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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 堯里昂 | zh_TW |
| dc.contributor.advisor | Leon van Jaarsveldt | en |
| dc.contributor.author | 吳恩韋 | zh_TW |
| dc.contributor.author | En Vi Ng | en |
| dc.date.accessioned | 2024-12-24T16:22:00Z | - |
| dc.date.available | 2024-12-25 | - |
| dc.date.copyright | 2024-12-24 | - |
| dc.date.issued | 2024 | - |
| dc.date.submitted | 2024-11-25 | - |
| dc.identifier.citation | Aini, N., & Faisal, N. T. (2021). The Effect Of Environmental Performance On Firm Value Using Financial Performance As Mediator Variable. IJEBD (International Journal of Entrepreneurship and Business Development), 4(3), 390–395. https://doi.org/10.29138/ijebd.v4i3.1391
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| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/96326 | - |
| dc.description.abstract | 2023 年2 月，台灣政府制定了氣候變遷因應法（CCRA），更新了初始的溫室氣體減量及管理法。CCRA 強調環境永續的重要性，並對企業施加更嚴格的規範。本論文探討了台灣新頒布的CCRA 對投資者看法和上市公司價值的影響。本研究調查了CCRA 對台灣碳排放與上市公司價值之間關係的影響。本研究的數據來自2022 年初至2023 年末在台灣證券交易所（TWSE）上市的公司。通過多重線性迴歸中的交互變量，研究旨在識別CCRA 如何影響碳排放對企業價值的影響。研究採用了市值、Tobin’s Q 和市淨率（PB 比率）這三種基於市場的指標作為公司價值的代理變量。研究結果顯示，碳排放與所有三種基於市場的指標均呈正相關，但CCRA 的實施削弱了這種正相關性。這表明CCRA 的實施已改變了投資者對碳排放的看法，對碳排放較高的公司給予了負面評價。 | zh_TW |
| dc.description.abstract | In February 2023, the Taiwanese government enacted the Climate Change Response Act (CCRA), making an update to the initial Greenhouse Gases Reduction Management Act. The CCRA emphasizes the importance of environmental sustainability and enforces stricter regulations on firms. This thesis explores the impact of Taiwan's newly enacted CCRA on investor perceptions and firm valuations. The research investigates the effect of CCRA on the relationship between carbon emissions and firm value in Taiwan. Data for this study is drawn from firms listed on the Taiwan Stock Exchange (TWSE) from the beginning of 2022 to the end of 2023. Using an interaction variable in a multiple linear regression, the study aimed to identify how CCRA affects the effect of carbon emissions on firm value. The study employs three different market-based metrics—market capitalization, Tobin’s Q, and the price-to-book (PB) ratio—as proxies for firm value. The findings reveal that carbon emissions are positively associated with all three market-based metrics, but the implementation of the CCRA reduces the strength of this positive association. The results imply that the implementation of the CCRA has shifted investors' perspectives on carbon emissions, attaching negative value to firms with higher carbon emissions. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2024-12-24T16:22:00Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2024-12-24T16:22:00Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | Contents
Acknowledgment i 摘要 ii Abstract iii List of Figures and Tables iv 1.0 Introduction 1 1.1 Background 1 1.2 Research problem & motivation 2 1.3 Practical implication & significance of the study 3 2.0 Literature Review: 4 2.1 The effect of ESG on market capitalization of EU Public Companies 4 2.2 The impact of Environmental Performance on a firm’s Tobin’s Q ratio 5 2.3 Environmental performance and firm value, using financial performance as a mediator variable 6 2.4 Investment in sustainable initiatives is perceived negatively by investors in Asia before 2021 7 2.5 Environmental performance, environmental disclosure, and firm value 8 2.6 Does the market value environmental performance? 8 2.7 Environmental performance and a firm’s competitive advantage 9 2.8 Shift in investors preference due to the rising popularity of ESG 10 2.9 The effect of carbon emission policies on firm valuation in Europe and Australia 11 3.0 Methodology 13 3.1 Research Approach 13 3.2 Research Variables 14 3.2.1 Market Capitalization 14 3.2.2 Tobin’s Q 15 3.2.3 Price-to-Book Ratio 16 3.2.4 Carbon Emissions 17 3.2.5 Industry 18 3.2.6 Dummy Variable for Climate Change Response Act 20 3.2.7 Sales 20 3.2.8 Debt-to-Equity Ratio 21 3.2.9 Size 21 3.2.10 Big 4 Accounting Firms 21 3.2.11 Age 22 3.2.12 Growth 22 3.2.13 Return on Assets (ROA) 23 3.2.14 Social Score 23 3.2.15 Governance Score 23 3.2.16 CEO Duality 24 3.2.17 Interaction variable between CCRA and Carbon Emissions 24 3.3 Full Regression Equations 25 3.3.1 the effect of carbon emissions on market capitalization 25 3.3.2 the effect of carbon emissions on Tobin’s Q 25 3.3.3 the effect of carbon emissions on P/B ratio 26 3.4 Data Collection and Summary of the Variables 26 4.0 Results 29 4.1 Descriptive Statistics 29 4.2 Regression Output 36 4.2.1 Change in market cap vs. change in carbon emissions 36 4.2.2 Change in PB ratio vs. change in carbon emissions 39 4.2.3 Change in Tobin’s Q vs. change in carbon emissions 41 5.0 Discussions 43 5.1 Interpretation of the findings 43 5.2 Limitations 44 References 45 | - |
| dc.language.iso | en | - |
| dc.subject | 碳排放 | zh_TW |
| dc.subject | 公司價值 | zh_TW |
| dc.subject | 氣候變遷因應法（CCRA） | zh_TW |
| dc.subject | 市值 | zh_TW |
| dc.subject | Tobin’s Q | zh_TW |
| dc.subject | 市淨率 | zh_TW |
| dc.subject | P/B ratio | en |
| dc.subject | Carbon Emissions | en |
| dc.subject | Firm Value | en |
| dc.subject | Climate Change Response Act (CCRA) | en |
| dc.subject | Tobin's Q | en |
| dc.subject | Market Cap | en |
| dc.title | 氣候變遷因應法對上市公司價值之影響：臺灣證券交易所上市公司為例 | zh_TW |
| dc.title | The effect of Climate Change Response Act (CCRA) on firm value – A study on TWSE firms | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 113-1 | - |
| dc.description.degree | 碩士 | - |
| dc.contributor.oralexamcommittee | 張佳欽;劉心才 | zh_TW |
| dc.contributor.oralexamcommittee | Jia-King Chang;Hsin-Tsai Liu | en |
| dc.subject.keyword | 碳排放,公司價值,氣候變遷因應法（CCRA）,市值,Tobin’s Q,市淨率, | zh_TW |
| dc.subject.keyword | Carbon Emissions,Firm Value,Climate Change Response Act (CCRA),Tobin's Q,Market Cap,P/B ratio, | en |
| dc.relation.page | 50 | - |
| dc.identifier.doi | 10.6342/NTU202404627 | - |
| dc.rights.note | 同意授權(全球公開) | - |
| dc.date.accepted | 2024-11-26 | - |
| dc.contributor.author-college | 管理學院 | - |
| dc.contributor.author-dept | 企業管理碩士專班 | - |
| 顯示於系所單位： | 管理學院企業管理專班(Global MBA) | |
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