進階搜尋


   電子論文尚未授權公開,紙本請查館藏目錄
(※如查詢不到或館藏狀況顯示「閉架不公開」,表示該本論文不在書庫,無法取用。)
系統識別號 U0026-0401201714100400
論文名稱(中文) 赤道銀行與非赤道銀行間之決定因素與經濟後果
論文名稱(英文) Determinants and Economic Consequences of Banks Adopting the Equator Principles
校院名稱 成功大學
系所名稱(中) 會計學系
系所名稱(英) Department of Accountancy
學年度 105
學期 1
出版年 106
研究生(中文) 賴岱瑋
研究生(英文) Dai-Wei Lai
學號 R16034169
學位類別 碩士
語文別 英文
論文頁數 34頁
口試委員 指導教授-陳政芳
口試委員-林囿成
口試委員-黃炳勳
中文關鍵字 赤道原則  綠色融資  企業社會責任 
英文關鍵字 Equator Principles  Green Finance  Corporate Social Responsibility 
學科別分類
中文摘要 此篇文獻是探討銀行適用赤道原則精神之決定性因素及經濟後果,並以台灣本土銀行作為研究對象,包含各公股銀行及各商業銀行。經實證分析發現,注重企業社會責任表現之銀行會傾向將赤道原則精神納入授信政策中,且赤道銀行通常屬經濟規模較大之銀行。另一方面,採行赤道原則後不僅會使銀行之機構投資人比例增加,更有機會使本益比提升,並進一步降低銀行之資金成本。整體而言,此篇研究證實,銀行在採行赤道原則,將企業對於社會、環境影響之考量因素納入授信政策中後,會產生有利於銀行之經濟後果。
英文摘要 According to the Equator Principles official site, the Equator Principles (EPs) is a risk management framework for determining, assessing and managing environmental and social risk in financing projects. This paper examines the determinants and economic consequences of banks adopting the Equator Principles, which are measured using the database of local banks in Taiwan. The empirical analysis finds that banks with better corporate social responsibility performance, greater size and market-to-book ratio tend to adopt the Equator Principles. In return, these banks gain higher levels of institutional ownership, higher P/E ratio, and lower capital cost under the Equator Principles. Collectively, the results of this paper suggest that adopting the Equator Principles delivers economic benefits and lowers the cost of capital.
論文目次 1. Introduction 1
2. Literature Review and Hypotheses Development 4
2.1. Adopting the Equator Principles and Non-Financial Disclosures 4
2.2. Determinants of Adopting the Equator Principles 5
2.3. Economic Consequences 7
3. Data 9
3.1. Data on the Banks Which Adopt the Equator Principles 9
3.2. Data on CSR Performance and Information Disclosure Scores 10
3.3. Sample Formation 11
4. Empirical Analyses 12
4.1. Determinants of Adopting the Equator Principles 12
4.2. Economic Consequences of Adopting the Equator Principles 17
4.2.1. Adopting the Equator Principles and Institutional Ownership 17
4.2.2. Adopting the Equator Principles and Stock Liquidity 20
4.2.3. Adopting the Equator Principles and Equity Financing Cost 22
4.2.4. Adopting the Equator Principles and Debts Financing Cost 25
5. Conclusion 27
References 28
Appendix. Variable Definitions 32


Table 1. Summary statistics of key variables 11
Table 2. Determinants of banks adopting the Equator Principles 15
Table 3. Adopting the Equator Principles and institutional ownership 19
Table 4. Adopting the Equator Principles and stock liquidity 21
Table 5. Adopting the Equator Principles and P/E ratios 24
Table 6. Adopting the Equator Principles and the average debt rate 26

參考文獻 Amihud, Y. (2002). Illiquidity and stock returns: Cross-section and time-series effects. Journal of Financial Markets, 5(1), 31-56.

Bagnoli, M., & Watts, S. (2003). Selling to socially responsible consumers: Competition and the private provision of public goods. Journal of Economics and Management Strategy, 12(3), 419–445.

