請用此 Handle URI 來引用此文件：
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/98402完整後設資料紀錄
| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 簡睿哲 | zh_TW |
| dc.contributor.advisor | Ruey-Jer Jean | en |
| dc.contributor.author | 巫承宥 | zh_TW |
| dc.contributor.author | Cheng-You Wu | en |
| dc.date.accessioned | 2025-08-05T16:13:53Z | - |
| dc.date.available | 2025-08-06 | - |
| dc.date.copyright | 2025-08-05 | - |
| dc.date.issued | 2025 | - |
| dc.date.submitted | 2025-07-30 | - |
| dc.identifier.citation | El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital?. Journal of Banking & Finance, 35(9), 2388-2406.
Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. Pitman. Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233. Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. The Journal of Finance, 72(4), 1785-1824. PwC. (2021). The economic realities of ESG. United Nations Global Compact. (2004). Who Cares Wins: Connecting Financial Markets to a Changing World. 臺灣集中保管結算所. (2024). 金融監督管理委員會. (2020) . 公司治理3.0-永續發展藍圖. Berg, F., Koelbel, J. F., & Rigobon, R. (2022). Aggregate confusion: The divergence of ESG ratings. Review of Finance, 26(6), 1315–1344. Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. Edmans, A. (2011). Does the stock market fully value intangibles? Employee satisfaction and equity prices. Journal of Financial Economics, 101(3), 621–640. Friedman, M. (1970, September 13). The social responsibility of business is to increase its profits. The New York Times Magazine, 32–33, 122–126. Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425–445. Margolis, J. D., & Walsh, J. P. (2003). Misery loves companies: Rethinking social initiatives by business. Administrative Science Quarterly, 48(2), 268–305. Porter, M. E., & van der Linde, C. (1995). Toward a new conception of the environment-competitiveness relationship. Journal of Economic Perspectives, 9(4), 97–118. Principles for Responsible Investment. (2023). PRI Annual Report 2023. Aman, H. (2020). The effects of Japan's Corporate Governance Code. Pacific-Basin Finance Journal, 63, 101382. Christensen, H. B., Hail, L., & Leuz, C. (2021). Mandatory CSR and sustainability reporting: A systematic review and economic analysis. Review of Accounting Studies, 26(3), 1176–1248. Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59–100. Erkens, D., Hung, M., & Matos, P. (2012). Corporate governance in the 2007–2008 financial crisis: Evidence from financial institutions worldwide. Journal of Corporate Finance, 18(2), 389–411. Grewal, J., Riedl, E. J., & Serafeim, G. (2019). Market reaction to mandatory nonfinancial disclosure. Management Science, 65(7), 3061–3084. Ioannou, I., & Serafeim, G. (2019). The consequences of mandatory corporate sustainability reporting: Evidence from a natural experiment. The Accounting Review, 94(1), 1–27. Krueger, P., Sautner, Z., & Starks, L. T. (2020). The importance of climate risks for institutional investors. The Review of Financial Studies, 33(3), 1067–1111. Buallay, A. (2019). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality, 30(1), 98–115. Cucari, N., Esposito De Falco, S., & Orlando, B. (2018). Diversity of board of directors and environmental social governance: Evidence from Italian listed companies. Corporate Social Responsibility and Environmental Management, 25(3), 250–266. Gangi, F., Meles, A., D'Angelo, E., & Daniele, L. M. (2019). Sustainable development and corporate governance in the financial system: Are environmentally friendly banks less risky? Corporate Social Responsibility and Environmental Management, 26(3), 529-547. Gregory, A., & Whittaker, J. (2013). Exploring the Valuation of Corporate Social Responsibility—A Comparison of Research Methods. Journal of Business Ethics, 116(1), 1-20. La Torre, M., Mango, F., Cafaro, A., & Leo, S. (2020). Does