- 學位論文
反ESG浪潮對ESG ETF的影響：以美國市場為例
The Impact of the Anti-ESG Wave on ESG ETFs: A Case Study of the U.S. Market
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摘要
本研究以美國註冊上市之投資標的為股權的股票指數型基金(ETF)為樣本，研究美國反環境保護、社會責任、與公司治理(ESG)聯邦法案於參議院通過後對於ESG ETF淨資產增加量之影響。並且進一步探討法案通過之後，與基金相關的晨星評級以及網路對於該事件的討論是否提供額外的效果。差異中之差異分析之實證結果發現，在反ESG法案通過後，ESG ETF淨資產增加量顯著下降，然而投資人較不會減少購買投組碳風險評級(carbon risk rating)越高的ESG ETF，另外，網路上針對ESG或是反ESG的討論對ESG ETF淨資產增加量都沒有影響。
並列摘要
This study examines the impact on the net asset growth of environmental, social, and governance (ESG) exchange-traded funds (ETFs) listed in the United States after the passage of the anti-ESG federal bill in the US Senate. Furthermore, it explores whether Morningstar ratings and online discussions about the event provide additional effects after the passage of the bill. The empirical results from difference-in-differences analyses show that the net asset growth of ESG ETFs significantly declined following the passage of the anti-ESG bill. However, investors are less likely to reduce their purchases of ESG ETFs with higher carbon risk ratings in their portfolios. Additionally, online discussions about ESG or anti-ESG do not impact the net asset growth of ESG ETFs after the passage of the Bill.
參考文獻
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