好心有好報? 從ESG ETF發行者觀之

本研究欲了解ESG ETF之發行者，相較於非ESG ETF之發行者，是否對成分股股價之績效具有較高的盡職治理財務誘因。以2017年至2022年期間所發行之國內ESG ETF 及配對後之非ESG ETF作為研究樣本，分別估計兩組樣本盡職治理之直接與間接財務誘因。實證結果顯示當ESG ETF之成分股績效增加時，相較於非ESG ETF，可為ESG ETF機構發行者帶來更多總誘因，特別是在後續基金流量的增加方面，為機構發行者增加管理費收入的間接誘因。此將促使ESG ETF之發行者相較於非ESG ETF發行者，具有更多提升成分股股價績效盡職治理之財務誘因，形成良善循環。本研究認為對於ETF之機構發行者而言，ESG因子可為機構發行者帶來額外的溢酬，好心有好報。

This study aims to investigate whether issuers of ESG ETFs have higher fiduciary financial incentives for the performance of constituent stocks compared to issuers of non-ESG ETFs. Using domestic ESG ETFs issued from 2017 to 2022 and their matched non-ESG ETFs as research samples, the direct and indirect financial incentives of the two groups were estimated separately. The empirical results show that when the performance of ESG ETF constituent stocks increases, institutional issuers gain more total incentives compared to the issuers of non-ESG ETF. Particularly, the increase in subsequent fund flows provides indirect incentives for institutional issuers by increasing management fee revenue. This promotes a virtuous cycle where ESG ETF issuers have more financial incentives to improve the performance of constituent stocks compared to non-ESG ETF issuers. The study concludes that for institutional issuers of ETFs, ESG factors can bring additional premiums to institutional issuers, demonstrating that you reap what you sow.