the ESG index affect stock return? Evidence from the European market. Journal of Cleaner Production, 249, 119401. Miralles-Quirós, J. L., Miralles-Quirós, M. M., & Arraiano, I. G. (2017). Are Firms that Contribute to Sustainable Development Valued by Investors? Corporate Social Responsibility and Environmental Management, 24(1), 71-84. Cornett, M. M., Erhemjamts, O., & Tehranian, H. (2016). Greed or good deeds: An examination of the relation between corporate social responsibility and the financial performance of U.S. commercial banks. Journal of Banking & Finance, 70, 137–159. Oikonomou, I., Brooks, C., & Pavelin, S. (2014). The effects of corporate social performance on the cost of corporate debt and credit ratings. Financial Management, 43(1), 119–159. Di Giuli, A., & Kostovetsky, L. (2014). Are red or blue companies more likely to go green? Politics and corporate social responsibility. Journal of Financial Economics, 111(1), 158–180. MSCI. (2020). ESG and the cost of capital. MSCI ESG Research Report. Ahmadjian, C. L. & Lincoln, J. R. (2001). Keiretsu, governance, and learning: Case studies in change from the Japanese automotive industry. Organization Science, 12(6), 683-701. Aulia, F., Permana, A. S., & Widagdo, S. (2023). ESG practices and bank performance in ASEAN countries: Evidence from emerging markets. Asian Journal of Business and Accounting, 16(1), 1–25. https://doi.org/10.22452/ajba.vol16no1.1 Baek, S., Song, M. (2025) ESG Ratings and Macroeconomic Risks in the Asian Emerging Stock Markets. Applied Economics Letters 32 (10), 1455-1460 He, L., Tian, Y., & Xu, S. (2019). Green credit and performance of banks: Evidence from China. Sustainability, 11(22), 6414. Kim, W., Lee, S., & Park, J. (2021). Corporate governance reforms and firm valuation: Evidence from Korea. Pacific-Basin Finance Journal, 66, 101499. KPMG. (2021). Singapore financial services: ESG in practice. KPMG Singapore. Lee, S., & Kim, W. (2023). ESG activities and financial stability of Korean financial institutions. Asia-Pacific Financial Markets, 30(2), 145–168. Uyar, A., Kuzey, C., & Kilic, M. (2023). The non-linear relationship between ESG performance and financial performance: Evidence from the global banking sector. Journal of International Financial Markets, Institutions and Money, 84, 101755. Wang, H. (2025). The Role of ESG Ratings in Shaping Chinese Commercial Banks' Performance: Empirical Evidence. In Proceedings of the 2025 10th International Conference on Financial Innovation and Economic Development (ICFIED 2025) (pp. 688-711). Atlantis Press. Yeo, J., & Lee, W. P. (2022). Mandatory ESG disclosure and firm value: Evidence from Singapore. Asian Review of Accounting, 30(4), 552–573. Yin, L., He, X., & Zhao, J. (2021). Green credit, ESG performance and risk-taking of commercial banks: Evidence from China. Finance Research Letters, 41, 101850. Liu, T.-K. (2024). ESG, corporate social responsibility and business effectiveness in Taiwan’s banking industry: Cost and risk perspectives. Asian Economic and Financial Review, 14(1), 12–28. Pham, V. L., & Ho, Y.-H. (2024). Independent Board Members and Financial Performance: ESG Mediation in Taiwan. Sustainability, 16(16), 6836. Shen, K.-Y. (2024). Fuzzy–Rough Analysis of ESG Ratings and Financial and Growth Ratios on the Stock Returns of Blue Chip Stocks in Taiwan. Mathematics, 12(16), 2511. Financial Supervisory Commission. (2020). Green Finance Action Plan 2.0. Ahluwalia, R., Burnkrant, R. E., & Unnava, H. R. (2001). The moderating role of commitment on the spillover effect of marketing communications. Journal of Marketing Research, 38(4), 458–470. Zhou, Nan & Wang, Heli. (2020). Foreign subsidiary CSR as a buffer against parent firm reputation risk. Journal of International Business Studies. 51. 