Loading...
|
Please use this identifier to cite or link to this item:
https://nccur.lib.nccu.edu.tw/handle/140.119/130923
|
| Title: | 環境績效、公司治理與環保罰款關聯性之研究
The research of the relationship among environmental performance, corporate governance, and fines |
| Authors: | 何婉慈
Ho, Wan-Tsz |
| Contributors: | 李佳玲
何婉慈
Ho, Wan-Tsz |
| Keywords: | 環境績效
公司治理
罰款
Environmental performance
Corporate governance
Fines |
| Date: | 2020 |
| Issue Date: | 2020-08-03 17:26:14 (UTC+8) |
| Abstract: | 本研究針對環境績效不佳的企業，探討其環境績效表現、公司治理政策與環保罰款之間的關聯。本研究樣本取自彭博(Bloomberg)和Execucomp資料庫，旨在分析公司的環境與管理策略如何影響其收到的環保罰款，以及觀察環保罰款的徵收是否具備嚇阻效果。本研究結果發現，環境揭露分數、總溫室氣體排放、危害性廢棄物排放和ESG(Environment, Social, Governance)與管理階層薪酬之連結度，會與環保罰款金額呈現顯著正相關。關於CEO(Chief Executive Officer)和獨立董事特性的變數中，只有CEO持股比例和CEO兼任董事長會跟環保罰款機率呈現顯著正相關。另外，公司本期的環保罰款金額，也與下一期的環境揭露分數和危害性廢棄物排放有正向關聯。本研究之結果可做為企業擬定環境相關策略和管理政策，以及政府機關制定環保相關規範時的參考依據之一。
This paper investigates the relationship among environmental performance, corporate governance, and environmental fines by examining the data retrieved from Bloomberg and Execucomp data bases. The objectives of this research are to understand what kinds of corporate policies and actions will affect the fines imposed by the government and observe whether fines can keep companies from having unethical and illegal environmental performance in the future. The results show that higher level of environmental disclosure, greenhouse gas emission, toxic waste emission, and connection between management compensation and ESG performance will lead to greater fines. Also, if companies distribute more shares to CEO or allow CEO duality, the chances to be fined will increase. In addition, if companies receive higher fines this year, they will have more environmental disclosure and toxic waste emission next year. These findings can provide references not only for companies to formulate suitable environmental strategies and management policies, but also for governments to establish effective environmental regulations. |
| Reference: | 李姵萱，2013，監察人與審計委員會於公司治理之角色，國立台灣大學會計學系碩士論文。
李禮仲，2009，重建企業道德－公司治理從全球金融海嘯獲得的經驗教訓，證卷櫃檯買賣中心月刊，第121期：33-39。
康世昊，2009，世界性經濟衰退與藍綠紅勢力的回應，取自https://e-info.org.tw/node/41964。
陳可欣，2005，環境資訊揭露程度與公司治理關聯性之研究，私立淡江大學會計學系碩士論文。
陳炫碩、陳佩宜、游敏與張一中，2014，由制度理論探討企業實施綠色供應鏈之研究，商管科技季刊，第15卷第2期：247-278。
黃麗施，2018，獨立董事制度於公司治理之比較研究－以美國、臺灣與新加坡法制為主，國立成功大學會計學系碩士論文。
羅明琇，2016，綠色供應鏈中供應商管理機制對交易成本影響之探討，管理評論，第35卷第3期：71-92。
Abernethy, M. A., Y. F. Kuang, and B. Qin. 2019. The relation between strategy, CEO selection, and firm performance. Contemporary Accounting Research 36(3): 1575-1606.
Adinehzadeh, R., R. Jaffar, Z. A. Shukor, and M. R. C. Abdul Rahman. 2018. The mediating role of environmental performance on the relationship between corporate governance mechanisms and environmental disclosure. Asian Academy of Management Journal of Accounting & Finance 14(1): 153-183.
Ahmed, A. H., Y. Eliwa, and D. M. Power. 2019. The impact of corporate social and environmental practices on the cost of equity capital: UK evidence. International Journal of Accounting & Information Management 27(3): 425-441.
Akhiroh, T. and Kiswanto. 2016. The determinant of carbon emission disclosures. Accounting Analysis Journal 5(4): 326-336.
Athma, P. and N. Rajyalaxmi. 2017. Environmental accounting and reporting: A study of Maharatna companies. IUP Journal of Accounting Research & Audit Practices 16(4): 7-18.
Berrone, P. and L. R. Gomez-Mejia. 2009. Environmental performance and executive compensation: An integrated agency-institutional perspective. Academy of Management Journal 52(1): 103-126.
Bhattacharjee, K. 2015. Green supply chain management-challenges and opportunities. Asian Journal of Technology & Management Research 5(1): 14-19.
