董事會組成與溫室氣體排放資訊揭露之關聯性

The Association between Board Composition and the Disclosure of Greenhouse Gas Emissions Information

本研究以2010 年至2015 年我國受邀回覆「碳揭露專案」氣候變遷問卷的公司為研究樣本，探討董事會組成中之獨立董事比率及女性董事比率兩項因素，對我國公司揭露溫室氣體排放量之影響。研究結果顯示，獨立董事比率愈高之公司，愈可能回覆CDP 問卷並公開揭露溫室氣體排放量資訊；女性董事比率或女性董事人數則與公司是否公開揭露溫室氣體排放量無顯著關係。此外，本研究發現獨立董事比率與女性董事比率皆顯著正向影響公司揭露氣候變遷所帶來風險與機會資訊的可能性。本論文研究結果有助於公司利害關係人瞭解應如何促使公司更為積極的管理氣候變遷所帶來的影響，並可作為我國主管機關制定溫室氣體排放資訊揭露政策之參考。

Using a sample of Taiwanese companies which were invited to respond to the Carbon Disclosure Project questionnaires from 2010 to 2015, we analyze the effects of two factors of board composition (i.e., the ratio of independent directors and the ratio of female directors) on a company’s act of voluntarily disclosing greenhouse gas emissions. We find a significant positive relation between a company’s propensity to disclose greenhouse gas emissions information and the ratio of independent directors. The relation between the propensityand the ratio of female directors is insignificant. After considering the endogeneity problem of independent directors, we still get the same results. However, when taking a company’s act of voluntarily disclosing climate-change risks and opportunities information as the research object, we find that both the ratio of independent directors and the ratio of female directors positively affect the propensity to disclose climate-change risks and opportunities information. The above findings reveal that female directors react differently across different types of information.