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    题名: ESG績效表現對股利政策之影響
    The Impact of ESG Performance on Payout Policy
    作者: 麥洵瑜
    Mai, Hsun-Yu
    贡献者: 林宛瑩
    麥洵瑜
    Mai, Hsun-Yu
    关键词: 環境社會治理
    股利政策
    財務績效
    ESG performance
    Payout policy
    Financial performance
    日期: 2025
    上传时间: 2025-02-04 15:55:16 (UTC+8)
    摘要: 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.
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    描述: 碩士
    國立政治大學
    會計學系
    112353024
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    数据类型: thesis
    显示于类别:[會計學系] 學位論文

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