本研究旨在探討碳揭露、碳績效、財務績效之間的關聯性，並以2018至2021年日本346家上市公司做為樣本。實證結果得到以下結論：碳績效的表現會正向影響碳揭露的程度，也就表示碳績效表現好的公司會更傾向揭露碳資訊，符合自願揭露理論，且大規模公司更為顯著。對於碳揭露與財務績效的關聯，本文發現碳揭露會負向影響短期財務績效（資產報酬率、銷售利潤率），推論是因為短期碳管理所花費的成本超過實際帶來的經濟效益，且較難將碳管理轉換成經濟效益所致。但將公司規模分組後，指出大規模公司碳揭露會正向影響長期財務績效(托賓Q)，推論投資人較看好大規模公司的碳管理作為，並認為能夠帶來長期的潛在收益。最後，本研究指出只看公司當年度的碳績效並不會顯著對財務績效有幫助，而碳績效的增長能夠正向提升財務績效，也就表示公司需要持續執行碳管理且比前一年進步才能夠提升公司價值與財務績效。

This study aims to explore the relationship between carbon disclosure, carbon performance, and financial performance. Taking 346 listed companies in Japan from 2018 to 2021 as a sample. The empirical results draw the following conclusions:Carbon performance will positively affect carbon disclosure, which means that companies with good carbon performance will be more inclined to disclose carbon information, which is consistent with the theory of voluntary disclosure, and large-scale companies are more significant. Regarding the relationship between carbon disclosure and financial performance, this paper finds that carbon disclosure will negatively affect short-term financial performance (ROA ,ROS), inferring that the cost of short-term carbon management exceeds the actual economic benefits, and it’s difficulty converting carbon management into economic benefits. However, after grouping companies by size, it is pointed out that large companies’ carbon disclosure will positively affect long-term financial performance (Tobin’s Q), inferring that investors are more optimistic about the carbon management of large companies and believe that they can bring long-term potential benefits. Finally, this study pointed out that only looking at the company's carbon performance in the current year will not significantly help financial performance, and the growth of carbon performance can positively improve financial performance, which means that the company needs to continue to implement carbon management and make progress compared with the previous year in order to enhance the company's value and financial performance.

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 5
第三節 研究流程與架構 6
第四節 研究結果與貢獻 7
第二章 文獻探討 9
第一節 碳揭露與碳績效 9
第二節 資源基礎理論 12
第三節 碳揭露與財務績效 13
第四節 碳績效與財務績效 14
第三章 研究方法 17
第一節 研究假設 17
第二節 樣本選取與變數定義 18
第三節 研究方法與模型設定 25
第四章 實證結果與分析 27
第一節 敘述性統計 27
第二節 實證結果分析 30
第五章 研究結論與建議 37
第一節 結論 37
第二節 對後續研究的建議 38
參考文獻 41
附錄 49

Alsaifi, K., Elnahass, M., & Salama, A. (2020). Carbon disclosure and financial performance: UK environmental policy. Business Strategy and the Environment, 29(2), 711-726.
Al-Tuwaijri, S. A., Christensen, T. E., & Hughes, K. E. (2003). The relations among environmental disclosure, environmental performance, and economic performance: A simultaneous equations approach. Accounting, Organizations and Society, 29(5), 447-471.
Aragon-Correa, J. A. (1998). Strategic proactivity and firm approach to the natural environment. Academy of Management Journal, 41(5), 556-567.
Barney, J.B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17, 99-120.
Barney, J.B. and Clark, D.N. (2007). Resource-Based Theory Creating and Sustaining Competitive Advantages. Oxford University Press, Oxford, 327.
Bolton, Patrick & Kacperczyk, Marcin. (2021). Do investors care about carbon risk?, Journal of Financial Economics, Elsevier, vol. 142(2), 517-549.
Busch T., Lewandowski S. (2018). Corporate carbon and financial performance – a meta-analysis. Journal of Industrial Ecology, 22(4), 745-759.
Busch, T., & Hoffmann, V. H. (2011). How hot is your bottom line? Linking carbon and financial performance. Business & Society, 50(2), 233-265.
Cho, C.H., Guidry, R.P., Hageman, A. and Patten, D.M. (2012). Do Actions Speak Louder than Words? An Empirical Investigation of Corporate Environmental Reputation. Accounting, Organizations and Society, 37(1), 14-25.
