家族企業永續資訊揭露透明度與股價暴跌風險關聯性

Abstract

本研究旨在探討家族企業永續資訊揭露透明度與股價暴跌風險之關聯性。隨著全球對永續發展議題的日益重視以及相關國際永續準則陸續發布，企業揭露永續資訊之品質與透明度已成為評估企業永續經營能力的重要指標(Eccles, Ioannou and Serafeim, 2014)。然而，家族企業常見控制權集中與資訊揭露裁量空間較高之特性，易導致資訊不對稱程度升高，影響投資人對企業風險的判斷。本研究以2016年至2023年臺灣上市櫃家族企業為樣本，探討永續資訊揭露透明度與股價暴跌風險之關聯性，並進一步納入公司治理變數，探討其對永續資訊揭露透明度與股價暴跌風險關係之調節效果，包括獨立董事席次、CEO是否為最終控制者與機構投資人持股比例。研究結果顯示，在家族企業樣本中，永續資訊揭露透明度與股價暴跌風險呈顯著負向關聯，惟在非家族企業樣本中該關聯不具顯著性，突顯家族企業治理特性對市場反應機制之影響。進一步分析亦發現，治理變數展現差異化之調節影響：獨立董事席次與機構投資人持股比例可強化永續揭露之市場穩定功能，進一步抑制股價暴跌風險；反之，當CEO同時為最終控制者時，該負向關係顯著減弱，顯示權力高度集中將弱化資訊揭露對市場風險的調節作用。本研究不僅補足臺灣家族企業永續資訊揭露與資本市場風險關聯性之實證研究空白，亦對公司治理實務具有參考價值。

This study examines the relationship between the transparency of sustainability information disclosure and stock price crash risk in family firms. With the growing global emphasis on sustainability issues and the continual release of international sustainability standards, the quality and transparency of corporate sustainability disclosures have become critical indicators in assessing firms' long-term viability (Eccles, Ioannou and Serafeim, 2014). Family firms, however, often feature concentrated control structures and greater discretion in disclosure, which may exacerbate information asymmetry and increase the likelihood of market overreaction to negative events. Using data from listed family firms in Taiwan from 2016 to 2023, the empirical results show that sustainability disclosure transparency is negatively associated with stock price crash risk, while this relationship is not significant among non-family firms. The empirical results also show that corporate governance variables moderate this association in divergent ways: a higher proportion of independent directors and greater institutional ownership reinforce the negative relationship, whereas CEO duality weakens it. These results fill a research gap concerning the relationship between sustainability disclosure and market risk in Taiwanese family firms and provide practical implications for corporate governance practices and disclosure regulations in emerging markets.