1256-1282. Zhu, H. L., & Yang, K. Z. (2024). The spillover effect of ESG performance on green innovation—Evidence from listed companies in China A-Shares. Sustainability, 16(8), 3238. Godfrey, P. C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of Management Review, 30(4), 777–798. Wang, Y., Korschun, D., & van der Lans, R. (2020). How corporate social responsibility reputation affects customer intention to buy: The role of brand identification and perceived brand ethicality. Journal of Business Ethics, 165(2), 387–406. Lodh, A. (2020, February 25). ESG and the cost of capital. MSCI Blog. Retrieved from https://www.msci.com/research-and-insights/blog-post/esg-and-the-cost-of-capital Eliwa, Y., Aboud, A., & Saleh, A. (2021). ESG practices and the cost of debt: Evidence from EU countries. Critical Perspectives on Accounting, 75, 102095. Ge, W., & Liu, M. (2015). Corporate social responsibility and the cost of corporate bonds. Journal of Accounting and Public Policy, 34(6), 597–624. Stein, J. C. (1997). Internal capital markets and the competition for corporate resources. The Journal of Finance, 52(1), 111–133. Kacperczyk, M., Sundaresan, S., & Wang, T. Y. (2021). Do Foreign Institutional Investors Improve Price Efficiency? The Review of Financial Studies, 34(3), 1317-1367. Thorndike, E. L. (1920). A constant error in psychological ratings. Journal of Applied Psychology, 4(1), 25–29. Liu, W. P., Lo, L. Y., & Huang, W. C. (2024). Market Reactions to Firms' Inclusion in the Sustainability Index: Further Evidence of TCFD Framework Adoption. Journal of Information Science and Engineering, 40(4), 799-811. Zhou, Haidi & Wang, Qiang & Zhao, Xiande. (2020). Corporate social responsibility and innovation: a comparative study. Industrial Management & Data Systems. 120. 863-882. Lenox, Michael & Toffel, Michael. (2022). Diffusing Environmental Management Practices within the Firm: The Role of Information Provision. Sustainability. 14. 5911. Ma, Y., Liu, P., & Chen, H. (2024). Corporate ESG Performance, Green Innovation, and Green New Quality Productivity: Evidence from China. Sustainability, 16(22), 9804. Whelan, T., Atz, U., van Holt, T., & Clark, C. (2021). ESG and financial performance: Uncovering the relationship by aggregating evidence from 1,000+ studies published between 2015–2020. NYU Stern Center for Sustainable Business. Tam, C. S. (2025). Exploring the bidirectional environmental, social and governance spillover effects in foreign direct investment (Research Memorandum No. 06/2025). Hong Kong Monetary Authority, Research Department, Economic Research Division. | - |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/98402 | - |
| dc.description.abstract | 本研究旨在探討台灣金融控股公司（FHC）之環境、社會與治理（ESG）表現，如何透過外溢效應（Spillover Effect）影響其旗下證券子公司的財務績效。在全球ESG浪潮下，過往研究多聚焦於單一企業或銀行業，忽略了金控集團內部母子公司間的價值傳導機制，以及證券產業的獨特脈絡。本研究的重要性在於填補此一文獻缺口，並觀察金控集團 ESG 表現對其集團內影響。
本研究以理論為基礎，提出母公司的ESG表現可透過三大機制產生外溢效應：（一）聲譽與品牌資產外溢，藉由「月暈效應」與累積「道德資本」，提升子公司品牌形象與風險抵禦能力；（二）財務資源外溢，透過降低集團整體資金成本，並經由內部資本市場進行策略性資源配置；（三）策略與營運能力外溢，經由知識轉移與創新擴散，提升子公司的核心競爭力。 為驗證上述機制，本研究選取2017年至2024年間台灣所有上市金融控股公司共14間及其主要證券子公司共14間為樣本，採用台灣經濟新報（TEJ）資料庫之ESG評分與財務數據，建立追蹤資料固定效果模型進行實證分析。 本研究結果發現金控母公司的ESG表現確實能顯著提升證券子公司的資產報酬率（ROA）、股東權益報酬率（ROE）及每股盈餘（EPS）。本研究替ESG與企業績效的關聯性提供了集團層級，亦對金控公司、投資人及主管機關提出具體建議：金控應將ESG視為集團層級的策略性投資；投資人在評估子公司時應將母公司ESG表現納入考量；而主管機關由上而下的監管政策，是提升整體金融業永續性的有效途徑。 | zh_TW |
| dc.description.abstract | This study examines how the Environmental, Social, and Governance (ESG) performance of financial holding companies (FHCs) in Taiwan influences the financial performance of their securities subsidiaries through spillover effects. While prior ESG research has largely focused on individual firms or the banking sector, this study highlights intra-group transmission mechanisms and addresses the unique role of the securities industry—an area that remains underexplored.
