ESG Disclosure Frequency and Its Association with Market Performance: Evidence from Taiwan
學年 114
學期 1
出版（發表）日期 2025-08-29
作品名稱 ESG Disclosure Frequency and Its Association with Market Performance: Evidence from Taiwan
作品名稱（其他語言）
著者 Chih-Feng Liao
單位
出版者
著錄名稱、卷期、頁數 Sustainability 17(17), p.7812
摘要 This study challenges the conventional wisdom that investor reactions to Environmental, Social, and Governance (ESG) information are primarily driven by disclosure sentiment. We propose and test an alternative hypothesis: that for investors navigating information-rich environments, the frequency of ESG disclosures can serve as a more potent signal of a firm’s underlying commitment and risk profile than the sentiment of the announcements themselves. Focusing on Taiwan’s capital market—a globally pivotal technology hub—we analyze 2576 firm-initiated ESG events from 2014 to 2023 using an event study methodology. We innovate by employing a BERT-based NLP model, specifically fine-tuned for Traditional Chinese, to disentangle the effects of disclosure frequency from sentiment. Our results reveal that announcement frequency is a more robust predictor of abnormal returns than sentiment, but its effect is highly contingent on the ESG pillar. A higher frequency of negative Social (S) and Governance (G) disclosures incurs a significant market penalty, whereas frequent proactive Environmental (E) disclosures are rewarded. These findings establish a “disclosure frequency premium/penalty” and offer critical, nuanced insights for corporate strategy and sustainable investment. By demonstrating how communication patterns shape market perceptions, this research directly informs UN SDG 12 (Responsible Production) and SDG 16 (Strong Institutions).
關鍵字 ESG; sustainable finance; sentiment analysis; BERT; event study; disclosure frequency
語言 en
ISSN 2071-1050
期刊性質 國外
收錄於 SCI SSCI
產學合作
通訊作者
審稿制度 是
國別 CHE
公開徵稿
出版型式 ,電子版
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/127894 )

SDGS 負責任的消費與生產,和平正義與有力的制度