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| 题名: | ESG 對公司績效的影響:國際化的調節效果
The Impact of ESG on Firm Performance: The Moderating Effect of Internationalization |
| 作者: | 盧淇筠
Lu, Chi-Yun |
| 贡献者: | 譚丹琪
Tan, Dan-Chi
盧淇筠
Lu, Chi-Yun |
| 关键词: | ESG
企業績效
企業國際化
ESG
Firm Performance
Internationalization |
| 日期: | 2022 |
| 上传时间: | 2022-08-01 19:01:46 (UTC+8) |
| 摘要: | 近年來企業越來越注重 ESG 永續經營的議題，企業若重視 ESG，能具有高 穩定度及永續的特性，也較禁得起金融市場波動。而在全球化的趨勢下，國際化 是企業尋求成長的一大策略，然而近年來全球越趨嚴格的 ESG 相關法規，迫使 國際企業面對更嚴苛的社會企業責任準則，除此之外，因著當地市場之利害關係 人對該國際企業較不熟悉，國際企業也須擁有更高標準的環境、社會及治理規範， 以彌補此陌生的關係，進而得當地的資源、資金、人力，同時進入當地市場，有 效提升公司績效。
本研究旨在探討企業 ESG 表現對企業績效的影響，更進一步瞭解國際化程 度是否可調節企業 ESG 表現對企業績效的影響，希冀能作為企業及投資人參考 依據。以 S&P500 公司作為研究對象，研究期間自 2011 年至 2020 年止，採用 Panel Data Regression 進行迴歸分析，實證結果發現 ESG 整體表現對 ROA 具有 顯著正向影響，且國際化程度可調節企業 ESG 整體表現對企業績效的影響。另 外，就 ESG 分項表現部分，環境、社會與治理分數均能顯著提升 ROA，而國際 化程度越高，能夠調節環境與治理表現對企業營運的影響。
In recent years, more and more enterprises pay attention to the issue of ESG sustainable management. Managers believe that if an enterprise values ESG, it would then become more stable and sustainable, and can therefore stand the volatility in the financial market. Under the trend of globalization, when enterprises seek business growth, internationalization would normally be one of the main strategies for them. However, with the increasingly stringent law about ESG, lots of international businesses are facing even more demanding Corporate Social Responsibility. Apart from that, since the stakeholders in the local market are less familiar with the international corporates, the international corporates must also have higher standards for the environmental, social, and governance norms in order to make up for the unfamiliar relationship. Thereby a company can improve its performance through the resources, capital, and manpower from the local market.
As a reference for the companies and investors, this study aims at figuring out the impacts of ESG scores on a company’s performance, and to further understand whether the degree of internationalization can moderate the impact of ESG scores on a company’s performance. This study takes the companies from S&P500 as the research objects, adopting Panel Data Regression method and using data from 2011 to the end of 2020. Empirical analysis suggests that the ESG scores and a company’s ROA show a positive correlation, and the degree of internationalization can moderate the impact of ESG scores on a company’s performance. Besides, among the ESG metrics, the score on each of the environment, social, and governance metrics significantly improves a company’s ROA, especially for firms with greater levels of internationalization. |
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| 描述: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
110363021 |
| 資料來源: | http://thesis.lib.nccu.edu.tw/record/#G0110363021 |
| 数据类型: | thesis |
| DOI: | 10.6814/NCCU202200804 |
| 显示于类别: | [企業管理研究所（MBA學位學程）] 學位論文
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