本研究探討公司揭露誠信原則與違法行為之關聯性,以2015-2017年上市櫃公司為研究對象,檢驗公司揭露企業誠信守則是否會影響違法行為發生機會。實證結果顯示,以全體樣本觀之,企業揭露誠信守則並不會影響違法行為的發生率,但從個別年度觀之,主管機關(金管會)公布企業誠信守則編制原則的第一年(2015年),有揭露企業誠信原則的公司,發生違法事件的情形較低,而於之後的第二年、第三年,則未發現企業揭露誠信原則可以降低違法行為的機會,隱含只有主管機關要求實施的當年度具有即時性的遏止違法行為的效果。此外,由四會計會計師事務所查核的公司,其發生違法事件的機會也相對較低。
This study examines the relationship between the disclosure of the corporate integrity code and the incidence of illegal act in a sample of firms listed on the Taiwan Stock Exchange for the 2015-2017 period. The empirical results find that the disclosure of the integrity code has no effect on incidence of illegal act. However, according to individual annual results, the firms with integrity code has lower probability of illegal act in year 2015, which the first year of Financial Supervisory Commission required firms to comply, and there is no effect in the subsequent years. The results imply that only the first year the authority require firms to disclosure integrity code can reduce the occurrence of illegal act. In addition, firms audited by top-4 auditing firms have lower incidence of illegal act.