题名

環境管理與企業經營績效關聯性之實證研究：以臺灣上市櫃公司為例

并列篇名

Does It Pay to be Green in Taiwan's Listed Companies?

DOI

10.3966/199687602016020901001

作者

孫梅瑞(Meijui Sun)；陳依婷(Yi-Ting Chen)

关键词

企業社會責任 ； 經營績效 ； 綠色策略 ； 綠色認證 ； 環境管理系統 ； corporate social responsibility (CSR) ； corporate performance ； green strategies ； green certification ； environment management system (EMS)

期刊名称

組織與管理

卷期/出版年月

9卷1期（2016 / 02 / 01）

页次

1 - 38

内容语文

繁體中文
中文摘要

近年來，企業社會責任中的環境議題已成為國際趨勢，而具有公信力的環境管理系統認證是否能為企業提升全球競爭優勢，將可能之營運風險轉化成為綠色商機，此為有待探討的主題。本研究以TEJ資料庫中2013年臺灣上市櫃企業為原始樣本，選取1996～2009年第一次取得ISO 14001認證為檢驗樣本，以事件研究法探討短期間是否有顯著股票異常報酬，並以取得ISO 14001認證年度之前、後三年以及後六年為財務績效衡量期間，來瞭解ISO 14001認證與臺灣上市櫃企業經營績效的關聯性。此外，亦分析早期與持續認證的ISO 14001企業，是否能為經營績效帶來更顯著效益。研究結果發現，因導入ISO 14001有一段準備期，資訊可能提早洩露，使ISO 14001認證宣告對臺灣上市櫃企業短期內無顯著異常報酬。而在長期經營績效方面， 對於取得ISO 14001之企業， 可能因為導入環境管理系統成本在三年內尚未能回收， 使得認證前ROA、ROE顯著優於認證後； 但認證後Tobin’s Q則顯著優於認證前。在ISO14001企業與非ISO 14001企業方面，可能因非ISO 14001企業亦進行其他綠色活動，其績效則無顯著差異。而在比較早期與晚期取得ISO 14001認證方面，晚期取得企業之Tobin's Q顯著優於早期取得。另外，定期檢驗與持續認證確實為企業經營績效ROA帶來顯著的回饋。
英文摘要

The environmental issues of corporate social responsibility are focused internationally, the international certification is credibility viewed as a competitive advantage in the global market and covert the operational risk to green opportunities. A lot of countries which traded with Taiwan take ISO 14001 one of green passports, dose ISO 14001 really can be a competitive for enterprises? This study examines the performance of Taiwan’s listed companies' first obtaining ISO 14001 certification from 1996 to 2009. The study uses the event study to explore if there are any abnormal returns on event dates and also uses the difference and regression analysis to explore the difference between ISO 14001 and none-ISO 14001 enterprises after granted the certification of ISO 14001. Furthermore, this study analyzes the performance of earlier and continued certified companies to understand if the can have the better performance? The results shows there are no significant abnormal returns on event dates for Taiwan's listed companies because of the leakage of information. The Tobin's Q of the companies with ISO 14001 certification is better than before, but ROA and ROE are poorer. It would be the cost of environmental management system hasn't been covered during three years after obtaining ISO 14001 certification. And there are no significant difference and correlation between ISO 14001 and none-ISO 14001 enterprises. Finally, only the Tobin's Q later adopters are better than those of early adopters and the continued improvement indeed makes ROA better significantly.
主题分类 社會科學 > 管理學
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被引用次数
  1. 孫梅瑞、林瓊華、周英茹(2016)。私募基金購併大中華區標的企業之公司治理與經營績效研究。管理與法遵，1(1)，37-60。
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