淡江大學覺生紀念圖書館 (TKU Library)

系統識別號 U0002-2406201410521500
中文論文名稱 臺灣永續發展企業特性:從利益平衡、創新成長及資訊透明觀點探討
英文論文名稱 The Characteristics of Taiwan’s Sustainable Development Firms: Exploring from the Perspectives of Interests Balance, Innovative Growth and information transparency
校院名稱 淡江大學
系所名稱(中) 會計學系碩士班
系所名稱(英) Department of Accounting
學年度 102
學期 2
出版年 103
研究生中文姓名 程韻如
研究生英文姓名 Yun-Ju Cheng
學號 601600033
學位類別 碩士
語文別 中文
口試日期 2014-06-19
論文頁數 68頁
口試委員 指導教授-黃振豊
中文關鍵字 永續發展企業  利害關係人  持續成長  公司治理  資訊透明度 
英文關鍵字 Corporate sustainable development  Stakeholders  Sustainable growth  Corporate governance  Information Transparency 
中文摘要 本研究探討臺灣永續發展企業特性,從利益平衡、創新成長及資訊透明觀點探討。本研究之樣本來源為2013年我國DJSI邀請參加永續評比企業為永續企業樣本,並以人工蒐集方式,篩選同產業且約當規模企業為配對樣本進行Logit分析。藉以了解永續發展企業與主要利害關係人利益平衡、永續發展企業與創新成長、永續發展企業與資訊透明之關係。
英文摘要 Abstract:
This study investigates the characteristics of Taiwan’s sustainable development enterprises from the perspectives of interest balance, growth and innovation, and information transparency. The samples selected form those corporations invited by DJSI in 2013. In addition, we collected and screened the compared firms as the control samples. Logit regression is used to analyze the relationships between sustainable business and interests balance, growth and innovation, and information transparency.
The major findings of this study are listed as follows: On the dimension of interest balance, sustainable development enterprises have a significantly better interest balance on their shareholders and creditors than their counterparts. On the dimension of growth and innovation, sustainable development enterprises show better than control group. As to the dimension of information transparency, the sustainable enterprises have lower directors' shareholding, higher proportion of institutional ownership and foreign ownership, and better information transparency than non-sustainable enterprises.
論文目次 目錄
第壹章 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 論文架構 7
第貳章 文獻回顧與假說發展 9
第一節 永續發展企業之特性 9
第二節 永續發展企業與利害關係人利益平衡之關係 14
第三節 永續發展企業與創新成長之關係 20
第四節 永續發展企業與資訊透明之關係 24
第五節 觀念性架構 30
第參章 研究方法 32
第一節 資料來源與樣本說明 32
第二節 變數之操作性定義 34
第三節 實證模型 41
第肆章 實證結果與分析 42
第一節 敘述性統計 42
第二節 Logit迴歸分析結果 44
第伍章 結論與建議 51
第一節 結論 51
第二節 管理意涵 52
第三節 研究限制與建議 54
參考文獻 55
附錄 68

表3-1 樣本篩選彙總表 32
表3-2 樣本產業彙總表 33
表3-3 變數之操作性定義 40
表4-1 利益平衡、創新成長及資訊透明敘述統計 43
表4-2 利益平衡、創新成長及資訊透明相關係數矩陣表 45
表4-3 模型一、模型二、模型三及模型四Logit 迴歸結果 49
表4-4 模型四Logit 迴歸結果 50
表A-1配對樣本 68

圖1-1 研究流程架構圖 8
圖2-1 觀念性架構 31
參考文獻 參考文獻
Agrawal, A., and Mandelker, G. N. 1990. Large shareholders and the monitoring of managers: the case of antitakeover charter amendments, Journal of Financial and Quantitative Analysis, (25):143-161.
Agrawal, A., and Knoeber, C. R. 1996. Firm performance and mechanisms to control agency problems between mangers and shareholders, Journal of Financial and Quantitative Analysis, (31):377-397.
