企業內部因素與外部壓力對水資源揭露之關聯性研究：以臺灣上市櫃公司為例

Abstract

本研究旨在探討企業內部因素及外部壓力與水資源揭露之關聯性，過往研究著重於企業環境資訊揭露及碳排放揭露，然而隨著全球氣候風險上升，現今投資人關注焦點已由碳排放為主的氣候資訊擴展至涵蓋水資源與生物多樣性等自然面向。本研究使用台灣經濟新報(TEJ)資料庫，選取2010年至2023年間我國上市櫃公司資料，結合CDP(Carbon Disclosure Project)水安全問卷的揭露資訊，基於合理性理論和利害關係人理論基礎進行實證分析，研究方法採用Logit模型和Probit模型以確保結果的穩健性。本研究主要發現內部因素中企業規模及董事會多元化和企業水資源揭露呈現顯著正向關係，企業規模越大及企業董事會性別多元化會提高水資訊揭露意願，反映出大型企業因承受更高的利害關係人壓力以及多元化董事會具備更廣泛的環境風險認知能力。而獲利能力與財務槓桿則呈負向影響，顯示財務壓力制約企業進行非強制性環境資訊揭露的資源配置。在公司治理面方面，股權集中度與董事會規模對水資源揭露具有抑制效果，顯示高度集中的股權結構與過大的董事會規模可能降低企業進行環境資訊揭露的積極性。而外資持股、獨立董事比例與董事長雙重性對水資源揭露無顯著影響。在外部壓力中，曾有環境違規紀錄的企業和國際壓力對水資源揭露呈現負向顯著影響，取水強度則未達顯著。本研究結果不僅補齊現有水資源資訊揭露的文獻缺口，亦顯示我國目前法規框架尚未能有效激勵企業主動提高水資源資訊透明度，可為未來政府機關水資源揭露監管制度提供實證參考，同時協助企業掌握利害關係人對水資源資訊透明度的期待與需求。The purpose of this study is to investigate the correlation between internal factors and external pressures on corporations and the disclosure of water resources. Previous studies have focused on corporate environmental disclosure and carbon disclosure. However, as global climate risk rises, the focus of investors has now expanded from climate information, which is mainly about carbon emissions, to cover natural aspects such as water resources and biodiversity.Using Taiwan Economic Journal (TEJ) data of Listed and OTC companies in Taiwan for 2010–2023 and CDP Water Security questionnaire, I estimate Logit and Probit models grounded in legitimacy and stakeholder theory to ensure robust inference.The analysis reveals a significant positive association between water disclosure and both firm size and board gender diversity, indicating that large firms face greater stakeholder scrutiny and that diverse boards possess broader environmental-risk awareness. Conversely, profitability and financial leverage display significant negative effects, suggesting resource constraints deter voluntary water reporting. After controlling for year effects, firm age is non-significant. Among governance variables, ownership concentration and board size suppress disclosure, implying that highly concentrated shareholding structures and oversized boards weaken incentives for transparency. Foreign ownership, independent-director ratio, and CEO–chair duality are not significant. Regarding external pressures, firms with prior environmental violations, as well as those exposed to stronger international pressure, disclose less, whereas water-abstraction intensity shows no effect.The results of this study not only fill the gap in the literature on water information disclosure, but also show that the current regulatory framework has not yet been effective in encouraging enterprises to take the initiative to improve water information transparency.