資料載入中.....
|
請使用永久網址來引用或連結此文件:
https://nccur.lib.nccu.edu.tw/handle/140.119/157762
|
| 題名: | 去 ESG（Anti-ESG）發展趨勢與後續影響之研究 — 以美國州政府去 ESG 法案為對象
A Study on the Development and Impact of the Anti-ESG Movement: Evidence from U.S. State Legislation |
| 作者: | 倪筠軒
Ni, Yun-Hsuan |
| 貢獻者: | 彭金隆
Peng, Jin-Lung
倪筠軒
Ni, Yun-Hsuan |
| 關鍵詞: | 永續治理
去 ESG 法案
Sustainability
Anti-ESG Bills |
| 日期: | 2025 |
| 上傳時間: | 2025-07-01 14:46:57 (UTC+8) |
| 摘要: | 隨著永續發展趨勢席捲全球，ESG 標準已逐漸成為評估績效與風險的新興準則。各國政府與跨國企業紛紛將 ESG 原則納入政策制定與營運決策之中，推動金融市場轉向永續導向的投資架構，並引導資金流向具有永續價值的產業。然而，近年來美國出現對 ESG 概念的反彈聲浪，在政府與民間快速發酵，促進了針對 ESG 標準的立法反制浪潮。以美國共和黨為首，部分州政府將 ESG 視為干預市場自由、威脅傳統產業發展與推動左派意識形態的工具，進而掀起一波制度化的去 ESG 的立法浪潮。
本研究以質性研究中的文本分析法為基礎，針對 2021 年至 2024 年間美國各州所通過之去 ESG 法案進行全面盤點與系統化分類，建構以 ESG 面向、管制對象與規範態度為分類軸線之雙層分類架構，釐清其立法內容之差異與邏輯結構。在此基礎上，本研究進一步歸納出六類代表性法案，進行深度比較與剖析，以了解去 ESG 浪潮背後的立法動機、制度設計與政策擴散。研究結果顯示，美國去 ESG 法案在州際間展顯高度相似性與擴散性，逐步在美國境內形成一套結構性抵制 ESG 標準的法律框架。本研究亦指出，此類法案對於美國金融市場、保險公司，以及退休基金系統操作的治理實務可能造成深遠影響，值得後續研究並持續關注其在國際擴散的潛在趨勢。
In recent years, ESG (Environmental, Social, and Governance) principles have gained significant traction as a global standard for guiding investment strategies and shaping corporate and government decision-making. As ESG continues to influence capital flows and sustainability-driven policy frameworks, a political backlash has emerged in the United States. Led by Republican state governments, this “anti-ESG” movement portrays ESG as a vehicle for progressive ideology, government overreach, and threats to traditional industries. In response, numerous states have enacted legislation to restrict the application of ESG criteria in public investment, procurement, and financial decision-making.
This study conducts a qualitative analysis of state-level anti-ESG bills passed between 2021 and 2024. Using a text-based analytical method, it develops a two-tier typology that classifies the laws by ESG dimensions, regulatory targets, and normative attitudes. The research further identifies six representative types of anti-ESG legislation, offering in-depth comparisons of their legislative motivation, structures, enforcement mechanisms, and policy rationales. The findings suggest a high degree of institutional convergence and diffusion across states, signaling the emergence of a coordinated legal framework aimed at limiting the influence of ESG in public governance. This study also highlights the potential implications of such legislation for financial markets, insurance sectors, and pension fund governance, which not only reshape domestic policy but may also influence global sustainability standards, raising questions about the future process of ESG governance worldwide. |
| 參考文獻: | 英文文獻
Boiral, O. (2013). Sustainability reports as simulacra? A counter-account of A and A+ GRI reports. Accounting, Auditing & Accountability Journal, 26(7), 1036–1071.
Braasch, A., & Velte, P. (2021). Climate reporting quality following the recommendations of the task force on climate-related financial disclosures: A focus on the German capital market. Sustainable Development, 29(4), 694–708.
Brown, M., Klein, K., & Wry, T. (2025). Operationalizing Impact: An Analysis of Impact Investing Fund Practices. Impact Investing Research Lab at the Wharton ESG Initiative. https://esg.wharton.upenn.edu/wp-content/uploads/2025/03/Operationalizing-Impact-2025.pdf
Campbell, K., & Mínguez-vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83(3), 435-451.
