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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/147071

    Title: 永續政策對於台灣上市櫃公司ESG表現的影響
    The Impact of Sustainability Policies on the ESG Performance of Taiwanese Listed Companies
    Authors: 莊嘉榤
    Cheh, Chuang Chia
    Contributors: 王信實
    Wang, Shinn-Shyr
    Chuang Chia Cheh
    Keywords: 企業永續
    policy formulation
    corporate sustainability
    selection bias
    causal inference
    Date: 2023
    Issue Date: 2023-09-01 15:33:58 (UTC+8)
    Abstract: 企業永續經營觀念在近年來已經蔚為顯學,但台灣企業在落實相關概念上仍處在發展階段。本文旨在探討台灣自2015年至2021年中,共1610家上市上櫃公司在ESG(Envirovment Social and Governace:環境、社會和公司治理)議題表現,討論因法規轉嚴與公司對ESG議題之態度異同對於ESG表現所產生的影響。過去諸多研究主要集中在探討ESG議題對公司財務績效和股票投資報酬率的關聯性,雖然現有文獻多指出公司之ESG表現與這兩者大多具有正向相關性,但考量研究方法後不難會有選擇偏誤(Selection Bias)問題之疑慮。因此本文則另闢蹊徑,以個體實證中因果關係推論方法來探討以上因素轉變對於ESG表現的影響。研究結果顯示,台灣上市上櫃公司在法規轉變下,確然使得受規範之公司之ESG表現更為出色,也間接地揭示台灣相關法規對於上市上櫃公司有其正面效果存在。對ESG議題態度異同的部分,一些公司在法規轉變後採取了更加積極的態度,並在ESG指標中表現出色;然而,另一些公司則因法規無強制規定,且無積極展現之誘因下,未能有效因應ESG的理念變化,其ESG表現也明顯相對較差。
    The concept of corporate sustainability has become prominent in recent years; however, its implementations among Taiwanese companies are still in a preliminary stage. The purpose of this study is to examine the ESG (Environmental, Social, and Governance) performance due to the differences in the strictness of regulations and companies` strategies toward ESG issues by using data of 1610 listed companies in Taiwan from 2015 to 2021. Previous studies have focused on the ESG performance correlation with firms` financial performance and stock return. Although those studies have pointed out a positive correlation between firms` ESG performance and the above-mentioned factors, there exist possible selection bias issues caused by the adopted methodology. This research instead takes a different approach to investigate the impact of changes in the regulations on ESG performance by the causal inference method. The empirical results show that changes in regulations lead to the better ESG performance of listed companies in Taiwan. Regarding the differences in strategies towards ESG performance, some companies adopted more positive strategies and performed better on ESG indicators after the regulation changes; however, some others failed to effectively respond to the change in ESG regulations due to the lack of mandatory requirements.
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    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0110258032
    Data Type: thesis
    Appears in Collections:[經濟學系] 學位論文

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