隨著氣候變遷與溫室效應的增強，碳排放已是全世界刻不容緩急需面對的議題，而女性相較於男性對於環境保護、社會福利等議題更為重視。因此，本研究主要探討女性在公司中是否能扮演調節環境汙染與 公司績效 的角色。本研究以台灣 2014至 2019年上市 (櫃 )公司為 研究對象 ，探討碳排放量對公司績效 之影響，並加入女性董事 與審計品質 兩變數 作為調節變項，以檢視女性董事 與審計品質對於碳 排放量與公司績效之影響。結果顯示， 碳排放量顯著負向影響公司績效 ，顯示台灣 投資人對於碳排放量愈加重視。女性董事對公司績效之影響不顯著 ，對碳排放量 與公司績效之調節效果 亦不顯著 。 而審計品質則顯著正向影響公司績效，並對碳排放量與公司績效產生正向的調節效果。

With the increase of the greenhouse effect, the issue of carbon emissions has become a more important issue. Moreover, women will pay more attention to issues related to environmental protection and social welfare than men. Therefore, the purpose of this study is to discuss whether women play a role in regulating the effect of environmental pollution on firm value. This study uses Taiwan listed and over-the-counter firms from 2014 to 2019 as the sample and examines the association between carbon emissions and firm value, and includes female directors and audit quality as an adjustment variable. The empirical results show that carbon emissions significantly negatively affect firm value, indicating that the investors in Taiwan are paying more and more attention on carbon emissions issue. The female directors are not significantly associated with firm value, and also have no significant adjustment effect between carbon emissions and firm value. The audit quality significantly positively affects firm value and have a positive adjustment effect between carbon emissions information and firm value.

致謝 I
摘要 III
Abstract V
目錄 VII
表目錄 IX
第一章 緒論 1
第二章 文獻回顧與假說發展 7
第一節 企業社會責任 7
第二節 企業社會責任相關研究 8
第三節 碳排放與企業社會責任 11
第四節 女性董事、碳排放量與公司績效之關聯性 14
第五節 審計品質、碳排放量與公司績效之關聯性 15
第三章 研究方法與設計 17
第一節 實證模型與變數衡量 17
第二節 樣本選取與資料來源 19
第四章 實證結果 23
第一節 敘述性統計 23
第二節 相關係數分析 24
第三節 迴歸分析 27
第四節 額外測試 29
第五章 結論 35
第一節 研究結論 35
第二節 研究限制與建議 36
參考文獻 39

中央選舉委員會，2020，歷屆立法委員選舉女性參選情形。
池祥萱、繆文娟與莊瀅臻，2014，企業社會責任對於公司財務績效之影響是雙面刃嗎？來自全球500大公司的證據，管理學報，第31卷第1期 (3月)：1-19。
池祥麟與林怡君，2007，企業社會績效與企業財務績效關聯性之分析—以道瓊STOXX永續性指數為例，國立台北大學合作經濟學系碩士論文。
行政院環保署，2010，國家溫室氣體登陸平台，碳排放計算器，碳排放定義。
行政院環保署，2019，2019年中華民國國家溫室氣體排放清冊報告。
吳孟紋與孫鈴雅，2014，中國銀行業女性董事與銀行財務績效之關係，兩岸金融季刊，第2卷第2期 (6月)：1-27。
李秀英、劉俊儒與楊筱翎，2011，企業社會責任與公司績效之關聯性，東海管理評論，第13卷第1期 (8月)：77-111。
沈中華與張元，2008，企業的社會責任為可以改善財務績效嗎？—以英國FTSE社會責任指數為例，經濟論文，第36卷第3期 (9月)：339-385。
康峰菁，2010，企業社會責任的整體認知與實際作為之研究：以台灣服務業為例，企業管理學報，第86期 (9月)：75-114。
張元與王筱瑩，2016，董事會及高階管理階層的性別多樣性與企業社會責任的關聯，亞太管理評論，第20卷第1期 (9月)：1-44。
張育琳，2016，碳排放量、綠化投資策略與公司績效，管理與系統，第13第2期 (4月)：197-222。
張育琳，2017，減碳會增加公司績效嗎？兼論高階經理人現金紅利之調節效果，中華會計學刊，第13期第1卷 (7月)：1-47。
陳玫均與李詩政，2008，審計品質與公司績效，元智大學會計學系學位論文。
陳品靜，2020，碳排放量、外銷比率與企業績效之關聯性，彰化師範大學會計碩士論文。
馮燕，2003，企業基金會公益資源運用個案研究，行政院國家科學委員會專題研究計畫，台灣大學社會工作學系。
楊虔豪，2014.10.20，國際特赦組織指責韓國嚴重壓榨外勞，BBC NEWS。
綠色和平，2020.3.3，澳洲大火的5個真相：火災原因？我們能怎麼做？
Adams, R. B. and D. Ferreira. 2002. Diversity and incentives in teams: Evidence from corporate boards. Working paper, Federal Reserve Bank of New York.
