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題名 企業環境支出與環境績效之關聯性探討
The Association between Environmental Expenditure and Environmental Performance作者 江佳怡
Chiang, Chia-Yi貢獻者 林宛瑩
Lin, Wan-Ying
江佳怡
Chiang, Chia-Yi關鍵詞 環境支出
環境揭露
環境績效
Environmental expenditure
Environmental disclosure
Environmental performance日期 2023 上傳時間 1-Sep-2023 14:40:41 (UTC+8) 摘要 本研究以2021年有出具永續報告書之上市櫃公司為樣本，以人工蒐集樣本公司2018年至2021年間在永續報告書及股東會年報中揭露之環境支出，從公司治理、環境及財務三方面探討影響環境支出之主要因素，及環境支出與環境績效間之關聯性，並以有無揭露及支出金額分別衡量企業環境支出。環境支出影響因素之實證結果顯示，公司治理績效、環境審計、環境績效及環境罰款對環境支出揭露有正向影響，負債比率則對環境支出揭露有負面影響，而資產報酬率、環境審計及環境罰款對支出金額有正面影響，負債比率及環境績效則對支出金額有負面影響。環境支出與環境績效之實證結果顯示，環境支出揭露對環境績效有正向影響，環境支出金額則對環境績效有負向影響。
This study focuses on listed companies that issued sustainability reports in 2021 as the sample. Based on manually collected data on environmental expenditure disclosed in the sustainability reports and annual reports of these sample companies over the period of 2018 to 2021. The study explores factors influencing environmental expenditures from three aspects—corporate governance, environmental performance and financial. The study also investigates the relationship between environmental expenditures and environmental performance. Additionally, the study evaluates the extent of environmental expenses from the perspectives of disclosure and expenditure amount.The empirical results on factors influencing environmental expenses indicate that corporate governance performance, environmental auditing, environmental performance, and environmental fines have a positive impact on the disclosure of environmental expenses. However, the debt ratio has a negative impact on the disclosure of environmental expenses. Furthermore, the asset return ratio, environmental auditing, and environmental fines have a positive impact on the amount of environmental expenses, while the debt ratio and environmental performance have a negative impact on the expenditure amount.As for the relationship between environmental expenditure and environmental performance, the empirical findings show that the disclosure of environmental expenses has a positive effect on environmental performance. However, the amount of environmental expenditure has a negative impact on environmental performance.參考文獻 Abeysekera, A. P. and C. S. Fernando. 2020. Corporate social responsibility versus corporate shareholder responsibility: A family firm perspective. Journal of Corporate Finance 61(April): 101370.Alsayegh, M. F., R. Abdul Rahman and S. Homayoun. 2020. Corporate economic, environmental, and social sustainability performance transformation through ESG disclosure. Sustainability 12(9): 3910.Amore, M. D. and M. Bennedsen. 2016. Corporate governance and green innovation. Journal of Environmental Economics and Management 75(January): 54-72.Balogh, I., M. Srivastava and L. Tyll. 2022. Towards comprehensive corporate sustainability reporting: an empirical study of factors influencing ESG disclosures of large Czech companies. Society and Business Review 17(4): 541-573.Baalouch, F., S. D. Ayadi and K. Hussainey. 2019. A study of the determinants of environmental disclosure quality: evidence from French listed companies. Journal of Management and Governance 23: 939-971.Borghesi, R., J. F. Houston and A. Naranjo. 2014. Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance 26(June): 164-181.Bowen, H.R. 1953. Social responsibilities of the businessman, New York: Harper and Row.Cai, Y., C. H. Pan and M. Statman. 2016. Why do countries matter so much in corporate social performance? Journal of Corporate Finance 41(December): 591-609.Carroll, A. B. 1991. The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons 34(4): 39-48.Chauvey, J. N., S. Giordano-Spring, C. H. Cho and D. M. Patten. 2014. The normativety and legitimacy of the CSR disclosure: Evidence from France. Journal of Business Ethics 130: 789–803.Cho, C. H., M. Freedman and D. M. Patten. 2012. Corporate disclosure of environmental capital expenditures: A test of alternative theories. Accounting, auditing & accountability Journal 25(3): 486-507.Choi, B. B., D. Lee and J. Psaros. 2013. An analysis of Australian company carbon emission disclosures Pacific Accounting Review 25(1): 58–79.Clarkson, P. M., Y. Li, G. D. Richardson and F. P. Vasvari. 2008. Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, organizations and society 33(4-5): 303-327.Cormier, D. and M. Magnan. 1999. Corporate environmental disclosure strategies: determinants, costs and benefits. Journal of Accounting, Auditing & Finance 14(4): 429-451.Davis, K. 1960. Can business afford to ignore social responsibilities? California Management Review 2(3): 70-76.Davis, K. 1973. The case for and against business assumption of social responsibilities. Academy of Management Journal 16(2): 312-322.Dumitru, M., J. Dyduch, R.G. Gușe and J. Krasodomska. 