外資持股與董事會特性對首次公開發行公司企業社會責任績效之影響

本研究探討國內首次公開發行公司(Initial Public Offerings)之外資持股與董事會特性對企業社會責任績效之影響。本文將企業社會責任區分為企業環境績效、企業社會績效及企業公司治理績效(ESG)三個構面進行探討，採內容分析法手動分析IPO公司公開說明書中企業社會責任資訊以衡量公司企業社會責任三個構面的績效。研究樣本為台灣2015年到2020年首次上市上櫃公司，研究方法採迴歸分析進行。實證結果發現(1)董事會規模與企業環境績效呈現向下拋物線的非線性關係(2)獨立董事對企業社會績效有顯著正向影響(3)董事會規模與企業社會績效呈現向下拋物線的非線性關係(4)外資持股與企業公司治理績效呈現向上拋物線的非線性關係(5)獨立董事與企業公司治理績效呈現向上拋物線的非線性關係(6)女性董事對企業公司治理績效有顯著正向影響。

關鍵字

企業社會責任；外資持股；董事會特性； IPO公司

並列摘要

This study examines the impact of foreign shareholding and board characteristics on Taiwanese IPO firms' corporate social responsibility performance. This research discusses corporate social responsibility from three dimensions: Environmental, Social, and Corporate Governance aspect, called ESG. We adopt content analysis to manually analyze corporate social responsibility information in IPO firms ' prospectuses to measure their performance in three dimensions of corporate social responsibility. Taiwan's IPO firms from 2015 to 2020 have been chosen as research objects, and the research method has been carried out by regression analysis. The empirical results shows that: (1) The size of the board of directors and corporate environmental performance show a nonlinear relationship (inverted U-shape); (2) Independent directors have a significant positive impact on corporate social performance; (3)The size of the board of directors and corporate social performance shows a nonlinear relationship (inverted U-shape); (4) Foreign shareholding and corporate governance performance show a nonlinear relationship (U-shape); (5) Independent directors and corporate governance performance show a nonlinear relationship (U-shape); (6) Female directors have a significant positive impact on corporate governance performance.