| 摘要(英) |
This study uses the Taiwan Economic News (TEJ) as a data source to explore the correlation between carbon reduction and corporate financial performance, and then to explore whether the use of high-level managers’ cash dividends as a variable for the adjustment effect and incentives for managers to promote environmental protection
policies will help the performance of corporate financial performance. In addition, it will distinguish between high- and low-carbon industries, analyze the differences in results, and classify samples based on the prosperity and business life cycle, and discuss whether the adjustment effect of the cash dividend is different under different circumstances.
The following conclusions can be drawn from the results of the regression analysis: Hypothesis 1: Without classifying the samples, the reduction of carbon emissions per unit cost will help the performance of financial performance. After classifying high- and low-carbon industries, it is found that negative Correlation shows significant correlation in high-carbon industries, but not in low-carbon industries. Hypothesis 2 : For high-carbon emission industries, cash dividends have a positive regulatory effect, which can be used as incentives to encourage senior managers to promote environmental protection policies, strengthen the negative relationship between carbon emission factors and financial performance, and optimize financial performance; For low-carbon industries, it will strengthen the positive relationship between carbon emission factors and financial performance. Although the results have a positive regulatory effect, the effect is opposite to that of high-carbon industries, and will have an impact on corporate finances. The performance of performance is counterproductive.
Hypothesis 3 uses the business cycle as the basis for the classification of samples. However, the adjustment effect of cash dividends is not clear if the samples are classified based on the good or bad economy. Therefore, this study further included the classification samples of high and low carbon emission industries. The conclusion on the adjustment effect of cash dividends obtained from the sample industry classification is not subject to changes in the economy.
Hypothesis 4 uses the corporate life cycle as the basis for the classification of sample. It is recommended that if a company wants to use cash dividends as a means to motivate managers to promote environmental protection policies, it should determine what type of industry it belongs to and what life cycle it is. In other words, if there is still enough funds in the growth period, cash dividends can be considered as an incentive to encourage managers to promote environmental protection policies, or it will make financial performance better, and the effect of optimizing financial performance in the mature period is more significant than in the growth period. But companies in recession need to find another way. For low-carbon industries, this kind of cash dividend should not be used regardless of the period. |
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