本研究旨在探討台灣上市企業環境資訊揭露程度與公司內部治理機制間之關聯性，研究以2001 年至2006 年間上市公司為樣本。實證結果顯示，台灣上市公司之環境資訊揭露程度普遍不佳，此結果之可能原因在於公司認為環境資訊係屬「商業機密」，額外資訊之報導成本超過可能之利益所導致。而董事會規模、獨立董事比例及家族董事比例則皆與公司之環境資訊揭露程度呈顯著正相關，顯示公司之環境資訊揭露受到董事會人數、獨立董事及家族董事的影響，意味著董事會有效率地監督著公司，善盡其應有的責任，確保公司之永續經營。內部人持股率及機構投資人持股率與環境資訊揭露程度呈顯著負相關，控制股東之控制權與現金流量權偏離程度與環境資訊揭露程度呈顯著正相關，顯示當股權越分散，股東人數越多也越關注企業環境資訊之揭露，而因我國法人機構主要係進行短期投資，僅重視公司短期獲利，未能如效率監督假說所預期般，有效地監督企業，且當控制股東的偏離程度越大，企業之環境資訊揭露程度則越佳。而公司規模越大、高環境敏感群及ISO14001 認證通過之公司，其環境資訊揭露程度亦顯著高於規模較小、低環境敏感群及未取的認證之公司。 The Relationship between board structure, ownership structure and Environmental Information Disclosure Abstract: This paper aims to examine the impact of board structure and ownership structure on environmental information disclosure . Board structure is characterized by size of the board, the proportion of independent directors, the proportion of family members on the board and dual leadership structure. Ownership structure is characterized by the proportion of shares owned by insiders, the proportion of shares owned by institutional investor and controlling shareholders with the degree of control rights deviating from cash flow rights. Environmental information disclosure is divided into non-voluntary and voluntary environmental disclosure.2922 samples have been chosen f rom publicly listed companies. The empirical results show poor condition of Taiwan's environmental information disclosure, no matter voluntary or non -voluntary. It may due to the companies look environmental information as business secret and the cost of disclosure is higher than the benefit of disclosure. Our results show that board size, the proportion of independent directors and the proportion of family members on the board is positively related to the environmental information disclosure . However, the proportion of shares owned by insiders and by institutional investor is negatively related to the environmental information disclosure. Moreover, controlling shareholders with the degree of control rights deviating from cash flow rights is positively related to the environmental information disclosure. We also find that larger firms, companies with higher environmental pollution industries and having ISO14001 firms is significantly positively related to the e nvironmental information disclosure.