Building on theoretical foundations, we propose three channels of ESG spillover: (1) reputational spillover, via halo effects and moral capital; (2) financial spillover, through reduced capital costs and internal capital allocation; and (3) strategic spillover, driven by knowledge transfer and innovation diffusion. Using panel data from 14 listed FHCs and their securities subsidiaries from 2017 to 2024, we apply a fixed-effects model with ESG ratings and financial indicators from the Taiwan Economic Journal (TEJ). Empirical results show that parent-level ESG performance significantly enhances subsidiaries’ ROA, ROE, and EPS. Our findings underscore the strategic importance of ESG at the group level and suggest that regulators, investors, and FHCs should account for ESG spillovers in performance evaluation and policy design. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2025-08-05T16:13:53Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2025-08-05T16:13:53Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | 誌謝 i
摘要 ii Abstract iii 目次 iv 第一章 緒論 1 第一節 研究動機 1 第二節 研究目的 3 第三節 研究方法 3 第四節 研究流程圖 3 第二章 文獻回顧 5 第一節 ESG發展歷史與資本市場趨勢 5 第二節 各地區交易所監管、ESG資訊揭露與市場效應 8 第三節 各地區金融業與ESG 10 第四節 外溢效應之理論概念 19 第三章 研究方法 22 第一節 建立假說 22 第二節 樣本選取與資料來源 23 第三節 變數定義與衡量 24 第四節 研究模型與計量方法設計 27 第四章 實證結果與分析 31 第一節 敘述性統計與相關性分析 32 第二節 主效果分析 (假說H1) 36 第三節 中介效果分析 (假說H3) 37 第四節 調節效果分析 (假說H2) 39 第五章 結論與建議 41 參考文獻 46 | - |
| dc.language.iso | zh_TW | - |
| dc.subject | 外溢效應 | zh_TW |
| dc.subject | ESG | zh_TW |
| dc.subject | 金融控股公司 | zh_TW |
| dc.subject | 財務績效 | zh_TW |
| dc.subject | TESG 評級 | zh_TW |
| dc.subject | 證券業 | zh_TW |
| dc.subject | Spillover Effect | en |
| dc.subject | Financial Performance | en |
| dc.subject | ESG | en |
| dc.subject | TEJ ESG Ratings | en |
| dc.subject | Financial Holding Companies | en |
| dc.subject | Securities Industry | en |
| dc.title | 金控母公司ESG表現 對其證券子公司績效的外溢效應 | zh_TW |
| dc.title | The Spillover Effects of ESG Performance of Financial Holding Companies on the Performance of Their Securities Subsidiaries | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 113-2 | - |
| dc.description.degree | 碩士 | - |
| dc.contributor.coadvisor | 許耀文 | zh_TW |
| dc.contributor.coadvisor | Yao-Wen Hsu | en |
| dc.contributor.oralexamcommittee | 連勇智;林谷合 | zh_TW |
| dc.contributor.oralexamcommittee | Yung-Chih Lien;Ku-Ho Lin | en |
| dc.subject.keyword | 外溢效應,ESG,金融控股公司,財務績效,TESG 評級,證券業, | zh_TW |
| dc.subject.keyword | ESG,Spillover Effect,Financial Holding Companies,Securities Industry,Financial Performance,TEJ ESG Ratings, | en |
| dc.relation.page | 53 | - |
| dc.identifier.doi | 10.6342/NTU202502659 | - |
| dc.rights.note | 未授權 | - |
| dc.date.accepted | 2025-08-01 | - |
| dc.contributor.author-college | 管理學院 | - |
| dc.contributor.author-dept | 國際企業學系 | - |
| dc.date.embargo-lift | N/A | - |
| 顯示於系所單位： | 國際企業學系 | |
文件中的檔案：
| 檔案 | 大小 | 格式 | |
|---|---|---|---|
| ntu-113-2.pdf 未授權公開取用 | 870.56 kB | Adobe PDF |
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。