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題名 創辦人CEO與企業環境績效之關聯性
The Relationship Between Founder CEOs and Corporate Environmental Performance
作者 莊欣儒
貢獻者 李佳玲
莊欣儒
關鍵詞 創辦人CEO
環境績效
ESG表現
永續治理
Founder CEO
Environmental performance
ESG performance
Sustainable governance
日期 2025
上傳時間 4-Aug-2025 14:54:36 (UTC+8)
摘要 本研究以2015年至2022年間台灣上市(櫃)公司為樣本，使用TEJ永續資料庫環境支柱分數為衡量指標，檢驗創辦人CEO對企業環境績效之影響。實證結果顯示，創辦人CEO對環境績效具顯著負向影響，在家族企業中該負向關聯更為明顯，而當創辦人CEO具備較高教育程度時，其對環境績效的不利影響可部分緩解。額外分析亦發現，在創辦人交接給非創辦人後，企業環境績效顯著改善，其環境表現比穩定為創辦人CEO治理者佳。最後，穩健性檢驗結果亦支持主要研究，在創辦人CEO領導下，企業每單位營收碳排量較高，指出創辦人CEO對企業環境績效之負向影響。
This study investigates the impact of founder CEOs on corporate environmental performance, using a sample of Taiwanese publicly listed firms from 2015 to 2022. We use environmental scores from the TEJ ESG database as the primary performance measure. The results reveal that founder CEOs are significantly associated with lower environmental performance, and this negative relationship is more pronounced in family firms. However, the adverse effect is partially mitigated when the founder CEO possesses a higher level of education, suggesting that educational background can serve as a moderating factor. Further analysis shows that firms experience significant improvements in environmental performance following a leadership transition from a founder to a non-founder CEO. These improvements are more substantial compared to firms continuously led by founder CEOs. Robustness checks corroborate the main findings, demonstrating that firms under the leadership of founder CEOs tend to generate higher carbon emissions per unit of revenue. Collectively, these results highlight the detrimental impact of founder CEOs on environmental outcomes and suggest that leadership transitions and executive characteristics can play a critical role in shaping firms' environmental strategies.
參考文獻 林公孚，2024，ESG、CSR和SDGs的再認識，品質月刊，第60卷第8期：6-8。 林庭宇與張羽沛，2025，CEO權力與環境、社會、公司治理(ESG)評等之影響，管理評論，第44卷第1期：79-100。 邱慈觀與黃啟瑞，2019，治理結構對企業社會責任的影響，中山管理評論，第27卷第3期：511-550。 許永明，2021，從學術文獻探討CSR作為企業策略性運用工具：過去、現在與未來，管理學報，第38卷第4期：477-495。 Abebe, M. A., and K. Acharya. 2022. Founder CEOs and corporate environmental violations: Evidence from S&P 1500 firms. Business Strategy and the Environment 31 (3): 1204–1219. Abebe, M. A., P. Li, K. Acharya, and J. J. Daspit. 2020. The founder chief executive officer: A review of current insights and directions for future research. Corporate Governance: An International Review 28 (6): 406–436. Al-Shaer, H., K. Albitar, and J. Liu. 2023. CEO power and CSR-linked compensation for corporate environmental responsibility: UK evidence. Review of Quantitative Finance and Accounting 60 (3): 1025–1063. Anderson, R. C., and D. M. Reeb. 2003. Founding‐family ownership and firm performance: Evidence from the S&P 500. The Journal of Finance 58 (3): 1301–1328. Berg, F., J. F. Koelbel, and R. Rigobon. 2022. Aggregate confusion: The divergence of ESG ratings. Review of Finance 26 (6): 1315–1344. Bowen, H. R. 1953. Social responsibility of the businessman. New York, N.Y.: Harper & Row. Carroll, A. B. 1991. The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons 34 (4): 39–48. Cheng, X., O. Guldiken, and W. Shi. 2023. Geographic concentration of institutional blockholders and workplace safety violations. Journal of Business Ethics 186: 593–613. Chopra, S. S., S. S. Senadheera, P. D. Dissanayake, P. A. Withana, R. Chib, J. H. Rhee, and Y. S. Ok. 2024. Navigating the challenges of environmental, social, and governance (ESG) reporting: The path to broader sustainable development. Sustainability 16 (2): 606. Claessens, S., S. Djankov, and L. H. P. Lang. 