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| Title: | 黑人民權運動對公司ESG績效的影響
The Impact of the Black Civil Rights Movement on Corporate ESG Performance |
| Authors: | 周歆晏
Chou, Hsin-Yen |
| Contributors: | 黃嘉威
Huang, Chia-Wei
周歆晏
Chou, Hsin-Yen |
| Keywords: | 1950年代黑人民權運動
黑人董事
ESG
企業社會責任
營運韌性
ESG
CSR
Civil Rights Movements
black directors
social capital |
| Date: | 2024 |
| Issue Date: | 2024-07-01 12:40:11 (UTC+8) |
| Abstract: | 本研究旨在探討美國1950年代黑人民權運動對公司ESG表現之影響，觀察樣本為美國上市公司，樣本期間橫跨2010-2021年，分別以Compustat、MSCI、Sustainalytics等資料庫之ESG分數及E、S、G個別構面之分數為應變數，以公司董事會中5-15歲時歷經美國1950年代黑人民權運動之董事比例、黑人董事比例為自變數，另以女性董事、忙碌董事、獨立董事、低出席董事比例、是否具財務背景董事、公司規模、淨值市價比、槓桿比率、股利發放率、ROA、Tobin’s Q、已上市年分等其他董事會特性、公司之營運及財務指標為控制變數建立多元迴歸模型。研究結果顯示董事的早年經驗對Compustat、Sustainalytics資料庫提供之ESG整體分數存在正向顯著影響，黑人董事對三個資料庫的ESG整體表現皆呈正向顯著影響，尤其以對S構面分數影響最為顯著，表示曾遭受、見證不公平待遇之董事將更具同理及包容心，善待公司之員工、顧客、股東、上下游供應鏈等利害關係群體，透過社會資本的累積打造企業韌性，從而降低市場性負面事件對於整體營運狀況之衝擊。
This study investigates the impact of the American Civil Rights Movement in the 1950s on corporate ESG performance using panel datasets from Compustat, MSCI, and Sustainalytics. The research explores how directors' experiences during their youth, including potential encounters with discrimination and exposure to social movements, influence the ESG scores of publicly traded U.S. firms from 2010 to 2021. Existing literature suggests that adverse childhood experiences may lead to posttraumatic growth, fostering traits like increased empathy and engagement in prosocial activities such as ESG practices. Based on these insights, the hypotheses posit that a higher proportion of directors who have experienced or witnessed discrimination and participated in social movements correlates positively with corporate ESG performance. This finding holds robustly across the three databases. Directors with such backgrounds are likely to empathize with stakeholders, contributing to the development of firm-specific social capital, which can be considered a form of insurance that proves beneficial when investors and the broader economy experience a significant loss of confidence. |
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| Description: | 碩士
國立政治大學
財務管理學系
111357021 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111357021 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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