近年來，「全球暖化」一詞漸被「氣候變遷」所取代，其甚至被視為一種「氣候危機」，顯示此現象所帶來之影響不僅是溫度上的變化，更是一種會對企業營運造成巨大衝擊的威脅。基此，本研究採取制度理論觀點來探討企業減碳與績效間之關聯性，同時以代理理論觀點探討企業內部的股東及管理者如何影響企業減碳與績效之關聯性。
制度理論是指透過社會與文化的壓力施加於組織，進而改變組織的形式及行為。企業在制度環境下要做出合適的決策來符合社會期待，當企業未能實行這些期待時，其正當性將不足。此外，企業是否施行減碳作為既是管理者的決策，也受股東的監督，而股東與管理者的行為又會受到代理問題的影響。因此，本研究從上述兩種理論觀點提出三項假說來探討企業減碳與績效之關聯性，並同時檢驗股東行動主義與經理人能力對此關聯性之調節效果。
本研究以2015年至2018年臺灣上市及上櫃公司為研究對象，資料來源分別取自臺灣經濟新報資料庫 (Taiwan Economic Journal, TEJ) 及公開資訊觀測站 (MOPS)。經過篩選後之最終樣本共計有519家臺灣上市及上櫃公司，2,076筆觀察值。本研究先以敘述性統計進行相關分析，並利用DEAP程式計算出經理人效率值，而後採用追蹤資料迴歸分析模型 (Panel Data Regression Model) 驗證本研究之假說。研究結果顯示，企業碳排成長率與績效間呈顯著負向關係，股東行動主義及經理人能力均會弱化企業碳排成長率與績效間之負向關係，各項假說獲得部分支持。本研究之發現具有重要理論意義，同時也對企業減碳提供具參考價值之管理意涵。

In light of the dramatic deterioration of global warming that has been regarded as a significant threat to every aspect of the earth, this study aims to investigate the association between the reduction of carbon emissions of the firms and performance through the perspectives of institution theory and agency theory. Institution theory refers to the pressures that are imposed by the society and culture on organizations to change the form and behavior of organizations. Under a strong institutional environment, corporates are forced to make appropriate decisions to meet the expectations of the society in order to legitimize their existence. In addition, carbon reduction is ultimately a decision of the managers and is monitored by the shareholders; whose behaviors are much influenced by the agency costs. Therefore, this study proposes three hypotheses asserting the relationship between carbon reduction of corporates and performance and the moderating effect of shareholder activism and managerial ability on this relationship from both the viewpoints of institution and agency theories.
Using Taiwanese listed companies as the research samples, this study collects data during the period between 2015 and 2018 from two databases separately maintained by the Taiwan Economic Journal (TEJ) and Market Observation Post System (MOPS). The final sample contains 519 Taiwanese listed companies and forms a panel data of 2,076 observations for analysis. The results show that there is a negative relationship between the growth rates of carbon emissions and firm performance, and both shareholder activism and managerial ability weaken this negative relationship, supporting partial three hypotheses. The findings of this study contribute to the theoretical development regarding carbon emissions in business and bring important managerial implications to firms.

誌謝 i
摘要 ii
Abstract iii
目錄 iv
圖目錄 v
表目錄 vi
第壹章 緒論 1
第一節 研究背景與動機 1
第二節 研究問題與目的 4
第三節 研究架構與流程 7
第貳章 文獻探討與假說推導 9
第一節 文獻回顧 9
第二節 假說推導 30
第參章 研究方法 37
第一節 研究架構 37
第二節 資料來源與樣本 38
第三節 變數與衡量 39
第四節 資料分析方法 46
第肆章 實證結果與討論 47
第一節 樣本描述 47
第二節 敘述統計 48
第三節 迴歸分析與假說檢定結果 51
第四節 統計分析結果討論 56
第伍章 研究結論與建議 61
第一節 研究結論 61
第二節 理論貢獻與管理意涵 62
第三節 研究限制與建議 65
參考文獻 67

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