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System No. U0002-2307202215222100
Title (in Chinese) 企業ESG在疫期間的股價影響_以大型金控為例
Title (in English) The impact of ESG on stock prices during the epidemic- The example of Taiwan finance holding companies
Other Title
Institution 淡江大學
Department (in Chinese) 經濟學系經濟與財務碩士班
Department (in English) Master's Program in Economics and Finance, Department of Economics
Other Division
Other Division Name
Other Department/Institution
Academic Year 110
Semester 2
PublicationYear 111
Author's name (in Chinese) 林昱宏
Author's name(in English) Yu-Hong Lin
Student ID 610570045
Degree 碩士
Language Traditional Chinese
Other Language
Date of Oral Defense 2022-06-21
Pagination 37page
Committee Member advisor - Yen-Ling Lin
co-chair - 陳怡宜
co-chair - 袁宇熙
Keyword (inChinese) ESG
Keyword (in English) ESG
Finance Holding Companies
Other Keywords
Abstract (in Chinese)
Abstract (in English)
This study investigates the impact of the ESG on stock prices for finance holding companies during the epidemic. ESG has got a lot of attention in recent years. Many investors and institutions have used ESG as the criteria indicator for their investment. Many governments have also proposed relevant standards and norms to make ESG more important in current corporate operations. Therefore, the suddenly coming of the COVID-19 could be a time point to examine the effects of ESG. This research takes Taiwan's finance holding companies as our research object. The ESG score data is adopted from Commonwealth Magazine's Sustainable Award in 2018 to 2021; the background information of each finance holding company in the corresponding data year is collected from the data bank of Taiwan Economic Journal. The empirical method of this study is a two-stage analysis. In the first stage, the monthly revenue of each finance holding companies is the dependent variable; in the second stage, we use the predicted monthly stock price returns as a dependent variable to examine the Difference-In-Difference effects of ESG on stock prices during the epidemic where the treatment group is the companies inside the ESG list and the control group is the companies outside the list. The results show that the ESG has a significant and positive impact on the finance holding company’s revenue. It’s found that Taiwan has a very small negative impact on the finance holding company’s revenue when the epidemic is under good control. This study also separates ESG score into various aspects to see the effects on the revenue of finance holding companies. We can find that the “S” is the main source of ESG positive impact, but “G” has negative and significant effect on the revenue. In terms of stock price, the results of Difference-In-Difference show that the stock price of finance holding companies inside the ESG rating list will be significantly higher than those are not on the list. This indicates that when market risks occur, the degree of ESG can be regarded as an important indicator for investors’ concern. In terms of policy implications, the results of this study can not only require companies to comply with the disclosure obligation, but also the government should be able to accelerate the integration of domestic companies with international ESG standards through an incentive mechanism, which will help domestic companies to establish advantageous conditions for sustainable development.
Other Abstract
Table of Content (with Page Number)
第一章 緒論	1
第一節 研究背景	1
第二節 研究動機	3
第三節 研究問題	4
第四節 論文架構	5
第二章  企業的ESG	6
第一節  ESG簡介	6
第二節  ESG的演進	8
第三章 文獻回顧	12
第一節 CSR與ESG相關理論	12
第二節 ESG與CSR相關實證文獻	13
第三節 ESG在疫情期間的企業影響	14
第四章 資料與方法	17
第一節  資料來源	17
第二節  變數設定	19
第三節  實證方法	22
第五章 實證分析	25
第一節 對營收的影響	26
第二節 對股價的影響	29
第六章 結論	33
參考文獻	35

圖 1: 聯合國永續發展目標 SDGS17個目標	10

表 1: 三家主要機構的ESG評估細項	7
表 2: 聯合國SDGS的17 項永續發展目標	11
表 3: 台灣大型金融控股公司	17
表 4: DID的分析	24
表 5: 敘述統計表	25
表 6: 企業ESG對營收的影響-以ESG總分為估計	28
表 7: 企業ESG對營收的影響-以ESG分項評分為估計	29
表 8: 疫情前後有無ESG的企業股價影響-以ESG總分的營收配適值迴歸結果	31
表 9:  疫情前後有無ESG的企業股價影響-以ESG分項評分的營收配適值迴歸結果	32

趙婉伃(2021) 。新冠病毒疫情(COVID-19)爆發後對企業價值之影響-採DID法。國立高雄科技大學會計資訊系碩士學位論文。

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