Ahern, K. R. and A. K. Dittmar. 2012. The changing of the boards: the impact on firm valuation of mandated female board representation. The Quarterly Journal of Economics 127 (February): 137-197.
Anderson, R. C., D. M. Reeb, A. Upadhyay, and W. Zhao. 2011. The economics of director heterogeneity. Financial Management 40 (Spring): 5-38.
Bennouri M., T. Chtioui, H. Nagati, and M. Nekhili. 2018. Female board directorship and firm performance: What really matters? Journal of Banking and Finance 88 (March): 267-291.
Bernardi, R. A. and V. H. Threadgill. 2010. Women directors and corporate social responsibility. Electronic Journal of Business Ethics and Organizational Studies 15 (2): 15-21.
Bhattacharya, C. B. and S. Sen. 2004. Doing better at doing good: When, why, and how consumers respond to corporate social initiatives. California Management Review 47 (October): 9-24.
Bowen, H. R.1953. Social Responsibilities of the Businessman. New York: Harper & Row.
Buchanan B., C. X. Cao, and C. Chen. 2018. Corporate social responsibility, firm value, and influential institutional ownership. Journal of Corporate Finance 52 (October): 73-95.
Bragdon, J. and J. Marlin. 1972. Is pollution profitable? Risk Management 19: 9-18.
Cahan, S. F., C. De Villiers, D. C. Jeter, V. Naiker, and C. J. Van Staden. 2016. Are CSR disclosures value relevant? Cross-country evidence. European Accounting Review 25 (3): 579-611.
Campbell, K. and A. Minguez-Vera. 2008. Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics 83 (December): 435-451.
Carroll, A. 1979. A three-dimensional conceptual model of corporate performance. Academy of Management Review 4 (October): 497-505.
Carter, D. A., B. J. Simkins, and W. G. Simpson. 2003. Corporate governance, board diversity, and firm value. Financial Review 38 (February): 33-53.
Catalyst. 2020. Historical list of women CEOs of the Fortune lists: 1972-2020.
Centre for International Forestry Research. 2004. CIFOR News Online. Number 36.
Chapple, L., P. M. Clarkson, and D. L. Gold. 2013. The cost of carbon: Capital market effects of the proposed emission trading scheme (ETS). Abacus 49 (March): 1-33.
Cheong, P. C., H. T. Boon, T.S. Ong, and Y. H. Hong. 2015. The relationship among audit quality, earnings management, and financial performance of Malaysian public listed companies. International Journal of Economics & Management 9 (1): 211-231.
Christensen, D. 2016. Corporate accountability reporting and high-profile misconduct. The Accounting Review 91 (March): 377-399.
Chung, K. H. and S. W. Pruitt. 1994. A simple approximation of tobin's Q. Financial Management 23 (3): 70-74.
Clarkson, P. M., Y. Li, and G. D. Richardson. 2004. The market valuation of environmental expenditures by pulp and paper companies. The Accounting Review 79 (April): 329-353.
Cormier, D., M. Magnan, and B. Morard. 1993. The impact of corporate pollution on market valuation: some empirical evidence. Ecological Economics 8 (October): 135-155.
Cornell, B. and A. C. Shapiro. 1987. Corporate stakeholders and corporate finance Financial Management 16 (Spring): 5-14.
Croson, R. and U. Gneezy. 2009. Gender differences in preferences. Journal of Economic Literature 47 (June): 448-474.
