Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/155481
|
| Title: | ESG績效表現對股利政策之影響
The Impact of ESG Performance on Payout Policy |
| Authors: | 麥洵瑜
Mai, Hsun-Yu |
| Contributors: | 林宛瑩
麥洵瑜
Mai, Hsun-Yu |
| Keywords: | 環境社會治理
股利政策
財務績效
ESG performance
Payout policy
Financial performance |
| Date: | 2025 |
| Issue Date: | 2025-02-04 15:55:16 (UTC+8) |
| Abstract: | 隨著各界愈加重視永續議題，企業在經營模式與策略上，開始審慎評估環境(Environmental)、社會責任(Social Responsibility)、公司治理(Governance)等非財務表現及其導致之影響。對於投資人而言，除考量企業在財務及ESG活動的表現，企業的股利政策也一向是關注的焦點。本研究以2019年至2023年臺灣上市(櫃)公司為研究樣本，探討ESG績效與股利支付政策間的關聯性。
本研究之實證結果顯示：ESG績效表現對於企業股利政策具有影響效果。具體而言，ESG績效較佳之公司有較高之股利支付水準，並且有較低之股利成長率，研究結果支持代理理論。本研究亦發現，相較於財務績效差，財務績效佳對企業ESG績效與股利政策的關聯性具有調節效果。
With the growing emphasis on sustainability issues from different sectors, enterprises start to take environment, social and governance (ESG), including their impacts, into consideration for their business models and strategies. In addition to financial and ESG performance, companies’ payout policies are also highly concerned by investors. This study examines whether there is a correlation between ESG performance and payout policy for listed companies in Taiwan over the period of 2019 to 2023.
The empirical findings shows that ESG performance impacts the payout policies of companies. Specifically, better ESG performance is associated with higher dividend payouts and lower changes in dividend payouts, which is in accordance with agency theory. Furthermore, the study finds that better financial performance moderates the relationship between ESG performance and payout policies. |
| Reference: | 朱文儀、李庭閣、莊正民與廖盈琇 (2019)，大股東股權集中度、外部法人持股、 外部董事年資對公司績效之影響—台灣上市公司的實證研究，中山管理評論， 第 27 卷第 3 期，551-582。
林穎芬、黃麗津與陳思源 (2012)，經理人薪酬、公司治理與現金股利政策，中山 管理評論，第 20 卷第 4 期，1213-1251。
洪榮華、陳香如與王玉珍 (2005)，公司內部治理機制與公司績效之關係-股權結 構與董事會特性的觀點，輔仁管理評論，第 12 卷第 3 期，23-40。
倪衍森與廖容岑 (2006)，家族企業負債代理成本及股利政策之研究-以臺灣上 市公司為例，管理與系統，第 13 卷第 2 期，153-179。
張瑞當、方俊儒與曾玉琦 (2007)，核心代理問題與盈餘管理:董事會結構與外部 監督機制之探討，管理學報，第 24 卷第 1 期，17-39。
鄭桂蕙、林宛瑩與汪瑞芝 (2023)，SASB 準則下環境社會治理績效與企業績效之 關聯性，會計審計論叢，第 13 卷第 2 期(12 月)，1-40。
廖婉鈞、林月雲與虞邦祥 (2009)，知覺組織利害關係人重要程度與組織績效之關 係:企業責任作為中介之效果，管理學報，第 26 卷第 2 期，213-232。 Abdul Rahman, R., and Alsayegh, M. F. (2021). Determinants of Corporate
Environment, Social and Governance (ESG) Reporting among Asian Firms.
Journal of Risk and Financial Management, 14(4): 1-13.
Ahmed, E., and Hamdan, A. (2015). The impact of corporate governance on firm
performance: evidence from the Bahrain stock exchange. European Journal of
Business and Innovation Research, 3(5): 25-48.
Aivazian, V., Booth, L., and Cleary, S. (2003b). Do Emerging Market Firms Follow
Different Dividend Policies from U.S. Firms? Journal of Financial Research,
26(3): 371-387.
Ambarish, R., John, K., and Williams, J. (1987). Efficient signalling with dividends and
investments. The Journal of Finance, 42(2): 321–343.
Anderson, R. C., and Reeb, D. M. (2003). Founding‐family ownership and firm
performance: evidence from the S&P 500. The journal of finance, 58(3): 1301-
1328.
