隨著全球永續意識的提升，永續績效逐漸成為利害關係人評估企業的重要指標，如何通過提升資訊透明度來建立與利害關係人之間的信任，已成為企業長期發展的關鍵。相對於GRI準則提供企業廣泛層面的揭露架構，SASB 準則旨在提高財務實質永續發展資訊的品質和可比性，點出了許多企業避而不談的負面資訊，使企業更詳細的辨識相關行業重大性議題。鑑於本研究以2014年至2022年之臺灣上市櫃營建業公司為研究對象，以SASB準則探討永續報告書的揭露實務，並進一步探討ESG重大性議題揭露程度與企業財務績效、向銀行借款成本之關聯性。
實證結果發現臺灣營建業永續報告書遵循SASB準則的程度低，並且在ESG重大性議題揭露程度與公司短期財務績效之間存在不顯著的正相關，而與向銀行借款成本之間存在不顯著的負相關。本研究透過整理歸納及分析，填補了相關學術領域的空缺，為營建業提供在永續實踐上的建議，並給予主管機關在相關政策制定上的參考，以及銀行未來衡量營建業公司授信風險時的參考。

This study examines the disclosure practices in the sustainability reports of Taiwan's listed and OTC construction companies from 2014 to 2022 using the SASB standards. It further investigates the relationship between the disclosure level of ESG materiality and corporate financial performance, as well as the bank loan spreads. The empirical results reveal that the degree to which Taiwan's construction industry adheres to the SASB standards in its sustainability reports is low. Additionally, there is an insignificant positive correlation between the disclosure level of ESG materiality and short-term financial performance, and an insignificant negative correlation with the bank loan spreads. Through comprehensive analysis and synthesis, this study fills gaps in the academic field, providing recommendations for sustainable practices in the construction industry. It also offers insights for competent authorities in policy-making and for banks in assessing the credit risk of construction companies in the future

Adalberth, K., Almgren, A., & Petersen, E. H. (2001). Life cycle assessment of four multi-family buildings. International Journal of Low Energy and Sustainable Buildings, 2.
Al-Saeed, Y., Edwards, D. J., & Scaysbrook, S. (2020). Automating construction manufacturing procedures using BIM digital objects (BDOs) Case study of knowledge transfer partnership project in UK. Construction Innovation, 20(3), 345-377.
Aifuwa, H. O., Saidu, M., Enehizena, O. C., & Osazevbaru, A. (2019). Accounting Information And Lending Decision: Does Sustainability Disclosure Matter?. Copernican Journal of Finance & Accounting, 8(4), 61-89.
Ameer, R., & Othman, R. (2012). Sustainability practices and corporate financial performance: A study based on the top global corporations. Journal of business ethics, 108, 61-79.
Ashbaugh-Skaife, H., Collins, D. W., & LaFond, R. (2006). The effects of corporate governance on firms’ credit ratings. Journal of accounting and economics, 42(1-2), 203-243.
Atta, I., Bakhoum, E. S., & Marzouk, M. M. (2021). Digitizing material passport for sustainable construction projects using BIM. Journal of Building Engineering, 43, 103233.
Azzone, G., Manzini, R., & Noci, G. (1996). Evolutionary Trends in Environmental Reporting. Business Strategy and the Environment, 5(4), 219–230.
Bae, S. C., Chang, K., & Yi, H. C. (2016). The impact of corporate social responsibility activities on corporate financing: a case of bank loan covenants. Applied Economics Letters, 23(17), 1234-1237.
Baraibar-Diez, E., & Sotorrío, L. L. (2018). The mediating effect of transparency in the relationship between corporate social responsibility and corporate reputation. Revista brasileira de gestão de negócios, 20, 05-21.
Beske, F., Haustein, E., & Lorson, P. C. (2020). Materiality analysis in sustainability and integrated reports. Sustainability Accounting, Management and Policy Journal, 11(1), 162-186.
Bibri, S. E., Krogstie, J., & Kärrholm, M. (2020). Compact city planning and development: Emerging practices and strategies for achieving the goals of sustainability. Developments in the built environment, 4, 100021.
Busco, C., Consolandi, C., Eccles, R. G., & Sofra, E. (2020). A preliminary analysis of SASB reporting: Disclosure topics, financial relevance, and the financial intensity of ESG materiality. Journal of Applied Corporate Finance, 32(2), 117-125.