Dang, R., A. F. Bender, and M. J. Scotto. 2014. Women on French corporate board of di- rectors: how do they differ from their male counterparts? Journal of Applied Business Research 30 (February): 489-507.
Davidson, R. H., A. Dey, and A. J. Smith. 2019. CEO materialism and corporate social responsibility. The Accounting Review 94 (January): 101-123.
de Villiers, C., V. Naiker, and C. J. van Staden. 2011. The effect of board characteristics on firm environmental performance. Journal of Management 37 (November): 1636-1663.
Derouin, S. 2019. Deforestation: Facts, causes, and effects. Live Science Contributor.
Devinney, T. M. 2009. Is the socially responsible corporation a myth? The good, the bad, and the ugly of corporate social responsibility. Academy of Mamagememt Perspectives 23 (May): 44-56.
Dhaliwal, D., O. Z. Li, A. Tsang, and Y. G. Yang. 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review 86 (1): 59-100.
Du, K. and S. J. Wu. 2019. Does external assurance enhance the credibility of CSR reports? Evidence from CSR-related misconduct events in Taiwan. Auditing: A Journal of Practice and Theory 38 (4): 101-130.
Eagly, A. H., M. C. Johannesen-Schmidt, and M. L. van Engen. 2003. Transformational, transactional, and laissez-faire leadership styles: A meta-analysis comparing women and men. Psychological Bulletin 129 (4): 569-591.
Freeman, P. K. 1994. Integrating environmental risk into corporate strategy. Risk Management 41 (7): 54-59.
Friedman, M. 1970. The social responsibility of business is to increase its profits. Corporate Ethics and Corporate Governance: 173-178. The New York Times Magazine.
Galbreath, J. 2018. Is board gender diversity linked to financial performance? The mediating mechanism of CSR. Business & Society 57 (5): 863-889.
Global Reporting Initiative. 2020. GRI Standards 2020.
Godfrey, P., C. Merrill, and J. Hansen. 2009. The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal 30 (April): 425-445.
Han, Y. G., H. W. Huang, W. P. Liu, and Y. L. Hsu. 2018. Firm-value effects of carbon emissions and carbon disclosures: Evidence from Taiwan. Working paper, National Cheng Kung University.
Healy, P. M. and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics 31: 405-440.
Heckman, J. J. 1979. Sample selection bias as a specification error. Econometrica 47: 153-162.
Hughes, K. E. 2000. The value relevance of nonfinancial measures of air pollution in the electric utility industry. The Accounting Review 75 (April): 209-228.
Ibrahim, N.A. and J. P. Angelidis. 1995. The corporate social responsiveness orientation of board members: Are there differences between inside and outside directors? Journal of Business Ethics 14 (May): 405-410.
Intergovernmental Panel on Climate Change. 2018. Global warming of 1.5°C.
Jaffee, S. and J. S. Hyde. 2000. Gender differences in moral orientation: A meta-analysis. Psychological Bulletin 126 (5): 703-726.
Jeong, K. H., S. W. Jeong, W. J. Lee, and S. H. Bae. 2018. Permanency of CSR activities and firm value. Joural Business Ethics 152: 207–223.
Jones, T. 1995. Instrumental stakeholder theory: A synthesis of ethics and economics. Academy of Management Review 20 (April): 404-437.
Kalcheva, I. and K. V. Lins. 2007. International evidence on cash holdings and expected managerial agency problems. The Review of Financial Studies 20 (4): 1087-1112.
Klassen, R. D. and C. P. McLaughlin. 1996. The impact of environmental management on firm performance. Management Science 42 (August): 1199-1214.
Kleinbaum, D. G., L. L. Kupper, and K. E. Muller. 1988. Applied regression analysis and other multivariable methods. Boston, Mass: PWS-Kent.
Klein, A. 2002. Audit committee, board of director characteristics, and earnings management. Journal of Accounting and Economics 33 (August): 375-400.
Laeven, L. and R. Levine. 2008. Complex ownership structures and corporate valuations. The Review of Financial Studies 21: 579-604.
Maroun, W. 2019. Does external assurance contribute to higher quality integrated reports? Journal of Accounting and Public Policy 38 (4): 106670. https://doi.org/10.1016/ j.jaccpubpol.2019.06.002.