Aguilera, R., Rupp, D.E., Williams, C. A., and Ganapathi, J. 2007. Putting the back in corporate social responsibility: a multilevel theory of social change in Organisations, Academy of Management Review, 32(3) 836–863.
Andriof, J., Waddock, S., Rahman, S. S., and Husted, B. 2002. Introduction: Stakeholder responsibility. Journal of Corporate Citizenship, 6, 16–18.
Ansoff, I. 1965. Corporate Strategy, New York: McGraw Hill, Inc.
Armstrong, M. 2010. Armstrong’s essential human resource management practice: A guide to people management. London: Kogan Page Publishers.
Arrow, K., B. Bolin, R. Costanza, P. Dasgupta, C. Folke, C. S. Holling, B. O. Jansson, S. Levin, K. G. Maler, C. Perrings, and D. Pimentel 1995. Economic growth, carrying capacity, and the environment. Science, 268: 520-521.
Artiach, T., Lee, D., Nelson, D., and Walker, J. 2010. The determinants of corporate sustainability performance. Accounting and Finance 50 (1), 31-51.
Ashford, S.J., Lee, C., and Bobko, P. 1989. Content, causes, and consequences of job insecurity: A theory-based measure and substantive test. Academy of Management Journal, 32(4): 803-829.
Australian Stock Exchange. 2007. Corporate governance principles and recommendations. 2nd Edition, Australian Stock Exchange accessed on fromhttp://www.asx.com.au/governance/second-edition-revised-corporate-governanceprinciples- recommendations.htm .
Banerjee, S. B. 2000. Whose Land is It Anyway? National Interest, Indigenous Stakeholders, and Colonial Discourses, Organization and Environment 13(1), 3-38.
Banerjee, S. B. 2002. Corporate environmentalism: The construct and its measurement. Journal of Business Research, 55, 177–191.
Bansal, P. 2005. Evolving sustainably: A longitudinal study of corporate sustainable development. Strategic Management Journal, 26, 197–218.
Bansal, P., and Gao, J. 2006. Building the future by looking to the past: examining research published on organizations and environment. Organization and Environment, 19(4): 458-478.
Basua, Max Gillmanb, Joseph Pearlmanc. 2009. Inflation, Human Capital and Tobin’s Q. Journal of Economic Dynamics and Control 36(7), 1057–1074
Baron, D. 2001 Private politics, Corporate Social Responsibility and Integrated Strategy. Journal of Economics and Management Strategy, 10, 7-45.
Bauer, R., Frijns, B., Otten, R., and Tourani-Rad, A. 2008. The impact of corporate governance on corporate performance: Evidence from Japan. Pacific-Basin Finance Journal 16, 236-251.
Beekes, W., and Brown, P. 2006. Do better governed Australian firms make more informative disclosures? Journal of Business Finance and Accounting, 33, 422-450.
Bertels, S., and Peloza, J. 2008. Running Just to Stand Still? Managing CSR Reputation in an Era of Ratcheting Expectations. Corporate Reputation Review 11, 56–72.
Bharadwaj, A. S., Bharadwaj, S. G., and Konsynski, B. R. 1999. Information technology effects on firm performance as measured by Tobin’s Q. Marketing Science 45(6) 1008–1024
Brickley, J.A., Lease, R. C. and Smith, C. W., J. 1988. Ownership Structure and Voting on Antitakeover Amendments, Journal of Financial Economics, (20).267-291.
Bronn, P., and Vidaver, C. D. 2009. Corporate Motives for Social Initiative: Legitimacy, Sustainability, or the Bottom Line? Journal of Business Ethics 87(1), 91–109
Buchanan, J. 2007. Japanese corporate governance and the principle of “internalism”. Corporate Governance: An International Review 15, 27-35.
Bullinger, H.J., Steinaecker, J., Weller, A. 1999. Concepts and methods for a production integrated environmental protection. International Journal of Production Economics 60–61, 35–42.
Buysse K, Verbeke A. 2003. Proactive environmental strategies: a stakeholder management perspective. Strategic Management Journal 24(5): 453–470.
