本文主要研究公司宣告永續供應鏈對股價異常報酬的影響，觀察樣本為宣告日期介於介於2010年一月到2016年十二月間的美國上市公司，研究發現不同公司特徵對永續供應鏈宣告有不同效果。首先，產業集中度是一個因素，若宣告公司位於低度競爭產業如寡占或獨佔時，宣告效果會有較明顯的正向關係，此外，公司規模及財務槓桿比率是重要因素，當公司規模越大或越低的財務槓桿比率對於公司宣告永續政策時都會有較佳的股價報酬。

The primary objective in this study is to examine the impact of sustainable supply chain management initiatives on cumulative abnormal return. By using a sample of SSCM announcements of public companies in America from January 2010 to December 2016, I find different firm characteristics that have influence on the SSCM announcement effect. For example, companies in lower degree of industry concentration such as in oligopolistic and monopolistic industries gain higher positive cumulative abnormal returns upon announcements. Furthermore, firm size and financial leverage is also an important element. Companies with larger firm size and lower financial leverage get better positive cumulative abnormal return when announcing SSCM initiatives.

Agrawal, K. (1996). "Firm performance and mechanisms to control agency problems between managers and shareholders." J Financ Quant Anal 31: 377-397.

Ala-Harja, H. (2014). "Green supply chain decisions – Case-based performance analysis from the food industry." Transportation Research Part E: Logistics and Transportation Review 69(C): 97-107.

Andersen, M. (2009). "Corporate social responsibility in global supply chains." Supply Chain Management: An International Journal 14/2 (2009) 75-86.

Anna Blombäck, C. W. (2009). "Challenging the importance of size as determinant for CSR activities." Management of Environmental Quality: An International Journal 20(3): 255-270.

Baker, H., Powell, GE & Veit, ET (2002). "Why companies use open-market repurchases: a managerial perspective." Quarterly Review of Economics and Finance 43(3): 483-504.

Belu, C. M., C. (2013). "Strategic corporate social responsibility and economic performance." Applied economics 45(19): 2751-2764.

Bolton, P., and D Scharfstein (1990). "A theory of Predation Based on Agency Problems in Financial Contracting." American Economic Review 80: 93-106.

Bonaimé, A., Őztekin, Ő & Warr, RS (2014). "Capital structure, equity mispricing, and stock repurchases." Journal of Corporate Finance 26: 182-200.

Brent, L. L. A. C. (2005). "Environmental life cycle assessment of water supply in South Africa: The Rosslyn industrial area as a case study."

Cao, J. (2016). "Peer Effects of Corporate Social Responsibility."

Carroll, A. B. (1979). A Three-Dimensional Conceptual Model of Corporate Performance. Academy of Management Review (pre-1986).

Carter, C. R. (2008). "A framework of sustainable supply chain management: moving toward new theory." International Journal of Physical Distribution & Logistics Management 38(5): 360-387.

Chen, C. (2001). "Design for the Environment: A Quality-Based Model for Green Product Development."

Chen SS, H. K., IK K, Lee CF (2002). "How does strategic competition affect firm values? A study of new product announcements." Financ Manag 31: 67-84.

Cheng, B., I. Ioannou. and G. Serafeim (2013). "Corporate Social Responsibility and Access to Finance." Strategic Management Journal 35: 1-23.

Cholette, S. (2009). "The energy and carbon intensity of wine distribution: A study of logistical options for delivering wine to consumers." Journal of Cleaner Production 17: 1401–1413.

Cholette, S. a. V., K. (2009). "The energy and carbon intensity of wine distribution: a study of logistical
options for delivering wine to consumers." Journal of Cleaner Production, Vol.17 No. 16,
pp.1401-1413.

Collins, C. M. (2007). "Customers' values, beliefs on sustainable corporate performance, and buying behavior." Psychology & Marketing 24(6): 555–577.

Dang, C. (2013). "Measuring Firm Size in Empirical Corporate Finance."

Dillon, P. S. a. K. F. (1992). "Environmental Management in Corporations: Methods and Motivation."

Erwin, G. M., JM (1998). "The intra-industry effects of open market share repurchases: contagion or competitive?" Journal of Financial Research 21(4): 389-406.

Friedman, M. (1962). "Capitalism and Freedom."

FrontStream (2013). "The three pillars of sustainability."

Gupta, M. C. (1969). "The effect of size, growth, and industry on the financial structure of manufacturing companies." The Journal of Finance 24(3): 517-529.

Hadlock, C. J., and Ramana Sonti (2012). "Financial strength and product market competition: Evidence from asbestos litigation." Journal of Financial and Quantitative Analysis 47, 179-211.

