在全球推動永續概念的趨勢下，國際間開始要求企業必須出具ESG報告書，而本國也在金管會的規範之下，將強制部分企業編制和申報永續報告書，進而達到環境(Environment)、社會責任(Social)與公司治理(Governance)各項目的目標，公司藉由ESG報告書可傳達永續經營的理念給大眾，並且讓受過專業訓練的分析師，獲得除了財報以外的資訊，進而評估公司整體狀況。分析師行為會是資本市場中重要的參考指標，因此，本研究以2015至2020年上市櫃公司為樣本，探討企業ESG績效與分析師行為之關聯。實證結果發現，當公司ESG績效表現越好時，包含ESG分數越高、評等越高、排名越前面，分析師的追蹤人數越多、分析師每股盈餘預測準確度越高，以及分析師每股盈餘預測離散程度越低。

As the global trend of promoting the concept of sustainability,companies are being required to issue ESG reports internationally. In Taiwan, under the regulations of the Financial Supervisory Commission in 2023, it will be mandatory for some companies to prepare and file sustainability reports to achieve the goals of environmental protection, social responsibility, and corporate governance. The ESG report can convey the concept of sustainable management to the public, and allow professionally trained analysts to obtain information other than financial reports to evaluate the overall situation of the company. The results show that the higher the ESG performance, the higher the ESG score, the higher the ESG rating, and the higher the ESG ranking, the higher the number of analysts' trackers, the higher the accuracy of EPS forecast, and the lower the dispersion of EPS forecast.

摘要 I
Abstract II
第壹章 緒論 1
第一節 研究背景與目的 1
第二節 研究架構 3
第貳章 文獻回顧與假說發展 4
第一節 ESG 4
第二節 影響分析師行為之因素 10
第三節 假說推論 13
第參章 研究設計 14
第一節 實證模型與變數 14
第二節 資料來源與樣本篩選 20
第肆章 實證結果分析 23
第一節 敘述性統計 23
第二節 相關係數分析 25
第三節 實證結果分析 29
第伍章 額外測試 37
第陸章 研究結論與建議 55
第一節 研究結論 55
第二節 研究限制與未來研究建議 56
第三節 研究貢獻 56
參考文獻 57

李建興，2022，ESG與CSR : 企業永續經營的關鍵祕笈，新陸書局有限股份公司 : 1-301.
Abarbanell, J. S., W. N. Lanen, and R. E. Verrecchia. 1995. Analysts' Forecasts as Proxies for Investor Beliefs in Empirical Research. Journal of Accounting and Economics 20(1): 31-60.
Alazzani, A., W. N. Wan-Hussin, M. Jones, and A. Al-hadi. 2021. ESG Reporting and
Analysts’ Recommendations in GCC: The Moderation Role of Royal Family Directors. Journal of Risk and Financial Management 14 (72): 1-20.
Amiram, D., W. R. Landsman, E. L. Owens, and S. R. Stubben. 2018. How are analysts’ forecasts affected by high uncertainty? Journal of Business Finance and Accounting 45(3): 295-318.
Andersen, M. L., Y. D. Hong, and L. Olsen. 2012. Accruals Quality and Corporate Social Responsibility: The Role of Industry. Journal of Accounting and Finance 12 (2): 65-79.
Aouadi1, A., and S. Marsat1. 2018. Do ESG Controversies Matter for Firm Value? Evidence from International Data. Journal of Business Ethics 151(4): 1027–1047.
Asiamah, F. N., and S. Ghulam. 2019. The Relationship Between CSR Activity and Sales Growth in the UK Retailing Sector. Social Responsibility Journal 16(3): 1-23.
Atiase, R. K. 1985. Predisclosure Information, Firm Capitalization, and Security Price
Behavior Around Earnings Announcements. Journal of Accounting Research 23(1): 21-36.
Beaver, W. H. 2002. Perspectives on Recent Capital Market Research. The Accounting Review 77(2): 453-474.
Bhandari, A., and M. Kohlbeck. 2018. Impact of Corporate Social Responsibility Activities on Analysts’ Behavior. Advances in Quantitative Analysis of Finance and Accounting 16: 73-116.
Bhushan, R. 1989. Firm Characteristics and Analyst Following. Journal of Accounting and Economics 11(2-3): 255-274.
Branco, M. C., and L. L. Rodrigues. 2006. Corporate Social Responsibility and Resource- Based Perspectives. Journal of Business Ethics 69(2): 111-132.
Campbell, J. L. 2007. Why Would Corporations Behave in Socially Responsible Ways? An Institutional Theory of Corporate Social Responsibility. Academy of Management Review 32(3): 946-967.
Chen, S., and D. A. Matsumoto. 2006. Favorable versus Unfavorable Recommendations: The Impact on Analyst Access to Management-Provided Information. Journal of Accounting Research 44(4): 657-689.
Chen, Z., G. Xie. 2022. ESG Disclosure and Financial Performance: Moderating Role
of ESG Investors. International Review of Financial Analysis 83: 1-16.