Campbell, J .L. 2007. Why Would Corporations Behave in Socially Responsible Ways? An Institutional Theory of Corporate Social Responsibility. Academy of Management Review 32(3), 946–967
Chang, D., and Kuo, L. R. 2008. The effects of sustainable development on firms’ financial performance: An empirical approach. Sustainable Development, 16, 365–380.
Chen, A. J. W., Boudreau, M., and Watson, R. T. 2008. Information systems and ecological sustainability. Journal of Systems and Information Systems, 10(3), 186–201.
Core, J. E. 2001 A review of the empirical disclosure literature: discussion. Journal of Accounting and Economics, 31, 441-456.
Cornell, B., and Shapiro, A. 1987. Corporate Stakeholders and Corporate Finance, Financial Management 16, 5–14.
Daub CH. 2007. Assessing the quality of sustainability reporting: an alternative methodological approach. Journal of Cleaner Production 15: 75–85.
Deegan, C., and Gordon, B. 1999. A study of environmental disclosure policies of Australian corporations. Accounting and Business Research, 26(3), 187-199.
Dowell, G., Hart, S .L., and Yeung, B. 2000. Do corporate global environmental standards create or destroy market value? Management Science 46 (8), 1059–1074.
Dunphy,D., Griffiths, A. and Benn,S. 2003 .Organizational Change for Corporate Sustainability. Routledge, London.
Dyllick T., and Hockerts, K. 2002. Beyond the business case for corporate sustainability. Business Strategy and the Environment 11(2): 130–141.
Ebner, D. 2008. Assessing corporate social responsibility in industrial firms: The CSR-assessment. Leoben: Montanuniversita’t Leoben.
Eccles, R. G., Hertz, R. H., Keegan, M., and Phillips, D. M .H. 2001. The Value Reporting Revolution- Moving Beyond the Earnings Game, USA: Wiley.
Eisenhardt, K. M. 1989. Agency theory: an assessment and review. Academy of Management Review, 14, 57-74.
Erol, I., Caka, N., Erel, D., and Sari, R. 2009. Sustainability in the Turkish retailing industry. Sustainable Development, 17, 49–67.
Esty, D. C. and Winston A.S., 2006.Green to Gol, Yale University Press, New Haven and London,.70-72.
FASB 2001. Improving business reporting: insight into enhancing voluntary disclosures.
Fishman, M. J., and Hagerty, K.M. 1997. Mandatory vs. voluntary disclosure in markets with informed and uninformed customers. Social Science Research Network Electronic Paper Collection.
Fowler S. J., and Hope, C. 2007. Incorporating sustainable business practices into company strategy. Business Strategy and the Environment 16(1): 26–38.
Free, R. C. 2010. 21st century economics: A reference handbook. London: Sage.
Freeman, R. Edward. 19840 Strategic Management: A Stakeholder Approach, Massachusetts: Pitman Publishing Inc.
Freeman, R. E. 2010. Managing for stakeholders: Tradeoffs and value creation. Journal of Business Ethics, 96, 7–9.
Godfrey, P. C., and Hatch, N. W. 2006. Researching corporate social responsibility: an agenda for the 21st century. Journal of Business Ethics 70, 87–98.
Han, B. H., and Manry, D. 2004. The value-relevance of RandD and advertising expenditures: evidence from Korea. The International Journal of Accounting, 39, 155–173.
Hart, S. L. 1995. A Natural-Resource-Based View of the Firm. Academy of Management Review 20(4), 986–1014
Harvey, M., and Pilgrim, S. 2011. The new competition for land: food, energy, and climate change. Food Policy 36(1), 40-51
Healy, Paul M., and Krishna G. Palepu. 2001. Information Asymmetry , Corporate Disclosure, and the Capital Markets: A Review of the Empirical Disclosure Literature,Journal of Accounting and Economics 31 405-440.