Biswas, P. K., M. Mansi, and R. Pandey. 2018. Board composition, sustainability committee and corporate social and environmental performance in Australia. Pacific Accounting Review 30(4): 517-540.
Brink, A. G. and F. W. Rankin. 2013. The effects of risk preference and loss aversion on individual behavior under bonus, penalty, and combined contract frames. Behavioral Research in Accounting 25(2): 145-170.
Campbell, K., D. Johnston, S. E. Sefcik, and N. S. Soderstrom. 2007. Executive compensation and non-financial risk: An empirical examination. Journal of Accounting & Public Policy 26(4): 436-462.
Cheng, B., L. Ioannou, and G. Serafeim. 2014. Corporate social responsibility and access to finance. Strategic Management Journal 35(1): 1-23.
Choi, B. B., D. Lee, and J. Psaros. 2013. An analysis of Australian company carbon emission disclosures. Pacific Accounting Review 25(1): 58-79.
Comyns, B. 2018. Climate change reporting and multinational companies: Insights from institutional theory and international business. Accounting Forum 42(1): 65-77.
Coopera, S. A., K. K. Raman, and J. Yin. 2018. Halo effect or fallen angel effect? Firm value consequences of greenhouse gas emissions and reputation for corporate social responsibility. Journal of Accounting & Public Policy 37(3): 226-240.
De Villiers, C., V. Naiker, and C. J. Van Staden. 2011. The effect of board characteristics on firm environmental performance. Journal of Management 37(6): 1636-1663.
Deutsche Asset & Wealth Management. 2015. ESG & corporate financial performance: Mapping the global landscape. Retrieved from https://institutional.dws.com/content/_media/K15090_Academic_Insights_UK_EMEA_RZ_Online_151201_Final_(2).pdf
Dilla, W. N., D. J. Janvrin, J. D. Perkins, and R. L. Raschke. 2019. Do environmental responsibility views influence investors` use of environmental performance and assurance information? Sustainability Accounting, Management & Policy Journal 10(3): 476-497.
Dissanayake, D. M. M. B. and E. M. A. S. B. Ekanayake. 2018. Decision usefulness of corporate environmental reporting and firm performance: Evidence from Sri Lanka. IUP Journal of Accounting Research & Audit Practices 17(3): 7-23.
Ghosh, A., C. Karuna, and F. Tian. 2015. Causes and consequences of the CEO also being the chair of the board. Journal of Management Accounting Research 27(2): 197-223.
Greening, D. W. and D. B. Turban. 2000. Corporate social performance as a competitive advantage in attracting a quality workforce. Business & Society 39(3): 254.
Griffin, P. A., D. H. Lont, and E. Y. Sun. 2017. The relevance to investors of greenhouse gas emission disclosures. Contemporary Accounting Research 34(2): 1265-1297.
Habib, A. and M. B. U. Bhuiyan. 2017. Determinants of monetary penalties for environmental violations. Business Strategy & the Environment 26(6): 754-775.
Haque, F. 2017. The effects of board characteristics and sustainable compensation policy on carbon performance of UK firms. British Accounting Review 49(3): 347-364.
Haque, N. 2018. Revisiting penalty functions for environmental violations: Evidence from a developing country. Water and Environment Journal 32(4): 566-572.
Harrast, S. and L. Olsen. 2016. Climate change disclosures are getting hotter. Journal of Corporate Accounting & Finance 27(5): 21-28.
Hassan, A. and X. Guo. 2017. The relationships between reporting format, environmental disclosure and environmental performance. Journal of Applied Accounting Research 18(4): 425-444.
Heaps, T. A. A. 2015.06.04 Corporations are going green by linking executive pay to energy and emissions targets. Retrieved from https://www.newsweek.com/corporations-are-going-green-linking-executive-pay-energy-and-emissions-338708
Heggen, C. 2019. The role of value systems in translating environmental planning into performance. British Accounting Review 51(2): 130-147.
Hrasky, S. 2012. Carbon footprints and legitimation strategies: Symbolism or action? Accounting, Auditing & Accountability Journal 25(1): 174-198.
Hsu, C., K. E. Novoselov, and R. Wang. 2017. Does accounting conservatism mitigate the shortcomings of CEO overconfidence? Accounting Review 92(6): 77-101.
Jeremias, J., and L. Gani. 2014. The impact of board capital and board characteristics on firm performance. The British Accounting Review 46(2): 135-153.
Karpoff, J. M., J. R. Lott, Jr., and E. W. Wehrly. 2005. The reputational penalties for environmental violations: Empirical evidence. Journal of Law & Economics 48(2): 653-675.
Kim, Y., H. Li, and S. Li. 2014. Corporate social responsibility and stock price crash risk. Journal of Banking & Finance 43(June): 1-13.
L, R. and J. Madegowda. 2019. Environmental accounting practices in India: A comparative study of perception of academicians and professionals. IUP Journal of Accounting Research & Audit Practices 18(3): 28-48.
