落實企業社會責任與強化環境資訊揭露,已是現今企業經營管理不可或缺的一環。本研究主要以代理理論及管家理論觀點,探討公司治理變數對企業社會責任績效之影響,並檢測企業社會責任績效表現不同的企業,其環境資訊揭露透明度是否亦有顯著差異。主要以Logistic迴歸分析進行假說驗證。實證結果發現,有較高機構投資人持股的企業,因可連結的資源與可帶來的監督力量較強大,對於企業社會責任績效的提升具有正面影響效果,符合代理理論觀點。另依據管家理論,基於高階管理階層會兼顧私人與組織整體利益考量,因此董監持股比率增加,對提升企業社會責任績效有正面影響;而獨立董監事的設置機制,亦有助於促進企業甚盡社會責任;然若控制股東的控制權與現金流量偏離程度越大,則不利於企業社會責任績效的改善。最後,在環境資訊揭露透明度方面,企業社會責任績效較佳的企業,會有較高的環境資訊透明度。
Based on agency theory and stewardship theory, this research explores the relationship between corporate governance and corporate social performance. Furthermore, we also test the difference of environmental information disclosure among Taiwanese companies. Binary Logistic regression and t-test analysis are used to test our hypotheses. The empirical results indicate that when companies have more institutional ownership, stock ownership by directors and supervisors, and external independent directors’ seats; they are more likely to have corporate social performance. In addition, companies that have more the deviation between control rights and cash-flow rights of control stockholders are likely to encounter less corporate social performance. Finally, the results also show that the better corporate social performance, the more transparency of environmental information disclosure is.