政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/151947
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113822/144841 (79%)
造访人次 : 51781747      在线人数 : 595
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/151947


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/151947


    题名: 家族企業與非家族企業ESG績效與公司價值之關聯性
    The Relationship Between ESG Performance and Firm Value in Family Firms and Non-Family Firms
    作者: 呂鈺瑄
    Lu, Yu-Hsuan
    贡献者: 戚務君
    Chi, Wu-Chun
    呂鈺瑄
    Lu, Yu-Hsuan
    关键词: ESG
    家族企業
    公司價值
    ESG
    Family Firms
    Firm Value
    日期: 2024
    上传时间: 2024-07-01 12:07:11 (UTC+8)
    摘要: 本研究旨在探討ESG績效對公司價值的影響，針對家族企業和非家族企業進行區分，以瞭解它們在ESG績效與公司價值關聯性方面的差異。根據實證結果顯示，ESG績效與公司價值之間的正向關係，在家族企業中比非家族企業更為顯著。而本研究也進一步將環境、社會和公司治理構面三者分別分析，其中又以社會及公司治理構面的影響最為顯著，環境構面並無顯著差異。本研究提供在ESG影響下，家族企業和非家族企業於公司價值上是否存在差異，且進一步給予ESG發展相對較慢的企業可借鑑之方向。
    The study explores the impact of Environmental, Social, and Governance (ESG) performance on firm value, with a focus on distinguishing between family firms and non-family firms to understand the differences in their association between ESG performance and firm value. The empirical results indicate the positive relationship between ESG performance and firm value is more significant in family firms than in non-family firms. Additionally, this study further analyzes the three dimensions of environmental, social, and governance separately, with the effect of social and governance dimensions being the most significant, while the environmental dimension shows no significant difference. This study provides insights into whether there are differences in firm value between family firms and non-family firms under the effect of ESG, and further offers directions for companies with relatively slower ESG development to emulate.
    參考文獻: 中文部分
    黃素慧、黃劭彥、洪嘉聲與林萱霈，2011，公司治理是否能增加我國家族企業之企業價值，經營管理論叢，第7卷第2期：13-37。
    郭翠菱與王志洋，2017，公司治理如何影響家族企業之績效？長期縱貫分析，會計評論，第64期： 61-111。
    英文部分
    Abeysekera, A. P., & Fernando, C. S. (2020). Corporate social responsibility versus corporate shareholder responsibility: A family firm perspective. Journal of Corporate Finance, 61, 101370.
    Albuquerque, R., Koskinen, Y., Yang, S., & Zhang, C. (2020). Resiliency of environmental and social stocks: An analysis of the exogenous COVID-19 market crash. The Review of Corporate Finance Studies, 9(3), 593-621.
    Amann, B., Jaussaud, J., & Martinez, I. (2012). Corporate social responsibility in Japan: Family and non-family business differences and determinants. Asian Business & Management, 11, 329-345.
    Aydoğmuş, M., GÜLAY, G., & ERGUN, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review.
    Block, J. H., & Wagner, M. (2014). The effect of family ownership on different dimensions of corporate social responsibility: Evidence from large US firms. Business Strategy and the Environment, 23(7), 475-492.
    Boldeanu, F. T., Clemente-Almendros, J. A., Tache, I., & Seguí-Amortegui, L. A. (2022). Is ESG relevant to electricity companies during pandemics? A case study on European firms during COVID-19. Sustainability, 14(2), 852.
    Broadstock, D. C., Chan, K., Cheng, L. T., & Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance Research Letters, 38, 101716.
    Chambers, E., Chapple, W., Moon, J., & Sullivan, M. (2003). CSR in Asia: A seven country study of CSR website reporting. ICCSR Research Paper Series, 44(09), 1-43.
    Chen, R. C., & Lee, C. H. (2017). The influence of CSR on firm value: an application of panel smooth transition regression on Taiwan. Applied Economics, 49(34), 3422-3434.
    Claessens, S., Djankov, S., & Lang, L. H. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1-2), 81-112.
    Cook, K. A., Romi, A. M., Sánchez, D., & Sánchez, J. M. (2019). The influence of corporate social responsibility on investment efficiency and innovation. Journal of Business Finance & Accounting, 46(3-4), 494-537.
    Cruz, C., Larraza–Kintana, M., Garcés–Galdeano, L., & Berrone, P. (2014). Are family firms really more socially responsible?. Entrepreneurship Theory and Practice, 38(6), 1295-1316.
    Dimson, E., Karakaş, O., & Li, X. (2015). Active ownership. The Review of Financial Studies, 28(12), 3225-3268.
    Ding, W., Levine, R., Lin, C., & Xie, W. (2021). Corporate immunity to the COVID-19 pandemic. Journal of Financial Economics, 141(2), 802-830.
    Duan, Y., Yang, F., & Xiong, L. (2023). Environmental, social, and governance (ESG) performance and firm value: Evidence from Chinese manufacturing firms. Sustainability, 15(17), 12858.
    Dyer Jr, W. G., & Whetten, D. A. (2006). Family firms and social responsibility: Preliminary evidence from the S&P 500. Entrepreneurship Theory and Practice, 30(6), 785-802.
    El Ghoul, S., Guedhami, O., Wang, H., & Kwok, C. C. (2016). Family control and corporate social responsibility. Journal of Banking & Finance, 73, 131-146.
    Elnahass, M., Salama, A., & Trinh, V. Q. (2022). Firm valuations and board compensation: Evidence from alternative banking models. Global Finance Journal, 51, 100553.
    Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45-64.
    Felix Ayadi, O., PhD, Dufrene, U. B., PhD, Pat Obi, C., & PhD. (1996). Firm performance measures: Temporal roadblocks to innovation?. Managerial Finance, 22(8), 18-32.
    Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge University Press.
    Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889.
    Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107-156.