Chiaramonte, L., A. Dreassi, C. Girardone, and S. Piserà. 2022. Do ESG Strategies Enhance Bank Stability During Financial Turmoil? Evidence from Europe. The European Journal of Finance 28(12): 1173-1211.
Cho, J. Y., and C. Harter. 1995. The Relation Between Predisclosure Information and
the Dispersion of Financial Analysts’ Forecasts of Earnings. Journal of Business
Finance and Accounting 22(6): 855-865.
Cho, S. Y., C. Lee , and R. Pfeiffer. 2013. Corporate Social Responsibility Performance and Information Asymmetry. Journal of Accounting Public Policy 12(4): 1-13.
Chung, K.H., and H. Jo. 1996. The Impact of Security Analysts' Monitoring and Marketing Functions on the Market Value of Firms. Journal of Financial and Quantitative Analysis 31(4): 493-512.
Clement, M. B. 1999. Analyst Forecast Accuracy: Do Ability, Resources, and Portfolio Complexity Matter? Journal of Accounting and Economics 27(3): 285-303.
Dalal, K. K., and N. Thaker. 2019. ESG and Corporate Financial Performance: A Panel Study of Indian Companies. The IUP Journal of Corporate Governance 18(1): 44-59.
Degeorge, F., Y. Ding, T. Jeanjean, and H. Stolowy. 2013. Analyst Coverage, Earnings Management and Financial Development: An International Study. Journal of Accounting Public Policy 32(1): 1-15.
De Lucia, C., P. Pazienza, and M. Bartlett. 2020. Does Good ESG Lead to Better Financial Performances by Firms? Machine Learning and Logistic Regression Models of Public Enterprises in Europe. Sustainability 12(13): 1-26.
Dhaliwal, D. S., S. Radhakrishnan, A. Tsang, and Y. G. Yang. 2012. Nonfmancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure. The Accounting Review 87(3): 723-759.
Dyck, A., and L. Zingales. 2004. Private Benefits of Control: An International Comparison. The Journal of Finance 59(2): 537-600.
Dyck, A., and L. Zingales. 2010. Who Blows the Whistle on Corporate Fraud? The Journal of Finance 65(6): 2213-2253.
Fatemi, A., M. Glaum, and S. Kaiser. 2018. ESG Performance and Firm Value: The Moderating Role of Disclosure. 38(3): 45-64.
Folger, Z., S. Pashang, L. Feor, and A. ElAlfy. 2020. ESG Ratings and Financial Performance of Exchange-Traded Funds During the COVID-19 Pandemic. Journal of Sustainable Finance and Investment 12(1): 1-7.
Freeman, R. E., and D. L. Reed. 1983. Stockholders and Stakeholders: A New Perspective on Corporate Governance. California Management Review 25(3): 88-106.
Frooman, J. 1997. Socially Irresponsible and Illegal Behavior and Shareholder Wealth. Business and Society 36(3): 221-249.
Gelb, D. S., and J. A. Strawser. 2001. Corporate Social Responsibility and Financial Disclosures: An Alternative Explanation for Increased Disclosure. Journal of Business Ethics 33(1): 1-13.
Gillan, S. L., A. Koch, and L. T. Starks. 2021. Firms and Social Responsibility: A
Review of ESG and CSR Research in Corporate Finance. Journal of Corporate Finance 66(3): 1-45.
Gow, I. D., Ormazabal, G., and Taylor, D. J. 2010. Correcting for Cross‐Sectional and Time‐Series Dependence in Accounting Research. The Accounting Review 85 (2): 483-512.
Greening, D. W., and D. B. Turban. 2000. Corporate Social Performance as a Competitive Advantage in Attracting a Quality Workforce. Business and Society 39(3): 254-280.
Hart, S.L., and G. Dowell. 2011. Invited editorial: a natural-resource-based view of the firm: fifteen years after. J Manage 37(5): 1464-1479.
Healy, P. M., and K. G. Palepu. 2001. Information Asymmetry, Corporate Disclosure,
and the Capital Markets: A Review of the Empirical Disclosure Literature. Journal of Accounting and Economics 31(1-3): 405-440.
Hong, H., and M. Kacperczyk. 2009. The Price of Sin: The Effects of Social Norms on Markets. The Journal of Financial Economics 93(1): 15-36.
Hope, O. K. 2003. Accounting policy disclosures and analysts’ forecasts. Contemporary Accounting Research 20(2): 295-321.
Hope, O. K. 2003. Disclosure practices, enforcement of accounting standards, and analysts’ forecast accuracy : an international study. Journal of Accounting Reasearch 41(2): 235-271.
Ioannou, I., and G. Serafeim. 2015. The Impact of Corporate Social Responsibility on Investment Recommendations: Analysts’ Perceptions and Shifting Institutional Logics. Strategic Management Journal 36(7): 1053-1081.
Jacob, J., T. Z. Lys, and M. A. Neale. 1999. Expertise in Forecasting Performance of Security Analysts. Journal of Accounting and Economics 28(1): 51-82.
Jo, H., and M. Harjoto. 2014. Analyst Coverage, Corporate Social Responsibility, and
Firm Risk. Business Ethics: A European Review 23(3): 272-292.
