探索臺灣上市櫃觀光產業與非觀光產業ESG活動與公司經營績效之關聯

Abstract

全球企業之利害關係人與政府相關監控單位開始強烈地關注在環境保護、社會責任、公司治理 (Environment, Social and Governance, ESG) 活動中，代表著企業為了符合ESG活動規範，需要面臨公司內外部的轉型。同時，因應在未來歐盟規劃於2050年達到全球淨零碳排的目標，在2023上市櫃企業揭露公司經營績效之財務報告書，更需要主動揭露ESG永續報告書。本研究將產業分為上市櫃觀光業與非觀光業做為研究樣本。研究目的為探討ESG是否會影響公司經營績效。研究方法採用臺灣經濟新報 (Taiwan Economic Journal, TEJ) 資料庫中上市櫃觀光業與非觀光業之數據，資料年份採用2014至2021年，共八年。將ESG分為三大構面，公司經營績效以四個應變數分別為：ROA、ROE、Tobin’s Q及效率值，效率值之計算方式基於生產經濟理論以差額資料包絡分析法計算出上市櫃企業經營績效之效率值。控制變數為：公司年限、財務槓桿比率、營運槓桿比率、觀光產業變數以及年度之虛擬變數，避免數值在每年之間相互影響。以SPSS 23.0軟體進行統計分析：敘述性統計、線性複迴歸分析與Stata V17.0 進行縱橫資料迴歸分析，進一步驗證本研究之假設。理論意涵當中，本研究擴展了生產經濟學理論所應用之範圍，將其應用於觀光產業與非觀光產業領域與ESG活動進行探討，而研究結果為ESG各構面皆部分顯著影響公司經營績效。管理意涵將針對企業發展ESG活動對經營績效的影響，加以敘述在政府監控單位制定之政策方向給予建議，了解ESG議題的重要性，使利害關係人更加了解企業實施永續之結果與企業之未來發展性。Global corporations are increasingly being scrutinized by stakeholders and government regulatory agencies regarding their activities related to Environmental, Social, and Governance (ESG) practices. This signifies that companies are required to undergo internal and external transformations to comply with ESG standards. Additionally, in response to the European Union's plan to achieve global net-zero carbon emissions by 2050, the listed companies are now required to proactively disclose ESG sustainability reports in their financial statements, which provide insights into their operational performance. This study focuses on two sectors: listed tourism industry and non-tourism industry, to investigate the impact of ESG on companies' operational performance. The research methodology utilizes data from the Taiwan Economic Journal (TEJ) database, covering the years 2014 to 2021, eight years in total. ESG is divided into three dimensions, and the company's operational performance is measured by four dependent variables: Return on Assets (ROA), Return on Equity (ROE), Tobin's Q, and efficiency. The efficiency value is calculated using the Data Envelopment Analysis (DEA) method based on production economic theory, evaluating the operational efficiency of listed companies. Control variables include company age, financial leverage ratio, operating leverage ratio, tourism industry variables, and yearly dummy variables to mitigate potential mutual influences between the variables. Statistical analysis is conducted using SPSS 23.0 software for descriptive statistics and linear multiple regression analysis, while Stata V17.0 is used for panel regression analysis to further validate the study's hypotheses. The theoretical implications of this research expand the application of production economic theory, exploring its relevance to the tourism industry and non-tourism industry in the context of ESG activities. The research findings indicate that ESG dimensions partially affect companies' operational performance. The managerial implications of the study provide recommendations for companies in developing ESG activities and offer insights to government regulatory agencies in formulating policies, emphasizing the importance of ESG issues, and facilitating stakeholders' understanding of the outcomes of sustainable practices and future development of companies.