臺灣博碩士論文加值系統

環境、社會和治理（ESG）是指將 ESG 議題納入其業務的公司和投資者。 ESG 分數不僅關注投資者和管理者用於決策的財務報表，還關注有關公司對該評估支柱的影響的陳述。利害關係人和基金經理人認為，ESG得分較高的公司營運績效較好、報酬較高、公司風險較低。本碩士論文旨在研究個人 E、S 和 G 在利害關係人日益關注企業 ESG 實踐（特別關注每股盈餘作為績效指標）的背景下對公司財務績效的影響。從TEJ資料庫中篩選出2,567家上市公司中的1,173家，收集了2016年至2022年7年的資料。了二次分析基於 ROA、ROE、托賓 Q 比率和總資產等財務指標的表現。結果顯示 ESG 分數與財務績效之間既有正相關關係，也有負相關關係。

Environmental, Social, and Governance (ESG) refers to companies and investors that incorporate ESG issues into their business. ESG scores focus not only on financial statements that investors and managers use to make decisions but also on statements about a corporation's impact on the mainstay of that assessment. Stakeholders and fund managers believe that firms with higher ESG scores have better operational performance, higher returns, and lower firm risk. This master thesis is designed to investigate the effects of individual E, S, and G on a firm’s financial performance in the context of increasing stakeholder attention to corporate ESG practices specifically focusing on Earnings Per Share as a performance metric. From the TEJ database, 1,173 out of 2,567 listed companies were filtered out and collected 7 years of data from 2016 to 2022. This study used a panel data regression model and included a second analysis of ESG effects by dividing the data sample into 3 different groups based on the performance of financial measures such as ROA, ROE, Tobin’s Q ratio, and total assets. The results show both positive, and negative relationships between ESG scores and financial performance.

摘要......i
Abstract......ii
Acknowledgement......iii
List of Tables......vii
List of Figures......viii
CHAPTER 1: INTRODUCTION......1
1.1 Background......1
1.2. Objectives of the Study......2
1.3. Research Questions......2
1.4 Delimitations......3
CHAPTER 2: LITERATURE REVIEW......4
2.1 Overview of ESG......4
2.2 ESG and Firm Performance......5
2.3 EPS as a Performance Metric......8
2.4 Theoretical Framework......9
2.4.1 Corporate Social Responsibility......9
2.4.2 Firm performance......10
2.4.3 Stakeholder’s theory......11
2.5 Hypotheses Development......11
CHAPTER 3: RESEARCH METHODOLOGY......13
3.1 Method Choice......13
3.2 Data Design......14
3.2.1 Data Collection......14
3.2.2 Data Reduction......15
3.2.3 Panel Data......16
3.3 Variables and Measurements......16
3.3.1 Dependent variable......16
3.3.2 Independent variable......17
3.3.3. Control variables:......17
3.4. Regression model......18
Model specification.......18
CHAPTER 4: EMPIRICAL ANALYSIS......20
4.1 Descriptive Statistics......20
4.2 Results from the compounded data......21
4.2.1. Breusch-Pagan test......21
4.2.2. Hausman test......22
4.2.3. Redundant fixed effect test......22
4.3 Regression Analysis on the individual level......23
4.3.1. Breusch Pagan Test......23
4.3.2. Hausman Test......24
4.3.3. Redundant Fixed Effect Test......24
CHAPTER 5: RESULTS AND DISCUSSIONS......26
5.1 Regression results from the compounded dataset......26
5.2. Regression results from the various groups......27
5.2.1. Regression result from ROA-based groups......27
5.2.2. Regression result from the total assets-based groups......28
5.2.3. Regression results from Tobin’s Q ratio – based groups......29
5.2.4. Regression results from the ROE – based groups......30
CHAPTER 6: CONCLUSION......32
Limitations and Future Research......33
References......35
Appendix A. Omitted Random Effects (Lagrange Multiplier)......43
By Tobin’s Q ratio......43
By Total assets......43
By ROA......44
By ROE......45
Appendix B. Redundant Fixed Effect Tests......45
By Tobin’s Q ratio......45
By Total assets......46
By ROA......47
By ROE......48
Appendix C. Hausman Test......50
By Tobin’s Q ratio......50
By Total assets......50
By ROA......51
By ROE......51
Appendix D. Regression results......52
By compounded data......52
By Tobin’s Q ratio......53
By Total assets......56
By ROA......60
By ROE......64
Appendix E. Correlation matrices......69
By Tobin’s Q ratio......69
By Total assets......70
By ROA......72
By ROE......73
Appendix F. Trends in ESG and EPS......75

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