企業社會責任、公司治理與環保違規事件之關聯性研究

A Study of the Relationship between Corporate Social Responsibility, Corporate Governance and Environmental Violations

柯瓊鳳(Ko, Chiung Feng) ； 馮雅玲(Feng, Ya Ling)

《東吳經濟商學學報》 99期 (2019/12) Pp. 57-90

摘要

企業為了因應自然環境永續共存而投入對環境友善的作為，實屬公司治理，亦屬企業社會責任的一環。本研究藉由三個假說，以多元迴歸進行實證分析，另透過增額測試方式進行檢驗，探討公司治理與企業社會責任在環保受罰次數與受罰金額之影響。本研究期間為2012年至2016年，針對台灣上市公司有進行揭露企業社會責任報告書（Corporate Social Responsibility Report），樣本數共887筆。實證結果發現：企業愈具有良好的公司治理及企業社會責任，其遭受環保受罰之情況愈低；同時，外銷比率愈高之企業遭受環保受罰之情況愈低。另一方面，實證結果也發現：獨立董事席次比例越高，投入研發程度越深，其企業社會責任評比越高。更有意義的是，基於利益收斂假說，家族型企業經營績效因與股東價值攸關，即使相對法人持股比例較低、控制權與現金權偏離程度稍高，仍重視市場關注度、加強研發，善盡企業社會責任。綜合而言，公司治理制度完善，良好的監督機制，與關係人的有良好之互動，並將企業資訊透明化，皆對企業經營有良好的影響並能降低環保違規之情形。

關鍵字

公司治理 ； 企業社會責任 ； 環保違規 ； 自願揭露 ； 企業社會責任報告書

並列摘要

As issues surrounding coexistence with the natural environment have become more pressing, companies have been investing in environmentally friendly policies in order to meet their corporate and social responsibility policies (CSR). However the influence of some key factors related to a company's abilities to meet these responsibilities remains unclear. This study seeks to investigate the influence of forms of corporate governance and CSR on companies environmental records, as measured by the number and amount of fines imposed on companies for violating environmental laws. This is carried out through the establishment and testing of 3 hypotheses using multidimensional regression analysis and incremental testing. The study covers the period from 2012 to 2016, and uses 887 samples of Taiwan-listed companies who have publically released their Corporate Social Responsibility Reports. The study determined that that enterprises with good corporate governance structures and effective CSR tended to suffer lower environmental penalties. It was also found that the higher the degree of export ratio a company did, the lower the amount of fines it tended to incur. Moreover it was also found that the higher the proportion of independent directors and the higher the investment in R&D, the higher the effectiveness of a company's CSR. More meaningfully, it was found that the performance of family-owned enterprises is closely related to shareholder value, in accordance with the convergence of interest hypothesis. Even when shareholding by institutional investors was lower and the difference between control rights and cash-flow rights higher in such companies, increasing market attention and strengthening R&D improves CSR. In summary, it was found that good corporate governance structures and supervision mechanisms, good interaction with stakeholders, and information transparency can improve business management and lower the incurrence of environmental penalty.

並列關鍵字

Corporate governance ； Corporate Social Responsibility ； Environmental penalties ； Voluntary information disclosures ； CSR report

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