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics 58 (1–2): 81–112. 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. Cohen, L., U. G. Gurun, and Q. H. Nguyen. 2020. The ESG-innovation disconnect: Evidence from green patenting (No. w27990). National Bureau of Economic Research. Devos, E., Z. Feng, L. Thompson, and Z. Wei. 2024. Founder CEOs and ESG. International Review of Economics and Finance 94: 103407. Eccles, R. G., I. Ioannou, and G. Serafeim. 2014. The impact of corporate sustainability on organizational processes and performance. Management Science 60 (11): 2835–2857. Fahlenbrach, R. 2009. Founder-CEOs, investment decisions, and stock market performance. Journal of Financial and Quantitative Analysis 44 (2): 439–466. Fan, J. P. H., and T. J. Wong. 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics 33 (3): 401–425. Flammer, C. 2015. Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Management Science 61 (11): 2549–2568. Friedman, M. 1970. The social responsibility of business is to increase its profits. New York Times Magazine 13: 122–126. Hambrick, D. C., and P. A. Mason. 1984. Upper echelons: The organization as a reflection of its top managers. Academy of Management Review 9 (2): 193–206. Hawn, O., and I. Ioannou. 2016. Mind the gap: The interplay between external and internal actions in the case of corporate social responsibility. Strategic Management Journal 37 (13): 2569–2588. Henri, J. F., and M. Journeault. 2008. Environmental performance indicators: An empirical study of Canadian manufacturing firms. Journal of Environmental Management 87 (1): 165–176. Huang, D., J. Cheng, X. Quan, and Y. Wu. 2024. Managerial attention to environmental protection and corporate green innovation. Review of Quantitative Finance and Accounting 63: 1047–1081. Huarng, K. H., and T. H. K. Yu. 2024. Causal complexity analysis of ESG performance. Journal of Business Research 170: 114327. Khan, M., G. Serafeim, and A. Yoon. 2016. Corporate sustainability: First evidence on materiality. The Accounting Review 91 (6): 1697–1724. Kowalewski, O., K. A. Majda, and B. Socha. 2023. Founder involvement in CEO turnover. Strategic Change 32 (3/4): 111–123. Lee, J., B.-H. Hwang, and J. Chen. 2016. Are founder CEOs more overconfident than professional CEOs? Evidence from S&P 1500 firms. Strategic Management Journal 37 (13): 2654–2671. Liu, S., M. Zulfiqar, A. Ahmed, and M. Z. Aslam. 2025. Unlocking the influence of unique family firm types on eco-friendly governance and green technology innovation: Moderating role of ISO certificates. Humanities and Social Sciences Communications 12 (1): 1–15. Rahman, S., E. Sinnewe, L. Chapple, and S. Osborne. 2023. Environment-specific political risk mitigation: Political lobbying versus green innovation. Journal of Business Finance & Accounting 51 (5–6): 911–942. Sheldon, O. 1924. The philosophy of management. London: Pitman. Wasserman, N. 2003. Founder-CEO succession and the paradox of entrepreneurial success. Organization Science 14 (2): 149–172. Young, M. N., M. W. Peng, D. Ahlstrom, G. D. Bruton, and Y. Jiang. 2008. Corporate governance in emerging economies: A review of the principal–principal perspective. Journal of Management Studies 45 (1): 196–220. Zhong, X., L. Ren, and G. Ren. 2022. Founder CEOs, personal incentives, and corporate social irresponsibility. Business Ethics, the Environment & Responsibility 31 (3): 1204–1219.
