本研究旨在探討CEO特徵、CEO政治傾向以及企業特徵對企業ESG評分以及ESG不確定性的影響，並進一步分析不同評分機構之間的差異性。
研究涵蓋了2002年1月至2021年12月的美國公司與CEO，實證結果顯示，CEO薪酬較高、年輕、性別為女性、在公司任期較短以及捐款總額較高的CEO與企業的ESG評分呈正向關係。相反地，CEO薪酬較低、年輕、就職年數少以及性別為女性的CEO擔任時，企業的ESG評分不確定性增加。
研究還發現，不同評分機構對於評分的影響有所差異。CEO薪酬、政治傾向、公司報酬率、Tobin’s Q、負債比和產業集中度等變數對評分的影響程度各有不同。CEO在ESG議題上可能更關注公司的多樣性發展，對人權議題的關注程度相對較低。因此，企業在不同的ESG面向上可能有不同的重點和表現。

This study aims to explore the impact of CEO characteristics, CEO political inclination and corporate characteristics on ESG scores and ESG uncertainty, and further analyze the differences between different rating agencies.
The research covers American companies and CEOs from January 2002 to December 2021. The empirical results show that the higher ESG scores caused by higher compensation, younger, female gender, shorter tenure in the company, and higher total donations. Conversely, when the CEO pay is lower, the CEO is younger, has fewer years of employment, and the gender is a female CEO, the uncertainty of the company's ESG score increases.
The study also found that different rating agencies had different impacts on ratings. Variables such as CEO pay, political inclination, company returns, Tobin's Q, debt ratios, and industry concentration all affect the ratings to varying degrees. CEOs may pay more attention to the company's diversity development on ESG issues, and pay less attention to human rights issues. Therefore, companies may have different emphases and performances in different ESG aspects.

審定書 i
摘要 ii
Abstract iii
目錄 iv
第一章 緒論 1
1.1 研究背景與動機 1
1.2 研究目的 2
1.3 研究範圍 4
1.4 研究流程 4
第二章 文獻探討及研究假說 6
2.1 CEO特徵 6
2.2 CEO 薪酬 7
2.3 CEO 政治傾向 8
2.4 企業特徵 9
第三章 研究方法 10
3.1 資料來源與樣本篩選 10
3.2 控制變數 10
3.3 CEO特徵變數 12
3.4 CEO政治傾向變數 13
3.5 ESG與ESG Uncertainty建構方式 14
3.6 實證模型 17
第四章 實證結果與分析 23
4.1 基本敘述性統計分析 23
4.2 相關係數分析結果 24
4.3 實證研究模型之分析結果 26
第五章 結論與貢獻 39
5.1 結論 39
5.2 研究貢獻 40
5.3 研究限制及未來研究方向 41
參考文獻 43

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