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| Title: | 企業ESG表現對股價之影響—調節式中介效果分析
A Moderated Mediation Analysis of the Relationship between Corporate ESG Performance and Stock Prices |
| Authors: | 廖安婕
Liao, An-Jie |
| Contributors: | 吳文傑
Wu, Wen-Chieh
廖安婕
Liao, An-Jie |
| Keywords: | ESG
股價
法人持股比例
獲利性
調節式中介效果
ESG
Stock price
Institutional holding
Profitability
Moderated mediation effect |
| Date: | 2024 |
| Issue Date: | 2024-08-05 14:45:58 (UTC+8) |
| Abstract: | 永續議題儼然為當前趨勢之一，政策、市場與企業等逐漸投入轉型，企業ESG表現之重要性也逐漸受到認可，越來越多投資人開始將其納入投資決策考量，惟ESG表現是否真正影響股價尚未獲得定論。
本研究採用2016年至2023年台灣上市櫃企業資料，透過數據實證ESG表現與股價之關聯，研究方法採用中介與調節模型，旨在探討ESG表現對股價間接影響之可能性。研究發現，作為中介變數之法人持股比例與作為調節變數之獲利性皆於模型中雙雙發揮作用，企業ESG表現對股價具有直接與間接效果，整體而言與股價之關聯為正相關。
另外，透過門檻迴歸模型發現ESG表現存在門檻值，當ESG表現達到門檻值水平後，股價上升之幅度更為顯著，亦於研究中發現門檻值大小與產業特性相關，低汙染產業達到較低之門檻值即可進一步提升股價，顯示投資人對於產業轉型之重視，符合當前投資趨勢。
Sustainability issues have become one of the current trends, with policies, markets, and companies gradually committing to transformation. The importance of ESG (Environmental, Social, and Governance) performance is increasingly recognized, and more and more investors take it into their investment decisions. However, it remains inconclusive whether ESG performance truly affects stock prices.
This study utilizes data from publicly listed companies in Taiwan from 2016 to 2023 to empirically examine the relationship between ESG performance and stock prices. Employing mediation and moderation models, this research aims to explore the potential indirect effects of ESG performance on stock prices. The findings reveal that institutional holding as a mediating variable and profitability as a moderating variable both play significant roles in the models. Corporate ESG performance exhibits both direct and indirect effects on stock prices, and overall, the relationship is positively correlated.
Furthermore, the threshold regression model indicates the existence of a threshold value for ESG performance. Once ESG performance reaches this threshold level, the increase in stock prices becomes more pronounced. Additionally, the study finds that the threshold value is related to industry characteristics, with low-pollution industries achieving significant stock price increases under the lower threshold values. This indicates investors' emphasis on industrial transformation, aligning with current investment trends. |
| Reference: | 中文文獻
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英文文獻
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17. Md, S., Md, S. A., and Md, S. I. (2022), “Do all institutional investors care about corporate carbon emissions?”, Energy Economics, Vol. 115, Article 106376.
18. Philipp, K. (2015), “Corporate goodness and shareholder wealth”, Journal of Financial Economics, Vol. 115, Issue 2, pp. 304-329.
19. Putri, K. D. L., and Deni, A. (2020), “The Effect of Profitability on Share Prices Through Capital Structure as an Intervening Variable in Indonesia’s Automotive Sectors Listed Companies”, Proceedings of the International Conference on Strategic Issues of Economics, Business and, Education (ICoSIEBE 2020), Vol. 163, aebmr.k.210220.025.
20. Savva, S. and Binam, G. (2021), “When ESG meets AAA: The effect of ESG rating changes on stock returns”, Finance Research Letters, Vol. 46, Part A, Article 102302.
21. Xiao-Na, Y., Jing-Ping, L., and Chi-Wei, S. (2023), “How does ESG performance affect stock returns? Empirical evidence from listed companies in China”, Heliyon, Vol. 9, Issue 5, e16320.
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網路資源
1. PwC (2023)，2023 全球投資人調查報告。檢自：
https://www.pwc.tw/zh/publications/global-insights/global-investor-survey-2023.html
2. Schroders (2022)，2022 年全球投資人大調查。檢自：
https://www.schroders.com/zh-tw/tw/individual/global-investor-study-2022/sustainability-hub/ |
| Description: | 碩士
國立政治大學
財政學系
111255023 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111255023 |
| Data Type: | thesis |
| Appears in Collections: | [財政學系] 學位論文
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