Atan, R., Alam, M. M., Said, J., and Zamri, M. (2018). The impacts of environmental,
social, and governance factors on firm performance: Panel study of Malaysian
companies. Management of Environmental Quality, 29(2): 182–194.
Aydoğmuş, M., Gülay, G., and Ergun, K. (2022). Impact of ESG performance on firm
value and profitability. Borsa Istanbul Review, 22(2): 119-127.
Benlemlih, M. (2019). Corporate social responsibility and dividend policy. Research in
International Business and Finance, (47):114-138.
Barnea, A., and Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. The Journal of Business Ethics, 97(1): 71-86.
Bourgeois, L. J. (1981). On the measurement of organizational slack. Academy of Management Review, 6(1): 29-39.
Buchholz, R. A., and Rosenthal, S. B. (2005). Towards a Contemporary Conceptual Framework for Stakeholder Theory. Journal of Business Ethics, 58(1): 137-148.
Carroll, A. B. (1979). A Three-Dimensional Conceptual Model of Corporate Performance, Academy of Management Review, 4(4): 497-505.
Chay, J. B., and Suh, J. (2009). Payout policy and cash-flow uncertainty. Journal of Financial Economics, 93(1): 88–107.
Claessens, S., Djankov, S., Fan, J. P. H., and Lang, L. H. P. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance, 57(6): 2741-2771.
DeAngelo, H., DeAngelo, L., and Stulz, R. M. (2006). Dividend Policy and the Earned/Contributed Capital Mix: A Test of the Life-Cycle Theory. Journal of Financial Economics, 81(2): 227–254.
Dowling, J., and Pfeffer, J. (1975). Organizational Legitimacy: Social Values and Organizational Behavior. Pacific Sociological Review, 18(1): 122-136.
Duan, Y., and Rahbarimanesh, A. (2024). The Impact of Environmental Protection Tax on Green Innovation of Heavily Polluting Enterprises in China: A Mediating Role Based on ESG Performance. Sustainability, 16(17): 1-20.
Džidić, A., and Živko, I. (2019). Internal factors of dividend policy in public firms in Bosnia and Herzegovina. Croatian Review of Economic, Business and Social Statistics, 5(2): 1-16.
Ediwijoyo, S. P. (2020). Social Responsibility, Dividend Policy and Financial Performance: A Literature Review. The International Journal of Business & Management, 8(5): 1-10.
Fama, E. F., and French, K. R. (2001). Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(1): 3-43.
Farrar, D. E., and Selwyn, L. L. (1967). Taxes, corporate financial policy and return to investors. National Tax Journal, 20(3): 444-455.
Feltham, G. A., and Ohlson, J. A. (1995). Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research, 11(2): 689-731.
Freeman, R. E. (2010). Strategic Management: A Stakeholder Approach. Cambridge University Press.
Freeman, R. E., Wicks, A. C., and Parmar, B. (2004). Stakeholder Theory and the Corporate Objective Revisited, Organization Science, 15(3): 364-369.
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.
George, G. (2005). Slack resources and the performance of privately held firms. Academy of Management Journal, 48(4): 661-676.
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(3): 1-16.
Gordon, M. J. (1963). Optimal investment and financing policy. Journal of Finance, 18(2): 264-272.
Grinstein, Y., and Michaely, R. (2005). Institutional holdings and payout policy. The Journal of Finance, 60(3): 1389–1426.
Gugler, K., and Yourtoglu, B. B. (2003). Corporate governance and dividend pay-out policy in Germany, European Economic Review, 47(4): 731-758.
Henisz, W., Koller, T., and Nuttall, R. (2019). Five ways that ESG creates value. McKinsey Quarterly, 4(1): 1-12.
Heubeck, T., and Ahrens, A. (2024). Governing the responsible investment of slack resources in environmental, social, and governance (ESG) performance: How beneficial are CSR committees? Journal of Business Ethics: 1-21.
Hiyari, A., Kolsi, M. C., Lutfi, A., Shakkour, A. S., and Aljumah, A. I. (2023). Information asymmetry and dividend payout in an emerging market: Does corporate governance quality matter? Journal of Open Innovation Technology Market and Complexity, 10(1): 1-10.
Januarsi, Y., and Sanusi, F. (2024). Profitability and dividend policy: How does free cash flow explain this relationship? Jurnal Siasat Bisnis, 28(1): 56–70.
Jensen, M. C., and Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4): 305- 360.
Jiraporn, P., Kim, J. C., and Kim, Y. S. (2011). Dividend payouts and corporate governance quality: An empirical investigation. Financial Review, 46(2): 251–279.
