學術型獨立董監事對企業揭露SASB準則及TCFD氣候揭露原則之影響

近年來有許多國際永續政策的推進，相關研究也發現出版永續報告書將使公司之營運體質更為健全。在國際永續政策中有兩項為實務界近年來關注的焦點，分別為協助投資者及企業進行其氣候相關之風險與機會評估的TCFD指引，以及為各產業制定永續相關重大性議題的SASB準則。另一方面，在公司治理上獨立董監事被認為是重要角色之一，其中學術型獨立董監事為一群特殊的群體，因為他們具有較高的道德標準等特性，對公司會造成不同的影響。本研究使用2012年至2020年的台灣上市櫃公司，探討當公司中的獨立董監事具有教授背景，對公司自願參考及揭露國際性永續政策狀況有何影響，後續再進一步探討學術型獨立董監事在ESG揭露方面，是否較注重於該產業之重大性議題，以提升ESG揭露品質。本研究使用羅吉斯迴歸模型，以及普通最小平方迴歸模型，並考慮內生性問題進行二階段最小平方法(Two-Stage Least Squares, 2SLS)，同時控制年度及產業效應。研究發現公司有越多名學術型獨立董監事，或學術型獨立董監事占董事會及獨立董監事的比例越高時，公司越有機會自願參考TCFD指引鑑別氣候變遷風險與機會，以及參考SASB準則之重大性地圖揭露公司資訊的狀況。並且在永續相關的投入也會更著重於揭露及改善該產業之重大性議題，以提升公司的ESG揭露品質，即SASB分數，而非普通的ESG揭露。

關鍵字

學術型獨立董監事；國際永續政策； SASB準則；氣候變遷揭露

並列摘要

Many international sustainable policies have been promoted, in recent years. Studies have found that publishing a sustainable report will make the company's operating system more robust. Independent directors and supervisors are considered to be one of the important roles in corporate governance and in conducting sustainable reports. Among them, there is a special groups named academic independent directors. Because of their special characteristics, they will have different impacts on companies. We use listed Taiwanese firms from 2012 to 2020 and discuss the following question: when the independent directors and supervisors in the company have a professor background, will the company voluntarily refers to the international sustainability policy? Besides, will academic independent directors be willing to pay more attention to the major CSR issues of the industry? We use the logistic regression model as well as the ordinary least squares regression model. After considering the endogeneity problem, we find that when a company has more academic independent directors, or the proportion of academic independent directors in the board is higher, the company has more opportunities to identify climate change risks and opportunities by TCFD guidelines, and use the materiality map of the SASB standard to disclose the material issues. The firm also focuses on exposing and improving the material issues of the industry, SASB score, rather than the ESG disclosure.