2017. Corporate reporting practices in Poland and Romania - an ex-ante study to the new non-financial reporting European directive. Accounting in Europe 14(3): 279-304.Dyduch, J. and J. Krasodomska. 2017. Determinants of corporate social responsibility disclosure: an empirical study of polish listed companies. Sustainability 9(11):1934.Friedman, M. 1962. The social responsibility of business is to increase its profits. The New York Times(September): 126.Giannarakis, G., A. Andronikidis and N. Sariannidis. 2020. Determinants of environmental disclosure: investigating new and conventional corporate governance characteristics. Annals of Operations Research 294: 87-105.Gillan, S., N. Sekerci and L. Starks. 2020. Do firms cater to demand for environmental and social performance. Unpublished working paper.Hackston, D. and M. J. Milne. 1996. Some determinants of social and environmental disclosures in New Zealand companies. Accounting, auditing and accountability Journal 9(1): 77-108.Haller, S. A. and L. Murphy. 2012. Corporate expenditure on environmental protection. Environmental and Resource Economics 51: 277-296.Hosain, M. S. 2020. The relationship between corporate governance and corporate social responsibility expenditure in Bangladesh: Moderating role of firm value. Indian Journal of Corporate Governance 13(2) :190-209.Iatridis, G. E. 2013. Environmental disclosure quality: Evidence on environmental performance, corporate governance and value relevance. Emerging Markets Review 14(March): 55-75.Ifada, L. M. and R. Jaffar. 2023. Does Environmental Cost Expenditure Matter? Evidence from Selected Countries in the Asia-Pacific Region. Sustainability 15(5): 4322.Ika, S. R., A. Okfitasari and A. Widagdo. 2022. Factors influencing carbon emissions disclosures in high profile companies: some Indonesian evidence. IOP Conference Series: Earth and Environmental Science 1016:1-7.Jaraite, J., A. Kažukauskas and T. Lundgren. 2012. Determinants of environmental expenditure and investment: Evidence from Sweden. CERE Working Paper 2012(7): 1-16..Li, R. and R. Ramanathan. 2020. Can environmental investments benefit environmental performance? The moderating roles of institutional environment and foreign direct investment. Business Strategy and the Environment 29(8): 3385-3398.Liang, H. and L. Renneboog. 2017. On the foundations of corporate social responsibility. The Journal of Finance 72(2): 853-910.Long, X., Y. Chen, J. Du, K. Oh and I. Han. 2017. Environmental innovation and its impact on economic and environmental performance: evidence from Korean-owned firms in China. Energy Policy 107(August): 131-137.McGuinness, P. B., J. P. Vieito and M. Wang. 2017. The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance 42(February): 75-99.McGuire, J. 1963. Business and Society. New York: McGraw-Hill.Nawrocka, D. and T. Parker. 2009. Finding the connection: environmental management systems and environmental performance. Journal of cleaner production 17(6): 601-607.Patten, D. M. 2002. The relation between environmental performance and environmental disclosure: a research note. Accounting, organizations and society 27(8): 763-773.Sarumpaet, S. 2005. The relationship between environmental performance and financial performance of Indonesian companies. Jurnal Akuntansi dan Keuangan 7(2): 89-98.Statman, M. and D. Glushkov. 2009. The wages of social responsibility. Financial Analysts Journal 65(4): 33-46.Testa, F., N. M. Gusmerottia, F. Corsini, E. Passetti and F. Iraldo. 2016. Factors affecting environmental management by small and micro firms: The importance of entrepreneurs’ attitudes and environmental investment. Corporate Social Responsibility and Environmental Management 23(6): 373-385.Walls, J. L., P. Berrone and P. H. Phan. 2012. Corporate governance and environmental performance: Is there really a link? Strategic management journal 33(8): 885-913. 描述 碩士
國立政治大學
會計學系