Carter, D.A., D'Souza, F., Simkins, B.J. & Simpson, W.G. (2010). The Gender and Ethnic Diversity of US Boards and Board Committees and Firm Financial Performance. Corporate Governance: An International Review, 18: 396-414.
Chatterji, A., Durand, R., Levine, D. I., & Touboul, S. (2014). Do ratings of firms converge? Implications for managers, investors and strategy researchers. Strategic Management Journal. HEC Paris Research Paper No. SPE-2015-1076.
Econsult Solutions, Inc. (2023). ESG boycott legislation in states: Municipal bond market impact The Sunrise Project. https://econsultsolutions.com/esg-boycott-legislation-municipal-bond-impact/
Engler, H. (2024). Anti-ESG legislation: What it is, where it stands, and what’s next. Thomson Reuters. https://www.thomsonreuters.com/en-us/posts/esg/anti-esg-legislation/
Erhardt, N.L., Werbel, J.D. & Shrader, C.B. (2003). Board of Director Diversity and Firm Financial Performance. Corporate Governance: An International Review, 11, 102-111.
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64.
Florey, K., The New Landscape of State Extraterritoriality (2023). Texas Law Review, Forthcoming. http://dx.doi.org/10.2139/ssrn.4541791
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233.
Garrett, D., & Ivanov, I. (2024). Gas, Guns, and Governments: Financial Costs of Anti-ESG Policies. Jacobs Levy Equity Management Center for Quantitative Financial Research Paper. http://dx.doi.org/10.2139/ssrn.4123366
Garst, J., Maas, K., & Suijs, J. (2022). Materiality Assessment Is an Art, Not a Science: Selecting ESG Topics for Sustainability Reports. California Managemen Review, 65(1), 64-90.
Gibson, R., Krueger, P., & Mitali, S. (2020). The Sustainability Footprint of Institutional Investors: ESG Driven Price Pressure & Performance. Swiss Finance Institute Research Paper No. 17-05, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 571/2018
Goodlett, B., Schottenstein, N., & McGuire, V. (2023). The "Anti-ESG" movement: Balancing conflicting stakeholder concerns and inconsistent regulatory regimes. DLA Piper. https://www.dlapiper.com/en-us/insights/publications/2023/02/the-anti-esg-movement-balancing-conflicting-stakeholder-concerns-and-inconsistent-regulatory-regimes
Haskins, J. (2023). Do states have the legal authority to stop ESG in banking? The Heartland Institute. https://heartland.org/publications/stop-esg-in-banking-do-states-have-the-legal-authority/
Houston, H., Holland, E.B., H., Malone, L., Thacher, S. (2023). ESG battlegrounds: How the states are shaping the regulatory landscape in the U.S. Harvard Law School. Harvard Law School Forum on Corporate Governance. https://corpgov.law.harvard.edu/2023/03/11/esg-battlegrounds-how-the-states-are-shaping-the-regulatory-landscape-in-the-u-s/
Jagannathan, R., Ravikumar, A., & Sammon, M. (2017). Environmental, Social, and Governance Criteria: Why Investors are Paying Attention. NBER Working Paper No. w24063.
Kanashiro, P., Rivera, J. (2019). Do Chief Sustainability Officers Make Companies Greener? The Moderating Role of Regulatory Pressures. Journal of Business Ethics, 155, 687–701.
Kenneth P. P. (2021). Overselling sustainability reporting. Harvard Business Review. https://hbr.org/2021/05/overselling-sustainability-reporting
Kit, M. & Steve C. (2023). Here’s what’s in DeSantis’economic plan. CNN Politics. https://edition.cnn.com/2023/08/01/politics/ron-desantis-economic-plan-president/index.html
Kollenda, P. (2022). Financial returns or social impact? What motivates impact investors’ lending to firms in low-income countries. Journal of Banking & Finance, 136, 106224.
Mackey, T.B., Mackey, A., Christensen, L.J. et al. (2022). Inducing Corporate Social Responsibility: Should Investors Reward the Responsible or Punish the Irresponsible? Journal of Business Ethics, 175, 59–73.
