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| Title: | 企業投入研發活動對於ESG表現與財務績效之間的調節作用-以美國資訊科技產業為例
The Moderating Effect of R&D Investment between ESG Performance and Financial Performance : Evidence from US Information and Technology Industry |
| Authors: | 周明瑋
Chou, Ming-Wei |
| Contributors: | 陳立民
Chen, Li-Ming
周明瑋
Chou, Ming-Wei |
| Keywords: | 資訊科技產業
ESG
研發費用
無形資產
財務績效
IT Industry
ESG
R&D expense
Intangible asset
Financial performance |
| Date: | 2024 |
| Issue Date: | 2024-07-01 12:23:55 (UTC+8) |
| Abstract: | 本研究旨在探討企業投入ESG及研發活動是否有助於提升財務績效，並近一步分析企業投入研發活動對於ESG表現及財務績效之間是否有調節作用。研究對象為美國資訊科技產業，資料期間為2018年至2022年共五年度，企業共1,746間，有效樣本為417間，五年總計為1,652筆資料。
迴歸結果顯示，無論是ESG整體分數，或是環境構面(E)、社會構面(S)、公司治理構面(G)三個構面的個別分數，其迴歸係數都為正值且顯著。其中，環境構面(E)的模型解釋力最高，意味著環境構面(E)表現對財務績效的正向影響最為顯著。另外，研究結果也顯示出企業投入研發可提升營收和獲利，且研發費用及無形資產兩者互為因果，共同促進公司財務績效的提升。除此之外，本研究也發現，對於企業而言，研發投入對於ESG表現具有一定程度的影響，但並非主導因素。
進一步將企業所投入的研發活動視為調節變數之後，模型解釋力在E、S、G及整體面向皆有所提升，代表企業的研發活動對於調節ESG表現與財務績效之間有部份作用，且對於高研發支出的企業，ESG對於EPS的影響更為顯著。
This study examines the impact of corporate ESG and R&D activities on financial performance. We use a sample of 1,746 US information technology companies from 2018 to 2022, with a total of 1,652 observations. Our regression results show that both overall ESG scores and individual E, S, and G scores have positive and statistically significant coefficients. Among them, the coefficient of the E score is the highest, indicating that the overall ESG performance has the most significant positive impact on financial performance. Additionally, the results also indicate that corporate investment in R&D can increase revenue and profit, and R&D expenses and intangible assets are mutually causal, jointly promoting the improvement of corporate financial performance. Our results also find that for companies, R&D expenses have a certain impact on ESG performance, but are not the main factor.
Further analysis shows that when R&D activities are used as a moderating variable, the explanatory power of the model is improved in all aspects of E, S, G, and overall, indicating that corporate R&D activities have a partial moderating effect on the relationship between ESG performance and financial performance. In addition, our study also finds that the environmental dimension (E) has the most significant impact on financial performance; and for companies with high R&D expenditures, the impact of ESG on EPS is more significant. |
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網路資料
1. Microsoft 2022 年財報。取自：https://www.microsoft.com/investor/reports/ar22/#
2. Oracle 2023年財報。取自：
https://www.oracle.com/a/ocom/docs/industries/financial-services/ofss-annual-report-2022-23.pdf
3. P&G 2021年財報。取自：
https://assets.ctfassets.net/oggad6svuzkv/4Jv0tM2D5D4uo9fpGkFINt/51f922cfc331f8cd887e86f5dca2a59f/2021_annual_report.pdf
4. Adidas 2021年財報。取自：
https://report.adidas-group.com/2021/en/servicepages/downloads/files/annual-report-adidas-ar21.pdf
5. 國際貨幣基金組織(International Monetary Fund , IMF) US 2023 GDP相關資料。取自：
https://www.imf.org/external/datamapper/profile/USA
6. 美國商務部經濟分析局(Bureau of Economic Analysis, BEA) 2023 U.S. IT產業相關資料。取自：
https://www.bea.gov/sites/default/files/2024-03/gdp4q23-3rd.pdf
7. GRI 準則。取自：https://www.globalreporting.org
8. IFRS S2 相關規範。取自：
https://www.ifrs.org/issued-standards/ifrs-sustainability-standards-navigator/ifrs-s2-climate-related-disclosures/
9. Governance & Accountability Institute (G&A) S&P 500 相關資料。取自：https://www.ga-institute.com/index.php?id=9127 |
| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
111363015 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0111363015 |
| Data Type: | thesis |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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