Jones, T. M. 1995. Instrumental Stakeholder Theory: A Synthesis of Ethics and Economics. Academy of Management Review 20(2): 404-437.
Kim, Y., H. Li, and S. Li. 2014. Corporate Social Responsibility and Stock Price Crash Risk. Journal of Banking and Finance 43: 1-13.
Kwon, S. S. 2002. Financial Analysts' Forecast Accuracy and Dispersion: High-Tech versus Low-Tech Stocks. Review of Quantitative Finance and Accounting 19(1): 65-91.
Lang, M. H., and R. J. Lundholm. 1996. Corporate disclosure policy and analyst behavior. Accounting Review: 467-492.
Lang, M. H., K. V. Lins, and D. P. Miller. 2003. ADRs, Analysts, and Accuracy: Does Cross Listing in the United States Improve a Firm’s Information Environment and Increase Market Value? Journal of Accounting Research 41(2): 317-345.
Livnat, J., and Y. Zhang. 2012. Information Interpretation or Information Discovery: Which Role of Analysts Do Investors Value More? Review of Accounting Studies 17(3): 612-641.
Lu, C. W. and T. S. Chueh. 2015. Corporate Social Responsibility and Information Asymmetry. Journal of Applied Finance and Banking 5(3): 105-122.
Luo, X., and S. Du. 2015. Exploring the Relationship Between Corporate Social Responsibility and Firm Innovation. Marketing Letters 26(4): 703-714.
Luo, X., H. Wang, S. Raithel, and Q. Zheng. 2015. Corporate Social Performance, Analyst Stock Recommendations, and Firm Future Returns. Strategic Management Journal 36(1): 123-136.
McWilliams, A., D. S. Siegel, and P. M. Wright. 2006. Corporate Social Responsibility: Strategic Implications. Journal of Management Studies 43(1): 1-18.
Merkley, K. J., L. S. Bamber, and T. E. Christensen. 2013. Detailed Management Earnings Forecasts: Do analysts listen? Review of Accounting Studies 18(2): 479-521.
Mervelskemper, L., and D. Streit. 2017. Enhancing Market Valuation of ESG Performance: Is Integrated Reporting Keeping its Promise? Business Strategy and the Environment 26(4): 536-549.
Mikhail, M. B., B. R. Walther, and D. H. Willis. 2013. Do Security Analysts Improve Their Performance with Experience? Journal of Accounting Research 35: 131-157.
Moyer, R. C., R. E. Chatfield, and P. M. Sisneros. 1989. Security Analyst Monitoring Activity: Agency Costs and Information Demands. Journal of Financial and Quantitative Analysis 24(4): 503-512.
Peloza, J. 2006. Using Corporate Social Responsibility as Insurance for Financial Performance. California Management Review 48(2): 52-72.
Qiu, Y., A. Shaukat, and R. Tharyan. 2016. Environmental and Social Disclosures: Link with Corporate Financial Performance. The British Accounting Review 48(1): 102-116.
Raimo, N., A. Caragnano, M. Zito, F. Vitolla, and M. Mariani. 2021. Extending the Benefits of ESG Disclosure: The Effect on the Cost of Debt Financing. Corporate Social Responsibility and Environmental Management 28(4): 1412-1421.
Sadiq, M., J. Singh, M. Raza, and S. Mohamad. 2020. The Impact of Environmental, Social and Governance Index on Firm Value: Evidence from Malaysia. International Journal of Energy Economics and Policy 10(5): 555-562.
Schler, D. A., and M. Cording. 2006. A Corporate Social Performance-Corporate Financial Performance Behavioral Model for Consumers. Academy of Management Review 31(3): 540-558.
Velte, P. 2017. Does ESG Performance Have an Impact on Financial Performance? Evidence from Germany. Journal of Global Responsibility 8(2): 169-178.
Waddock, S. A., and S. B. Graves. 1997. The Corporate Social Performance Financial Performance Link. Strategic Management Journal 18(4): 303-319.
Waymire, G. 1985. Earnings Volatility and Voluntary Management Forecast Disclosure. Journal of Accounting Research 23(1): 268-295.
Womack, K. L. 1996. Do Brokerage Analysts’ Recommendations Have Investment Value? The Journal of Finance 51(1): 137-167.
Wong, J. B., and Q. Zhang. 2022. Stock Market Reactions to Adverse ESG Disclosure Via Media Channels. The British Accounting Review 54(1): 1-31.
Xie, J., W. Nozawa, M. Yagi, H. Fujii, and S. Managi. 2019. Do Environmental, Social, and Governance Activities Improve Corporate Financial Performance? Business Strategy and the Environment 28(2): 286-300.
Zahid, A., M. K. Khan, W. Anwar, and U. S. Maqsood. 2022. The Role of Audit Quality in the ESG-corporate Financial Performance Nexus: Empirical Evidence from Western European Companies. Borsa Istanbul Review 22(2): 200-212.
Zuckerman, E. W. 1999. The Categorical Imperative: Securities Analysts and the
Illegitimacy Discount. American Journal of Sociology 104(5): 1398-1438.