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    题名: 企業ESG績效與董事會結構之關聯性-高汙染產業的調節效果
    The Relationship Between Corporate ESG Performance and Board Structure: The Moderating Effect of High-Pollution Industries
    作者: 許詔崴
    Xu, Zhao-Wei
    贡献者: 林宛瑩
    Lin, Wan-Ying
    許詔崴
    Xu, Zhao-Wei
    关键词: ESG績效
    董事會結構
    董事會獨立性
    董總雙重性
    高汙染產業
    ESG performance
    Board structure
    Board independence
    CEO-chairman duality
    High-pollution industries
    日期: 2025
    上传时间: 2025-02-04 15:55:05 (UTC+8)
    摘要: 本研究旨在探討企業ESG績效與董事會結構之關聯性，並分析高汙染產業的調節作用。就企業ESG績效與董事會結構之關聯性而言，本研究認為董事會獨立性較高的公司在公司治理上更健全，獨立董事不僅能保障股東權益，還能促進企業遵守法規、落實企業社會責任，從而提升ESG績效。另一方面，董事長兼任執行長的公司在文獻結論上各有分岐，根據代理理論，當董事長兼任執行長時，角色衝突可能削弱企業在社會責任上的表現；反之，根據管家理論，賦予執行長充分的權力與信任，有助於提升管理效能。本研究將根據實證結果驗證兩種理論的適用性。
    就高汙染產業的調節作用而言，高汙染產業因受媒體與監管機構高度關注，其董事會在ESG策略執行與績效提升上面臨更大的壓力。獨立董事在高汙染產業中，不僅發揮監督功能，還利用專業知識提升企業聲譽。而對於董事長兼任執行長的高汙染產業企業，為了改善財務和市場表現，其在決策上可能更重視ESG政策。因此，本研究推測，高汙染產業將強化董事會結構與ESG績效之間的關聯性，促使企業在ESG表現上更為突出。
    本研究以2019年至2023年間台灣上市(櫃)公司為研究樣本，採用ESG評級作為企業ESG績效的衡量指標，探討董事會結構與企業ESG績效之間的關聯性。研究選取董事會獨立性及董事長是否兼任執行長為主要解釋變數，分析其對企業ESG績效的影響。此外，本研究進一步以樣本公司所屬產業是否為高汙染產業作為調節變數，透過董事會獨立性與高汙染產業的交乘項、以及董事長是否兼任執行長與高汙染產業的交乘項，檢驗高汙染產業對董事會結構與ESG績效關聯性的調節效果。
    實證結果顯示，董事會獨立性越高，企業ESG績效越佳；當董事長兼任執行長時，ESG績效通常較差，支持代理理論。在高汙染產業的調節效果測試中，僅董事會獨立性與ESG績效的關聯性存在顯著調節效果，獨立董事比例越高，ESG績效越佳，符合假說預期。
    額外測試結果顯示，在ESG構面中，公司治理構面分數與董事會獨立性及董事長兼任執行長的情況有顯著相關。此外，高汙染產業對董事會獨立性與社會構面分數之關聯性，以及對董事長兼任執行長與環境構面及公司治理構面之關聯性，均呈現顯著調節效果。綜上所述，本研究結果為董事會結構與ESG績效關聯性，以及高汙染產業對此關聯性的影響提供實證支持，並強調高汙染產業中董事會結構的重要性。
    This study aims to explore the relationship between corporate ESG performance and board structure, while analyzing the moderating effect of high-pollution industries. Regarding the relationship between ESG performance and board structure, this study posits that companies with a higher degree of board independence demonstrate better corporate governance. Independent directors not only protect shareholder rights but also promote compliance with regulations and the implementation of corporate social responsibility, thereby enhancing ESG performance. On the other hand, the literature provides mixed conclusions regarding companies where the chairman concurrently serves as the CEO. According to agency theory, role conflicts may weaken corporate social responsibility performance when the chairman also serves as the CEO. In contrast, stewardship theory suggests that granting sufficient power and trust to the CEO can improve managerial efficiency. This study empirically examines the applicability of these two theories.
    As for the moderating effect of high-pollution industries, such industries, being under heightened scrutiny from media and regulatory bodies, face greater pressure to execute ESG strategies and improve performance. In high-pollution industries, independent directors not only perform supervisory functions but also leverage their expertise to enhance corporate reputation. For companies in high-pollution industries where the chairman also serves as the CEO, the focus on ESG policies may increase to improve financial and market performance. Therefore, this study hypothesizes that high-pollution industries strengthen the relationship between board structure and ESG performance, encouraging more robust ESG practices.
    Using a sample of Taiwan-listed companies from 2019 to 2023, ESG ratings were employed as the measure of corporate ESG performance. The study selected board independence and whether the chairman concurrently serves as CEO as the main explanatory variables to analyze their impact on corporate ESG performance. Additionally, the study incorporated industry classification as a high-pollution industry as a moderating variable and examined the moderating effects of high-pollution industries through interaction terms of board independence and chairman-CEO duality with high-pollution industry classification.
    The empirical results indicate that higher board independence leads to better ESG performance, while chairman-CEO duality generally results in poorer ESG performance, supporting agency theory. For high-pollution industries, only the relationship between board independence and ESG performance exhibits significant moderating effects. A higher proportion of independent directors in high-pollution industries enhances ESG performance, aligning with the study's hypotheses.
    Additional tests reveal that within the ESG dimensions, corporate governance scores are significantly associated with board independence and chairman-CEO duality. Furthermore, high-pollution industries significantly moderate the relationship between board independence and social dimension scores, as well as the relationship between chairman-CEO duality and environmental and governance dimension scores.
    In conclusion, this study provides empirical evidence on the relationship between board structure and ESG performance and highlights the importance of board governance in high-pollution industries to enhance ESG outcomes.
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    描述: 碩士
    國立政治大學
    會計學系
    112353008
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0112353008
    数据类型: thesis
    显示于类别:[會計學系] 學位論文

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