ESG對股利波動度的影響

Abstract

本研究旨在探討企業落實環境、社會及公司治理(ESG)對股利發放率波動度之影響。以台灣經濟新報資料庫TEJ之TESG永續發展指標所涵蓋之1888家公開發行公司為研究樣本，分析2015年至2022年樣本公司ESG表現對股利波動度之影響。實證結果顯示，ESG分數與股利發放率波動度呈現顯著負相關，其中以環境面及公司治理面效果較為顯著。顯示ESG表現佳的公司，會想透過穩定的股利發放率，向投資人傳遞其落實ESG，使公司風險降低之事實。本研究亦透過分組方式，探討不同要素是否會影響ESG降低股利波動度之效果。結果顯示ESG降低股利波動度之效果，於無形資產較高的公司、大公司，以及低污染產業較為顯著。

The purpose of this study is to investigate the impact of environmental, social and governance (ESG) on dividend payout volatility. Using 1888 Taiwan listed companies covered by TESG Sustainable Development Indicator, we examine the impact of ESG on dividend volatility from 2015 to 2022. The empirical results show a significant negative correlation between ESG scores and dividend payout volatility, with the effects being more pronounced in the environmental and corporate governance dimensions. This suggests that companies with better ESG performance would like to communicate to investors the fact that they have implemented ESG to minimize corporate risk through a stable dividend payout ratio. This study also examines whether different factors affect the effect of ESG in reducing dividend volatility by grouping companies. The results show that the effect of ESG in reducing dividend volatility is more significant in companies with higher intangible assets, large companies, and low-pollution industries.