本研究旨在瞭解企業對利害關係人的關懷、對環境關注以及對在年報環境揭露程度之關聯性，而研究對象主要為美國S&P500公司。利害關係人理論認為，企業為了永續發展需要不同利害關係人的支持與認可，所以企業在追求好的環境績效表現時，應將對利害關係人之考量納入企業環保管理決策中，不但可以避免因顧客抵制而造成之損失，還能創造行銷機會，以滿足綠色消費者的需求，藉以改善企業的形象並拓展新的商機。合理性理論則認為，公司必須用「對外揭露」來回應攸關公眾的期望，以確保永續經營的權利，所以企業年報中環境資訊揭露能否反映實際環境績效，是社會大眾監督企業是否善盡環境責任的重要因素。 首先，本研究採用內容分析法針對美國S&P500公司之揭露進行評分，藉以探討2008年年報中企業揭露之環境資訊內容。其次，本研究亦採用KLD Global Socrates的環境、社會及治理（ESG）評分中的員工、產品相關議題、多樣性、社區以及環境項目來衡量企業對利害關係人的關懷與對環境的關注。 最後，經本研究實證結果發現如下:（1）美國S&P500公司之環境資訊揭露之程度普遍不佳。（2）企業對利害關係人的關懷與企業對環境的關注呈正相關，表示企業在追求環境績效表現時，會將對利害關係人之考量納入企業環保管理決策中。(3）企業對環境的關注程度，會影響企業財務報表中的對於環境資訊揭露之程度。企業有良好環境績效時，藉由財務報表揭露將此訊息傳達讓大眾所知，不但可以提升公司形象更能加強與利害關係人間的關係，也能提升企業形象，達成企業永續發展的終極目標。 The purpose of this study is to examine the relationship among corporate attention to stakeholders, corporate environment concerns and corporate environmental disclosure. The sample comprised U.S.-based S&P 500 companies. Stakeholder theory think that corporations need to ensure their survival and success by satisfying different stakeholders as well. Therefore, corporations pursue good environmental performance, they should take stakeholders considerations into business decisions. Legitimacy theory think that corporations must use “ disclosure” to respond to the expectations of the public. First, this study uses Wiseman (1982) Disclosure Rating Scale, using content analysis method to probe 2008 corporate disclosure on environment information content. Second, this study adopts KLD ratings as measures of corporate attention to stakeholders and environment concerns. Environmental disclosure is usually viewed as a means by which to mitigate stakeholder environmental pressure. Hence, the supply of environmental disclosure is driven by the agency relationships between managers and stakeholders. Our results show that the attention to stakeholders exerts a strong influence over corporate environment concerns. Moreover, the level of environmental disclosure is significantly affected by environment concerns.