Clarkson, P. M., Fang, X., Li, Y., & Richardson, G. (2013). The relevance of environmental disclosures: Are such disclosures incrementally informative? Journal of Accounting and Public Policy, 32(5), 410-431.
Clarkson, P. M., Li, Y., Richardson, G. D., & Vasvari, F. P. (2008). Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis. Accounting, Organizations and Society, 33(4-5), 303-327.
Clarkson, P. M., Overell, M. B., & Chapple, L. (2011). Environmental reporting and its relation to corporate environmental performance. Abacus, 47(1), 27-60.
Cohen, M., Fenn, S., Naimon, J. (1995). Environmental and Financial Performance: Are They Related? Vanderbilt University, Nashville, TN.
Comyns, B. (2016).Determinants of GHG reporting: An analysis of global oil and gas companies. Journal of Business Ethics, 136(2), 349-369.
Craig Deegan.(2002). The Legitimising Effect of Social and Environmental Disclosures— A Theoretical Foundation. Accounting, Auditing & Accountability Journal, 15, 282-311.
Delmas, M. A., Nairn-Birch, N., & Lim, J. (2015). Dynamics of environmental and financial performance: The case of greenhouse gas emissions. Organization & Environment, 28(4), 374-393.
Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59-100.
Dye, R. A. (1985). Disclosure of nonproprietary information. Journal of Accounting Research, 23(1), 123-145.
Eccles, R.G.; Serafeim, G.; Krzus, M.P. (2011).Market Interest in Nonfinancial Information. J. Appl. Corp. Financ, 23, 113-127.
Friedman, M. (1970). The social responsibility of business is to increase its profits. New York Times Magazine, September, 13(32-33), 122-124.
Fujii, H., Iwata, K., Kaneko, S., & Managi, S. (2013). Corporate Environmental and Economic Performance of Japanese Manufacturing Firms: Empirical Study for Sustainable Development: Corporate Environmental and Economic Performance of Japanese Manufacturing Firms, Business Strategy and the Environment, 22(3), 187- 201.
Gallego-Alvarez, I., Garcia-Sanchez, I. M., & Vieira, C. D. (2014). Climate change and financial performance in times of crisis. Business Strategy and the Environment, 23, 361-374.
Gallego-Álvarez, I., Segura, L., & Martínez-Ferrero, J. (2015). Carbon emission reduction: the impact on the financial and operational performance of international companies. Journal of Cleaner Production. Elsevier BV.
Giannarakis, G., Zafeiriou, E. and Sariannidis, N. (2017), The impact of carbon performance on climate change disclosure, Business Strategy and the Environment, Vol. 26 No. 8, 1078-1094.
Griffin, J. J., & Mahon, J. F. (1997). The corporate social performance and corporate financial performance debate: Twenty-five years of incomparable research. Business & Society, 36(1), 5-31.
Guenster, N., Bauer, R., Derwall, J. M. M., & Koedijk, C. G. (2011). The economic value of corporate eco-efficiency. European Financial Management, 17(4), 679-704.
Hart, S. L. (1995). A natural-resource-based view of the firm. Academy of Management Review, 20(4), 986-1014.
Hart, S. L., & Ahuja, G. (1996). Does it pay to be green? An empirical examination of the relationship between emission reduction and firm performance. Business Strategy and the Environment, 5(1), 30-37.
Hassan, O. A., & Romilly, P. (2018). Relations between corporate economic performance, environmental disclosure and greenhouse gas emissions: New insights, Business Strategy and the Environment, 27(7), 893-909.
Heede, R. (2014). Carbon Majors: Accounting for carbon and methane emissions 1854-2010 Methods & Results Report, Climate Accountability Institute. United States of America.
Horváthová Eva. (2012). The impact of environmental performance on firm performance: Short-term costs and long-term benefits?,Ecological Economics, Elsevier, vol. 84(C), 91-97.
Hughes, Susan B. & Anderson, Allison & Golden, Sarah. (2001).Corporate environmental disclosures: are they useful in determining environmental performance?, Journal of Accounting and Public Policy, Elsevier, vol. 20(3), 217-240.
Jeswani, H. K., Wehrmeyer, W., & Mulugetta, Y. (2008). How warm is the corporate response to climate change? Evidence from Pakistan and the UK. Business Strategy and the Environment, 17(1), 46-60.
