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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 連勇智 | zh_TW |
| dc.contributor.advisor | Yung-Chih Lien | en |
| dc.contributor.author | 楊湘華 | zh_TW |
| dc.contributor.author | Hsiang-Hua Yang | en |
| dc.date.accessioned | 2025-09-10T16:27:07Z | - |
| dc.date.available | 2025-09-11 | - |
| dc.date.copyright | 2025-09-10 | - |
| dc.date.issued | 2025 | - |
| dc.date.submitted | 2025-07-25 | - |
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| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/99491 | - |
| dc.description.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。 | zh_TW |
| dc.description.abstract | 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. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2025-09-10T16:27:07Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2025-09-10T16:27:07Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | 謝辭 I
中文摘要 II Abstract III 目次 IV 表次 V 圖次 VI 第一章 緒論 1 第二章 文獻回顧與假說建立 4 第一節 永續資訊揭露 4 第二節 家族企業與永續資訊揭露透明度 7 第三節 永續資訊揭露與股價暴跌風險 12 第四節 公司治理 15 第三章 研究方法 21 第一節 研究樣本 21 第二節 研究模型 22 第三節 變數定義 27 第四章 實證結果 34 第一節 敘述性統計及相關係數分析 34 第二節 實證結果分析 37 第三節 增額測試 39 第四節 穩健性測試 50 第五章 研究結論與建議 52 第一節 研究結論 52 第二節 研究貢獻 54 第三節 研究限制與建議 55 參考文獻 56 | - |
| dc.language.iso | zh_TW | - |
| dc.subject | 永續發展 | zh_TW |
| dc.subject | 家族企業 | zh_TW |
| dc.subject | 公司治理 | zh_TW |
| dc.subject | 股價暴跌風險 | zh_TW |
| dc.subject | 永續資訊揭露透明度 | zh_TW |
| dc.subject | Sustainability Disclosure Transparency | en |
| dc.subject | Stock Price Crash Risk | en |
| dc.subject | Corporate Governance | en |
| dc.subject | ESG | en |
| dc.subject | Family Firms | en |
| dc.title | 家族企業永續資訊揭露透明度與股價暴跌風險關聯性 | zh_TW |
| dc.title | The Relationship Between Sustainability Disclosure Transparency and Stock Price Crash Risk in Family Firms | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 113-2 | - |
| dc.description.degree | 博士 | - |
| dc.contributor.oralexamcommittee | 陳厚銘;詹文男;連振廷;譚丹琪 | zh_TW |
| dc.contributor.oralexamcommittee | Ho-Min Chen;Wen-Nang Tsan;Chen-Ting Lien;Dan-Chi Tan | en |
| dc.subject.keyword | 家族企業,永續發展,永續資訊揭露透明度,股價暴跌風險,公司治理, | zh_TW |
| dc.subject.keyword | Family Firms,ESG,Sustainability Disclosure Transparency,Stock Price Crash Risk,Corporate Governance, | en |
| dc.relation.page | 64 | - |
| dc.identifier.doi | 10.6342/NTU202500821 | - |
| dc.rights.note | 未授權 | - |
| dc.date.accepted | 2025-07-29 | - |
| dc.contributor.author-college | 管理學院 | - |
| dc.contributor.author-dept | 國際企業學系 | - |
| dc.date.embargo-lift | N/A | - |
| 顯示於系所單位： | 國際企業學系 | |
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