Hsu, H.-C. (2010). "The New Game in Town: Competitive Effects of IPOs." The Journal of Finance 65(2): 495-528.

Huang, G. (2006). "The determinants of capital structure: Evidence from China." China Economic Review 17(1): 14-36.

Jones, T. M. (1995). "Instrumental Stakeholder Theory: A Synthesis of Ethics and Economics." Academy of Management Review 1995, Vol. 20, No.2, 404-437.

Karl V. Lins, H. S., and Ane Tamayo (2015). "Social Capital, Trust, and Firm Performance during the Financial Crisis."

Lang, L. H. P. (1992). "Contagion and competitive intra-industry effects of bankruptcy announcements." Journal of Financial Economics 32 (1992) 45-60. North-Holland.

MacArthur, E. (2013). "Towards the Circular Economy."

Moon, S. G., Bae, S. & Jeong, M.G (2014). "Corporate Sustainability and Economic Performance: an Empirical Analysis of a Voluntary Environmental Program in the USA." Business Strategy and the Environment 23(8): 534-546.

Orlitzky, M., Schmidt, F. L., & Rynes, S. L. (2003). "Corporate social and financial performance: A meta-analysis." Organization Studies 24(3): 403-441.

Orsato, R. J., Wells, P. (2007). "The automobile industry and sustainability." Journal of Cleaner Production 15: 989-993.

Otchere, I. R., M (2002). "Do share buy back announcements convey firm-specific or industry-wide information? a test of the undervaluation hypothesis." International Review of Financial Analysis 11(4): 511-531.

Paksoy, T. (2010). "A Multi Objective Model for Optimization of a Green Supply Chain Network." AIP Conference Proceedings 1239(1).

Paksoy, T., Bektaş, T. and Özceylan, E. (2011). "Operational and environmental performance measures in a multi-product closed-loop supply chain." Transportation Research Part E: Logistics and Transportation Review, Vol.47 No. 4, pp. 532-546.

Panda, S. (2014). "Corporate social responsibility, coordination and profit distribution in a dual-channel supply chain." Pacific Science Review 16(4): 235–249.

Peattie (2001). "Towards Sustainability: The Third Age of Green Marketing." The Marketing Review 2: 129-146.

Pereseina, V. (2015). "Challenges and Conflicts in Sustainable Supply Chain Management: Evidence from the Heavy Vehicle Industry." Supply Chain Forum: An International Journal 15(1): 22-32.

Pieters (2009). "Sustainability in logistics practice." University of Arnhem and Nijmegen: 1-9.

Raheman, A. a. M. N. (2007). "Working capital management and profitability-case of Pakistani Firms." International Business Review 3: 279-300.

Seuring, S. M. M. (2008). "From a literature review to a conceptual framework for sustainable supply chain management." Journal of Cleaner Production 16(15): 1699-1710.

Sharfman, M. P. (2009). "The Road to Cooperative Supply-Chain Environmental Management: Trust and Uncertainty Among Pro-Active Firms." Business Strategy and the Environment 18: 1-13.

Srivastava, S. K. (2007). "Green supply-chain management: A state-of-the-art literature review." International Journal of Management Reviews 9: 55-80.

Tepprasit, P. (2015). "The Impact of Logistics Management on Reverse Logistics In Thailand's Electronics Industry." International Journal of Business and Information, Vol 10, No 2 (2015).

Tsai, W. H. a. H., S.J. (2009). "A fuzzy goal programming approach for green supply chain optimisation under activity-based costing and performance evaluation with a value-chain structure." International Journal of Production Research Vol.47 No. 18, pp. 4991-5017.

Udayasankar, K. (2008). "Corporate Social Responsibility and Firm Size." Journal of Business Ethics 83(2): 167-175.

Van Hoek, R. (2001). "Case studies of greening the automotive supply chain through technology and operations." Environmental Technology and Management 1: 140-163.

Wolf, J. (2014). "The Relationship Between Sustainable Supply Chain Management, Stakeholder Pressure and Corporate Sustainability Performance." Journal of Business Ethics 119(3): 317-328.

Wu, H. J., & Dunn, S. C. (1995). "Environmentally responsible logistics system." International Journal of Physical Distribution & Logistics Management 25: 20-39.

Xin Deng, J.-k. K., and Buen Sin Low (2013). "Corporate Social Responsibility and Stakeholder Value Maximization: Evidence from Mergers."

Yusuf, Y. Y., Gunasekaran, A., Musa, A., El-Berishy, N.M., Abubakar, T. and Ambursa, H.M. (2013). "The UK oil and gas supply chains: an empirical analysis of adoption of sustainable measures and performance outcomes." International Journal of Production Economics 146(2): 501–514.