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題名:企業出具ESG永續報告書與董事長雙元性 對投資決策之影響:家族企業與非家族企業之差異
作者:劉慧芬
作者(外文):Liu, Hui-Fen
校院名稱:國立彰化師範大學
系所名稱:財務金融技術學系
指導教授:吳明政
學位類別:博士
出版日期:2024
主題關鍵詞:企業永續永續報告書董事長雙元性投資決策家族企業ESGSustainability ReportsCEO dualityCorporate InvestmentFamily Firms
原始連結:連回原系統網址new window
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本研究探討企業出具ESG永續報告書對投資決策之影響,並進一步探討家族企業與非家族企業間,在考量董事長是否兼任總經理之因素後之影響。迴歸分析結果顯示企業出具ESG永續報告書與公司資本支出呈現顯著的正相關。在非家族企業之中,原本出具ESG永續報告書對研究發展支出並無顯著影響,但若董事長兼任總經理時,出具ESG永續報告書反而會降低企業的研究發展費用。在家族企業之中,董事長兼任總經理會加強原本出具ESG永續報告書與資本支出的正向關係。本研究進一步以「差異中的差異法(DID)」進行測試,結果發現若企業為非家族企業,若非家族企業沒有出具ESG永續報告書時,董事長兼任總經理較沒有兼任者多做研究發展;當非家族企業出具ESG永續報告書且董事長兼任總經理時,企業反而會減少研究發展費用。若企業為家族企業,沒有出具ESG永續報告書時,董事長兼任總經理會較未兼任的情形減少資本支出;當家族企業出具ESG永續報告書且董事長兼任總經理時,家族企業會採取增加資本支出的投資決策。
This study explores the impact of ESG sustainability reports issued by companies on investment decisions, and further explores the impact between family companies and non-family companies after considering whether the chairman is also the general manager. The regression analysis results show that there is a significant positive correlation between the issuance of ESG sustainability reports by companies and the company's capital expenditures. Among non-family companies, issuing an ESG sustainability report originally has no significant impact on research and development expenditures. However, if the chairman also serves as the general manager, issuing an ESG sustainability report will actually reduce the company's research and development expenditures. In family businesses, having the chairman concurrently as general manager will strengthen the positive relationship between the original issuance of ESG sustainability reports and capital expenditures. This study further tested the "difference in differences (DID)" method and found that if the company is a non-family company and the non-family company does not issue an ESG sustainability report, the chairman and general manager will do more research than those who do not hold the concurrent position. Development; when non-family companies issue ESG sustainability reports and the chairman also serves as general manager, the company will actually reduce research and development expenses. If the company is a family company and does not issue an ESG sustainability report, the chairman of the board who concurrently serves as the general manager will reduce capital expenditures compared with the case where the chairman does not concurrently hold the position; when the family company issues an ESG sustainability report and the chairman concurrently serves as the general manager, the family company will take investment decisions to increase capital expenditures.
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