Margaret Dorn. (2022). The (Re)Balancing Act of the S&P 500 ESG Index. S&P Global. https://www.indexologyblog.com/2022/05/17/the-rebalancing-act-of-the-sp-500-esg-index/
Morningstar Sustainalytics. (2025). Global Sustainable Fund Flows: Q1 2025 in Review. https://www.morningstar.com/business/insights/blog/funds/global-sustainable-fund-flows-quarterly-data
Murray, C., Bohannon. M. (2025). European Countries Push Back Against Trump’s Anti-DEI Crusade: Here Are All The Companies Rolling Back DEI Programs. Forbes. https://www.forbes.com/sites/conormurray/2025/04/02/european-countries-push-back-against-trumps-anti-dei-crusade-here-are-all-the-companies-rolling-back-dei-programs/
Nasdaq. (2021).《NASDAQ’S BOARD DIVERSITY RULE: WHAT COMPANIES SHOULD KNOW.》 https://listingcenter.nasdaq.com/assets/Board%20Diversity%20Disclosure%20Five%20Things.pdf
Pete, S. (2022). Insight: How Republican-led states are targeting Wall Street with 'anti-woke' laws. Reuters. Retrieved from https://www.reuters.com/world/us/how-republican-led-states-are-targeting-wall-street-with-anti-woke-laws-2022-07-06/
Pleiades Strategy. (2024). 2024 ANTI-ESG STATE LEGISLATION OUTLOOK. https://drive.google.com/file/d/1PnT7GZ3TiAsEtSWV2dbc62XVVI_OwWLV/view
Rajgopal, S., Srivastava, A., & Zhao, R. (2024). Economic Substance behind Texas Political Anti-ESG Sanctions. http://dx.doi.org/10.2139/ssrn.4386268
Ropes & Gray LLP. (2024). ESG public pension investing: 2024 analysis for asset managers and financial institutions. https://www.ropesgray.com/en/news-and-events/news/2024/11/ropes-gray-issues-state-esg-update-and-analysis-for-asset-managers-and-financial-institutions
Schrötgens, J., & Boenigk, S. (2017). Social impact investment behavior in the nonprofit sector: First insights from an online survey experiment. Voluntas, 28, 2658–2682.
Singh, V. (2007). Ethnic diversity on top corporate boards: a resource dependency perspective. The International Journal of Human Resource Management, 18(12), 2128–2146.
Supreme Court of the United States. (2023). Students for Fair Admissions v. President and Fellows of Harvard College, 600 U.S. 181. https://www.supremecourt.gov/opinions/22pdf/20-1199_hgdj.pdf
Talbot, D., & Boiral, O. (2018). GHG reporting and impression management: An assessment of sustainability reports from the energy sector. Journal of Business Ethics, 147(2), 367–383.
Tamimi, N., & Sebastianelli, R. (2017). Transparency among S&P 500 companies: An analysis of ESG disclosure scores. Management Decision, 55(8), 1660–1680.
Timothy, G. (2021). U.S. state treasurers warn Kerry not to pressure banks on climate. Reuters. https://www.reuters.com/business/sustainable-business/us-state-treasurers-warn-kerry-not-pressure-banks-climate-2021-05-26/
Tonello, M., & Marchis-Mouren, A. (2025). 2025 proxy season preview. The Harvard Law School Forum on Corporate Governance. https://corpgov.law.harvard.edu/2025/03/10/2025-proxy-season-preview/
United Nations, The Global Compact. (2004). Who Cares Wins: Connecting the Financial Markets to a Changing World? United Nations.
U.S. Department of Education. (2023). Office for Civil Rights initiates Title VI investigations of institutions of higher education. https://www.ed.gov/about/news/press-release/office-civil-rights-initiates-title-vi-investigations-institutions-of-higher-education-0
U.S. Executive Office of the President. (2025). Ending radical and wasteful government DEI programs and preferencing. (Executive Order No. 14151). Federal Register. https://www.federalregister.gov/documents/2025/01/29/2025-01953/ending-radical-and-wasteful-government-dei-programs-and-preferencing
Wedari, L. K., Jubb, C., & Moradi-Motlagh, A. (2021). Corporate climate-related voluntary disclosures: Does potential greenwash exist among Australian high emitters reports? Business Strategy and the Environmen, 30(8), 3721–3739. |
| 描述: | 碩士
國立政治大學
風險管理與保險學系
111358010 |
| 資料來源: | http://thesis.lib.nccu.edu.tw/record/#G0111358010 |
| 資料類型: | thesis |
| 顯示於類別: | [風險管理與保險學系] 學位論文
|
文件中的檔案:
| 檔案 |
描述 |
大小 | 格式 | 瀏覽次數 |
|---|
| 801001.pdf | | 1217Kb | Adobe PDF | 0 | 檢視/開啟 |
|
在政大典藏中所有的資料項目都受到原著作權保護.
|