Bansal, P., & Roth, K. (2000). Why companies go green: A model of ecological responsiveness. Academy of Management Journal, 43(4), 717–736.

Baron, D. (2001). Private politics, corporate social responsibility and integrated strategy. Journal of Economics and Management Strategy, 10(1), 7– 45.

Bert Scholtens & Lammertjan Dam (2007). Banking on the Equator. Are Banks that Adopted the Equator Principles Different from Non-Adopters?. World Development, 35(6), 1307-1328.

Benjamin E. Hermalin, Michael S. Weisbach (2012). Information Disclosure and Corporate Governance. The Journal of Finance, 67(1), 195-233.

Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97, 207-221.

Dhaliwal, D., Li, O., Tsang, A., & Yang, Y. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59-100.

Daske, H., Hail, L., Leuz, C., & Verdi, R. (2008). Mandatory IFRS reporting around the world: Early evidence on the economic consequences. Journal of Accounting Research, 46(5), 1085-1142.

Esty, B. C., Knoop, C., & Sesia, A. (2005). The Equator Principles: An industry approach to managing environmental and social risks. Harvard Business School Case Study, 9-205-114.

Fang Gaoa, Yi Dongb, Chenkai Nic & Renhui Fud (2015). Determinants and Economic Consequences of Non-financial Disclosure Quality. European Accounting Review Forthcoming, 1-28

Francis, J., LaFond, R., Olsson, P., & Schipper, K. (2005). The market pricing of accruals quality. Journal of Accounting and Economics, 39(2), 295-327.

Francis, J., Nanda, D., & Olsson, P. (2008). Voluntary disclosure, earnings quality, and cost of capital. Journal of Accounting Research, 46(1), 53-99.

Hsiang-Lin Chih, Hsiang-Hsuan Chih & Tzu-Yin Chen (2010). On the Determinants of Corporate Social Responsibility: International Evidence on the Financial Industry. Journal of Business Ethics, 93(1), 115-135.

Jo, H., & Harjoto, M. (2012). The causal effect of corporate governance on corporate social responsibility. Journal of Business Ethics, 106, 53–72.

Kiridaran Kanagaretnam, Gerald J. Lobo, Robert Mathieu (2003). Managerial Incentives for Income Smoothing Through Bank Loan Loss Provisions. Review of Quantitative Finance and Accounting, 20(1), 63-80

Leuz, C., & Verrecchia, R. (2000). The economic consequences of increased disclosure. Journal of Accounting Research, 38, 91-124.

Marc Vilanova, Josep Maria Lozano & Daniel Arenas (2009). Exploring the Nature of the Relationship Between CSR and Competitiveness. Journal of Business Ethics, 87(1), 57-69.

Rajgopal, S., & Venkatachalam, M. (2011). Financial reporting quality and idiosyncratic return volatility. Journal of Accounting and Economics, 51(1-2), 1-20.

Saunders, A., & Allen, L. (2002). Credit risk measurement (2nd ed.). New York: John Wiley & Sons.ies

Shleifer, A., & Vishny, R. (1986). Large shareholders and corporate control. The Journal of Political Economy, 94(3), 461-488.

Wright, C., & Rwabizambuga, A. (2006). Institutional pressures, corporate reputation, and voluntary codes of conduct: An examination of the Equator Principles. Business and Society Review, 111(1), 89–117.

池祥麟、陳庭萱(2004),「銀行業企業社會責任之探討」,台灣金融財務季刊,第五卷第二期,頁111-127

張蕙嬿(2015),「赤道原則之現況」,銀行公會會訊,第八十八期,頁3-12。
論文全文使用權限
  • 同意授權校內瀏覽/列印電子全文服務,於2021-12-16起公開。
  • 同意授權校外瀏覽/列印電子全文服務,於2021-12-16起公開。


  • 如您有疑問,請聯絡圖書館
    聯絡電話:(06)2757575#65773
    聯絡E-mail:etds@email.ncku.edu.tw