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| Title: | SASB準則下ESG重大性議題與公司風險之關係
An Analysis of SASB ESG Materiality and Firm Risks |
| Authors: | 游珮姿
Yu, Pei-Tzu |
| Contributors: | 陳鴻毅
Chen, Hong-Yi
游珮姿
Yu, Pei-Tzu |
| Keywords: | ESG
SASB
重大性議題
公司風險
特有風險
股價崩跌風險
財務限制
ESG
SASB
Materiality
Firm risk
Idiosyncratic risk
Stock price crash risk
Financial constraint |
| Date: | 2022 |
| Issue Date: | 2022-07-01 16:07:33 (UTC+8) |
| Abstract: | 本研究旨在探討企業於環境、社會及公司治理(ESG)之表現與公司風險之關係。本研究以兩指標來衡量企業ESG表現，第一為取自Bloomberg資料庫之ESG揭露分數，第二為使用Bloomberg原始ESG項目資料，並依據永續會計準則委員會(SASB)所辨識出之ESG重大性議題重新計算而成之SASB分數；公司風險則以公司特有風險、股價崩跌風險以及財務限制指數來衡量。實證結果發現以兩種分數衡量之ESG表現皆與公司特有風險及財務限制指數呈顯著負相關。若將樣本進一步以風險高低程度分組，各組樣本之ESG表現與公司特有風險、財務限制指數也存在顯著的負相關。此外，在金融危機期間，ESG揭露分數較高的公司有較低的特有風險，而SASB分數較高的公司則有較低的特有風險及股價崩跌風險。本研究之實證結果建議公司應優先專注於自身產業內的重大性議題，方能以有效率且節省成本的方式減少公司特有風險及財務限制，亦能於金融危機期間降低股價崩盤的可能性。
This study investigates the association between ESG performance and firm risks. To evaluate ESG performance of a firm, this study applies ESG disclosure score from Bloomberg database and the score constructed based on material ESG issues identified by Sustainability Accounting Standards Board (SASB). In terms of firm risks, this study includes idiosyncratic risk, stock price crash risk, and financial constraints. Empirical results show that ESG performance of a firm, in terms of ESG disclosure score and SASB Score, is significantly and negatively related to idiosyncratic risk and financial constraints of the firm. In addition, the negative association between ESG performance and firm risks exists in both high-risk firms and low-risk firms. Moreover, during crisis period, the better ESG performance can deliver lower idiosyncratic risk, while only firms engaging in material ESG issues can have lower stock price crash risk. Overall, this study confirms the importance of SASB Score in determining firm risks. This study suggests that firms can reduce both idiosyncratic risk and financial constraints in a more efficient and cost-saving way if they put more efforts on their corresponding material ESG issues. |
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| Description: | 碩士
國立政治大學
財務管理學系
109357018 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109357018 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202200597 |
| Appears in Collections: | [財務管理學系] 學位論文
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