本研究旨在探討基金經理人個體特徵與企業環境資訊揭露績效之關聯性。研究以2015至2024年之台灣股票型共同基金為樣本，透過資源基礎理論與高階梯隊理論等觀點，聚焦四項經理人特徵：性別、教育程度、任期及年資，建立基金經理人特徵（自變數）和基金投組之企業環境資訊揭露績效分數（應變數）兩者之間的假說，並進一步透過迴歸模型，檢驗基金經理人特徵與企業環境資訊揭露績效的關聯性，以揭示不同特徵之基金經理人特徵的持股偏好。其次，再將台灣金管會實施相關環境政策「上市櫃公司永續發展路徑圖」後之時間點，作為研究之調節變數納入分析，並進一步檢驗調節變數在自變數與應變數之間的影響性。
研究結果顯示，男性基金經理人與企業環境資訊揭露績效呈現顯著正相關；其次，具碩士以上學歷的基金經理人與企業環境資訊揭露績效呈現顯著負相關；第三，基金經理人任期同樣與企業環境資訊揭露績效呈現顯著負相關；最後，基金經理人年資與企業環境資訊揭露績效呈現顯著正相關。而在監管機關實施相關環境政策後，此政策調節變數在環境構面揭露績效及其四大子構面中皆呈現正向顯著之關聯性。此外，實施相關政策後，部份子構面的性別及任期特徵則出現反轉，顯示女性、任期較長之基金經理人在特定環境構面較傾向將環境資訊揭露表現佳的企業納入投組之結果。
本研究針對基金經理人特徵與企業環境資訊揭露績效的關聯進行系統性分析，不僅彌補了過往文獻在此議題上的空缺，也為相關企業與監理機關提供具體的治理與監管參考。研究證據顯示，不同的經理人特徵確實與其管理之投組企業環境資訊揭露績效相關聯，企業可據此調整管理團隊的任用以及人才培訓策略。此外，金管會等主管機關亦可利用本研究結果，檢視並優化現行關於企業環境資訊揭露規範，確保其在提升永續治理品質方面具有實質效益。

This study investigates how the personal attributes of fund managers shape the environmental information disclosure performance of the companies they hold in Taiwanese equity mutual-fund portfolios. Drawing on the resource allocation lens and Upper Echelons Theory, we analyze the corporates’ environment information disclosure performance in equity mutual-fund portfolios of Taiwanese market and its relationship with fund managers’ characteristics: gender, education level, tenure and industry-wide experience through 2015 to 2024. Data of environmental information disclosure performance of the companies were collected from the Taiwan Economic Journal (TEJ) and data related to fund and fund managers’ characteristics were collected from FundDJ. The empirical tests were conducted using multiple regression. The results of the regression show that fund managers’ gender, education level, tenure and industry-wide experience are significantly related to environmental information disclosure performance of equity mutual-fund portfolios. It also indicates that fund managers with personal characteristics of male, education level less than the master’s degree, shorter tenure, longer industry experience, tend to hold companies with better environmental disclosure performance in their portfolios. In contrast, fund managers with personal characteristics of female, with postgraduate degrees, longer tenure, shorter industry experience, are more inclined to hold firms with weaker environmental disclosure performance in their portfolios. By presenting empirical findings drawn from an emerging market context, this study enriches the ESG governance literature and supplies practical guidance for corporate leaders and regulators as they refine governance structures.

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