本文欲瞭解日本上市大企業採取不同環境策略所產生的經濟後果，以及董事會成員特質多元化是否會強化上述結果。本文以日經500成份股公司為研究對象，研究年度為2006-2010年，研究方法以縱橫資料迴歸分析進行假說的檢驗。本文實證結果發現低碳營收策略將獲得正向的經濟後果，反之，注重形象而不具實質效果的環境管理揭露行為則導致企業資源的浪費。然而，根據團體多元化理論，如董事會成員特質多元化時，將會展現出宏觀的視野及多元的管道以解決問題，使得監督經理人能力上升，代理成本下降。本文實證發現，當企業執行低碳營收策略時，董事會成員特質多元化將強化所產生的經濟後果。進一步的檢測發現董事會成員中外部董事比例越高及董事年齡層分佈越廣時，此種調節效果越顯著；反之，當企業執行環境管理揭露行為時，浪費的資源不會因成員特質多元化的董事會而獲得補償。本文之貢獻，期望彌補有關日本企業環境管理策略、財務績效與董事會多元化文獻之不足，並對綠色競爭力的實務提供一項有用的資訊。

This article for the Japanese market enterprises to adopt the economic consequences of different environmental strategy, as well as members of the board trait diversification will strengthen the results. In this paper, the Nikkei 500 constituent stocks as the research object, the research period during the 2006-2010 years, using Panel Data analysis to test the hypothesis. Empirical results of this article found that that the low-carbon revenue strategy will obtain the positive economic consequences, On the contrary, paying attention to disclose the environmental management is waste enterprise resource. However, according to the theory of groups diversity, such as the board of directors has diversified traits. Will be show more widely vision and pluralistic the pipeline in order to solve the problem, leads supervision ability rise, decline in agency costs. We have found when the implementation of low-carbon revenue strategy, the board diversity will strengthen the economic consequences. Further testing found that the higher proportion of outside directors and director’s age distribution more widely, the effect is more enhanced; On the contrary, when the disclosure by the implementation of environmental management, wasting resources is not compensation because of board diversity. Of the contribution of this paper, look forward to make up the lacking for information about Japanese companies environmental management strategies, financial performance and the board diversity, and provide the useful information about green competitive.

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	8
第一節 董事會組成與多元化	8
第二節 環境會計及日本環境管理制度	25
第三節 環境績效	28
第四節 代理理論、競爭策略與利害關係人理論	34
第參章	研究方法	40
第一節 觀念性架構與研究假說	40
第二節 變數衡量與實證模型	45
第三節 樣本及資料來源	52
第肆章	實證結果及分析	53
第一節	敘述性統計	53
第二節	相關分析	53
第三節	模型檢定結果	55
第四節	實證結果分析	57
第伍章	結論與建議	90
第一節 研究結論	90
第二節 管理意涵	91
第三節 研究貢獻	93
第四節 研究限制與建議	95
參考文獻	97

圖目錄

圖1- 1研究流程圖	7
圖2- 1 內部組織架構	10
圖2- 2日本性別年齡組別勞動參與率之變化	17
圖2- 3女性管理職比例之變化	18
圖2- 4利害關係人原始模型	38
圖2- 5利害關係人理論模型	39
圖3- 1觀念性架構	40

 
表目錄
表2- 1 董事會多元化之文獻回顧	12
表2- 2日本監察人制度改革歷程	14
表2- 3外部董事比例與財務績效關聯之相關研究	21
表2- 4性別與財務績效關聯之相關研究	22
表2- 5年齡與財務績效關聯之相關研究	24
表2- 6環境績效與財務績效關聯之相關研究	33
表3- 1 董事會多元化(內部)指標之衡量	47
表3- 2環境管理揭露指標	49
表3- 3各變數之定義	51
表4- 1 敘述性統計	54
表4- 2 各變數間之Person相關係數矩陣	54
表4- 3 兩階段最小平方法之Hausman test結果	55
表4- 4 縱橫資料模型之Hausman test結果	56
表4- 5 財務績效(ROA、ROE、Tobins’ Q)與環境管理之成果(OB)和董事會多元化指標(DiB)之迴歸分析	58
表4- 6遞延財務績效與環境管理之成果和董事會多元化指標之迴歸分析	59
表4- 7 財務績效與環境管理之成果和董事身份、性別及年齡之迴歸分析	61
表4- 8遞延財務績效與環境管理之成果和董事身份、性別及年齡之迴歸分析	62
表4- 9 財務績效與環境管理之過程(PB)和董事會多元化指標之迴歸分析	64
表4- 10遞延財務績效與環境管理之過程和董事會多元化指標之迴歸分析	65
表4- 11財務績效與環境管理之過程和董事身份、性別及年齡之迴歸分析	66
表4- 12遞延財務績效與環境管理之過程和董事身份、性別及年齡之迴歸分析	67
表4- 13 非敏感性產業財務績效與環境管理之成果和董事會多元化指標之迴歸分析	69
表4- 14非敏感性產業財務績效與環境管理之成果和董事身份、性別及年齡之迴歸分析	70
表4- 15非敏感性產業財務績效與環境管理之過程和董事會多元化指標之迴歸分析	71
表4- 16非敏感性產業財務績效與環境管理之過程和董事身份、性別及年齡之迴歸分析	72
表4- 17敏感性產業財務績效與環境管理之成果和董事會多元化指標之迴歸分析	73
表4- 18敏感性產業財務績效與環境管理之成果和董事身份、性別及年齡之迴歸分析	74
表4- 19敏感性產業財務績效與環境管理之過程和董事會多元化指標之迴歸分析	75
表4- 20敏感性產業財務績效與環境管理之成果和董事身份、性別及年齡之迴歸分析	76
表4- 21 小規模企業財務績效與環境管理之成果和董事會多元化指標之迴歸分析	78
表4- 22 小規模企業財務績效與環境管理之成果和董事身份、性別及年齡之迴歸分析	79
表4- 23 小規模企業財務績效與環境管理之過程和董事會多元化指標之迴歸分析	80
表4- 24 小規模企業財務績效與環境管理之過程和董事身份、性別及年齡之迴歸分析	81
表4- 25  大規模企業財務績效與環境管理之成果和董事會多元化指標之迴歸分析	82
表4- 26  大規模企業財務績效與環境管理之成果和董事身份、性別及年齡之迴歸分析	83
表4- 27  大規模企業財務績效與環境管理之過程和董事會多元化指標之迴歸84
表4- 28  大規模企業財務績效與環境管理之過程和董事身份、性別及年齡之迴歸分析	85
表4- 29 實證結果彙總表	86

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網路資料
平成24年(2012)版 厚生勞動白皮書，資料篇。
http://www.mhlw.go.jp/wp/hakusyo/kousei/12-2/dl/01.pdf
行政院環保署-台灣碳足跡資訊網
http://cfp.epa.gov.tw/carbon/ezCFM/Function/PlatformInfo/FLConcept/FLFootIntroduction.aspx
厚生勞動省 平成21年(2009)雇用均等基本調查
http://www.mhlw.go.jp/toukei/list/dl/71-21d1.pdf
產業永續發展整合資訊網
http://proj.moeaibd.gov.tw/isdn/Application/cost.asp
Nina Chestney. 2012. 100 million to die by 2030 if world fails to act on climate. Reuters, Wed Sep 26, 2012 5:51am EDT.
http://www.reuters.com/article/2012/09/26/us-climate-inaction-idUSBRE88O1HG20120926