外國投信持股與SASB準則下ESG重大性議題之探討-以臺灣科技與通訊業為例

Abstract

本研究分析外國投信機構持股比例對企業在永續會計準則委員會SASB（Sustainability Accounting Standards Board）準則下之ESG（Environmental, Social, and Governance）重大性議題表現影響，以2016年至2022年臺灣科技與通訊產業上市櫃企業為樣本，同時分析外國投信機構持股比例變化量對企業在SASB準則下之ESG重大性議題後續年份表現變化量的影響。本研究實證結果發現外國投信機構持股比例越高，企業在SASB準則下之ESG重大性議題表現越佳。此外，研究結果顯示在控制企業重要變數、時間效果下，前一年外國投信機構持股比例變化量對下一年企業在SASB準則下之ESG重大性議題表現分數變化量有顯著正面影響，反應身為大股東身分的外國投信機構持股出現變動時，臺灣企業會進一步提升企業在SASB準則之ESG重大性議題表現。

Using the data of Taiwan’s listed firms in technology and communication industries from 2016 to 2022, this thesis studies the impact of foreign mutual fund ownership on firms’ ESG (Environmental, Social, and Governance) performance under the SASB (Sustainability Accounting Standards Board) framework. It finds that a firm’s foreign mutual fund ownership and its ESG performance under the SASB guidelines are positively associated. In addition, there is a significant positive relationship between the change in a firm’s foreign mutual fund ownership from the previous year and its subsequent ESG performance, suggesting that firms improve ESG performance when foreign mutual funds increase their shareholdings.