政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/146295

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/146295

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政大典藏 > College of Commerce > Department of Finance > Theses > Item 140.119/146295

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/146295

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.
Reference:	Ahmad, N., Mobarek, A., and Roni, N. N. (2021). Revisiting the impact of ESG on financial performance of FTSE350 UK firms: Static and dynamic panel data analysis. Cogent Business & Management, 8(1), 1900500. Consolandi, C., Eccles, R. G., and Gabbi, G. (2022). How material is a material issue? Stock returns and the financial relevance and financial intensity of ESG materiality. Journal of Sustainable Finance & Investment, 12(4), 1045-1068. Chen, Z., and Xie, G. (2022). ESG disclosure and financial performance: Moderating role of ESG investors. International Review of Financial Analysis, 83, 102291. Dalal, K. K. and Nimit, T. (2019). ESG and corporate financial performance: A panel study of Indian companies. IUP Journal of Corporate Governance, 18(1), 44-59. Friede, G., Busch, T., and Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233. Global Compact (2004). Who cares wins: Connecting financial markets to a changing world. New York, NY, USA: United Nations. Gillan, S. L., Koch, A., and Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889. Huang, D. Z. X. (2021). Environmental, social and governance (ESG) activity and firm performance: A review and consolidation. Account Finance, 61, 335-360. Hasan, I., Singh, S., and Kashiramka, S. (2021). Does corporate social responsibility disclosure impact firm performance? An industry-wise analysis of Indian firms. Environment, Development and Sustainability, 24, 10141–10181. Han, J. J., Kim, H. J., and Yu, J. (2016). Empirical study on relationship between corporate social responsibility and financial performance in Korea. Asian Journal of Sustainability and Social Responsibility, 1, 61-76. Henriksson, R., Livnat, J., Pfeifer, P., and Stumpp, M. (2019). Integrating ESG in portfolio construction. The Journal of Portfolio Management, 45(4), 67-81. Khan, M. A. (2022). ESG disclosure and firm performance: A bibliometric and meta analysis. Research in International Business and Finance, 61, 101668. Khan, M., Serafeim, G., and Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The Accounting Review, 91(6), 1697-1724. PRI (2003). Inside PRI data: Investment manager practices, Retrieved from https://www.unpri.org/asset-owner-resources/inside-pri-data-investment-manager-practices/11142.article/ on May 21,2023. P., F., and Busru, S. A. (2021). CSR disclosure and firm performance: Evidence from an emerging market. Corporate Governance: The International Journal of Business in Society, 21(4), 553-568. Pulino, S. C., Ciaburri, M., Magnanelli, B. S., and Nasta, L. (2022). Does ESG disclosure influence firm performance? Sustainability, 14(13), 7595. Schiehll, E. and Kolahgar, S. (2021). Financial materiality in the informativeness of sustainability reporting. Business Strategy and the Environment, 30(2), 840-855. Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 80(2), 169-178. Whelan, T., Atz, U., and Clark, C. (2022). ESG and performance: Uncovering the relationship by aggregating evidence from 1,000 plus studies. Center for Sustainable Business, NYU. Yu, H. C., Kuo, L., and Kao, M. F. (2017). The relationship between CSR disclosure and competitive advantage. Sustainability Accounting, Management and Policy Journal, 8(5), 547-570. Yoo, S. and Managi, S. (2022). Disclosure or action: Evaluating ESG behavior towards financial performance. Finance Research Letters, 44, 102108.
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:	[Department of Finance] Theses

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