公司治理機制與環境資訊揭露間關聯之研究 A Study of the Association between Corporate Goverance Mechanisms and Environmental Information Disclosure

[[abstract]]本研究以2003年至2011年國內9,707家上市櫃公司為研究樣本，探討股東會年報中有關環境資訊揭露 的內容。實證結果發現：『是否為環境敏感性產業』、『通過ISO14000認證』、『公司年齡』、『公司規模』、 『員工人數』、『董事會規模』及『獨立董事比率』對『環境資訊揭露總分』，『自願性環境資訊揭露』及 『強制性環境資訊揭露』均為顯著正向影響；『董事長兼任總經理』對環境資訊揭露、自願性環境資訊揭露 均為顯著負向影響，『杜賓Q』對強制性環境資訊揭露為顯著負影響；環境敏感性產業增強『董事會規模與環 境資訊揭露』間的正向關係，減弱『獨立董事比率與環境資訊揭露』間的正向關係，減弱『董事長兼任總經 理與環境資訊揭露』間的負向關係，甚至改變兩者間的關係。 This study adpot 9,707 listed companies, during 2003 to 2011, as samples to explore the contents of the relevant environmental information disclosure in the annual reports. Empirical results show that whether the industry belongs to sensitivite environment, company pass ISO14000 certification, company age, firm size, the number of employees, board size and independent director ratio have significantly positve impact on environment disclosure, voluntary environmental information disclosure and mandatory environmental information disclosure. Chairman is also CEO has significantly negative impact on environmental information disclosure, voluntary and mandatory environmental information disclosure. Tobin’s Q has significantly negative impact on mandatory environmental information disclosure. However, the industry belongs to sensitivite environment enhance the positive relationship between board size and environmental disclosure, weaken the postive relationship between independent director ratio and environmental disclosure, and weaken the negative relationship between chairman is also CEO and environmental disclosure