隨著氣候變遷風險日益加劇，以及永續發展相關規範制度化，企業環境資訊揭露已由過往非強制性且非核心之決策事項，轉變為企業經營與公司治理的重要策略目標之一。在此背景下，企業不僅需回應外部法規與社會期待，亦須在同業競爭與市場及政府的監督下，衡量是否應採取更為積極的環境資訊揭露策略。回顧既有文獻，雖然已有研究探討企業永續資訊揭露行為之治理動機，但較少關注企業於其所屬產業內之相對揭露表現差異，亦較少將揭露動機進一步區分為內部治理機制與外部壓力因素，並納入同一實證架構中加以檢驗。
因此，本研究以合法性理論與利害關係人理論為基礎，建構一個整合性的研究架構，探討影響企業環境揭露主動性的內外部驅動因素，並進一步分析企業採取主動式的環境揭露策略是否能為其帶來正向的財務績效表現。進一步而言，本研究從內部治理機制與外部壓力兩個層面切入，內部治理因素包含董事會規模、獨立董事比例與董事會運作活躍度；外部壓力因素則涵蓋本國與外國機構投資人之監督壓力，以及企業因過往環境違規所產生之合法性修復動機。
本研究以臺灣上市上櫃公司為研究對象，研究資料期間涵蓋2022年1月1日至2023年12月31日，在排除資料不齊全的企業後，以1320間企業作為研究樣本。研究資料來源為TEJ次級資料庫，涵蓋企業財務資訊、公司治理變數與環境永續揭露資料，並透過敘述性統計、Pearson相關分析與迴歸分析進行實證檢驗，以產業內相對排名方式衡量企業環境揭露主動性。
本研究之實證結果顯示：（一）外國機構投資人監督壓力對企業環境揭露主動性具顯著正向影響；（二）本國機構投資人監督壓力對企業環境揭露主動性亦具顯著正向影響；（三）合法性修復動機對企業環境揭露主動性具顯著正向影響；（四）相較於外部壓力因素，內部治理變數對環境揭露主動性之影響較為有限；（五）企業環境揭露主動性與其財務績效之間呈現顯著正向關係。

As climate risks intensify and sustainability regulations become institutionalized, environmental disclosure has become a strategic issue in corporate governance. However, prior research has paid limited attention to firms’ relative disclosure performance within industries and has rarely examined internal governance mechanisms and external pressure factors within one unified framework.

Drawing on legitimacy theory and stakeholder theory, this study investigates the internal and external drivers of environmental disclosure proactivity and tests whether it relates to financial performance. Using data on 1,320 Taiwanese listed firms during 2022–2023 and TEJ secondary data, we measure disclosure proactivity based on within-industry relative rankings and apply descriptive statistics, Pearson correlations, and regression analyses.

The results show that foreign and domestic institutional investor monitoring pressures significantly enhance environmental disclosure proactivity. Legitimacy repair motives arising from prior environmental violations also have a positive effect. In contrast, internal governance variables, including board size, independent director ratio, and board meeting frequency, show comparatively limited explanatory power. Finally, environmental disclosure proactivity is positively and significantly associated with financial performance.

林惠玲、陳正倉（2023）. 基礎統計學:觀念與應用 第五版 2023年.台北:雙葉書廊.
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