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| Title: | 台灣上市櫃公司機構投資人及經理人持股比率與ESG績效之關聯性研究
The association between institutional and managerial ownership and ESG performance of Taiwan listed companies |
| Authors: | 陳侑暄
Chen, You-Xuan |
| Contributors: | 林宛瑩
Lin, Wan-Ying
陳侑暄
Chen, You-Xuan |
| Keywords: | 機構投資人持股
經理人持股
ESG績效
Institutional ownership
Managerial ownership
ESG performance |
| Date: | 2023 |
| Issue Date: | 2023-07-06 16:48:51 (UTC+8) |
| Abstract: | 本研究以台灣上市櫃公司（排除金融業）為樣本，樣本期間為2018年至2021年，探討機構投資人及經理人持股比率與ESG整體及個別構面績效之關聯性。
實證結果顯示，外國機構投資人持股比率與ESG整體績效和個別之治理績效呈顯著正相關；外國機構投資人持股比率與個別之環境績效間雖呈正相關但不顯著；外國機構投資人持股比率與個別社會績效間則呈顯著負相關。在國內機構投資人持股比率方面，其與ESG整體績效、個別環境績效及社會績效呈顯著正相關；惟其與治理績效之關聯性雖呈正相關惟不顯著。以經理人持股比率而言，其和ESG整體績效、個別環境績效及治理績效呈顯著正相關；惟經理人持股比率與社會績效雖存在正相關但並不顯著。
本研究以外國機構投資人、國內機構投資人與經理人前一期的持股比率，探討其與當期ESG績效（整體及個別構面）之關聯性作為額外測試。分析發現，前一期的外國機構投資人持股比率與當期的個別環境績效由主測試的正相關但並不顯著轉為顯著正相關；前一期之國內機構投資人持股比率與當期之個別治理績效由主測試的正相關但並不顯著轉為顯著正相關，其餘實證分析結果皆與主測試一致。
This study examines the relationship between institutional and managerial ownership and ESG performance, using a sample of Taiwanese listed companies (excluding the financial industry) over the period of 2018 to 2021.
The results show that the foreign institutional ownership is significantly and positively associated with overall ESG performance and governance performance, and it is positively but not statistically significant correlated to environmental performance. However, there is a significant negative correlation between the foreign institutional ownership and social performance. As for the domestic institutional ownership, it is significantly and positively correlated to overall ESG performance, environmental and social performance. Nevertheless, its association with governance performance is positively but not statistically significant. With respect to the managerial ownership, it is significantly and positively correlated to overall ESG performance, environmental and governance performance. Nonetheless, there is a positive but not statistically significant correlation between the managerial ownership and social performance.
The results of additional tests on the impact of the previous period`s institutional and managerial ownership on the current period`s ESG performance indicate that there is a significantly positive relationship between foreign (domestic) institutional ownership and environmental (governance) performance. The remaining empirical results remain consistent with the main test results. |
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| Description: | 碩士
國立政治大學
會計學系
110353004 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0110353004 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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