ESG事件風險與董事會特性

Abstract

本研究以ESG事件風險（Event Radar Score, ERS）為核心，探討ESG事件風險與董事會法律專業配置及審計公費之關聯，並進一步檢驗法律背景董事是否具備風險改善與審計公費調節效果。 實證結果顯示，企業在面臨較高ESG事件風險時，傾向透過引入具法律背景之董事以強化法規遵循與治理能力。然而，法律背景董事對ESG事件風險之降低未具顯著影響，但其對治理構面事件風險具有顯著降低效果。 在審計公費方面，於審計定價時，會將ESG事件風險納入查核風險評估，並反映於較高之審計公費，支持風險導向審計定價理論。此外，治理構面風險對審計公費之影響亦為顯著，顯示治理風險為影響審計決策之重要因素。然而，在調節效果方面，法律背景董事未能顯著調節ESG事件風險與審計公費之關係。 本研究之貢獻在於，首先從ESG事件風險角度切入，提供實證說明企業於面臨較高ESG風險時，會透過增加法律背景董事作為治理回應機制，並進一步發現法律背景董事之效果主要體現在公司治理構面風險之改善。其次，本研究從風險導向審計觀點出發，提供實證證據顯示ESG事件風險與審計公費呈正向關聯，說明會計師於審計定價時，會將ESG事件風險納入查核風險評估，進而反映於審計公費之決定。整體來說，具備法律背景的董事並非直接改變風險對審計定價的影響，法律背景董事的存在有助於降低公司治理事件風險，進而導致審計費用的降低。本研究有助理解董事會中的法律專業知識如何為公司創造價值。

This study examines the relationship among ESG Event Risk, directors with legal expertise, and audit fees, using the Event Radar Score (ERS) as a measure of ESG Event Risk. In addition to ESG Event Risk, this study also examines Governance Event Risk to explore whether directors with legal expertise can help reduce Governance Event Risk and influence audit fees. The empirical results show that firms with higher ESG Event Risk are more likely to appoint directors with legal expertise, suggesting that firms respond to ESG Event Risk by strengthening legal expertise on the board. Although directors with legal expertise are not significantly associated with a reduction in ESG Event Risk, they are associated with a subsequent decline in Governance Event Risk. This finding suggests that directors with legal expertise help firms improve governance practices and reduce Governance Event Risk. The results also show that both ESG Event Risk and Governance Event Risk are positively associated with audit fees, indicating that auditors consider these risks when assessing audit risk and determining audit fees. However, neither the interaction between ESG Event Risk and legal expertise nor the interaction between Governance Event Risk and legal expertise is statistically significant. This finding suggests that directors with legal expertise do not significantly affect the relationship between risk and audit fees. The findings suggest that directors with legal expertise help reduce Governance Event Risk, which may in turn contribute to lower audit fees. This study provides additional evidence on the role of directors with legal expertise in corporate governance, risk management, and audit pricing.