機構投資人盡職治理與被投資者永續揭露品質

Institutional Investor Stewardship and Investees’ESG Reporting Quality

本研究以臺灣企業為樣本，探討機構投資人的監督對被投資企業的環境、社會與治理（Environmental, Social, and Governance, ESG）揭露品質的影響。臺灣金融監督管理委員會發布公司治理藍圖，藉由鼓勵機構投資人簽署《盡職治理守則》來強調盡職治理的重要性。此外，臺灣證券交易所亦會發布盡職治理揭露較佳的機構投資人名單。除了機構投資人持股比例與分心程度外，本研究亦透過前述盡職治理守則的簽署及證交所選出的較佳案例衡量盡職治理品質。結果顯示盡職治理與ESG揭露品質呈正向關係，且在公司治理藍圖實施後影響更為顯著，特別是在潛在代理問題較少的企業中。整體而言，機構投資人的參與與被投資企業較高的ESG揭露品質有關，顯示公部門對盡職治理的認證有助於提升投資人對公司治理的參與。

The present study explores the influence of institutional investors’monitoring of a firm’s environmental, social, and governance (ESG) disclosure quality using a sample of Taiwanese firms. Taiwan’s Financial Supervisory Commission has issued a Corporate Governance Roadmap that emphasizes institutional investor stewardship by encouraging investors to sign its Stewardship Principles for Institutional Investors. Additionally, the Taiwan Stock Exchange (TWSE) designates investors with strong stewardship disclosure as exemplars. In addition to assessing institutional ownership and investor distraction, this study measures stewardship through institutional investors’signing of the Stewardship Principles and the TWSE’s identification of exemplar investors. This study demonstrates that stewardship is positively associated with ESG disclosure quality and reveals that the influence of stewardship is stronger after the implementation of the Roadmap, particularly in firms with potentially fewer agency problems. Overall, the results indicate that the engagement of institutional investors is associated with higher investee ESG disclosure quality and that government certification of stewardship increases investors’engagement in corporate governance.