Matsumura, E. M., R. Prakash, and S. C. Vera-Mun˜oz. 2014. Firm-value effects of carbon emissions and carbon disclosures. The Accounting Review 89 (March): 695-724.
McConnell, J. J. and H. Servaes. 1990. Additional evidence on equity ownership and corporate value. Journal of Financial Economics 27 (2): 595-612.
McGuinness, P. B., J. P. Vieito, and M. Wang. 2017. The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance 42 (February): 75-99.
Milgrom, P. R. 1981. Good news and bad news: Representation theorems and applications. Bell Journal of Economics (Autumn): 380-391.
Muirhead, S. A., C. J. Bennett, R. E. Berenbeim, A. Kao, and D. J. Vidal. 2002. Corporate citizenship in the new century: Accountability, transparency, and global stakeholder engagement. In New York: The Conference Board.
Nielsen, S. and M. Huse. 2010. The contribution of women on boards of directors: Going beyond the Surface. Corporate Governance: An International Review 18 (March): 136-148.
Nishitani, K., S. Kaneko, H. Fujii, and S. Komatsu. 2011. Effects of the reduction of pollution emissions on the economic performance of firms: An empirical analysis focusing on demand and productivity. Journal of Cleaner Production 19 (November-December): 1956-1964.
Ohlson, J. A. 1995. Earnings, book values, and dividends in equity valuation. Contemporary Accounting Research 11 (Spring): 661-687.
Porter, M. E. and M. R. Kramer. 2002. The competitive advantage of corporate philanthropy. Harvard Business Review 80 (December): 57-68.
Powell, M. and D. Ansic. 1997. Gender differences in risk behaviour in financial decision-making: An experimental analysis. Journal of Economic Psychology 18 (6): 605-628.
Preston, L. E. and D. P. O'Bannon. 1997. The corporate social-financial performance relationship. Business and Society 36 (December): 419.
Ruigrok, W., S. Peck, and S. Tacheva. 2007. Nationality and gender diversity on Swiss corporate boards. Gorporate Governance: An international review 15 (July): 546-557.
Jayachandran, S., K. Kalaignanam, and M. Eilert. 2013. Product and environmental social performance: Varying effect on firm performance. Strategic Management Journal 34 (October): 1255-1264.
Saka, C. and T. Oshika. 2014. Disclosure effects, carbon emissions and corporate value. Sustainability Accounting, Management and Policy Journal 5 (1): 22-45.
Schuler, D. A. and M. Cording. 2006. A corporate social performance corporate financial performance behavioral model for consumers. Academy of Management 31 (July): 540-558.
Servaes, H. and A. Tamayo. 2013. The impact of corporate social responsibility on firm value: the role of customer awareness. Management Science 59 (5): 1045-1061.
Shahin, A. and M. Zairi. 2007. Corporate governance as a critical element for driving excellence in corporate social responsibility. International Journal of Quality & Reliability Management 24 (7): 753-770.
Singh, V., S. Terjesen, and S. Vinnicombe. 2008. Newly appointed directors in the board- room: how do women and men differ? European Management Journal 26 (February): 48-58.
The United Nations Office for Disaster Risk Reduction. 2020. Human cost of disasters-An overview of the last 20 years (2000-2019).
Tsoutsoura, M. 2004. Corporate social responsibility and financial performance. Working paper. UC Berkeley.
United Nations. 1997. Glossary of Environment Statistics, Studies in Methods Series F, No. 67.
Williams, R. J. 2003. Women on corporate boards of directors and their influence on corporate philanthropy. Journal of Business Ethics 42 (January): 1-10.
Yasser, Q. R., A. Al Mamun, and I. Ahmed. 2017. Corporate social responsibility and gender diversity: Insights from Asia Pacific. Corporate Social Responsibility and Environmental Management 24 (May-June): 210-221.
Zahra S. A. and J. A. Pearce. 1989. Boards of directors and corporate financial performance: A review and integrative model. Journal of Management 15 (2): 291-334.
Zhang, J. Q., H. Zhu, and H. B. Ding. 2013. Board composition and corporate social responsibility: An empirical investigation in the post Sarbanes-Oxley Era. Journal of Business Ethics 114, 381-392.
Ziliak, S. T. and D. N. McCloskey. 2004. Significance redux. The Journal of Socio-Economics 33: 665-675.