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| Title: | 談判聲量之演進及相關利益者的協商對企業投資與ESG政策之分析
Bargaining Power Dynamics, Stakeholders Negotiation, and Corporate Decisions on Investment and ESG Policies |
| Authors: | 徐瑋琳
Hsu, Wei-Lin |
| Contributors: | 何靜嫺
Ho, Shirley J.
徐瑋琳
Hsu, Wei-Lin |
| Keywords: | 談判聲量
利害關係人協商
企業投資
ESG政策
Bargaining Power Dynamics
Stakeholders Negotiation
Corporate Investment
ESG policy |
| Date: | 2025 |
| Issue Date: | 2025-08-04 12:49:48 (UTC+8) |
| Abstract: | 面對ESG議題日益受到重視以及「反ESG」聲浪逐漸興起，我們建構了一個理論模型，將經理人、股東、員工與環保團體等多元利害關係人納入Nash談判架構進行分析。研究結果顯示，在預算不受限制的情況下，無論是股東或其他利害關係人的談判聲量上升，皆有助於提升企業在利潤導向投資與ESG相關投資上的投入。此外，我們從四個面向探討環境因素如何影響協商的投資決策。首先，在生產與市場層面，結果顯示獲利導向的投資會隨污染防治效率提升與產業集中度增加而上升，但會因生產技術的進步而下降，而市場規模的影響則不一定。第二，在經理人薪酬結構方面，透過提高獎金、股票選擇權，以及固定薪資，皆有助於企業增加投資。第三，就金融市場而言，當投資人風險趨避程度上升、市場波動加劇或流通股數增加時，企業投資會減少，而當股利發放率增加與公司對市場前景樂觀時，投資則呈現上升趨勢。最後，在政府監管方面，較高的稅率會抑制投資意願，而若企業在ESG合規表現良好或經理人更在乎其ESG聲譽，則有助於增加財務與永續目標的雙重投資。為了模擬在經濟不確定性下利害關係人談判聲量的演進過程，我們納入「聲量影響函數」與「馬可夫狀態轉換機制」。結果顯示，談判聲量的變化會受到不確定性程度的影響，在高度不確定的情況下，股東與其他利害關係人的談判聲量會出現顯著的變動。
In response to the growing prominence of ESG considerations and the rise of anti-ESG sentiments, we develop a theoretical model that incorporates diverse stakeholders including managers, shareholders, employees, and environmental groups within a Nash bargaining framework. We find that when budget constraint is non-binding and market conditions are favorable, an increase in the bargaining power of either shareholders or other stakeholders leads to higher levels of profit-enhancing and ESG-related investments. Moreover, we also examine how environmental factors affect investment decisions from four aspects. First, from the production and market aspect, our results show that the profit-enhancing investment will increase with the abatement efficiency and the industry concentration, but decrease with the advancement of production technology, while the effect of market size is ambiguous. Second, regrading to the compensation structure, better managerial incentives, including higher bonuses, more stock options, and fixed salaries, are associated with increased levels in both types of investments. Third, for the financial market, investment decreases with the investors’ risk aversion, market volatility, and the numbers of outstanding shares, but increases with the dividend payout ratio and the degree of optimism in market outlook. Lastly, from the government regulation aspect, higher corporate tax rates will reduce investments, whereas the improved ESG compliance and more managerial concern on ESG reputation will promote investments in both financial and sustainable goals.
In the dynamic extension, we incorporate a voice impact function and a Markov switching mechanism to simulate the evolution of stakeholder bargaining power under economic uncertainty. The results indicate that the evolutions of stakeholders bargaining power are highly responsive to the degree and structure of uncertainty. In particular, under conditions of high uncertainty, the path of shareholder and other stakeholder bargaining powers become volatile over time. |
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| Description: | 碩士
國立政治大學
經濟學系
112258011 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112258011 |
| Data Type: | thesis |
| Appears in Collections: | [經濟學系] 學位論文
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