強制編制永續報告書與環境揭露對生產力之影響

Abstract

本研究以2013年至2021年臺灣非金融業之上市及上櫃公司作為樣本，使用差異中之差異法(Difference-in-Difference, DID)模型，探討強制公司揭露永續相關資訊對個別公司生產力造成的影響。本文首先以臺灣政府自2014年起針對達到一定條件之公司強制出具永續報告書進行分析，比較政策實施前後對生產力造成的影響。除此之外，本文進一步分析公司所出具之永續報告書內容遵循全球永續性報告協會(Global Reporting Initiative, GRI)準則揭露環境資訊多寡，是否對公司生產力產生影響。研究發現，公司受政策規範出具永續報告書，其公司生產力顯著提升。顯示當政府實施強制揭露政策時，對公司而言是有利的。此外研究進一步發現，當公司揭露愈多GRI準則環境有關項目時，導致公司生產力顯著下降。

This study examines the impact of disclosing sustainability-related information on firm productivity using a Difference-in-Difference (DID) model. The sample consists of listed non-financial firms in Taiwan from 2013 to 2021. The analysis focuses on the government's mandatory requirement for eligible companies to issue sustainability reports since 2014. It compares the effects on productivity before and after the implementation of this policy. Additionally, the study investigates whether the extent of environmental information disclosure in companies' sustainability reports, following the Global Reporting Initiative (GRI) Standards, has an impact on firm productivity. The findings indicate that firms subject to policy regulations regarding the issuance of sustainability reports experience a significant improvement in productivity. This suggests that government-implemented mandatory disclosure policies are beneficial for companies. Furthermore, the study reveals that increased disclosure of environmental information related to GRI Standards in companies' reports is associated with a significant decrease in firm productivity.