本研究旨在瞭解企業對利害關係人的關懷、對環境關注以及對在年報環境揭露程度之關聯性，而研究對象主要為美國S&P500公司。利害關係人理論認為，企業為了永續發展需要不同利害關係人的支持與認可，所以企業在追求好的環境績效表現時，應將對利害關係人之考量納入企業環保管理決策中，不但可以避免因顧客抵制而造成之損失，還能創造行銷機會，以滿足綠色消費者的需求，藉以改善企業的形象並拓展新的商機。合理性理論則認為，公司必須用「對外揭露」來回應攸關公眾的期望，以確保永續經營的權利，所以企業年報中環境資訊揭露能否反映實際環境績效，是社會大眾監督企業是否善盡環境責任的重要因素。
   首先，本研究採用內容分析法針對美國S&P500公司之揭露進行評分，藉以探討2008年年報中企業揭露之環境資訊內容。其次，本研究亦採用KLD Global Socrates的環境、社會及治理（ESG）評分中的員工、產品相關議題、多樣性、社區以及環境項目來衡量企業對利害關係人的關懷與對環境的關注。
   最後，經本研究實證結果發現如下:（1）美國S&P500公司之環境資訊揭露之程度普遍不佳。（2）企業對利害關係人的關懷與企業對環境的關注呈正相關，表示企業在追求環境績效表現時，會將對利害關係人之考量納入企業環保管理決策中。(3）企業對環境的關注程度，會影響企業財務報表中的對於環境資訊揭露之程度。企業有良好環境績效時，藉由財務報表揭露將此訊息傳達讓大眾所知，不但可以提升公司形象更能加強與利害關係人間的關係，也能提升企業形象，達成企業永續發展的終極目標。

The purpose of this study is to examine the relationship among corporate attention to stakeholders, corporate environment concerns and corporate environmental disclosure. The sample comprised U.S.-based S&P 500 companies. Stakeholder theory think that corporations need to ensure their survival and success by satisfying different stakeholders as well. Therefore, corporations  pursue good environmental performance, they should take stakeholders considerations into business decisions. Legitimacy theory think that corporations must use “ disclosure” to respond to the expectations of the public.
  First, this study uses Wiseman (1982) Disclosure Rating Scale, using content analysis method to probe 2008 corporate disclosure on environment information content. Second, this study adopts KLD ratings as measures of corporate attention to stakeholders and environment concerns. Environmental disclosure is usually viewed as a means by which to mitigate stakeholder environmental pressure. Hence, the supply of environmental disclosure is driven by the agency relationships between managers and stakeholders. Our results show that the attention to stakeholders exerts a strong influence over corporate environment concerns. Moreover, the level of environmental disclosure is significantly affected by environment concerns.

目錄
表目錄	iv
圖目錄	v
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	研究流程與論文架構	4
第貳章	文獻探討與回顧	6
第一節	利害關係人理論探討	6
一、利害關係人理論之起源	6
二、利害關係人之定義	6
三、利害關係人的分類	7
四、利害關係人理論應用	10
第二節	環境揭露文獻回顧	13
一、合理性理論	13
二、環境揭露與合理性理論	15
第参章	研究方法	17
第一節 研究假說及觀念性架構	17
一、研究假說	17
二、觀念性架構	22
第二節  實證模型	24
第三節 變數定義與衡量	25
一、利害關係人關懷與環境關注— KLD資料庫	25
二、環境揭露	27
三、控制變數	32
第四節  樣本選取與資料來源	33
第肆章	實證結果及分析	34
第一節	公司年報之環境資訊揭露程度	34
第二節	敘述性分析	37
第三節	迴歸分析	40
第四節	額外分析	46
第伍章	研究結論、限制與建議	56
參考文獻	59
附錄1  KLD指標	68

表目錄
表2-1 利害關係人的定義	7
表2-2 利害關係人的分類	10
表3-1 各變數之定義	24
表3-2 KLD資料來源	26
表3-3 環境揭露評分方式	31
表3-4 樣本篩選過程表	33
表4- 1環境資訊揭露程度 (244家樣本公司)	36
表4- 2敘述性統計分析(244家樣本)	37
表4- 3環境揭露程度與自變數間Pearson相關係數矩陣	39
表4- 4利害關係人關懷與自願性環境揭露之迴歸分析	41
表4- 5利害關係人關懷對環境關注影響程度之迴歸分析	43
表4- 6環境關注對自願性環境揭露程度之迴歸分析	44
表4- 7利害關係人關懷、環境關注對自願性環境揭露之迴歸分析	46
表4- 8環境關注對環境揭露程度之迴歸分析	47
表4- 9環境關注對強制性環境揭露程度之迴歸分析	48
表4- 10企業價值對環境揭露程度之迴歸分析	49
表4- 11利害關係人關懷與企業價值之迴歸分析	51
表4- 12關係人對社區、環境之迴歸分析	52
表4- 13關係人對自願性揭露之迴歸分析	53
表4- 14社區環境對自願性揭露之迴歸分析	54
表4- 15社區環境、關係人對自願性揭露之迴歸分析	55

 
圖目錄
圖1- 1 研究流程圖	5
圖2- 1 利害關係人投入產出模式	8
圖2- 2 利害關係人理論	9
圖3- 1 觀念性架構	23

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