家族企業之未來環保支出揭露與其經濟後果

The Disclosure of Environmental Expenditures of Family Firms and its Economic Consequences

李桓伊(Huan-Yi Li) ； 陳明進( Ming-Chin Chen)

《中山管理評論》 32卷4期 (2024/12) Pp. 577-631

https://doi.org/10.6160/SYSMR.202412_32(4).0003

摘要

本文以2016年到2019年我國上市櫃公司為研究對象，檢視家族企業未來環保支出揭露與其經濟後果。其次，本文進一步分析董事長為接班人之家族企業未來環保支出揭露與其經濟後果。首先，本文實證結果顯示，家族企業有較高之預計未來環保支出，且預計投入較多環保支出的家族公司有較高之公司價值。本文進一步發現，董事長為接班人之家族企業有較高之預計未來環保支出，且預計未來投入較多環保支出的董事長為接班人之家族公司有較高的公司價值。本文之結果說明家族企業有較高之環保支出揭露，且環保支出揭露與公司價值評價有正向之關係，實證結果支持對提升企業環境社會責任之倡議，以及提升企業環保支出之資訊揭露。

關鍵字

家族企業 ； 企業環境社會責任 ； 環保支出資訊揭露 ； 公司價值

並列摘要

Using a sample of Taiwanese listed and over-the-counter (OTC) family firms from 2016 to 2019, we investigate the disclosure of the environmental expenditures of family firms and the related economic consequences. Further, we examine the disclosure of family firms with descendant chairpersons and the related economic consequences. First, we find that family firms tend to disclose higher planned expenditures for environmental protection than those of nonfamily firms. Furthermore, family firms disclosing higher planned environmental protection expenditures tend to have higher firm value, ceteris paribus. We also show that family firms with descendant chairpersons tend to disclose higher planned expenditures for environmental protection and tend to have higher firm value, ceteris paribus. Our results show that family firms appear to pay more attention to environmental awareness by publicly disclosing higher future environmental expenditures and that the disclosure of environmental expenditures has a positive effect on firm value. The findings support the government's call on companies to raise their corporate environmental social responsibility and enhance the information disclosure of environmental expenditures.

並列關鍵字

Family Firms ； Corporate Environmental Social Responsibility ； Disclosure of Environmental Expenditure ； Firm Value

參考文獻

王麗惠，2006，「證券市場績效對公司價值與資本結構之影響—台灣政權輪替前後期間 之實證」，中山管理評論，14 卷 3 期，639~669。(Wang, L. H., 2006, “The Impact of Stock Market Performance on the Firm's Value and Capital Structure: An Empirical Study of the Taiwan Governmental Change,” Sun Yat-Sen Management Review, Vol. 14, No. 3, 639-669.)

吳幸蓁、廖蕙儀，2017，「自願性揭露企業社會責任資訊之決定因素與其資訊後果」， 中山管理評論，25 卷 1 期，13~62。(Wu, S. J. and Liao, H. Y., 2017, “The Determinants and Consequences of Voluntary Corporate Social Responsibility Disclosure,” Sun Yat-Sen Management Review, Vol. 25, No. 1, 13-62.)

李建然、廖秀梅、張卉諭，2016，「審計委員會設置及其品質對公司價值的影響」，中華 會計學刊，12 卷 2 期，231~265。(Lee, J. Z., Liao, H. M., and Chang, H. Y., 2016, “The Effects of the Establishment and Quality of Audit Committees on Firm Value,” Taiwan Accounting Review, Vol. 12, No. 2, 231-265.)

林翠蓉、張力、侯啟娉、曾韻如、許雅棠，2011，「家族所有權、公司治理與公司績效 關係之實證研究」，績效與策略研究，8 卷 1 期，61~79。(Lin, T. J., Chang, L., Hou, C. P., Tseng, Z. Z., and Hsu, Z. T., 2011, “Family Ownership, Corporate Governance, and Firm Performance,” Journal of Performance and Strategy Research, Vol. 8, No. 1, 61-79.)

邱慈觀、黃啟瑞，2019，「治理結構對企業社會責任的影響」，中山管理評論，27 卷 3 期，511~550。(Chiu, T. K. and Huang, C. J., 2019, “The Effects of Governance Structures on Corporate Social Responsibility,” Sun Yat-Sen Management Review, Vol. 27, No. 3, 511-550.)