Hermalin, B., and Weisbach, M. 2003. Boards of directors as an endogenously determined institution: A survey of the economic literature. Economic Policy Review Federal Reserve Bank of New York, 9(1), 7-26.
Hermalin, B., and Weisbach, M. 1998. Endogenously Chosen Boards of Directors and Their Monitoring of the CEO. American Economic Review 88, 96-118.
Heyd, T. 2010. Climate change, individual responsibilities and cultural frameworks. Human Ecology Review 17 (2), 86–95.
Hill, R. P., Ainscough, T., Shank, T., and Manullang, D. 2007. Corporate social respon- sibility and socially responsible investing: a global perspective. Journal of Business Ethics 70, 165–174.
Horbach, J. 2007. Determinants of environmental innovation: new evidence from German panel data sources. Research Policy 37, 163–173.
Hull, C. E., and Rothenberg, S. 2008. Firm performance: the interactions of corporate social performance with innovation and industry differentiation. Strategic Management Journal 29, 781–789.
Hutton, R. B., Cox, D .B., Clouse, M .L., Gaensbauer, J., and Banks, B.D. 2007. Multinational Business Review 15 (1), 89.
Jaffe, A. B. 1986.Technological Opportunity and Spillovers of RandD: Evidence from Firm Patents, Profits and Market Value. American Economic Review 76(5), 984–1001.
Jensen, M. 1993. The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems. Journal of Finance 48(3), 831-80.
Jose, M. L., Nichols, L. M., and Stevens, J. L.1986. Contributions of diversification, promotion, and RandD to the value of multiproduct firms: a Tobin’s Q approach. Financial Management, 15, 33–42.
Kates, R. W., Clark, W. C., Corell, R., Hall, M.J., Jaeger, C. C., Lowe, I., McCarthy, J. J., Schellnhuber, H. J., Bolin, B., and Dickson, N. M.. 2001. Sustainability science. 292, 641–642.
Kiernan, M. K. 1998. Building shareholder value: translating environmental performance into profits. Corp. Environment Strategy, 5(5): 50–59.
King A, Lenox MJ. 2001. Who adopts management standards early? An examination of ISO 14001 certifications. Paper presented at the Academy of Management Meetings, Washington DC.
Konar, S., and Cohen, M. A. 2001. Does the market value environmental performance? Review of Economics and Statistics 83 (2), 281–289.
Konrad, A., Steurer, R., Langer, M. E., and Martinuzzi, A. 2006. Empirical findings on business: Society relations in Europe. Journal of Business Ethics, 63, 89–105.
Law, P. 2011. Audit regulatory reform with a refined stakeholder model to enhance corporate governance: Hong Kong evidence. Corporate Governance, 11(2), 123–135.
Lindenberg, E. B., and Stephen A. R. 1981. Tobin’s Q Ratio and Industrial Organization. Journal of Business 54:1, 1–32.
Lovins, A. B., Lovins, L. H., and Hawken, P. 1999. A road map for natural capitalism. Harvard Business Review, 145-158.
Lopez, M. V. and Arminda, G. 2007. Lazaro Rodriguez Sustainable Development and Corporate Performance: A Study Based on the Dow Jones Sustainability Index Journal of Business Ethics 75:285–300
Maignan, I., and Ferrell, O. C. 2001. Antecedents and Benefits of Corporate Citizenship: An Investigation of French Businesses , Journal of Business Research, 51(1), 37-51.
Makipere, K., and Yip, G. 2008. Sustainable leadership. Business Strategy Review, 19(1), 64–67.
Manderson, A. K. 2006. A Systems Based Framework to Examine the Multi-Contextual Application of the Sustainability Concept. Environment, Development and Sustainability 8, 85–97.
Marshall, J. and Toffel, M. 2005. Framing the elusive concept of sustainability: a sustainability hierarchy. Environmental Science and Technology 39(3),673.
McConnell, J. J. and Henri, S. 1990. Additional evidence on equity ownership and corporate value. Journal of Financial Economics, 595-612.
McWilliams, A., and Siege, D. 2000. Corporate social responsibility and financial performance: correlation or misspecification? Strategic Management Journal 21, 603–609.