Liao, L., L. Luo, and Q. Tang. 2015. Gender diversity, board independence, environmental committee and greenhouse gas disclosure. British Accounting Review 47(4): 409-424.
Lu, L. W. and M. E. Taylor. 2018. A study of the relationships among environmental performance, environmental disclosure, and financial performance. Asian Review of Accounting 26(1): 107-130.
Luo, L. 2019. The influence of institutional contexts on the relationship between voluntary carbon disclosure and carbon emission performance. Accounting & Finance 59(2): 1235-1264.
Luo, L., Y. Lan, and Q. Tang. 2012. Corporate incentives to disclose carbon information: Evidence from the CDP global 500 report. Journal of International Financial Management & Accounting 23(2): 93-120.
Mahoney, L. S. and L. Thorn. 2006. An examination of the structure of executive compensation and corporate social responsibility: A Canadian investigation. Journal of Business Ethics 69(2): 149-162.
Mallin, C. A. and G. Michelon. 2010. Board reputation attributes and corporate social performance: An empirical investigation of the US best corporate citizens. Accounting and Business Research 41(2): 119-144.
Matsumura, E. M., R. Prakash, and S. C. Vera-Muñoz. 2014. Firm-value effects of carbon emissions and carbon disclosures. Accounting Review 89(2): 695-724.
McGuire, J., S. Dow, and K. Argheyd. 2003. CEO incentives and corporate social performance. Journal of Business Ethics 45(4): 341-359.
Morgan Stanley Institute for Sustainable Investing and Bloomberg. 2019. Sustainable signals: Growth and opportunity in asset management. Retrieved from https://www.morganstanley.com/assets/pdfs/2415532_Sustainable_Signals_Asset_Manager_2019_L.pdf
Muttakin, M. B., A. Khan, and D. G. Mihret. 2018. The effect of board capital and CEO power on corporate social responsibility disclosures. Journal of Business Ethics 150(1): 41-56.
Odia, J. O. 2015. Corporate characteristics and corporate social and environmental disclosures quantity in Nigeria. Journal of Accounting, Business & Management 22(1): 13-28.
Omnamasivaya, B. and M. S. V. Prasad. 2016. Factors influencing environmental accounting and disclosure practices in India: Empirical evidence from NIFTY companies. IUP Journal of Accounting Research & Audit Practices 15(1): 21-34.
Park, J. H., C. Kim, Y. K. Chang, D. H. Lee, and Y. D. Sung. 2018. CEO hubris and firm performance: Exploring the moderating roles of CEO power and board vigilance. Journal of Business Ethics 147(4): 919-933.
Prado-Lorenzo, J. and I. Garcia-Sanchez. 2010. The role of the board of directors in disseminating relevant information on greenhouse gases. Journal of Business Ethics 97(3): 391-424.
Rousseau, S. 2009. Empirical analysis of sanctions for environmental offenses. International Review of Environmental and Resource Economics 3(3): 161-194.
Sheikh, S. 2019. An examination of the dimensions of CEO power and corporate social responsibility. Review of Accounting & Finance 18(2): 221-244.
Shimshack, J. P. 2014. The economics of environmental monitoring and enforcement. Annual Review of Resource Economics 6(1): 339-360.
The Lancet Journal. 2017. The Lancet Commission on pollution and health. Retrieved from https://www.thelancet.com/commissions/pollution-and-health
US SIF. 2018. US SIF Trends Report. Retrieved from https://www.ussif.org/files/US%20SIF%20Trends%20Report%202018%20Release.pdf
Wang, Y., Y. Li, Z. Ma, and J. Song. 2019. The deterrence effect of a penalty for environmental violation. Sustainability 11(15): 1-19.
Warsame, H., D. Neu, and C. V. Simmons. 2002. Responding to "discrediting" events: Annual report disclosure responses to environmental fines. Accounting and the Public Interest 2(1): 22-40.
Yang, T. and S. Zhao. 2014. CEO duality and firm performance: Evidence from an exogenous shock to the competitive environment. Journal of Banking & Finance 49(December): 534-552.
Younis, H., B. Sundarakani, and P. Vel. 2016. The impact of implementing green supply chain management practices on corporate performance. Competitiveness Review 26(3): 216-245.
Yuan, Y., G. Tian, L. Y. Lu, and Y. Yu. 2019. CEO ability and corporate social responsibility. Journal of Business Ethics 157(2): 391-411. |
| Description: | 碩士
國立政治大學
會計學系
107353001 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107353001 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202000761 |
| Appears in Collections: | [會計學系] 學位論文
|
Files in This Item:
| File |
Description |
Size | Format | |
|---|
| 300101.pdf | | 833Kb | Adobe PDF2 | 15 | View/Open |
|
All items in 政大典藏 are protected by copyright, with all rights reserved.
|
