鑒於近年環保意識及利害關係人權益逐漸受到社會大眾關切，強制揭露企業社會責任報告書的相關法規陸續發布，使得公司治理與企業社會責任議題再度成為焦點。本研究主要探討公司治理對企業社會責任揭露之影響，以及高階經理人薪酬是否具有中介效果。以台灣前500大之製造業2014年至2016年間企業社會責任報告書揭露情形為研究對象。實證結果發現大股東持股負向顯著影響企業社會責任之揭露，機構持股則正向顯著影響企業社會責任之揭露，而高階經理人薪酬具有部分中介效果。當機構持股比例提升，透過高階經理人薪酬增加，企業將更願意進行企業社會責任揭露。本研究之貢獻在於同時探討了公司治理、高階經理人薪酬與企業社會責任揭露三者之關係。

The main purpose of this paper is to investigate the relationship between corporate governance and corporate social responsibility disclosure. In recent years, people realize the importance of environmental protection and stakeholder relationship protection. The issue of corporate governance and corporate social responsibility become the focus once again. In light of this, the FSC requires specific enterprises to comply with mandatory disclosure regulations.
In this study, top 500 Taiwan manufacturing companies as research objects, and the data used comes from CSR reports in Taiwan during 2014-2016. Our empirical results found that large stockholders’ shareholding ratio has a significantly negative impact on corporate social responsibility disclosure. Institutional holdings have a significantly positive impact on corporate social responsibility disclosure. The relationship between corporate governance and corporate social responsibility disclosure is partially mediated by executive compensation.
The contribution of this research is to discuss the relationship among corporate governance, executive compensation and corporate social responsibility disclosure.

目錄
謝辭	I
中文摘要	II
英文摘要	III
目錄	IV
表目錄	V
圖目錄	VI
第壹章	緒論	1
第一節	研究背景與動機	1
第二節	研究目的	4
第三節	研究架構流程	5
第貳章	文獻探討與假說發展	6
第一節	公司治理	6
第二節	公司治理與高階經理人薪酬之關係	13
第三節	企業社會責任之揭露	21
第四節	高階經理人薪酬與企業社會責任揭露之關係	26
第五節	公司治理與企業社會責任揭露之關係	28
第參章 研究方法	33
第一節	研究架構與假說	33
第二節	研究樣本與資料來源	34
第三節	研究變數之定義與衡量	34
第四節	實證模型	39
第肆章 實證結果與分析	43
第一節	敘述性統計分析及相關性分析	43
第二節	假說驗證	51
第伍章 研究結論、限制與建議	64
第一節	研究結果	64
第二節	管理意涵	65
第三節	研究貢獻	66
第四節	研究限制與建議	66
參考文獻	67
表目錄
表2- 1集中市場成交金額投資人類別比較	7
表2- 2公司治理評鑑計分方式	9
表2- 3　AA1000與ISAE3000之比較	25
表3- 1企業社會責任報告揭露衡量指標（GRI G3、G3.1、G4）	35
表4- 1樣本篩選	43
表4- 2企業社會責任揭露情形	44
表4- 3有揭露企業社會責任報告書情形	44
表4- 4各變數之敘述性統計	49
表4- 5變數間pearson相關係數矩陣	50
表4- 6公司治理對高階經理人薪酬之迴歸結果	53
表4- 7實證結果彙整－假說一	53
表4- 8高階經理人薪酬對企業社會責任揭露之迴歸結果	55
表4- 9實證結果彙整－假說二	55
表4- 10公司治理對企業社會責任揭露之迴歸結果	58
表4- 11實證結果彙整－假說三	58
表4- 12公司治理對企業社會責任揭露之迴歸結果-高階經理人薪酬之中介效果	60
表4- 13公司治理對企業社會責任揭露之迴歸結果-強制揭露前與前強制揭露後	62
表4- 14公司治理對企業社會責任揭露之迴歸結果(加入中介變項)
　　　　-強制揭露前與前強制揭露後	63


 
圖目錄
圖1- 1研究流程圖	5
圖3- 1研究架構圖	33

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