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| Title: | 自願發布 SASB 報告書之動機探討
Motivation for Voluntary Disclosure CSR Report in SASB - Framework |
| Authors: | 施諺樺
Shih, Yen-Hua |
| Contributors: | 黃嘉威
Huang, Chia-Wei
施諺樺
Shih, Yen-Hua |
| Keywords: | 自願揭露
SASB
ESG
資本市場
財務績效
Voluntary disclosure
SASB
ESG
Capital market
Financial performance |
| Date: | 2022 |
| Issue Date: | 2022-07-01 16:07:21 (UTC+8) |
| Abstract: | 本研究欲探討公司自願性發布 SASB 報告書之動機。過去文獻在研究企業社會責任的自願揭露動機中，鮮少有人提及關於資本市場面的議題，因此，本研究以2017至2021年之美國上市公司為研究對象，探究在需要支付成本的情況之下，公司仍選擇自願發布 SASB 報告書之動機，並將動機分為: (1) 發布前ESG揭露程度及資本市場特性差異；(2) 發布後的增額效益兩個層面做探討。發布前部分，實證結果發現，具有較優異的ESG揭露程度、較高的機構投資人持股、較多的分析師追蹤數目以及較佳的流動性的特性為驅使公司自願發布 SASB 報告書之動機，符合自願揭露假說。而就發布後效益，本研究發現發布 SASB報告書後一年，能提升公司之ESG揭露程度、吸引更多分析師的關注以及促進了公司的流動性，機構投資人持股比例則會隨之下降。最後，公司發布 SASB 報告書對於後一年對短期績效表現(ROA)有負面影響，對長期績效(Tobin’s Q)有正面影響，代表發布 SASB 報告書可能與財務績效之間存在U型曲線關係，對企業社會責任活動的投資可能不會立即得到回報，但在累積到一定的水平後終將會得到正面效果。
This study investigates the motivation for disclosing voluntary non-financial information by adopting SASB-framework. The study contributes to existing voluntary sustainability disclosure literature by examining whether such voluntary disclosure is associated with the capital market side. Using a sample of US-listed companies between 2017 and 2021, we explore the motivations behind companies choosing to voluntarily initiate SASB reports despite many costs such as personnel and consulting costs. We divide the motivation into two aspects: differences in characteristics of ESG disclosure capabilities and the capital market before the initiation of the SASB report and benefits of voluntary disclosure of non-financial information. Firstly, in terms of the differences in characteristics, we find that the likelihood of a firm initiating a SASB report is associated with a higher prior-year ESG disclosure capabilities, institutional investor holdings, numbers of analysts to follow, and better liquidity, echoing voluntary disclosure theory. Secondly, we also find that firms initiating SASB reports can further boost ESG disclosure capabilities, attract more analyst coverage and enhance liquidity, but the proportion of institutional investors` shareholding will decrease accordingly. Finally, firms initiating SASB reports hurt the short-term financial performance (ROA) in the following year and had a positive impact on the long-term financial performance (Tobin`s Q), which means that there may be a U-shaped curve relationship between the initiation of the SASB report and financial performance. This suggests investing in social corporate responsibility activities may not pay off immediately, but it will eventually pay off when it accumulates to a certain level. |
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| Description: | 碩士
國立政治大學
財務管理學系
109357017 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109357017 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202200608 |
| Appears in Collections: | [財務管理學系] 學位論文
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