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研究生：	林秀英 Htun, Nan-Thanda
論文名稱：	The Impact of Environmental Disclosure on Stock Price: An Evidence from Taiwan The Impact of Environmental Disclosure on Stock Price: An Evidence from Taiwan
指導教授：	吳清在 Wu, TsingZai C.
學位類別：	碩士 Master
系所名稱：	管理學院 - 國際經營管理研究所碩士班 Institute of International Management (IIMBA--Master)
論文出版年：	2008
畢業學年度：	96
語文別：	英文
論文頁數：	100
外文關鍵詞：	Event Study, Cumulative Abnormal Return (CAR), Stock Price, Taiwan Stock Exchange Market, Environmental Disclosure
相關次數：	點閱：113 下載：4
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With the attempt to explore whether the favorable (positive signal) and or adverse (negative signal) environmental disclosure information influences market price changes of TSE listed firms, this study incorporates 551 samples from 14 different environmentally sensitive industries across the periods of 2003-2005. According to “Regulations Governing the Preparation of Financial Reports by Securities Issuers” by SEC Taiwan, all public companies in Taiwan shall provide material related environmental information in their financial report environmental disclosures. Event study method is employed to capture the impacts of environmental disclosure on market price changes. Besides, content analysis method is used to rate the disclosures into scores of 0-3 base on the information content revealed. Consequently, the results show that companies with environmental losses and incremental environmental losses suffer negative market reactions. Companies, which plan to have estimated future environmental capital investment, however, enjoy significantly positive market reactions. The companies’ possession of environmental certifications, particularly OHSAS18001, has significant positive relation with market price changes. Overall finding, in short, suggests that investors value quantitative environmental disclosure information much more than qualitative one.

ACKNOWLEDGEMENTS....................................................................................................... I
ABSTRACT............................................................................................................................. II
TABLE OF CONTENTS.........................................................................................................III
LIST OF TABLES...................................................................................................................VI
LIST OF FIGURES ...............................................................................................................VII
CHAPTER ONE INTRODUCTION.........................................................................................1
1 Research Background and Motivation..............................................................................1
1.1 Environmental Accounting and International Body ..................................................4
1.2 Online Public Disclosure System at Taiwan ............................................................8
1.1 Environmental Disclosure Regulation at TSE Companies ........................................9
2 Research Objectives and Contributions ............................................................................9
3 Research Structure ..........................................................................................................11
CHAPTER TWO LITERATURE REVIEW...........................................................................12
1 Market Efficency and Capital Market Studies................................................................12
2 The Paradigm Shift of CAPM.........................................................................................14
3 Environmental Disclosure...............................................................................................14
3.1 Public Pressure and Environmental Disclosure......................................................15
3.2 Voluntary Disclosure Issue......................................................................................16
3.3 Disclosure as a Tool of Legitimacy? .......................................................................17
3.4 Environmental Performance and Environmental Disclosure..................................19
3.5 Firm Characteristics and Environmental Disclosure..............................................20
4 Environmnetal Costs.......................................................................................................21
5 Estimated Capital Expenditure and Stock Price .............................................................22
6 Investors’ Limited Attention and Stock Price.................................................................24
7 Disclosure Informaiton and Stock Price .........................................................................24
4 Environmnetal Certifications and Stock Price................................................................30
4 Environmnetal Disclosure Variables ..............................................................................34
4 Hypothesis Development ................................................................................................34
CHAPTER THREE RESEARCH DESIGN AND METHODOLOGY..................................40
1 Research Design..............................................................................................................40
2 Data Procurement and Sampling ....................................................................................41
2.1 Test Period and Data Source...................................................................................41
2.2 Sampling Crieria......................................................................................................42
2.3 Disclosure Scoring Method......................................................................................42
2.4 Sample Selection ......................................................................................................43
3 Event Study Method (ESM) and the Market Model.......................................................44
3.1 Event Study Method .................................................................................................44
3.2 The Market Model....................................................................................................47
4 Variables and Measurements ..........................................................................................49
3.1 Explained Variable、..............................................................................................49
3.2 Explanatory Variables .............................................................................................49
3.3 Control Variables.....................................................................................................52
5 Regression Model ...........................................................................................................52
6 Data Analysis Methods ...................................................................................................54
6.1 Decriptive Analysis ..................................................................................................54
6.2 Correlation Analysis ................................................................................................54
6.3 Multiple Regression Analysis with Tests of Heteroskedascity and Autocorrection.54
6.4 Robustness Check.....................................................................................................55
CHAPTER FOUR EMPIRICAL ANALYSES AND RESULTS ...........................................56
1 Descriptive Statistics.......................................................................................................56
2 Correlation Analysis .......................................................................................................57
3 Distribution of Sample with Environmental Certifications ............................................59
4 Disclosure Scoring Results .............................................................................................59
5 Statistical Analysis on the Disclosing of Environmental Losses and Estimated
Environmental Capital Investment ...............................................................................63
6 Econometric Tests...........................................................................................................66
6.1 Test of Multicollinearity...........................................................................................66
6.2 Test of Heteroskedascitiy .........................................................................................67
6.3 Test of Autocorrelation ............................................................................................67
7 Multiple Regression Analysis.........................................................................................68
8 Robustness Check ...........................................................................................................72
CHAPTER FIVE RESEARCH CONCLUSION AND SUGGESTION.................................74
1 Research Conclusion.......................................................................................................74
2 Research Implication ......................................................................................................74
2.1 Implication to Managers..........................................................................................75
2.2 Implication to Policy Makers...................................................................................78
3 Suggestion and Limitation ..............................................................................................79
REFERENCES ........................................................................................................................81
APPENDICES .........................................................................................................................88
                                    

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校內：2010-06-27公開
校外：2011-06-27公開

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