King, A., & Lenox, M. (2002). Exploring the locus of profitable pollution reduction. Management Science, 48(2), 289-299.
Lewandowski, S. (2017). Corporate Carbon and Financial Performance: The Role of Emission Reductions. Bus. Strategy Environ, 26, 1196-1211.
Lockett, A., O'Shea, R. P., & Wright, M. (2008). The development of the resource-based view: Reflections from Birger Wernerfelt. Organization Studies, 29(8-9), 1125-1141.
Lu W, Zhu N, Zhang J. (2021).The Impact of Carbon Disclosure on Financial Performance under Low Carbon Constraints. Energies, 14(14):4126.
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., & Tang, Q. (2014). Does Voluntary Carbon Disclosure Reflect Underlying Carbon Performance. Journal of Contemporary Accounting & Economics, 10, 191-205.
Luo, L., Lan, Y. -chen, & Tang, Q. (2012). Corporate incentives to disclose carbon information : evidence from the CDP Global 500 Report. Journal Of International Financial Management And Accounting, 23(2), 93-120.
Meng, X., Zeng, S., Shi, J. J., Qi, G., & Zhang, Z. (2014). The relationship between corporate environmental performance and environmental disclosure: An empirical study in China. Journal of Environmental Management, 145, 357-367.
Nidumolu, R., Prahald, C.K., Rangaswami, M.R. (2009). Why sustainability is now the key driver of innovation. Harv. Bus. Rev., 57-64. September.
O’Donovan, G. (2002). Environmental disclosures in the annual report: Extending the applicability and predictive power of legitimacy theory, Accounting, Auditing & Accountability Journal, Vol. 15 No. 3, 344-371.
Patten, D. M. (2002). The relation between environmental performance and environmental disclosure: A research note. Accounting, Organizations and Society, 27(8), 763-773.
Pava, M. L., & Krausz, J. (1996). The Association between Corporate Social-Responsibility and Financial Performance: The Paradox of Social Cost. Journal of Business Ethics, 15, 321-357.
Penrose, Edith, The Theory of the Growth of the Firm, 3rd edn (Oxford, 1995; online edn, Oxford Academic, 1 Nov. 2003)
Porter, M. E. Competitive Strategy: Techniques for Analyzing Industries and Competitors. New York: Free Press. (1980). (Republished with a new introduction, 1998.)
Porter, M. E., & van der Linde, C. (1995). Toward a new conception of the environment–competitiveness relationship. Journal of Economic Perspectives, 9(4), 97-118.
Qian, W. & Schaltegger, S. (2017). Revisiting carbon disclosure and performance: Legitimacy and management views. The British Accounting Review, 49(4), 365-379.
Russo, M., Fouts, P. (1997). A resource-based perspective on corporate environmental performance and profitability. Academy of Management Journal,40, 534-559.
Saka, C. and Oshika, T. (2014). Disclosure effects, carbon emissions and corporate value, Sustainability Accounting, Management and Policy Journal, Vol. 5 No. 1, 22-45.
Sharma, S., Vredenburg, H. (1998). Proactive corporate environmental strategy and the development of competitively valuable organizational capabilities. Strategic Management Journal,19, 729-753.
Siddique, Md Abubakar & Akhtaruzzaman, Md & Rashid, Afzalur & Hammami, Helmi. (2021).Carbon disclosure, carbon performance and financial performance: International evidence. International Review of Financial Analysis, Elsevier, vol. 75(C).
Solomon, A., & Lewis, L. (2002). Incentives and disincentives for corporate environmental disclosure. Business Strategy and the Environment, 11(3), 154-169.
Stanny, E., & Ely, K. (2008). Corporate environmental disclosures about the effects of climate change. Corporate Social Responsibility and Environmental Management, 15(6), 338-348.
Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of Management Review, 20(3), 571-610.
Sutantoputra, A. W. – Lindorff, M. - Johnson, E. Prior. (2012). The relationship between environmental performance and environmental disclosure, Australasian Journal of Environmental Management, 19:1, 51-65,
Weinhofer, G., & Hoffmann, V. H. (2010). Mitigating climate change–how do corporate strategies differ? Business Strategy and the Environment, 19(2), 77-89.
Wernerfelt, B. (1984). The Resource-Based View of the Firm. Strategic Management Journal, 5, 171-180.