Campello, M. (2006). Debt financing: Does it boost or hurt firm performance in product markets?. Journal of Financial Economics, 82(1), 135-172.
Carvajal, M., & Nadeem, M. (2023). Financially material sustainability reporting and firm performance in New Zealand. Meditari Accountancy Research, 31(4), 938-969.
Çelik, T., Arayici, Y., & Budayan, C. (2019). Assessing the social cost of housing projects on the built environment: Analysis and monetization of the adverse impacts incurred on the neighbouring communities. Environmental Impact Assessment Review, 77, 1-10.
Chatzitheodorou, K., Tsalis, T. A., Tsagarakis, K. P., Evangelos, G., & Ioannis, N. (2021). A new practical methodology for the banking sector to assess corporate sustainability risks with an application in the energy sector. Sustainable Production and Consumption, 27, 1473-1487.
Chen, S., & Bouvain, P. (2009). Is corporate responsibility converging? A comparison of corporate responsibility reporting in the USA, UK, Australia, and Germany. Journal of business ethics, 87, 299-317.
Chen, P. H., Ong, C. F., & Hsu, S. C. (2016). Understanding the relationships between environmental management practices and financial performances of multinational construction firms. Journal of cleaner production, 139, 750-760.
Ching, H. Y., Gerab, F., & Toste, T. H. (2017). The quality of sustainability reports and corporate financial performance: Evidence from Brazilian listed companies. Sage Open, 7(2).
Cho, C. H., Guidry, R. P., Hageman, A. M., & Patten, D. M. (2012). Do actions speak louder than words? An empirical investigation of corporate environmental reputation. Accounting, organizations and society, 37(1), 14-25.
Comyns, B., & Figge, F. (2015). Greenhouse gas reporting quality in the oil and gas industry: A longitudinal study using the typology of “search”,“experience” and “credence” information. Accounting, Auditing & Accountability Journal, 28(3), 403-433.
Consolandi, C., Eccles, R. G., & Gabbi, G. (2022). How material is a material issue? Stock returns and the financial relevance and financial intensity of ESG materiality. Journal of Sustainable Finance & Investment, 12(4), 1045-1068.
Cui, Y., Geobey, S., Weber, O., & Lin, H. (2018). The impact of green lending on credit risk in China. Sustainability, 10(6), 2008.
Daub, C. H. (2007). Assessing the quality of sustainability reporting: an alternative methodological approach. Journal of cleaner production, 15(1), 75-85.
De Jong, M., Henry, W. P., & Stansbury, N. (2009). Eliminating corruption in our engineering/construction industry. Leadership and Management in Engineering, 9(3), 105-111.
De Silva Lokuwaduge, C. S., & De Silva, K. M. (2022). ESG risk disclosure and the risk of green washing. Australasian Accounting, Business and Finance Journal, 16(1), 146-159.
Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The accounting review, 86(1), 59-100.
Dhaliwal, D., Li, O. Z., Tsang, A., & Yang, Y. G. (2014). Corporate social responsibility disclosure and the cost of equity capital: The roles of stakeholder orientation and financial transparency. Journal of accounting and public policy, 33(4), 328-355.
Dincer, B., Keskin, A. İ., & Dincer, C. (2023). Nexus between Sustainability Reporting and Firm Performance: Considering Industry Groups, Accounting, and Market Measures. Sustainability, 15(7), 5849.
Doan, M. H., & Sassen, R. (2020). The relationship between environmental performance and environmental disclosure: A meta‐analysis. Journal of Industrial Ecology, 24(5), 1140-1157.
Doghri, W., Saddoud, A., & Chaari Fourati, L. (2022). Cyber-physical systems for structural health monitoring: sensing technologies and intelligent computing. The Journal of Supercomputing, 78(1), 766-809.
Dragomir, V. D. (2012). The disclosure of industrial greenhouse gas emissions: a critical assessment of corporate sustainability reports. Journal of Cleaner Production, 29, 222-237.
Du, M., Chai, S., Wei, W., Wang, S., & Li, Z. (2022). Will environmental information disclosure affect bank credit decisions and corporate debt financing costs? Evidence from China’s heavily polluting industries. Environmental Science and Pollution Research, 29(31), 47661-47672.
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management science, 60(11), 2835-2857.
Edwards, R. E., Lou, E., Bataw, A., Kamaruzzaman, S. N., & Johnson, C. (2019). Sustainability-led design: Feasibility of incorporating whole-life cycle energy assessment into BIM for refurbishment projects. Journal of Building Engineering, 24, 100697.
