機構持股、家族企業與董事會組成對ESG績效之影響

The Impact of Institutional Investor Ownership, Family Business and Board Characteristics on ESG Performance

簡瑞宏(JUI-HUNG CHIEN)

指導教授 ： 李德冠

中原大學/商學院/國際商學碩士學位學程/碩士(2023年)

https://doi.org/10.6840/cycu202301022

摘要

Environmental, Social, and Governance (ESG)的概念近年來蓬勃發展且受到大眾的關注，越來越多的投資人不再僅專注在公司的財務績效，同時也開始考量ESG三個面向的非財務性資訊。近期，歐盟在2019年正式生效《永續金融披露規範》（Sustainable Finance Disclosure Regulation，簡稱SFDR），將要求企業提供ESG資訊的責任移轉至金融投資機構。來自歐盟的ESG相關法規似乎加劇了社會壓力，促使國際投資機構及企業揭露並將ESG轉化成可衡量、可比較的指標。本研究探討機構投資及家族企業是否影響公司的ESG績效。同時，本研究亦討論董事會組成是否會影響公司ESG績效。本研究蒐集2018-2021年台灣上市公司之MSCI ESG評級，並以機構投資人持股比例、家族企業、獨立董事、女性董事、董事會成員兼任情況為主要觀察變數。

實證結果發現，機構投資人對ESG績效有負向影響。本研究進一步將機構投資人區分外國機構、國內機構及金融機構後，發現國內金融機構對於ESG績效呈負面影響；外國金融機構投資者呈正面影響，顯示外國金融機構與國內金融機構對於ESG議題存在不同的影響力；家族企業對於ESG績效存在負向效果；獨立董事與ESG績效有正向影響。

關鍵字

ESG ； 機構投資人 ； 家族企業 ； 董事會特徵

並列摘要

The concept of Environmental, Social, and Governance (hereinafter referred to as ‘ESG’) has thrived recently and has attracted the public’s attention. More and more investors not only focus on the financial performance of companies but begin to consider the three aspects of ESG-related non-financial information. Recently, the European Union (hereinafter called the ‘EU’) officially formalized the regulation in 2019 called the Sustainable Finance Disclosure Regulation (SFDR), which transfers the responsibility for requiring companies to provide ESG information to financial investment institutions. ESG-related norms and regulations from the EU and the United Nations seem to have strengthened the social pressure to promote international investment institutions and companies to disclose and convert ESG issues into measurable and comparable commitments. This study explores whether institutional ownership and family business impact firms' ESG performance. At the same time, this study also examines the associations between board composition and the company's ESG performance. This study collects the MSCI ESG ratings of listed companies in Taiwan from 2018 to 2021. This research takes the institutional investors ownership, family businesses, independent directors, female directors, and board members concurrently as the main observation variables.
Empirical results show that institutional investors have a negative impact on ESG performance. This study further differentiates institutional investors into foreign institutions, domestic institutions, and financial institutions.

Empirical evidence shows a negative effect of domestic financial institutions on ESG performance. However, foreign financial institutional investors show a positive effect, meaning that foreign financial institutional investors and domestic ones have different roles on ESG issues; Family businesses have a negative effect on ESG performance; Independent directors have a positive impact on ESG performance.

並列關鍵字

Environment, Social and Governance (ESG) ； Institutional Investor Ownership ； Family Business ； Board Characteristics

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