本研究在探討美國金融業經理人對於ESG的決策以及市場對ESG表現的反應。研究中使用了KLD資料庫之ESG分數，樣本期間為2013至2018的美國金融業企業。首先我們探討環境(Environmental)、社會(Social)和公司治理(Governance)對美國金融業會計(ROA、ROE)和市場(Tobin’s Q)財務績效，金融業在這些市場中實施的ESG活動可以提供公司非財務面信息，並有助於減少公司與利益相關者之間的信息不對稱，這種增加的透明度可能會增加金融業的價值，實證結果發現ESG分數的增量與財務績效呈正向關係。再來，由於近年全球暖化的議題、COVID-19以及公司醜聞不斷地的爆發，以往對於企業而言，一個良好的公司治理，可以有效提升公司的獲利，但在面臨現今的情況下，環境與社會責任亦不可小覷，因此，我們想探討關於金融業經理人與投資人對於ESG的抉擇觀點是否相同。本研究實證結果表明，金融業投注較多心力於治理面向(G)，相對於經理人來說，市場對於社會面向(S)的反應較為顯著。

This study explores the decision-making of US financial industry managers on ESG and the market reactions to ESG performance. The study used the KLD database to collect ESG scores. The sample period of the US financial industry is selected from 2013 to 2018. First, we discuss the impact of the environment, society, and corporate governance on the accounting (ROA, ROE) and market (Tobin's Q) financial performance of the US financial industry. The ESG activities implemented by the financial industry can provide non-financial information for companies and help reduce information asymmetry between companies and stakeholders. This increased transparency may increase the value of the financial industry. Empirical results show that the increase in ESG scores is positively related to financial performance. Furthermore, due to the global warming issues, COVID-19 and continuous outbreak of corporate scandals in recent years, for enterprises, a good corporate governance
can effectively improve the company's profits, but in the current situation, environmental and social responsibilities cannot be ignored. Therefore, we want to explore whether financial managers and investors will make the same choices about ESG. The empirical results of this study show that the financial industrial put more effort into the governance orientation (G). Compared with managers, the market reaction to the social orientation (S) is more significant.

Abidin, Z. Z., Kamal, N. M., & Jusoff, K. (2009). Board structure and corporate performance in Malaysia. International journal of economics and finance, 1(1), 150-164.
Abou Fayad, A., Ayoub, R., & Ayoub, M. (2017). Causal relationship between CSR and FB in banks. Arab Economic and Business Journal, 12(2), 93-98.
Al-Tuwaijri, S. A., Christensen, T. E., & Hughes Ii, K. (2004). The relations among environmental disclosure, environmental performance, and economic performance: a
simultaneous equations approach. Accounting, Organizations and Society, 29(5-6),447-471.
Albertini, E. (2013). Does environmental management improve financial performance? A meta-analytical review. Organization & Environment, 26(4), 431-457.
Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science, 65(10), 4451-4469.
Amel-Zadeh, A., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal, 74(3), 87-103.
Bénabou, R., & Tirole, J. (2010). Individual and corporate social responsibility. Economica, 77(305), 1-19.
Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of business ethics, 97(1), 71-86.
Bassen, A., & Kovács, A. M. (2020). Environmental, social and governance key performance indicators from a capital market perspective. In Wirtschafts-und Unternehmensethik
(pp. 809-820). Springer.
Bolton, B. J. (2013). Corporate social responsibility and bank performance. Available at SSRN 2277912.
Brogi, M., & Lagasio, V. (2019). Environmental, social, and governance and company profitability: Are financial intermediaries different? Corporate Social Responsibility
and Environmental Management, 26(3), 576-587.
Brooks, C., & Oikonomou, I. (2018). The effects of environmental, social and governance disclosures and performance on firm value: A review of the literature in accounting
and finance. The British Accounting Review, 50(1), 1-15.
Buallay, A. (2018). Is sustainability reporting (ESG) associated with performance? Evidence from the European banking sector. Management of Environmental Quality: An
International Journal.
Buallay, A. (2019). Sustainability reporting and firm’s performance: comparative study between manufacturing and banking sectors. International Journal of Productivity and
Performance Management.
Buallay, A., Fadel, S. M., Alajmi, J., & Saudagaran, S. (2020). Sustainability reporting and bank performance after financial crisis: evidence from developed and developing
countries. Competitiveness Review: An International Business Journal, 31(4), 747-
770.
Carroll, A. B. (1979). A three-dimensional conceptual model of corporate performance. Academy of management review, 4(4), 497-505.
Centobelli, P., Cerchione, R., Chiaroni, D., Del Vecchio, P., & Urbinati, A. (2020). Designing business models in circular economy: A systematic literature review and research agenda. Business Strategy and the Environment, 29(4), 1734-1749.
Charfeddine, L., Najah, A., & Teulon, F. (2016). Socially responsible investing and Islamic funds: New perspectives for portfolio allocation. Research in International Business and Finance, 36, 351-361.