110353043資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110353043 資料類型 thesis dc.contributor.advisor 林宛瑩 zh_TW dc.contributor.advisor Lin, Wan-Ying en_US dc.contributor.author (Authors) 江佳怡 zh_TW dc.contributor.author (Authors) Chiang, Chia-Yi en_US dc.creator (作者) 江佳怡 zh_TW dc.creator (作者) Chiang, Chia-Yi en_US dc.date (日期) 2023 en_US dc.date.accessioned 1-Sep-2023 14:40:41 (UTC+8) - dc.date.available 1-Sep-2023 14:40:41 (UTC+8) - dc.date.issued (上傳時間) 1-Sep-2023 14:40:41 (UTC+8) - dc.identifier (Other Identifiers) G0110353043 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/146827 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 會計學系 zh_TW dc.description (描述) 110353043 zh_TW dc.description.abstract (摘要) 本研究以2021年有出具永續報告書之上市櫃公司為樣本，以人工蒐集樣本公司2018年至2021年間在永續報告書及股東會年報中揭露之環境支出，從公司治理、環境及財務三方面探討影響環境支出之主要因素，及環境支出與環境績效間之關聯性，並以有無揭露及支出金額分別衡量企業環境支出。環境支出影響因素之實證結果顯示，公司治理績效、環境審計、環境績效及環境罰款對環境支出揭露有正向影響，負債比率則對環境支出揭露有負面影響，而資產報酬率、環境審計及環境罰款對支出金額有正面影響，負債比率及環境績效則對支出金額有負面影響。環境支出與環境績效之實證結果顯示，環境支出揭露對環境績效有正向影響，環境支出金額則對環境績效有負向影響。 zh_TW dc.description.abstract (摘要) This study focuses on listed companies that issued sustainability reports in 2021 as the sample. Based on manually collected data on environmental expenditure disclosed in the sustainability reports and annual reports of these sample companies over the period of 2018 to 2021. The study explores factors influencing environmental expenditures from three aspects—corporate governance, environmental performance and financial. The study also investigates the relationship between environmental expenditures and environmental performance. Additionally, the study evaluates the extent of environmental expenses from the perspectives of disclosure and expenditure amount.The empirical results on factors influencing environmental expenses indicate that corporate governance performance, environmental auditing, environmental performance, and environmental fines have a positive impact on the disclosure of environmental expenses. However, the debt ratio has a negative impact on the disclosure of environmental expenses. Furthermore, the asset return ratio, environmental auditing, and environmental fines have a positive impact on the amount of environmental expenses, while the debt ratio and environmental performance have a negative impact on the expenditure amount.As for the relationship between environmental expenditure and environmental performance, the empirical findings show that the disclosure of environmental expenses has a positive effect on environmental performance. However, the amount of environmental expenditure has a negative impact on environmental performance. en_US dc.description.tableofcontents 第壹章 緒論 1第一節 研究動機與目的 1第二節 研究議題 3第三節 論文架構 5第貳章 文獻探討 6第一節 企業社會責任與ESG起源、發展與現況 6第二節 環境揭露、環境支出與環境績效 9第參章 研究方法 23第一節 研究假說 23第二節 實證模型及變數定義與衡量 26第三節 樣本選取與研究資料來源 37三、樣本篩選集結果 38第肆章 實證結果與分析 39第一節 環境支出影響因素之迴歸分析結果 39第二節 環境績效影響因素之迴歸分析結果 53第三節 額外測試實證結果與分析 61第伍章 結論與建議 72第一節 結論 72第二節 研究限制及研究建議 74參考文獻 75 zh_TW dc.format.extent 3022214 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110353043 en_US dc.subject (關鍵詞) 環境支出 zh_TW dc.subject (關鍵詞) 環境揭露 zh_TW dc.subject (關鍵詞) 環境績效 zh_TW dc.subject (關鍵詞) Environmental expenditure en_US dc.subject (關鍵詞) Environmental disclosure en_US dc.subject (關鍵詞) Environmental performance en_US dc.title (題名) 企業環境支出與環境績效之關聯性探討 zh_TW dc.title (題名) The Association between Environmental Expenditure and Environmental Performance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Abeysekera, A. P. and C. S. Fernando. 2020. Corporate social responsibility versus corporate shareholder responsibility: A family firm perspective. Journal of Corporate Finance 61(April): 101370.Alsayegh, M. F., R. Abdul Rahman and S. Homayoun. 2020. Corporate economic, environmental, and social sustainability performance transformation through ESG disclosure. Sustainability 12(9): 3910.Amore, M. D. and M. Bennedsen. 2016. Corporate governance and green innovation. Journal of Environmental Economics and Management 75(January): 54-72.Balogh, I., M. Srivastava and L. Tyll. 2022. Towards comprehensive corporate sustainability reporting: an empirical study of factors influencing ESG disclosures of large Czech companies. Society and Business Review 17(4): 541-573.Baalouch, F., S. D. Ayadi and K. Hussainey. 2019. A study of the determinants of environmental disclosure quality: evidence from French listed companies. Journal of Management and Governance 23: 939-971.Borghesi, R., J. F. Houston and A. Naranjo. 2014. Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance 26(June): 164-181.Bowen, H.R. 1953. Social responsibilities of the businessman, New York: Harper and Row.Cai, Y., C. H. Pan and M. Statman. 2016. Why do countries matter so much in corporate social performance? Journal of Corporate Finance 41(December): 591-609.Carroll, A. B. 1991. The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons 34(4): 39-48.Chauvey, J. N., S. Giordano-Spring, C. H. Cho and D. M. Patten. 2014. The normativety and legitimacy of the CSR disclosure: Evidence from France. Journal of Business Ethics 130: 789–803.Cho, C. H., M. Freedman and D. M. Patten. 2012. Corporate disclosure of environmental capital expenditures: A test of alternative theories. Accounting, auditing & accountability Journal 25(3): 486-507.Choi, B. B., D. Lee and J. Psaros. 