描述 碩士
國立政治大學
會計學系
112353114
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112353114
資料類型 thesis
dc.contributor.advisor 李佳玲zh_TW
dc.contributor.author (Authors) 莊欣儒zh_TW
dc.creator (作者) 莊欣儒zh_TW
dc.date (日期) 2025en_US
dc.date.accessioned 4-Aug-2025 14:54:36 (UTC+8)-
dc.date.available 4-Aug-2025 14:54:36 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2025 14:54:36 (UTC+8)-
dc.identifier (Other Identifiers) G0112353114en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158676-
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) 112353114zh_TW
dc.description.abstract (摘要) 本研究以2015年至2022年間台灣上市(櫃)公司為樣本，使用TEJ永續資料庫環境支柱分數為衡量指標，檢驗創辦人CEO對企業環境績效之影響。實證結果顯示，創辦人CEO對環境績效具顯著負向影響，在家族企業中該負向關聯更為明顯，而當創辦人CEO具備較高教育程度時，其對環境績效的不利影響可部分緩解。額外分析亦發現，在創辦人交接給非創辦人後，企業環境績效顯著改善，其環境表現比穩定為創辦人CEO治理者佳。最後，穩健性檢驗結果亦支持主要研究，在創辦人CEO領導下，企業每單位營收碳排量較高，指出創辦人CEO對企業環境績效之負向影響。zh_TW
dc.description.abstract (摘要) This study investigates the impact of founder CEOs on corporate environmental performance, using a sample of Taiwanese publicly listed firms from 2015 to 2022. We use environmental scores from the TEJ ESG database as the primary performance measure. The results reveal that founder CEOs are significantly associated with lower environmental performance, and this negative relationship is more pronounced in family firms. However, the adverse effect is partially mitigated when the founder CEO possesses a higher level of education, suggesting that educational background can serve as a moderating factor. Further analysis shows that firms experience significant improvements in environmental performance following a leadership transition from a founder to a non-founder CEO. These improvements are more substantial compared to firms continuously led by founder CEOs. Robustness checks corroborate the main findings, demonstrating that firms under the leadership of founder CEOs tend to generate higher carbon emissions per unit of revenue. Collectively, these results highlight the detrimental impact of founder CEOs on environmental outcomes and suggest that leadership transitions and executive characteristics can play a critical role in shaping firms' environmental strategies.en_US
dc.description.tableofcontents 第壹章 緒論 1 第一節 研究背景 1 第二節 研究動機與目的 3 第三節 研究架構 5 第貳章 文獻探討與假說建立 6 第一節 文獻探討 6 一、企業環境績效 6 二、創辦人CEO 10 第二節 假說發展 13 第參章 研究方法 14 第一節 實證模型 14 第二節 變數名稱及定義 15 第三節 研究樣本與資料來源 18 第肆章 實證結果 21 第一節 敘述性統計 21 第二節 相關係數分析 23 第三節 迴歸結果分析 26 第四節 額外分析 29 一、創辦人CEO交接前後對環境績效之影響 29 二、差異中之差異分析：交接給非創辦人CEO者的環境績效影響 31 三、創辦人CEO與否及交接與否之環境績效變化 32 四、異質性檢定：家族企業創辦人CEO對環境績效之影響 33 五、創辦人CEO與高階管理者特徵之交互作用對環境績效之影響 34 第五節 穩健性測試 36 第伍章 結論與建議 40 第一節 研究結論與貢獻 40 第二節 研究限制與建議 42 一、研究限制 42 二、研究建議 42 參考文獻 44zh_TW
dc.format.extent 2583710 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112353114en_US
dc.subject (關鍵詞) 創辦人CEOzh_TW
dc.subject (關鍵詞) 環境績效zh_TW
dc.subject (關鍵詞) ESG表現zh_TW
dc.subject (關鍵詞) 永續治理zh_TW
dc.subject (關鍵詞) Founder CEOen_US
dc.subject (關鍵詞) Environmental performanceen_US
dc.subject (關鍵詞) ESG performanceen_US
dc.subject (關鍵詞) Sustainable governanceen_US
dc.title (題名) 創辦人CEO與企業環境績效之關聯性zh_TW
dc.title (題名) The Relationship Between Founder CEOs and Corporate Environmental Performanceen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 林公孚，2024，ESG、CSR和SDGs的再認識，品質月刊，第60卷第8期：6-8。 林庭宇與張羽沛，2025，CEO權力與環境、社會、公司治理(ESG)評等之影響，管理評論，第44卷第1期：79-100。 邱慈觀與黃啟瑞，2019，治理結構對企業社會責任的影響，中山管理評論，第27卷第3期：511-550。 許永明，2021，從學術文獻探討CSR作為企業策略性運用工具：過去、現在與未來，管理學報，第38卷第4期：477-495。 Abebe, M. A., and K. Acharya. 2022. Founder CEOs and corporate environmental violations: Evidence from S&P 1500 firms. Business Strategy and the Environment 31 (3): 1204–1219. Abebe, M. A., P. Li, K. Acharya, and J. J. Daspit. 2020. The founder chief executive officer: A review of current insights and directions for future research. Corporate Governance: An International Review 28 (6): 406–436. Al-Shaer, H., K. Albitar, and J. Liu. 2023. CEO power and CSR-linked compensation for corporate environmental responsibility: UK evidence. Review of Quantitative Finance and Accounting 60 (3): 1025–1063. Anderson, R. C., and D. M. Reeb. 2003. Founding‐family ownership and firm performance: Evidence from the S&P 500. The Journal of Finance 58 (3): 1301–1328. Berg, F., J. F. Koelbel, and R. Rigobon. 