McWilliams, A., Siegel, D. S., and Wright, P. M. 2006. Introduction Corporate social responsibility. New York, NY: Taylor and Francis.
Megna, Pamela., and Dennis C. M. 1991. Profit Rates and Intangible Capital, this review 73:4, 632–642.
Metcalf, L., and Benn, S. 2012. The corporation is ailing social technology: Creating a ‘fit for purpose’ design for sustainability. Journal of Business Ethics, 10(7)10551-012-1201-1.
Mitchell, R.K., Agle, B.R., and Wood, D.J. 1997. Toward a Theory of Stakeholder Identification and Salience: Defining the Principle of Who and What Really Counts. Academy of Management Review 22(4), 853–886
Mizik, N., and Jacobson, R. 2003. Trading off between value creation and value appropriation: the financial implications of shifts in strategic emphasis. Journal of Marketing, 67, 63–76.
Modigliani, F., and Merton, H. M. 1963. Corporate income taxes and the cost of capital:A correction. American Economics Review, 53, 433-443.
Molnar, E., and Mulvihill, P. R. 2003. Sustainability-focused organizational learning: Recent experiences and new challenges. Journal of Environmental Planning and Management, 46(2), 167–176.
Noland, J., and Phillips, R. 2010. Stakeholder engagement, discourse ethics and strategic management. International Journal of Management Review 12(1), 39–49.
O’Brien, J. P. 2003. The capital structure implications of pursuing strategy of innovation. Strategic Management Journal, 24(5), 415–431.
Ostberg, P. 2006. Disclosure, investment and regulation. Journal of Financial Intermediation, 15, 285-306.
O’sullivan, M., Percy, M. and Stewart, J. 2008. Australian evidence on corporate governance attributes and their association with forward-looking information in the annual reports. Journal of Manage Governance, 12, 5-35.
Owen, D., Swift, T., Humphrey, C., and Bowerman, M. 2000. The New Social Audits: Accountability, Managerial Capture or the Agenda of Social Champions? European Accounting Review 9(1), 81–98.
Peteraf, M. A. 1993. The cornerstones of competitive advantage: A resource-based view. Strategic Management Journal, 14(3), 179–191.
Pfeffer. J., and Salancik, G.R. 1978. The External Control of Organizations. Harper and Row: New York.
Phillips, R., Freeman R. E., and Wicks A. C. 2003 .What Stakeholder Theory is Not, Business Ethics Quarterly 13(4), 479–502.
Pirsch, J., Gupta, S., and Grau, S. L. 2007. A Framework for understanding corporate social responsibility programs as a continuum: an exploratory study. Journal of Business Ethics 70, 125–140.
Porter, M. E. 1985. Competitive advantage. New York: Free Press.
Prencipe, A. 2004. Proprietary Costs and Determinants of Voluntary Segment Disclosure: Evidence from Italian Listed Companies, European Accounting Review, 13 (2): 319-340.
Purvis New South Wales .2003. Reference Details Jurisdiction: High Court of Australia Date of decision.
Qi, D., W. Wu., and Zhang, H. .2000. Shareholding structure and corporate performance of partially privatized firms: evidence from listed Chinese companies. Pacific-Basin Finance Journal, 8:587-610.
Richardson, A. J., and Welker, M. 2001. Accounting, Organizations and Society 26(7),597–616.
Roberts, P. W., and Dowling. G. R.. 2002 .Corporate Reputation and Sustained Superior Financial Performance, Strategic Management Journal 23(12), 1077–1093.
Robinson, M., Kleffner, A., and Bertels, S. 2011.Signaling sustainability leadership: Empirical evidence of the value of DJSI membership. Journal of Business Ethics 101 (3), 493-505.
Rosenstein, S., and Wyatt, J. G. 1997. Inside Directors, Board Effectiveness, and Shareholder Wealth. Journal of Financial Economics, (44), , 229-250.
