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| Title: | SASB準則下ESG重大性議題與高槓桿成本之關係
An Analysis of SASB ESG Materiality and High Leverage Costs |
| Authors: | 林亭淇
Lin, Ting-Chi |
| Contributors: | 陳鴻毅
林亭淇
Lin, Ting-Chi |
| Keywords: | 重大性議題
高槓桿成本
ESG
CSR
SASB
Materiality topic
High leverage costs |
| Date: | 2023 |
| Issue Date: | 2023-07-06 17:01:01 (UTC+8) |
| Abstract: | 本研究旨在探討企業在重大永續議題表現與產品市場表現中高槓桿成本之關係。本研究以美國上市公司為樣本，使用兩個指標來衡量企業的ESG表現，第一為使用Bloomberg原始的ESG項目資料，再根據永續會計準則委員會(SASB)所識別的ESG重大性議題重新計算SASB分數，第二個則是從Bloomberg資料庫中取得的ESG揭露分數，在產品市場表現中，本研究使用銷售成長率作為市場表現的指標，並使用長期債務比率作為高槓桿指標，以深入研究ESG表現對緩解高槓桿成本的影響。實證結果顯示，高槓桿對公司的產品市場表現有負面影響，而ESG表現則沒有顯著的直接影響。此外，透過加入ESG表現與高槓桿指標的交乘項，本研究表明高槓桿成本仍然對公司的產品市場表現產生負面影響，即使ESG表現優秀，也不能緩解高槓桿帶來的負面影響，然而低杠桿率的公司在產品市場上的表現優於高槓桿率的公司，而ESG的作用則進一步增強了這一優勢。最後，透過比較SASB分數與ESG揭露分數，本研究發現SASB分數在衡量ESG表現與高槓桿成本的關係時呈現了更高的統計顯著性，並且在其他分組方法測試後結果仍然保持一致。本研究建議公司在做出財務決策時應考慮高槓桿成本，並著重降低與高槓桿相關的風險，同時管理者應關注行業內的重大性議題來做出有效且節省成本的決策，以提高產品市場的表現。
This study examines the relationship between high leverage costs and corporate performance in ESG and product markets. The study uses a sample of US-listed companies and two indicators to measure ESG performance. The first indicator uses Bloomberg`s original ESG data and recalculates SASB scores based on ESG material issues identified by SASB. The second obtains the ESG disclosure score from the Bloomberg database. In addition, the study uses sales growth rate and long-term debt ratio to investigate the impact of ESG performance on mitigating high leverage costs in product market performance. The results show that high leverage has a negative impact on a company`s product market performance, while ESG performance does not have a significant direct impact. However, adding the interaction term of ESG performance and high leverage indicator shows that high leverage costs have a negative impact on a company`s product market performance, even if ESG performance is excellent. Companies with lower leverage ratios perform better in product markets, and the performance of ESG further enhances this advantage. Furthermore, SASB scores present more statistical significance than ESG disclosure scores when measuring the relationship between ESG performance and high leverage costs. The study recommends that companies consider high leverage costs when making financial decisions, and focus on reducing risks associated with high leverage. In addition, managers should focus on material issues in the industry to make effective and cost-saving decisions to improve product market performance. |
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| Description: | 碩士
國立政治大學
財務管理學系
110357022 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110357022 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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