    Han, Y. G., Huang, H. W., Liu, W. P., & Hsu, Y. L. (2023). Firm-value effects of carbon emissions and carbon disclosures: evidence from Taiwan. Accounting Horizons, 37(3), 171-191.
    Jannah, S. M., & Sartika, F. (2022). The effect of good corporate governance and company size on firm value: Financial performance as an intervening variable. International Journal of Research in Business and Social Science (2147-4478), 11(2), 241-251.
    Jensen, M. C. (2002). Value maximization, stakeholder theory, and the corporate objective function. Business Ethics Quarterly, 235-256.
    La Porta, R., Lopez‐de‐Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471-517.
    Larmou, S., & Vafeas, N. (2010). The relation between board size and firm performance in firms with a history of poor operating performance. Journal of Management & Governance, 14, 61-85.
    Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785-1824.
    Lo, K. Y., & Kwan, C. L. (2017). The effect of environmental, social, governance and sustainability initiatives on stock value–Examining market response to initiatives undertaken by listed companies. Corporate Social Responsibility and Environmental Management, 24(6), 606-619.
    Matsumura, E. M., Prakash, R., & Vera-Munoz, S. C. (2014). Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review, 89(2), 695-724.
    Mazur, M., Dang, M., & Vega, M. (2021). COVID-19 and the march 2020 stock market crash. Evidence from S&P1500. Finance Research Letters, 38, 101690.
    Merello, P., Barberá, A., & De la Poza, E. (2022). Is the sustainability profile of FinTech companies a key driver of their value?. Technological Forecasting and Social Change, 174, 121290.
    Miller, D., Le Breton-Miller, I., Lester, R. H., & Cannella Jr, A. A. (2007). Are family firms really superior performers?. Journal of Corporate Finance, 13(5), 829-858.
    Morck, R., & Yeung, B. (2004). Family control and the rent–seeking society. Entrepreneurship Theory and Practice, 28(4), 391-409.
    Ohlson, J. A. (1995). Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research, 11(2), 661-687.
    Ott, C., & Schiemann, F. (2023). The market value of decomposed carbon emissions. Journal of Business Finance & Accounting, 50(1-2), 3-30.
    Porter, M. E., & Kramer, M. R. (2006). The link between competitive advantage and corporate social responsibility. Harvard Business Review, 84(12), 78-92.
    Ramirez, A. G., Monsalve, J., González-Ruiz, J. D., Almonacid, P., & Peña, A. (2022). Relationship between the cost of capital and environmental, social, and governance scores: Evidence from latin america. Sustainability, 14(9), 5012.
    Shanaev, S., & Ghimire, B. (2022). When ESG meets AAA: The effect of ESG rating changes on stock returns. Finance Research Letters, 46, 102302.
    Sraer, D., & Thesmar, D. (2007). Performance and behavior of family firms: Evidence from the French stock market. Journal of the European Economic Association, 5(4), 709-751.
    Sutriono, S., Sari, E. N., & Rambe, M. F. (2021). Role of Debt To Equity Ratio Mediating Effect Return On Assets and Current Ratio Against Firm Value. International Journal of Business Economics, 3(1), 47-58.
    Tamayo-Torres, I., Gutierrez-Gutierrez, L., & Ruiz-Moreno, A. (2019). Boosting sustainability and financial performance: the role of supply chain controversies. International Journal of Production Research, 57(11), 3719-3734.
    Taylor, J., Vithayathil, J., & Yim, D. (2018). Are corporate social responsibility (CSR) initiatives such as sustainable development and environmental policies value enhancing or window dressing?. Corporate Social Responsibility and Environmental Management, 25(5), 971-980.
    Van den Berghe, L. A., & Levrau, A. (2003). Measuring the quality of corporate governance: in search of a tailormade approach?. Journal of General Management, 28(3), 71-86.
    Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2), 169-178.
    Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value?. Journal of Financial Economics, 80(2), 385-417.
    Welch, K., & Yoon, A. (2022). Do high-ability managers choose ESG projects that create shareholder value? Evidence from employee opinions. Review of Accounting Studies, 1-28.
    Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment, 28(2), 286-300.
    Yazici, Ö., Mcwilliams, D., & Ercan, S. (2018). CSR comparison between family businesses and non-family business. Business & Management Studies: An International Journal, 6(1), 256-280.
    Yeh, Y. H., Lee, T. S., & Woidtke, T. (2001). Family control and corporate governance: Evidence from Taiwan. International Review of Finance, 2(1‐2), 21-48.
    Yu, E. P. Y., Guo, C. Q., & Luu, B. V. (2018). Environmental, social and governance transparency and firm value. Business Strategy and the Environment, 27(7), 987-1004.
    Yu, X., & Xiao, K. (2022). Does ESG performance affect firm value? Evidence from a new ESG-scoring approach for Chinese enterprises. Sustainability, 14(24), 16940.
    Zhao, X., & Murrell, A. J. (2016). Revisiting the corporate social performance‐financial performance link: A replication of Waddock and Graves. Strategic Management Journal, 37(11), 2378-2388.
    描述: 碩士
    國立政治大學
    會計學系
    111353011
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0111353011
    数据类型: thesis
    显示于类别:[會計學系] 學位論文

    文件中的档案:

    档案 描述 大小格式浏览次数
    301101.pdf616KbAdobe PDF0检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