El Ghoul, S., Guedhami, O., Kwok, C. C., & Mishra, D. R. (2011). Does corporate social responsibility affect the cost of capital?. Journal of banking & finance, 35(9), 2388-2406.
Eliwa, Y., Aboud, A., & Saleh, A. (2021). ESG practices and the cost of debt: Evidence from EU countries. Critical Perspectives on Accounting, 79, 102097.
Erdogan, S. (2021). Dynamic nexus between technological innovation and building sector carbon emissions in the BRICS countries. Journal of Environmental Management, 293, 112780.
Fernández-Muñiz, B., Montes-Peón, J. M., & Vázquez-Ordás, C. J. (2009). Relation between occupational safety management and firm performance. Safety science, 47(7), 980-991.
Fama, E. F., & French, K. R. (1992). The cross‐section of expected stock returns. the Journal of Finance, 47(2), 427-465.
Fifka, M. s. (2012). The Development and State of Research on Social and Environmental Reporting in Global Comparison. Journal Für Betriebswirtschaft, 62, 45–84.
Fifka, M. s. (2013). Corporate Responsibility Reporting and Its Determinants in Comparative Perspective – a Review of the Empirical Literature and a Meta-Analysis. Business Strategy and the Environment, 22(1), 1–35.
Fonseka, M., & Richardson, G. (2023). The effect of mandatory corporate social responsibility disclosure and performance on firms’ dividend decisions: Evidence from China. Economic Modelling, 120, 106152.
Francis, B., Harper, P., & Kumar, S. (2018). The effects of institutional corporate social responsibility on bank loans. Business & Society, 57(7), 1407-1439.
Francis, J. R., Khurana, I. K., & Pereira, R. (2005). Disclosure incentives and effects on cost of capital around the world. The accounting review, 80(4), 1125-1162.
Friedman, M. (1970). A Friedman doctrine: The social responsibility of business is to increase its profits. The New York Times, 13(1970), 17.
Gopang, M. A., Nebhwani, M., Khatri, A., & Marri, H. B. (2017). An assessment of occupational health and safety measures and performance of SMEs: An empirical investigation. Safety science, 93, 127-133.
Goss, A., & Roberts, G. S. (2011). The impact of corporate social responsibility on the cost of bank loans. Journal of banking & finance, 35(7), 1794-1810.
Hahn, R., & Kühnen, M. (2013). Determinants of sustainability reporting: A review of results, trends, theory, and opportunities in an expanding field of research. Journal of cleaner production, 59, 5-21.
Harrison, J. S., & Freeman, R. E. (1999). Stakeholders, social responsibility, and performance: Empirical evidence and theoretical perspectives. Academy of management Journal, 42(5), 479-485.
Hauptmann, C. (2017). Corporate sustainability performance and bank loan pricing: It pays to be good, but only when banks are too. Saïd Business School WP, 20.
Ho, C. L., Lai, G. C., & Lee, J. P. (2014). Financial reform and the adequacy of deposit insurance fund: Lessons from Taiwanese experience. International Review of Economics & Finance, 30, 57-77.
Hoepner, A., Oikonomou, I., Scholtens, B., & Schröder, M. (2016). The effects of corporate and country sustainability characteristics on the cost of debt: An international investigation. Journal of Business Finance & Accounting, 43(1-2), 158-190.
Holder-Webb, L., Cohen, J. R., Nath, L., & Wood, D. (2009). The supply of corporate social responsibility disclosures among US firms. Journal of business ethics, 84, 497-527.
Hui, Z., Li, H., & Elamer, A. A. (2024). Financing sustainability: How environmental disclosures shape bank lending decisions in emerging markets. Corporate Social Responsibility and Environmental Management.
Ieng Chu, C., Chatterjee, B., & Brown, A. (2012). The current status of greenhouse gas reporting by Chinese companies: A test of legitimacy theory. Managerial Auditing Journal, 28(2), 114-139.
Ioannou, I., & Serafeim, G. (2012). What drives corporate social performance? The role of nation-level institutions. Journal of international business studies, 43, 834-864.
Janda, K. B., Bright, S., Patrick, J., Wilkinson, S., & Dixon, T. J. (2019). The evolution of green leases: towards inter-organizational environmental governance. Building Governance and Climate Change ,144-158, Routledge.
