探究高污染行業中企業社會責任實踐之經濟影響：從ESG績效到公司價值

Exploring the Economic Impact of Corporate Social Responsibility Practices in High-Pollution Industries: From ESG Performance to Corporate Value

10.6285/MIC.202409_13(2).0011

蔡裕明(Yu-Ming Tsai)；張璟升(Ching Sheng Chang)；張芷瑜(Jhih Yu Chang)；林承宏(Chung Hong Lin)；洪婉瑜(Wan Yu Hong)

企業社會責任 ； 高污染產業 ； 可持續發展 ； 公司價值 ； 文字探勘 ； Corporate Social Responsibility ； High-Pollution Industries ； Sustainable Development ； Firm Value ； Text Mining

管理資訊計算

13卷2期（2024 / 09 / 01）

141 - 155

繁體中文;英文

本研究探討企業社會責任（ESG）在高污染產業中對公司價值影響，特別是股價與市場價值。隨著全球對可持續發展和社會責任重視度增加，企業ESG表現已成為增強企業公信力及股東價值重要因素。本文以文字探勘技術分析公司報告中的ESG相關內容，探討這些內容與公司財務表現及市場評估間之關係。研究發現良好ESG表現與較高資產回報率（ROA）、股東權益回報率（ROE）和Tobin's Q值正相關，尤其在高污染產業中更明顯。這支持將ESG整合至企業核心運營策略中可以顯著提升長期價值。結果支持利益相關者理論，為高污染產業企業改善ESG實踐以促進可持續發展提供實證依據。然而，本研究限制包括樣本主要來自臺灣，可能限制結果普遍適用性。此外，雖然利用文字探勘技術提供一個創新視角，但衡量ESG表現關鍵詞權重指標可能帶有一定主觀性，未必能全面反映企業實際ESG表現。

This study examines the impact of Corporate Social Responsibility (CSR) and Environmental, Social, and Governance (ESG) performance on company value, particularly stock prices and market value, within high-pollution industries. As sustainable development and social responsibility gain increasing global attention, corporate ESG performance has become a crucial factor in enhancing corporate credibility and shareholder value. This paper analyzes ESG-related content in corporate reports through text mining techniques and explores the relationship between this content and both financial performance and market valuation. The research findings indicate that good ESG performance is positively correlated with higher Return on Assets (ROA), Return on Equity (ROE), and Tobin's Q, especially in high-pollution industries. This supports the view that integrating ESG into core business strategies can significantly enhance long-term value. The results support stakeholder theory and provide empirical evidence for improving ESG practices in high-pollution industries to promote sustainable development. However, this study is limited as the sample primarily consists of companies from Taiwan, which may limit the generalizability of the results. Additionally, while text mining offers an innovative perspective, the keyword weight indicators used to measure ESG performance may carry some subjectivity and may not fully reflect the actual ESG performance of companies.