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| Title: | 採SASB準則下ESG重大性議題與機構投資人之探討
A study of Material ESG SASB Factors and Institutional Ownership |
| Authors: | 黃浩瑜
Huang, Hao-Yu |
| Contributors: | 楊曉文
黃浩瑜
Huang,Hao-Yu |
| Keywords: | 機構投資人
ESG
SASB
重大性議題
Institutional ownership
ESG
SASB
Material issues |
| Date: | 2022 |
| Issue Date: | 2022-08-01 17:28:07 (UTC+8) |
| Abstract: | SASB準則及氣候風險揭露在金融業跟投資界重要性日益增加，然而過去大多文獻皆探討機構投資人持股比例與ESG分數之關聯性，而較少研究與SASB準則關聯文獻，因此本文將著重於機構投資人持股如何影響公司在SASB準則提及之重大性議題之表現。本文將2012年至2018年台灣的上市櫃公司當作樣本，利用Bloomberg的ESG資料庫及SASB準則所提及各行業的重大性議題，端看機構投資人持股比例與公司是否揭露SASB準則及SASB表現之關聯。
本文從回歸結果得到機構投資人持股比例較高時，公司不只更有意願揭露SASB準則提及項目，在ESG的項目揭露數以及重大性議題的表現也皆會較佳。另機構投資人持股比例越高，公司在重大性議題上表現較可能優於同行業平均及提升下年的SASB分數，代表機構投資人對於重大性ESG議題上確實有一定影響力，促使企業積極改善公司在重大性議題上之表現，機構投資人亦會促使公司揭露氣候風險相關議題，在社會責任報告書中揭露相關議題。機構投資人促使企業積極改善公司在重大性議題上及氣候風險之揭露及表現，不僅滿足投資人的資訊需求，也利於企業向投資者展現公司長期之價值及往永續目標邁進。
The importance of the SASB Standard and climate risk for financial industry and investment communities has grown exponentially. However, in the past, most of the papers has discussed the relationship between institutional ownership and ESG scores, and less research has been done on the relationship between institutional ownership and SASB standards. Therefore, this paper will focus on how institutional ownership affect the company`s performance on the issues mentioned in the SASB standard(material issues). This article takes listed companies in Taiwan from 2012 to 2018 and Bloomberg`s ESG database as a sample, and then research about if the company has disclosed material issues and the performance of SASB standard.
The results of the study found that the higher the institutional ownership, not only more willing to disclose material issues, but the better the company`s performance in ESG disclosure and material issues. At the same time, the empirical results also found that the higher the institutional ownership, the more likely the company`s performance on material issues is better than the industry average and the SASB score for the next year will be improved, which means that institutional investors are really interested in SASB issues. Institutional investors will also urge companies to disclose climate risk-related issues, and disclose climate risk issues in social responsibility reports, urging companies to actively improve the company`s performance on major issues. Institutional investors not only meet investors` information needs, but also be helpful for companies to show investors the long-term value of the company and move towards sustainable goals. |
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| Description: | 碩士
國立政治大學
金融學系
109352005 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109352005 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202200791 |
| Appears in Collections: | [金融學系] 學位論文
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