Kamal, A., Al-Ghamdi, S. G., & Koç, M. (2019). Role of energy efficiency policies on energy consumption and CO2 emissions for building stock in Qatar. Journal of Cleaner Production, 235, 1409-1424.
Kamariotis, A., Chatzi, E., & Straub, D. (2023). A framework for quantifying the value of vibration-based structural health monitoring. Mechanical systems and signal processing, 184, 109708.
Kazemi, M. Z., Elamer, A. A., Theodosopoulos, G., & Khatib, S. F. (2023). Reinvigorating research on sustainability reporting in the construction industry: A systematic review and future research agenda. Journal of business Research, 167, 114145.
Khan, M., Serafeim, G., & Yoon, A. (2016). Corporate sustainability: First evidence on materiality. The accounting review, 91(6), 1697-1724.
Kim, B., & Lee, S. (2020). The impact of material and immaterial sustainability on firm performance: The moderating role of franchising strategy. Tourism Management, 77, 103999.
Kolk, A., & Perego, P. (2010). Determinants of the adoption of sustainability assurance statements: An international investigation. Business strategy and the environment, 19(3), 182-198.
Lima, L., Trindade, E., Alencar, L., Alencar, M., & Silva, L. (2021). Sustainability in the construction industry: A systematic review of the literature. Journal of Cleaner Production, 289, 125730.
Locatelli, G., Mariani, G., Sainati, T., & Greco, M. (2017). Corruption in public projects and megaprojects: There is an elephant in the room!. International journal of project management, 35(3), 252-268.
Lozano, R., & Huisingh, D. (2011). Inter-linking issues and dimensions in sustainability reporting. Journal of cleaner production, 19(2-3), 99-107.
Luo, W., Guo, X., Zhong, S., & Wang, J. (2019). Environmental information disclosure quality, media attention and debt financing costs: Evidence from Chinese heavy polluting listed companies. Journal of Cleaner Production, 231, 268-277.
Madison, N., & Schiehll, E. (2021). The effect of financial materiality on ESG performance assessment. Sustainability, 13(7), 3652.
Manes‐Rossi, F., & Nicolo', G. (2022). Exploring sustainable development goals reporting practices: From symbolic to substantive approaches—Evidence from the energy sector. Corporate Social Responsibility and Environmental Management, 29(5), 1799-1815.
Marquis, C., & Qian, C. (2014). Corporate social responsibility reporting in China: Symbol or substance?. Organization science, 25(1), 127-148.
Mathews, M. R. (1997). Twenty‐five years of social and environmental accounting research: is there a silver jubilee to celebrate?. Accounting, Auditing & Accountability Journal, 10(4), 481-531.
Matthews, J. C., Allouche, E. N., & Sterling, R. L. (2015). Social cost impact assessment of pipeline infrastructure projects. Environmental Impact Assessment Review, 50, 196-202.
Melloni, G., Caglio, A., & Perego, P. (2017). Saying more with less? Disclosure conciseness, completeness and balance in Integrated Reports. Journal of Accounting and Public Policy, 36(3), 220-238.
Miao, Y., Zhou, X., & Dai, X. (2021). Corporate social responsibility disclosure, debt financing costs, and innovation capacity. Discrete Dynamics in Nature and Society, 2021(1), 4692383.
Mishra, M., Lourenço, P. B., & Ramana, G. V. (2022). Structural health monitoring of civil engineering structures by using the internet of things: A review. Journal of Building Engineering, 48, 103954.
Morhardt, J. E., Baird, S., & Freeman, K. (2002). Scoring corporate environmental and sustainability reports using GRI 2000, ISO 14031 and other criteria. Corporate social responsibility and environmental management, 9(4), 215-233.
Nordin, R. M., Takim, R., & Nawawi, A. H. (2013). Behavioural factors of corruption in the construction industry. Procedia-Social and Behavioral Sciences, 105, 64-74.
Odriozola, M. D., & Baraibar‐Diez, E. (2017). Is corporate reputation associated with quality of CSR reporting? Evidence from Spain. Corporate social responsibility and environmental management, 24(2), 121-132.
Patten, D. M. (2002). The relation between environmental performance and environmental disclosure: a research note. Accounting, organizations and Society, 27(8), 763-773.
Pinto, A., Nunes, I. L., & Ribeiro, R. A. (2011). Occupational risk assessment in construction industry–Overview and reflection. Safety science, 49(5), 616-624.
