本研究主要在探討環境揭露、環境績效與經濟績效三者關係之整合分析，本研究以上市公司在行政院環境保護署之台灣地區排放量資料庫之空氣污染排放量取對數作為環境績效衡量指標，以企業年報所揭露環保事項依內容分析方法來衡量環境揭露程度，以公司之股價報酬，做為經濟績效之衡量指標，研究對象為2006年度之上市公司。 本研究以聯立方程式模型(simultaneous equations models)分析三者之關聯性，研究結果顯示，環境揭露、環境績效與經濟績效三者呈顯著相關，企業的環境績效與經濟績效相互影響外，同時環境績效會影響環境資訊之揭露。首先企業對控制污染之資源管理策略下，環境績效(空氣汙染排放量減少)改善時，研究結果顯示環境績效對經濟績效呈顯著關係。反之，市場表現獲利時，企業會較願意也較有能力改善環境，研究結果顯示經濟績效對環境績效亦呈顯著關係。另管理者動機將環保法規納入經營考量，對於環境資訊揭露偏重於強制性環境資訊環境揭露，研究結果顯示，環境績效與環境揭露呈顯著正向關係。 This study provides an integrated analysis of the interrelations among environmental disclosure, environmental performance and economic performance. Data from the Environmental Management System (EMS) of Environmental Protection Administration Executive Yuan (EPA) was utilized, specifically relating to the quantity of air pollution released. A measurement of environmental performance was calculated for listed Taiwanese companies as the quantity of air pollution released in log. We elaborate on a disclosure-scoring technique to listed companies whose annual reports have environmental disclosure items in measuring the levels of environmental disclosure. We measure a firm’s economic performance using an industry-adjusted annual return. In order to be included in our sample, a firm must be listed on Taiwan Stock Exchange Market for the year 2006 After endogenizing the related variables in simultaneous equations models, our results show that “good” environmental performance is significantly associated with “good” economic performance, and also with more extensive quantifiable environmental disclosures. First, we use firms from different environmentally sensitive industries as an attribute to differentiate sample firms and adopt resource base view. The empirical results show that environmental performance is positively related to economic performance. Besides, economic performance is increasing as a firm’s air pollution is improving; economic performance show that profitability drives good environmental performance and that environmental accountability is strictly a matter of affordability. Second, according to manager’s motivation perspective, the results indicate that firms with good environmental performance tend to disclose more environmental information. The study also documents a positive relationship between environmental disclosure and current environmental performance.
