本研究主要探討歐洲STOXX 600之上市企業若在聲明支持TCFD、發布以TCFD揭露之永續報告書或TCFD 獨立報告書、兩者都皆有執行的情況下，是否會影響未來股價崩跌風險。本研究發現在控制企業財務績效與財務不透明程度下，若企業僅有口頭聲明支持TCFD 的情況下，未來的股價崩跌風險將會顯著上升。若企業同時發布以TCFD 揭露之永續報告書或TCFD 獨立報告書以揭露氣候相關資訊，則未來股價崩跌風險將不會顯著上升或下降。實證結果顯示歐洲STOXX 600 之上市企業可能正在進行漂綠行為(greenwashing)。另外將樣本以公開聲明支持TCFD 之樣本為基準，取總最相近之個樣本作為額外測試之樣本集後進行額外測試，得到與主測試一致的結論。

This study investigates whether publicly listed companies in the European STOXX 600, when declaring support for the Task Force on Climate-related Financial Disclosures (TCFD) and issuing either TCFD-aligned sustainability reports or TCFD-independent reports, or both, would affect future stock price crash risk. Controlling for firm financial performance and financial opacity, the study finds that companies that only make verbal statements supporting TCFD experience a significant increase in future stock price crash risk. However, companies that simultaneously disclose climate-related information through TCFD-aligned sustainability reports or TCFD-independent reports do not exhibit a significant increase or decrease in future stock price crash risk. The empirical results suggest that publicly listed companies in the European STOXX 600 may be engaged in greenwashing behavior. Additional tests conducted after sample reduction yield consistent findings with the main analysis.

TCFD（2019）。氣候相關財務揭露建議－繁體中文版。
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