Russell, L., Angeline, G. C. and Zachary, R. F. 2010. The pivotal roles of product knowledge and corporate social responsibility in event sponsorship effectiveness. Journal of Business Research, 63, 1222-1228.
Salzmann, O., Inoescu-Somers, A., and Steger, U. 2005. The business case for corporate sustainability: literature review and research options. European Management Journal 23 (1), 27–36.
Shah, S. Z. A., and Akbar, S. 2008. Value relevance of advertising expenditure: a review of the literature. International Journal of Management Reviews, 10(4), 301–325.
Shameek, K., and Cohen, M. A. 2001. The Review of Economics and Statistics, 83(2): 281–289.
Sharma, S. 2000. Managerial interpretations and organizational context as predictors of corporate choice of environmental strategy. Academy of Management Journal, 43(4), 681–697.
Sharma, S., and Henriques, I. 2005. Stakeholder influences on sustainability practices in the Canadian Forest products industry. Strategic Management Journal, 26, 159–180.
Sharma, S., and Vredenburg, H. 1998. Proactive corporate environmental strategy and the development of competitively valuable organizational capabilities. Strategic Management Journal, 19(8): 729-753.
Shin, J. 1998. Corporate disclosure: strategic donation of information. Social Science Research Network Electronic Paper Collection, September, 12.
Shocker, A. D., and Sethi, S.P. 1974. An approach to incorporating action preferences in developing corporate action strategies. The Unstable Ground: Corporate in a Dynamic Society, CA: Melville.
Simon, C. J., and Sullivan, M. W. 1993. The Measurement and Determinants of Brand Equity: A Financial Approach. Marketing Science 12(1), 28–52.
Singleton, W. R., Globerman, S., 2002. The changing nature of financial disclosure in Japan, The International Journal of Accounting 37, 95-111.
Tokyo Stock Exchange, 2004. Principles of corporate governance for listed companies. http://www.tse.or.jp/english/rules/cg/ .
Tolba, M. K. The premises for building a sustainable society. 1984. Address to the World Commission on Environment and Development
Ugur, Z. 2006. Commercial Banks and Microfinance, College Undergraduate Research Electronic Journal, University of Pennsylvania, May 04, 2006.
Ulaga, W. 2003. Capturing value creation in business relationships: A customer perspective. Industrial Marketing Management, 32, 677–693.
Van Buren, H. 2001. If Fairness is the Problem, is Consent the Solution? Integrating ISCT and Stake-holder Theory. Business Ethics Quarterly 11(3), 481–499
Van De Ven, B., and Jeurissen., R. 2005 .Competing Responsibly, Business Ethics Quarterly 15(2), 299–317.
Veliyath, R. 1999. Top Management Compensation and Shareholder Returns: Unravelling Different Models of The Relationship, Journal of Management Studies, (36), 1999,123-143.
Vilanova, M., Lozano J. M., and Arenas D. 2009 .Exploring the Nature of the Relationship Between CSR and Competitiveness. Journal of Business Ethics 87, 57–69.
Waddock, S., and Graves, S. 1997. The corporate social performance-financial performance link. Strategic Manage Journal 18:303–319.
Walsh, J. P. 2005. Book Review Essay: Taking Stock of Stakeholder Management, Academy of Management Review 30(2), 426–438.
Waring, P. 2008. Rethinking directors’ duties in changing global markets. Corporate Governance, 8(2), 153–164.
Watson, A., Shrives, P. and Marston, C. 2002. Voluntary disclosure of accounting ratios in the UK. British Accounting Review, 34, 289-313.
World Commission on Environment and Development (WCED) .1987. Our common future. Oxford, UK: Oxford University Press.
  • 同意紙本無償授權給館內讀者為學術之目的重製使用,於2019-06-30公開。
  • 同意授權瀏覽/列印電子全文服務,於2019-06-30起公開。

  • 若您有任何疑問,請與我們聯絡!
    圖書館: 請來電 (02)2621-5656 轉 2487 或 來信 dss@mail.tku.edu.tw