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

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李柏毅(BO-YI, LI) 查詢紙本館藏

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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

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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

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指導教授

蔡栢昇(Pak-Sing Choi)

審核日期

2024-7-26

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