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| Title: | SASB準則下ESG重大性議題與財務績效之關係
An Analysis of SASB Materiality and Financial Performance |
| Authors: | 許禾育
Hsu, Ho-Yu |
| Contributors: | 陳鴻毅
Chen, Hong-Yi
許禾育
Hsu, Ho-Yu |
| Keywords: | 企業社會責任
CSR
ESG
重大性議題
SASB
財務績效
CSR
ESG
Materiality topic
SASB
ESG disclosure
Financial performance |
| Date: | 2023 |
| Issue Date: | 2023-08-02 13:01:33 (UTC+8) |
| Abstract: | 本研究旨在探討企業於重大性永續議題表現與公司財務績效之關係，並進一步檢視該關係於不同永續績效水準或不同產業之公司群體是否仍存在。本研究以美國上市公司做為樣本，並以獲利能力、價值乘數、利益率作為財務績效之衡量指標，亦輔以公司永續資訊揭露表現作為比對，以更深入分析公司永續表現對於財務績效各面向的影響。本研究以Bloomberg資料庫之ESG資料作為原始資料，並依循永續會計準則委員會(SASB)所認定之各產業重大性議題編製SASB分數進行實證研究。實證結果發現，SASB分數及揭露分數皆對公司之獲利能力、價值乘數有顯著正向影響，其中又以揭露分數的影響效果較大。若區分ESG三面向揭露分數作探討，則環境、社會之影響效果又較治理之影響效果更大。此外，高永續績效水準的公司群體相較於低永續績效水準的公司群體，此關係並無顯著差異。本研究亦發現，以產業別區分公司群體，則此關係也會有所不同。本研究結果建議公司應加強永續資訊揭露及重大性議題之表現，提升此兩面向，將有助於取得更好的獲利能力及價值乘數，進而提升公司價值。
This study investigates the relationship between ESG materiality topic performance and corporate financial performance, and further analyzes companies in different levels of ESG performance and different industries. This study uses public companies in the US as the sample and measures financial performance using profitability, valuation multiples, and margins. The measure of ESG materiality topic performance is the SASB score, which is calculated by SASB standards based on ESG data sourced from Bloomberg. To make a comparison, this study also incorporates the Bloomberg ESG disclosure score as a main independent variable to see the difference in the effect between ESG materiality topic performance and disclosure performance. Empirical results show that materiality topic performance and disclosure performance both significantly positively influence financial performance. Furthermore, the effect of disclosure performance is stronger, particularly in environmental and social disclosure. The results also show that the difference between this effect in high-score and low-score groups is not significant. Besides, the influence of materiality topic performance is different between industries. To sum up, this study suggests that improving ESG materiality topic performance and disclosure performance can help companies gain better profitability and higher valuation multiples. |
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| Description: | 碩士
國立政治大學
財務管理學系
110357037 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110357037 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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