本研究主要探討機構投資人持有比例是否能影響企業在社會企業責任上的表現與績效。蒐集2010-2017年Refinitiv評分的台灣上市公司之ESG分數，並以機構投資人持有比例為主要觀察變數，本研究主要參考Dyck et al. (2019)的研究，而主要不同之處在於進一步將機構投資人再分成本國與外國投資人做分析，接著將樣本分成三種產業:科技業、金融業及其他產業分別做探討並新增三種風險指標作為控制變數，最後討論ESG分數高的企業與分數低的企業結果上的差異。 研究主要結果發現機構持有人對於企業的ESG分數有正向影響力，除了整體的ESG分數，對社會方面的分數也呈現顯著，說明機構投資人著重企業對於社會的貢獻。將機構投資人分成本國投資人與外國投資人後，觀察到外國機構投資人比起本國機構投資人更有影響力。樣本分產業後的結果，發現在科技業與其他產業下，機構投資人與ESG分數有顯著關係，但在金融業的結果中，發現不論是外國還是本國機構持有人，卻沒有顯著的影響力，說明在不同產業下，機構投資人的影響力是不相同的。最後，發現ESG分數高的公司群，機構投資人較無影響力，而ESG分數低的公司群，機構投資人則呈現正向顯著。;The main purpose of this research examines whether the ownership of institutional investors can affect the performance of corporate social responsibility of firms. We collect the ESG scores of Taiwan companies scored by Refinitiv in 2010-2017, and regard the ownership of institutional investors as the main observed variable. This research refers to Dyck et al. (2019), and the primary difference is that the institutional investors are further divided into domestic and foreign investors for analysis, and then the sample is divided into three industries: technology, finance and other industries to discuss. In addition, this paper adds three risk measurement as control variables. Finally, the paper compare companies with high ESG scores to those with low ESG scores. The finding of this paper is that institutional holders really have a positive influence on the ESG score of the firms. In additions to the overall ESG score, it also shows significant results for social pillar score indicating that institutional investors focus on the contribution of firms to society. After splitting institutional investors into domestic investors and foreign investors, it was observed that foreign institutional investors have larger impact than domestic institutional investors. It also shows that in the technology industry and other industries, institutional investors have a significant relationship with the ESG score. However, in the results of the financial industry, it is found that the relationship between institutional investors and ESG score is not significant. It indicates that under different industries, the impact of institutional investors is different. Finally, this study discover that institutional investors have less influence on companies with high ESG scores, while having positively significant impact on companies with low ESG scores.
