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| Title: | 大股東ESG關注程度與公司ESG風險之關聯
The Impact of Blockholders ESG Concern on Corporate ESG Risk |
| Authors: | 蕭琦 |
| Contributors: | 翁嘉祥
蕭琦 |
| Keywords: | ESG
ESG 風險
大股東影響力
ESG
ESG risk
Blockholders’ impact |
| Date: | 2025 |
| Issue Date: | 2025-07-01 14:16:43 (UTC+8) |
| Abstract: | 隨著氣候變遷與永續發展成為全球資本市場關注重點，企業面臨的ESG風險已被廣泛視為影響其長期價值與經營穩定性的關鍵因素。過去文獻雖對企業本身如何因應ESG議題多有著墨，惟對於外部股東，特別是具實質控制力之大股東，是否能透過參與治理降低企業之ESG風險，仍缺乏系統性實證探討。有鑑於此，本文以2018年至2023年美國上市公司為樣本，整合Sustainalytics、S&P Global等資料庫，建構大股東ESG加權分數指標，進一步檢驗其對企業ESG風險及環境構面之溫室氣體直接排放得分之影響。實證結果顯示，大股東若具備較高ESG關注程度，其所持股企業之ESG風險顯著較低，且在溫室氣體排放管理等環境面向表現亦較佳。此結果支持大股東具治理誘因，能透過監督與影響力推動企業採取更積極的永續行動。進一步採用Heckman兩階段模型修正潛在選擇偏誤，及納入治理結構控制變數後，結果仍具穩健性。過往研究較少關注外部投資人於企業ESG風險管理中的角色，本研究即針對此一不足加以探討，並提供實務面啟示，建議資產管理機構與政策制定者在進行ESG風險評估時，不應忽略大股東之永續價值觀與行為對企業風險治理的潛在影響。研究亦突顯大股東作為企業外部治理機制的重要性，為未來責任投資策略與ESG政策設計提供參考依據。
As climate change and sustainable development have become focal points in global capital markets, corporate exposure to ESG risks is increasingly recognized as a critical factor influencing long-term firm value and operational stability. While prior literature has extensively examined how firms internally address ESG issues, there remains a lack of systematic empirical investigation into the role of external shareholders, particularly blockholders with substantial control, in mitigating ESG risks through governance participation. In response, this study utilizes a sample of U.S. listed companies from 2018 to 2023 and integrates data from Sustainalytics and S&P Global to construct a blockholder-weighted ESG score. It examines the impact of blockholders’ ESG orientation on firms’ ESG risk as well as their performance in managing direct greenhouse gas emissions. Empirical results show that firms with blockholders who demonstrate higher ESG awareness exhibit significantly lower ESG risks and better environmental performance, especially in carbon emissions management. These findings support the notion that blockholders, given their governance incentives and influence, can actively promote corporate sustainability practices. Further analyses using the Heckman two-stage model to correct for potential selection bias, and the inclusion of governance control variables, confirm the robustness of the results. Prior research has paid limited attention to the role of external investors in corporate ESG risk management; this study seeks to address this gap. It highlights the importance of considering blockholders’ sustainability values and behaviors when assessing ESG risks, providing valuable insights for asset managers and policymakers in designing responsible investment strategies and ESG-related regulations. |
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| Description: | 碩士
國立政治大學
會計學系
112353009 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112353009 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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