Koundouri, P., Pittis, N., and Plataniotis, A. (2022). The Impact of ESG Performance on the Financial Performance of European Area Companies: An Empirical Examination. Environmental Sciences Proceedings, 15(1): 1-11.
Lantos, G. P. (2001). The boundaries of strategic corporate social responsibility. Journal of Consumer Marketing, 18(7): 595-630.
La Porta, R., Lopez-de-Silances, F., Shleifer, A., and Vishny, R. (2000). Agency problems and dividend policies around the world. Journal of Finance, 55(1): 1-33. Lee, M. T., Raschke, R. L., and Krishen, A. S. (2022). Signaling green! firm ESG signals in an interconnected environment that promote brand valuation. Journal of
Business Researc, (138): 1-11.
Li, Y. (2024). Analysis of the Impact of ESG on Financial Performance. Highlights in
Science Engineering and Technology, (94): 135-140.
Lintner, J. (1956). Distribution of Incomes of Corporations among Dividends, Retained
Earnings, and Taxes. The American Economic Review, 46(2): 97-113. Manokarana, K., Ramakrishnanb, S., Hishanb, S., and Soehodb, K. (2018). The impact of corporate social responsibility on financial performance: Evidence from
Insurance firms. Management Science Letters, 8(9): 913-932.
Miller, M. H., and Modigliani, F. (1961). Dividend policy, growth, and the valuation
of shares. Journal of Business, 34(4): 411-433.
Miller, M. H., and Rock, K. (1985) Dividend policy under asymmetric information.
Journal of Finance, 40(4): 1031-1051.
Nejati, M., and Ghasemi, S. (2012). Corporate social responsibility in Iran from the
perspective of employees. Social Responsibility Journal, 8(4): 578-588.
Nguyen, P., Rahman, N., and Zhao, R. (2024). Do firms adjust their payout policy to public perception of their social irresponsibility? Journal of Business Research,
(185): 1-19.
Pound, J. (1988). Proxy contests and the efficiency of shareholder oversight. Journal
of Financial Economics, 20(1-2): 237-265.
Poterba, J. (2004). Taxation and Corporate Payout Policy. The American Economic
Review, 94(2): 171–175.
Rahayu, I., and Sanjaya, M. I. N. (2024). ESG Performance and Firm Value: An
Empirical Study in Indonesia. Review of Integrative Business and Economics
Research, 13(4): 513-526.
Rakotomavo, M. T. (2012). Corporate investment in social responsibility versus
dividends? Social Responsibility Journal, 8(2): 199–207.
Ross, S. A. (1977) The determination of financial structure: the incentive-signalling
Approach. The Bell Journal of Economics, 8(1): 23-40.
Samy, M., Odemilin, G., and Bampton, R. (2010). Corporate social responsibility: a
strategy for sustainable business success. An analysis of 20 selected British
companies. Corporate Governance, 10(2): 203-217.
Sauerwald, S., Van Oosterhout, J., and Van Essen, M. (2016). Expressive shareholder
democracy: A multilevel study of shareholder dissent in 15 Western European countries. Journal of Management Studies. 53 (4): 520-551.
Stratling, R. (2007). The legitimacy of corporate social responsibility. Corporate Ownership & Control, 4(4): 80-88.
Tahir, H. M., Masri, R., and Rahman, M. (2020). Determinants of Dividend Pay-Out Policy of Listed Non-financial Firms in Malaysia. International Journal of Financial Research, 11(2): 68-76.
Tan, J., and Peng, M. W. (2003). Organizational slack and firm performance during economic transitions: two studies from an emerging economy. Strategic Management Journal, 24(13): 1249-1263.
Van Beurden, P., and Gossling, T. (2008). The worth of values: a literature review on the relation between corporate social and financial performance. Journal of Business Ethics, 82(2): 407-424.
Wong, J. B., and Zhang, Q. (2024). ESG reputation risks, cash holdings, and payout policies. Finance Research Letters, (59):1-12.
Zahid, R. M. A., Taran, A., Khan, M. K., and Chersan I.-C. (2023). ESG, dividend payout policy and the moderating role of audit quality: Empirical evidence from Western Europe. Borsa Istanbul Review, 23(2): 350–367. |
| Description: | 碩士
國立政治大學
會計學系
112353024 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112353024 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
| File |
Size | Format | |
|---|
| 302401.pdf | 1615Kb | Adobe PDF | 0 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
