請用此 Handle URI 來引用此文件:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/89023
標題: | MD&A中的ESG揭露與盈餘持續性:基於FinBERT-ESG之實證結果 ESG Disclosures in MD&A and Earnings Persistence: Empirical Evidence by FinBERT-ESG |
作者: | 劉孟頡 Meng-Chieh Liu |
指導教授: | 謝昇峯 Sheng-Feng Hsieh |
關鍵字: | ESG揭露,決定因素,財務表現,盈餘持續性,FinBERT-ESG, ESG Disclosures,Determinants,Financial Performance,Earnings Persistence,FinBERT-ESG, |
出版年 : | 2023 |
學位: | 碩士 |
摘要: | 本研究探討財務報表管理層討論與分析中ESG揭露數的決定因素,以及這些揭露與財務績效和盈餘持續性之間的關聯,基於1999年至2020年間美國市場上的52,064家公司的年度觀察樣本,並使用FinBERT-ESG模型來萃取ESG相關訊息。實證結果顯示,ESG揭露數與股利、市值與帳面價值比率、資本支出和公司員工人數呈正相關,而與槓桿比率、業務波動性和特別損益呈負相關。有趣的是,無論是盈利公司還是虧損公司,都更傾向於揭露更多ESG訊息,但後者可能出於轉移注意力之策略,此外,研究亦發現ESG揭露數與盈餘持續性呈負相關,而與ESG揭露和獲利能力之交乘項呈現正相關,這表明ESG揭露為獲利能力較強的公司帶來更高的盈餘持續性。 This paper presents an empirical analysis examining the determinants of ESG disclosures and their relationship with financial performance and earnings persistence. The study utilizes a dataset of 52,064 firm-year observations from the US market spanning 1999 to 2020, employing FinBERT-ESG to extract ESG sentences and quantify ESG disclosures. The results reveal positive associations between ESG disclosures and dividends, market-to-book ratio, capital expenditure, and number of employees, while negative relationships are observed with leverage, business volatility, and special events. Notably, both profitable firms and loss-making firms disclose more ESG information, with the latter potentially using ESG disclosures as a diversionary tactic. Additionally, a negative correlation is observed between ESG disclosures and earnings persistence, while a positive connection is identified in the interaction of ESG disclosures and profitability, suggesting that firms with more ESG disclosures exhibit higher earnings persistence, particularly if they are profitable. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/89023 |
DOI: | 10.6342/NTU202302268 |
全文授權: | 同意授權(全球公開) |
顯示於系所單位: | 會計學系 |
文件中的檔案:
檔案 | 大小 | 格式 | |
---|---|---|---|
ntu-111-2.pdf | 722.84 kB | Adobe PDF | 檢視/開啟 |
系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。