Chava, S. (2014). Environmental externalities and cost of capital. Management Science, 60(9), 2223-2247.
Choi, J., & Wang, H. (2009). Stakeholder relations and the persistence of corporate financial performance. Strategic management journal, 30(8), 895-907.
Crook, T. R., Ketchen Jr, D. J., Combs, J. G., & Todd, S. Y. (2008). Strategic resources and performance: a meta‐analysis. Strategic management journal, 29(11), 1141-1154.
Dalton, D. R., Daily, C. M., Johnson, J. L., & Ellstrand, A. E. (1999). Number of directors and financial performance: A meta-analysis. Academy of management Journal, 42(6), 674-686.
Diez-Cañamero, B., Bishara, T., Otegi-Olaso, J. R., Minguez, R., & Fernández, J. M. (2020). Measurement of corporate social responsibility: A review of corporate sustainability indexes, rankings and ratings. Sustainability, 12(5), 2153.
Dixon-Fowler, H. R., Ellstrand, A. E., & Johnson, J. L. (2017). The role of board environmental committees in corporate environmental performance. Journal of
business ethics, 140(3), 423-438.
Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, social and governance (ESG) scores and financial performance of multilatinas: Moderating effects of
geographic international diversification and financial slack. Journal of business ethics, 168(2), 315-334.
Eccles, R. G., Lee, L.-E., & Stroehle, J. C. (2020). The social origins of ESG: An analysis of Innovest and KLD. Organization & Environment, 33(4), 575-596.
El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital? Journal of Banking & Finance, 35(9), 2388-
2406.
Elsayed, K., & Paton, D. (2005). The impact of environmental performance on firm performance: static and dynamic panel data evidence. Structural change and economic dynamics, 16(3), 395-412.
Endrikat, J., Guenther, E., & Hoppe, H. (2014). Making sense of conflicting empirical findings: A meta-analytic review of the relationship between corporate environmental
and financial performance. European Management Journal, 32(5), 735-751.
Esteban-Sanchez, P., de la Cuesta-Gonzalez, M., & Paredes-Gazquez, J. D. (2017). Corporate social performance and its relation with corporate financial performance: International evidence in the banking industry. Journal of cleaner production, 162, 1102-1110.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The journal of law and Economics, 26(2), 301-325.
Fatemi, A., Fooladi, I., & Tehranian, H. (2015). Valuation effects of corporate social responsibility. Journal of Banking & Finance, 59, 182-192.
Ferrero-Ferrero, I., Fernández-Izquierdo, M. Á., & Muñoz-Torres, M. J. (2016). The effect of environmental, social and governance consistency on economic results. Sustainability, 8(10), 1005.
Fischer, T. M., & Sawczyn, A. A. (2013). The relationship between corporate social performance and corporate financial performance and the role of innovation: Evidence
from German listed firms. Journal of management control, 24(1), 27-52.
Forcadell, F. J., & Aracil, E. (2017). European banks' reputation for corporate social responsibility. Corporate Social Responsibility and Environmental Management,
24(1), 1-14.
Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge university press.
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of sustainable finance &
investment, 5(4), 210-233.
Galema, R., Plantinga, A., & Scholtens, B. (2008). The stocks at stake: Return and risk in socially responsible investment. Journal of Banking & Finance, 32(12), 2646-2654.
Gangi, F., Meles, A., D'Angelo, E., & Daniele, L. M. (2019). Sustainable development and corporate governance in the financial system: Are environmentally friendly banks less risky? Corporate Social Responsibility and Environmental Management, 26(3), 529-547.
Giannarakis, G., Konteos, G., & Sariannidis, N. (2014). Financial, governance and environmental determinants of corporate social responsible disclosure. Management
decision, 52(10), 1928-1951.
Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66,
101889.
Godfrey, P. C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of management review, 30(4), 777-
798.
Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic management journal, 30(4), 425-445.
Greenwald, C. (2010). ESG and earnings performance. ASSET4: Thomson Reuters study.[Online]. Available: http. thomsonreuters. com/content/dam/openweb/documents/pdf/tr-com-financial/case-study/esg-andearnings-performance. pdf.
Hart, S. L., & Ahuja, G. (1996). Does it pay to be green? An empirical examination of the relationship between emission reduction and firm performance. Business Strategy and the Environment, 5(1), 30-37.
Henri, J.-F., & Journeault, M. (2010). Eco-control: The influence of management control systems on environmental and economic performance. Accounting, Organizations and
Society, 35(1), 63-80.
Jasch, C. (2006). Environmental management accounting (EMA) as the next step in the evolution of management accounting. In (Vol. 14, pp. 1190-1193): Elsevier.
Jeucken, M. (2010). Sustainable finance and banking: The financial sector and the future of the planet. Routledge.
Jiao, Y. (2010). Stakeholder welfare and firm value. Journal of Banking & Finance, 34(10), 2549-2561.