2013. An analysis of Australian company carbon emission disclosures Pacific Accounting Review 25(1): 58–79.Clarkson, P. M., Y. Li, G. D. Richardson and F. P. Vasvari. 2008. Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, organizations and society 33(4-5): 303-327.Cormier, D. and M. Magnan. 1999. Corporate environmental disclosure strategies: determinants, costs and benefits. Journal of Accounting, Auditing & Finance 14(4): 429-451.Davis, K. 1960. Can business afford to ignore social responsibilities? California Management Review 2(3): 70-76.Davis, K. 1973. The case for and against business assumption of social responsibilities. Academy of Management Journal 16(2): 312-322.Dumitru, M., J. Dyduch, R.G. Gușe and J. Krasodomska. 2017. Corporate reporting practices in Poland and Romania - an ex-ante study to the new non-financial reporting European directive. Accounting in Europe 14(3): 279-304.Dyduch, J. and J. Krasodomska. 2017. Determinants of corporate social responsibility disclosure: an empirical study of polish listed companies. Sustainability 9(11):1934.Friedman, M. 1962. The social responsibility of business is to increase its profits. The New York Times(September): 126.Giannarakis, G., A. Andronikidis and N. Sariannidis. 2020. Determinants of environmental disclosure: investigating new and conventional corporate governance characteristics. Annals of Operations Research 294: 87-105.Gillan, S., N. Sekerci and L. Starks. 2020. Do firms cater to demand for environmental and social performance. Unpublished working paper.Hackston, D. and M. J. Milne. 1996. Some determinants of social and environmental disclosures in New Zealand companies. Accounting, auditing and accountability Journal 9(1): 77-108.Haller, S. A. and L. Murphy. 2012. Corporate expenditure on environmental protection. Environmental and Resource Economics 51: 277-296.Hosain, M. S. 2020. The relationship between corporate governance and corporate social responsibility expenditure in Bangladesh: Moderating role of firm value. Indian Journal of Corporate Governance 13(2) :190-209.Iatridis, G. E. 2013. Environmental disclosure quality: Evidence on environmental performance, corporate governance and value relevance. Emerging Markets Review 14(March): 55-75.Ifada, L. M. and R. Jaffar. 2023. Does Environmental Cost Expenditure Matter? Evidence from Selected Countries in the Asia-Pacific Region. Sustainability 15(5): 4322.Ika, S. R., A. Okfitasari and A. Widagdo. 2022. Factors influencing carbon emissions disclosures in high profile companies: some Indonesian evidence. IOP Conference Series: Earth and Environmental Science 1016:1-7.Jaraite, J., A. Kažukauskas and T. Lundgren. 2012. Determinants of environmental expenditure and investment: Evidence from Sweden. CERE Working Paper 2012(7): 1-16..Li, R. and R. Ramanathan. 2020. Can environmental investments benefit environmental performance? The moderating roles of institutional environment and foreign direct investment. Business Strategy and the Environment 29(8): 3385-3398.Liang, H. and L. Renneboog. 2017. On the foundations of corporate social responsibility. The Journal of Finance 72(2): 853-910.Long, X., Y. Chen, J. Du, K. Oh and I. Han. 2017. Environmental innovation and its impact on economic and environmental performance: evidence from Korean-owned firms in China. Energy Policy 107(August): 131-137.McGuinness, P. B., J. P. Vieito and M. Wang. 2017. The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance 42(February): 75-99.McGuire, J. 1963. Business and Society. New York: McGraw-Hill.Nawrocka, D. and T. Parker. 2009. Finding the connection: environmental management systems and environmental performance. Journal of cleaner production 17(6): 601-607.Patten, D. M. 2002. The relation between environmental performance and environmental disclosure: a research note. Accounting, organizations and society 27(8): 763-773.Sarumpaet, S. 2005. The relationship between environmental performance and financial performance of Indonesian companies. Jurnal Akuntansi dan Keuangan 7(2): 89-98.Statman, M. and D. Glushkov. 2009. The wages of social responsibility. Financial Analysts Journal 65(4): 33-46.Testa, F., N. M. Gusmerottia, F. Corsini, E. Passetti and F. Iraldo. 2016. Factors affecting environmental management by small and micro firms: The importance of entrepreneurs’ attitudes and environmental investment. Corporate Social Responsibility and Environmental Management 23(6): 373-385.Walls, J. L., P. Berrone and P. H. Phan. 2012. Corporate governance and environmental performance: Is there really a link? Strategic management journal 33(8): 885-913. zh_TW