Poddar, A., & Narula, S. A. (2018). Sustainability reporting practices in India: A study of selected conglomerates. Strategic Change, 27(6), 543-557.
Puroila, J., & Mäkelä, H. (2019). Matter of opinion: Exploring the socio-political nature of materiality disclosures in sustainability reporting. Accounting, Auditing & Accountability Journal, 32(4), 1043-1072.
Raza, M. W. (2013). Affect of financial leverage on firm performance. Empirical evidence from Karachi Stock Exchange.
Rezaee, Z. (2016). Business sustainability research: A theoretical and integrated perspective. Journal of Accounting literature, 36(1), 48-64.
Roca, L. C., & Searcy, C. (2012). An analysis of indicators disclosed in corporate sustainability reports. Journal of cleaner production, 20(1), 103-118.
Rosati, F., & Faria, L. G. (2019). Addressing the SDGs in sustainability reports: The relationship with institutional factors. Journal of cleaner production, 215, 1312-1326.
Scheuer, C., Keoleian, G. A., & Reppe, P. (2003). Life cycle energy and environmental performance of a new university building: modeling challenges and design implications. Energy and buildings, 35(10), 1049-1064.
Schiehll, E., & Kolahgar, S. (2021). Financial materiality in the informativeness of sustainability reporting. Business Strategy and the Environment, 30(2), 840-855.
Sunindijo, R. Y., & Zou, P. X. (2012). Political skill for developing construction safety climate. Journal of Construction Engineering and Management, 138(5), 605-612.
Székely, F., & Knirsch, M. (2005). Responsible leadership and corporate social responsibility:: Metrics for sustainable performance. European Management Journal, 23(6), 628-647.
Talbot, D., & Boiral, O. (2018). GHG reporting and impression management: An assessment of sustainability reports from the energy sector. Journal of Business Ethics, 147, 367-383.
Tam, V. W., & Fung, I. W. (2011). Tower crane safety in the construction industry: A Hong Kong study. Safety science, 49(2), 208-215.
Tan, Y., Shen, L., & Yao, H. (2011). Sustainable construction practice and contractors’ competitiveness: A preliminary study. Habitat international, 35(2), 225-230.
Thomas, C. J., Tuyon, J., Matahir, H., & Dixit, S. (2021). The impact of sustainability practices on firm financial performance: Evidence from Malaysia. Management & Accounting Review (MAR), 20(3), 211-243.
Uwuigbe, U., Teddy, O., Uwuigbe, O. R., Emmanuel, O., Asiriuwa, O., Eyitomi, G. A., & Taiwo, O. S. (2018). Sustainability reporting and firm performance: A bi-directional approach. Academy of Strategic Management Journal, 17(3), 1-16.
Wolfe, J., & Sauaia, A. C. A. (2003). The Tobin q as a company performance indicator. In Developments in business simulation and experiential learning: proceedings of the annual ABSEL conference (Vol. 30).
Xing, C., Zhang, Y., & Tripe, D. (2021). Green credit policy and corporate access to bank loans in China: The role of environmental disclosure and green innovation. International Review of Financial Analysis, 77, 101838.
Xu, H., Xu, X., & Yu, J. (2021). The impact of mandatory CSR disclosure on the cost of debt financing: Evidence from China. Emerging Markets Finance and Trade, 57(8), 2191-2205.
Ye, K., Zhu, W., Shan, Y., & Li, S. (2015). Effects of market competition on the sustainability performance of the construction industry: China case. Journal of Construction Engineering and Management, 141(9), 04015025.
Yeganeh, Y. H., & Barzegar, G. (2014). The effect of disclosure level of corporate social responsibility (CSR) on corporate financial performance (CFP) in Tehran stock exchange. International Journal of Accounting Research, 1(11), 43-51.
Zhang, J., Ouyang, Y., Ballesteros-Pérez, P., Li, H., Philbin, S. P., Li, Z., & Skitmore, M. (2021). Understanding the impact of environmental regulations on green technology innovation efficiency in the construction industry. Sustainable Cities and Society, 65, 102647.
Zhang, X., Ji, M., & Wang, S. (2024). Can Environmental, Social, and Governance Ratings Promote Green Innovation in Chinese Heavy Polluters? Perspectives from “Greening” Behaviors. Sustainability, 16(7), 2842.