2022. Aggregate confusion: The divergence of ESG ratings. Review of Finance 26 (6): 1315–1344. Bowen, H. R. 1953. Social responsibility of the businessman. New York, N.Y.: Harper & Row. Carroll, A. B. 1991. The pyramid of corporate social responsibility: Toward the moral management of organizational stakeholders. Business Horizons 34 (4): 39–48. Cheng, X., O. Guldiken, and W. Shi. 2023. Geographic concentration of institutional blockholders and workplace safety violations. Journal of Business Ethics 186: 593–613. Chopra, S. S., S. S. Senadheera, P. D. Dissanayake, P. A. Withana, R. Chib, J. H. Rhee, and Y. S. Ok. 2024. Navigating the challenges of environmental, social, and governance (ESG) reporting: The path to broader sustainable development. Sustainability 16 (2): 606. Claessens, S., S. Djankov, and L. H. P. Lang. 2000. The separation of ownership and control in East Asian corporations. Journal of Financial Economics 58 (1–2): 81–112. 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. Cohen, L., U. G. Gurun, and Q. H. Nguyen. 2020. The ESG-innovation disconnect: Evidence from green patenting (No. w27990). National Bureau of Economic Research. Devos, E., Z. Feng, L. Thompson, and Z. Wei. 2024. Founder CEOs and ESG. International Review of Economics and Finance 94: 103407. Eccles, R. G., I. Ioannou, and G. Serafeim. 2014. The impact of corporate sustainability on organizational processes and performance. Management Science 60 (11): 2835–2857. Fahlenbrach, R. 2009. Founder-CEOs, investment decisions, and stock market performance. Journal of Financial and Quantitative Analysis 44 (2): 439–466. Fan, J. P. H., and T. J. Wong. 2002. Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics 33 (3): 401–425. Flammer, C. 2015. Does corporate social responsibility lead to superior financial performance? A regression discontinuity approach. Management Science 61 (11): 2549–2568. Friedman, M. 1970. The social responsibility of business is to increase its profits. New York Times Magazine 13: 122–126. Hambrick, D. C., and P. A. Mason. 1984. Upper echelons: The organization as a reflection of its top managers. Academy of Management Review 9 (2): 193–206. Hawn, O., and I. Ioannou. 2016. Mind the gap: The interplay between external and internal actions in the case of corporate social responsibility. Strategic Management Journal 37 (13): 2569–2588. Henri, J. F., and M. Journeault. 2008. Environmental performance indicators: An empirical study of Canadian manufacturing firms. Journal of Environmental Management 87 (1): 165–176. Huang, D., J. Cheng, X. Quan, and Y. Wu. 2024. Managerial attention to environmental protection and corporate green innovation. Review of Quantitative Finance and Accounting 63: 1047–1081. Huarng, K. H., and T. H. K. Yu. 2024. Causal complexity analysis of ESG performance. Journal of Business Research 170: 114327. Khan, M., G. Serafeim, and A. Yoon. 2016. Corporate sustainability: First evidence on materiality. The Accounting Review 91 (6): 1697–1724. Kowalewski, O., K. A. Majda, and B. Socha. 2023. Founder involvement in CEO turnover. Strategic Change 32 (3/4): 111–123. Lee, J., B.-H. Hwang, and J. Chen. 2016. Are founder CEOs more overconfident than professional CEOs? Evidence from S&P 1500 firms. Strategic Management Journal 37 (13): 2654–2671. Liu, S., M. Zulfiqar, A. Ahmed, and M. Z. Aslam. 2025. Unlocking the influence of unique family firm types on eco-friendly governance and green technology innovation: Moderating role of ISO certificates. Humanities and Social Sciences Communications 12 (1): 1–15. Rahman, S., E. Sinnewe, L. Chapple, and S. Osborne. 2023. Environment-specific political risk mitigation: Political lobbying versus green innovation. Journal of Business Finance & Accounting 51 (5–6): 911–942. Sheldon, O. 1924. The philosophy of management. London: Pitman. Wasserman, N. 2003. Founder-CEO succession and the paradox of entrepreneurial success. Organization Science 14 (2): 149–172. Young, M. N., M. W. Peng, D. Ahlstrom, G. D. Bruton, and Y. Jiang. 2008. Corporate governance in emerging economies: A review of the principal–principal perspective. Journal of Management Studies 45 (1): 196–220. Zhong, X., L. Ren, and G. Ren. 2022. Founder CEOs, personal incentives, and corporate social irresponsibility. Business Ethics, the Environment & Responsibility 31 (3): 1204–1219.zh_TW