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| ???org.dspace.app.webui.jsptag.ItemTag.dcfield??? | Value | Language |
|---|---|---|
| dc.contributor.advisor | 廖咸興(Hsien-Hsing Liao) | |
| dc.contributor.author | Jing-Yi Chen | en |
| dc.contributor.author | 陳璟宜 | zh_TW |
| dc.date.accessioned | 2021-06-07T17:40:47Z | - |
| dc.date.copyright | 2020-08-04 | |
| dc.date.issued | 2020 | |
| dc.date.submitted | 2020-07-21 | |
| dc.identifier.citation | Chatterji, A., Durand, R., Levine, D., Touboul, S. (2014). Do ratings of firms converge? Implications for strategy research. Cheng, M., Dhaliwal, D., Neamtiu, M. (2008). Banks’ asset securitization and information opacity. Work-ing paper, The University of Arizona. Dechow, Patricia M. and Ilia D. Dichev. (2002). The Quality of Accruals and Earnings: The Role of Accrual Estimation Errors. The Accounting Review, 77, 35-59. Dechow, Patricia M., Richard G. Sloan and Mark T. Soliman (2004). Implied Equity Duration: A New Measure of Equity Risk. Review of Accounting Studies, 9(2-3), 197-228. Dorfleitner, G., Halbritter, G. Nguyen, M. Measuring the level and risk of corporate responsibility – An empirical comparison of different ESG rating approaches. J Asset Manag 16, 450–466 (2015). Escrig-Olmedo, E., Fernández-Izquierdo, M. Á., Ferrero-Ferrero, I., Rivera-Lirio, J. M., Muñoz-Torres, M. J. (2019). Rating the raters: Evaluating how ESG rating agencies integrate sustainability principles. Sustainability, 11(3), 915. Escrig-Olmedo, E., Muñoz-Torres, M.J. and Fernández-Izquierdo, M.Á. (2010) ‘Socially responsible investing: sustainability indices, ESG rating and information provider agencies’, Int. J. Sustainable Economy, Vol. 2, No. 4, pp.442–461 Francis, Jennifer, Ryan LaFond, Per Olssona and Katherine Schipper (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 39(2), 295-327. Jiang, Guohua, Charles M. C. Lee and Yi Zhang (2005). Information Uncertainty and Expected Returns. Review of Accounting Studies, 10(2-3), 185-221. Jin, L., Myers, S. C. (2006). R2 around the world: New theory and new tests. Journal of financial Economics, 79(2), 257-292. Kjerstensson, L., Nygren, H. (2019). ESG Rating and Corporate Bond Performance: An analysis of the effect of ESG rating on yield spread. Lang, M. H., Lundholm, R. J. (1996). Corporate disclosure policy and analyst behavior. Accounting review, 467-492. Livingston, M., Zhou, L. (2010). Split bond ratings and information opacity premiums. Financial Management, 39(2), 515-532. Livingston, M., Zhou, L. (2016). Information opacity and Fitch bond ratings. Journal of Financial Research, 39(4), 329-357. Lu, Chia-Wu, Tsung-Kang Chen and Hsien-Hsing Liao (2010). Information uncertainty, information asymmetry and corporate bond yield spreads. Journal of Banking Finance, 34(9), 2265-2279. Maffett, M. (2012). Financial reporting opacity and informed trading by international institutional investors. Journal of Accounting and Economics, 54(2-3), 201-220. Petersen, Mitchell A. (2009). Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches. The Review of Financial Studies, 22(1), 435-480. Polbennikov, S., Desclée, A., Dynkin, L., Maitra, A. (2016). ESG ratings and performance of corporate bonds. The Journal of Fixed Income, 26(1), 21-41. Siew, R. Y., Balatbat, M. C., Carmichael, D. G. (2016). The impact of ESG disclosures and institutional ownership on market information asymmetry. Asia-Pacific Journal of Accounting Economics, 23(4), 432-448. Romero, S., Jeffers, A. E., Aquilino, F., DeGaetano, L. (2018). Using ESG Ratings to Build a Sustainability Investing Strategy. The CPA Journal, 88(7), 36-43. Zhang, X. (2006). Information uncertainty and stock returns. The Journal of Finance, 61(1), 105-137. | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/15457 | - |
| dc.description.abstract | 近年來公司的ESG評分逐漸被納入投資策略的考量當中，然而市場中存在著多家ESG評比機構，同一間公司對不同評比機構的資訊揭露程度可能有所差異，因此也會導致評比結果的不同，本研究主要探討資訊不確定性和資訊不透明與不同ESG評比機構對同一公司產生評分差異的關係。本研究蒐集2014年至2018年美國公司的年資料，使用panel資料進行迴歸分析。實證結果發現，資訊不確定性之代理變數中的公司年齡與資訊不透明之代理變數的分析師預估精確度皆與ESG評比差異呈負向關係。 | zh_TW |
| dc.description.abstract | In recent years, ESG rating has gradually been included in the consideration of investment strategies. However, there are multiple ESG rating agencies. Companies may disclose different information to different rating agencies and lead to the difference of ESG rating outcome. This study investigates the effects of information uncertainty and information opacity on ESG rating difference. The thesis empirical results based upon 2014-2018 US public companies’ data show that firm age (proxy of information uncertainty) and forecast accuracy (proxy of information opacity) have significant negative effects on the ESG rating difference. This negative relationship is robust after adding controlling variables. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-07T17:40:47Z (GMT). No. of bitstreams: 1 U0001-2107202018331700.pdf: 1392008 bytes, checksum: f36a323b0f97f39d1f3f54f02b85f544 (MD5) Previous issue date: 2020 | en |
| dc.description.tableofcontents | 口試委員會審定書 # 誌謝 i 摘要 ii Abstract iii 第一章 概述 1 第二章 研究假說 4 第三章 研究樣本與研究方法 6 3.1變數介紹 6 3.1.1.主要解釋變數 6 3.1.2.被解釋變數 9 3.1.3.控制變數 10 3.2資料來源與樣本處理 11 3.3 敘述統計 11 3.4 研究方法 12 第四章 實證結果與分析 13 第五章 結論 15 參考文獻 16 | |
| dc.language.iso | zh-TW | |
| dc.title | ESG評比差異與資訊不完全 | zh_TW |
| dc.title | ESG Rating Difference and Information Incompleteness | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 108-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 陳宗岡(Tsung-Kang Chen),郭慧如(Hui-Ju Kuo) | |
| dc.subject.keyword | 環境、社會與公司治理,ESG分數,ESG評等機構,資訊不完全,資訊不確定,資訊不透明, | zh_TW |
| dc.subject.keyword | Environment, Social, Governance,ESG Rating,ESG Rating Agencies,Information Incompleteness,Information Uncertainty,Information Opacity, | en |
| dc.relation.page | 22 | |
| dc.identifier.doi | 10.6342/NTU202001705 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2020-07-22 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| Appears in Collections: | 財務金融學系 | |
Files in This Item:
| File | Size | Format | |
|---|---|---|---|
| U0001-2107202018331700.pdf Restricted Access | 1.36 MB | Adobe PDF |
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