The relationship between firms participating in CDP and their Operational Efficiency -Evidence from USA S&P500

• Main Authors: Ming-Che Li, 李銘哲
• Other Authors: Lo-pin Kuo
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/zs266v

碩士 === 淡江大學 === 會計學系碩士班 === 106 === The Carbon Disclosure Project (CDP) is the organization that has the most complete carbon information in the world. Through the carbon disclosure scores given to companies in its publicly released report, it can shape the carbon reputation signal of the company and use it as a non-financial signal. Linked to the performance of the company''s financial side, namely - business operating efficiency, and explore the relevance. Based on this, the research collects the relationship between S&P500 companies'' willingness to participate in or reject CDP surveys and their operating efficiency; in addition, if companies voluntarily participate in the CDP survey, they rank the corporate carbon disclosure scores from high to low, and examine the carbon disclosure scores. The relationship between enterprise operating efficiency, the sample period from 2008 to 2015, and the use of data envelopment analysis method to calculate the operating efficiency value of the company. First, companies that do not participate in the CDP survey are more efficient than their participants. This was particularly evident during the financial tsunami in 2008 and 2009. As a result, companies that do not participate in CDP have been found to have direct management in their choice of resource allocation. The related activities are mainly based on the same theory as the maximization of shareholder wealth. Furthermore, during the overall study period, companies that participated in the CDP and whose carbon disclosure score was the top 25% had significantly better operating efficiency than the latter 25%. Both the environmentally sensitive and large-scale companies had the same results. At present, signal theory does not directly discuss the correlation between the information disclosed by CDP and its operating efficiency. This study found that companies willing to participate in the CDP survey and obtaining higher carbon disclosure scores have better financial performance and future social performance. Investment funds can use CDP''s carbon reputation signals (non-financial signals) to find companies that balance economic and environmental sustainability.