Kim, E.-H., & Lyon, T. P. (2015). Greenwash vs. brownwash: Exaggeration and undue modesty in corporate sustainability disclosure. Organization Science, 26(3), 705-723.
King, A., & Lenox, M. (2002). Exploring the locus of profitable pollution reduction. Management Science, 48(2), 289-299.
Klettner, A., Clarke, T., & Boersma, M. (2014). The governance of corporate sustainability: Empirical insights into the development, leadership and implementation of responsible business strategy. Journal of business ethics, 122(1), 145-165.
Kocmanová, A., & Dočekalová, M. (2012). Construction of the economic indicators of performance in relation to environmental, social and corporate governance (ESG)
factors. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 60(4), 195-206.
Krueger, P., Sautner, Z., & Starks, L. T. (2020). The importance of climate risks for institutional investors. The Review of Financial Studies, 33(3), 1067-1111.
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. The journal of finance, 55(1), 1-33.
Luo, X., & Bhattacharya, C. B. (2006). Corporate social responsibility, customer satisfaction, and market value. Journal of marketing, 70(4), 1-18.
Margolis, J. D., & Walsh, J. P. (2001). People and profits?: The search for a link between a company's social and financial performance. Psychology Press.
Mattingly, J. E., & Berman, S. L. (2006). Measurement of corporate social action: Discovering taxonomy in the Kinder Lydenburg Domini ratings data. Business &
Society, 45(1), 20-46.
Miralles‐Quirós, M. M., Miralles‐Quirós, J. L., & Redondo‐Hernández, J. (2019). The impact of environmental, social, and governance performance on stock prices: Evidence from the banking industry. Corporate Social Responsibility and Environmental Management, 26(6), 1446-1456.
Nofsinger, J., & Varma, A. (2014). Socially responsible funds and market crises. Journal of Banking & Finance, 48, 180-193.
Nollet, J., Filis, G., & Mitrokostas, E. (2016). Corporate social responsibility and financial performance: A non-linear and disaggregated approach. Economic Modelling, 52, 400-407.
O’connell, V., & Cramer, N. (2010). The relationship between firm performance and board characteristics in Ireland. European Management Journal, 28(5), 387-399.
Orlitzky, M., & Benjamin, J. D. (2001). Corporate social performance and firm risk: A metaanalytic review. Business & Society, 40(4), 369-396.
Ponnu, C. H. (2008). Corporate governance structures and the performance of Malaysian public listed companies. International Review of Business Research Papers, 4(2), 217-
230.
Porter, M. E., & Kramer, M. R. (2006). The link between competitive advantage and corporate social responsibility. Harvard business review, 84(12), 78-92.
Rassier, D. G., & Earnhart, D. (2010). Does the porter hypothesis explain expected future financial performance? The effect of clean water regulation on chemical manufacturing firms. Environmental and Resource Economics, 45(3), 353-377.
Russo, M. V., & Fouts, P. A. (1997). A resource-based perspective on corporate environmental performance and profitability. Academy of management Journal, 40(3), 534-559.
Said, R., Zainuddin, Y. H., & Haron, H. (2009). The relationship between corporate social responsibility disclosure and corporate governance characteristics in Malaysian public listed companies. Social Responsibility Journal.
Scholtens, B., & van’t Klooster, S. (2019). Sustainability and bank risk. Palgrave Communications, 5(1), 1-8.
Simpson, W. G., & Kohers, T. (2002). The link between corporate social and financial performance: Evidence from the banking industry. Journal of business ethics, 35(2),
97-109.
Statman, M., & Glushkov, D. (2009). The wages of social responsibility. Financial Analysts Journal, 65(4), 33-46.
Tang, A., Chiara, N., & Taylor, J. E. (2012). Financing renewable energy infrastructure: Formulation, pricing and impact of a carbon revenue bond. Energy Policy, 45, 691-
703.
Turban, D. B., & Greening, D. W. (1997). Corporate social performance and organizational attractiveness to prospective employees. Academy of management Journal, 40(3), 658-
672.
Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility.
Wagner, M., & Schaltegger, S. (2004). The effect of corporate environmental strategy choice and environmental performance on competitiveness and economic performance:: an
empirical study of EU manufacturing. European Management Journal, 22(5), 557-572.
Wong, C., & Petroy, E. (2020). Rate the raters 2020: Investor survey and interview results. SustainAbility. Retrieved on April, 4, 2020.
Wood, D. J. (1991). Corporate social performance revisited. Academy of management review, 16(4), 691-718.
Youssef, J., & Diab, S. (2021). Does quality of governance contribute to the heterogeneity in happiness levels across MENA countries? Journal of Business and Socio-economic
Development, 1(1), 87-101.
Zehri, F., & Zgarni, I. (2020). Internal and external corporate governance mechanisms and earnings management: an international perspective. Accounting and Management
Information Systems, 19(1), 33-64.