R., & Starks, L. (2003). Voting with their feet: Institutional ownership changes around forced CEO turnover. Journal of Financial Economics, 68(1), 3-46.
Rau, P. R., & Yu, T. (2024). A survey on ESG: investors, institutions and firms. China Finance Review International, 14(1), 3-33.
Saeidi, S. P., Sofian, S., Saeidi, P., Saeidi, S. P., & Saaeidi, S. A. (2015). How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of Business Research, 68(2), 341-350.
Sias, R. W., Starks, L. T., & Titman, S. (2001). The price impact of institutional trading. Available at SSRN: 283779.
Sun, Y., & Zhao, Z. (2024). Responsible investment: Institutional shareholders and ESG performance. Pacific-Basin Finance Journal, 85, 102357.
Yang, S. S., Huang, J. W., & Li, W. H. (2024). Institutional investor stewardship and material sustainability information: Evidence from Taiwan. Pacific-Basin Finance Journal, 85, 102382.
Zhang, J. (2023). Institutional investors site visits, CSR performance, and large shareholder’s expropriation. Cogent Business & Management, 10(3), 2267223.

中文參考文獻
林誼萍（2021）。機構投資人與企業CSR策略之關聯性：以台灣上市櫃公司為實證研究，桃園市，國立中央大學，取自https://hdl.handle.net/11296/u54832
邱慈觀、黃啟瑞(2019) 治理結構對企業社會責任的影響中山管理評論，27(3)， 511-550
陳振遠、王健聰、洪世偉(2017)，公司治理對於企業社會責任、公司價值之影響中山管理評論，25(1)，135-176
曹晏寧(2020) 企業執行CSR 之策略與公司價值之關聯性國立中央大學財務金融研究所碩士論文，桃園市，取自https://hdl.handle.net/11296/5bweq5
吳筌翔（2020）。企業執行CSR之策略與權益資金成本之關聯性，桃園市，國立中央大學，取自https://hdl.handle.net/11296/hzkw39

指導教授

李韋憲(Wei-Hsien Li)

審核日期

2024-7-29

推文