臺灣企業發生環保違規事件對股東財富影響：聲譽保險與漂綠行為之研究

Abstract

本文採用臺灣上市櫃公司之環境、社會與公司治理 (ESG) 評分作為基礎，探討較佳的 ESG 評分是否能在發生環保違規事件時，具備聲譽保險效果，以保護股東財富；相反地，此類環保違規事件可能揭示出企業在外界所認知的環境聲譽形象，與其實際的環境不當行為之間存在落差。 本研究採用市場模型與事件研究法，實證結果顯示環保違規事件會導致股價顯著的累積異常損失。企業獲得較佳的ESG 評分，能有效緩衝股價下跌衝擊，證明其具備聲譽保險效果。

Using the Environmental, Social, and Governance (ESG) scores of publicly listed companies in Taiwan, this study examines whether higher ESG scores provide a reputation insurance effect that protects shareholder wealth in the context of environmental violation events. Conversely, such violation events may signal discrepancies between a firm’s perceived environmental reputation and its actual environmental (mis)conduct. Based on the market model and the event study methodology, we find that environmental violation events are associated with significant cumulative abnormal losses in stock prices.Firms with higher ESG scores are able to effectively buffer these declines, demonstrating a reputation insurance effect.