近年來，全球對永續發展的關注提高了企業履行社會責任的重要性。企業必須建 立有效的風險管理架構，以應對營運中的風險，越來越多企業選擇成立專責的風險管 理委員會取代審計委員會之部分職責，希冀該風險管理委員會之成立能夠更有效的監 管企業相關風險。本研究探討 ESG 爭議事件與風險管理委員會及其成員特性之關聯 性，並以迴歸模型進行實證研究分析。
本研究對象為台灣上市上櫃公司，研究期間為 2016 年至 2021 年止，共 42 間企 業成立風險管理委員會。本文實證結果如下:第一，企業有設置風險管理委員會發生 ESG 爭議事件之可能性愈高，可能原因為高風險的企業更傾向於設置風險管理委員 會，然而，許多企業的風險管理委員會成立時間較短，導致風險管理委員會未能充分 發揮其作用。第二，風險管理委員會之規模及獨立性與與 ESG 爭議事件間無顯著關 聯，然而，風險管理委員會之女性成員比例愈高，企業愈不會發生 ESG 爭議事件。
本研究可為風險管理委員會設置及成員特性與企業社會責任之關聯性提供新觀 點與貢獻，且由於我國保險業強制設置風險管理委員會，本篇將金融業與非金融業進 行區分，為強制及非強制設置風險管理委員會提供新的研究觀點及證據。

In recent years, global attention to sustainable development has increased the importance of corporate social responsibility. Companies must establish effective risk management frameworks to address risks in their operations. An increasing number of companies are choosing to establish risk management committees to share some responsibilities previously held by audit committees, hoping that these committees can provide more effective oversight of enterprise-related risks. This study explores the correlation between ESG controversies and risk management committees and their member characteristics, using a regression model for empirical research and analysis.
The study focuses on listed and over-the-counter companies in Taiwan, covering the period from 2016 to 2021, with a total of 42 companies that have established risk management committees. The empirical results of this study are as follows: First, companies that have established risk management committees are more likely to experience ESG controversy events. This may be since high-risk companies are more inclined to establish risk management committees. However, many companies have relatively short establishment periods for their risk management committees, resulting in these committees not being able to fully fulfill their roles. Second, the size and independence of the risk management committee show no significant correlation with ESG controversies. However, a higher proportion of female members on the risk management committee is associated with a lower likelihood of ESG controversies occurring in the company.

吳素環 & 李雅慧. (2003). 建立一個邁向成功的架構! COSO 的新發展-企業風險管理 (Enterprise Risk Management). 會計研究月刊(217), 114-119.
周靜幸. (2019). 應用 COSO ERM 於 ESG 相關風險. 內部稽核(107), 4-17.
洪秀芬. (2019). 保險業 ESG 之公司治理. 保險專刊, 35(4), 309-344.
高晟晉. (2020). 從公司治理 3.0 談推動永續發展與強化 ESG 資訊揭露. 證券服務(679), 24-28.
張瑀珊, & 張懷源. (2018). 金融業設置審計委員會之必要性? 兼論審計委員會之特性影響. 當代會計, 19(2), 139-173.
Abubakar, A. H., Ado, A. B., Mohamed, M. I., & Mustapha, U. A. (2018). The effect of risk management committee attributes and board financial knowledge on the financial performance of listed banks in Nigeria. American International Journal of Business Management, 1(5), 7-13.
Adams, R. (2010). Governance of banking institutions, in corporate governance: A synthesis of theory, research, and practice. In: John Wiley & Sons, Inc., Hoboken, NJ, USA. Procedia-Social and Behavioral Sciences , 164 (2014), 627-634.
Aebi, V., Sabato, G., & Schmid, M. (2012). Risk management, corporate governance, and bank performance in the financial crisis. Journal of Banking & Finance, 36(12), 3213-3226.
Arayssi, M., Jizi, M., & Tabaja, H. H. (2020). The impact of board composition on the level of ESG disclosures in GCC countries. Sustainability Accounting, Management and Policy Journal, 11(1), 137-161.
Be´ dard, J., Chtourou, S. M., & Courteau, L. (2004). The effect of audit committee expertise, independence, and activity on aggressive earnings management. Auditing: A Journal of Practice & Theory, 23(2), 13-35.
Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97(2), 207-221.
Beasley, M. S., Carcello, J. V., Hermanson, D. R., & Lapides, P. D. (2000). Fraudulent financial reporting: Consideration of industry traits and corporate governance mechanisms. Accounting Horizons, 14(4), 441-454.
Becker, C. L., DeFond, M. L., Jiambalvo, J., & Subramanyam, K. (1998). The effect of audit quality on earnings management. Contemporary Accounting Research, 15(1), 1-24.
Bhuiyan, M. B. U., Cheema, M. A., & Man, Y. (2020). Risk committee, corporate risk-taking and firm value. Managerial Finance, 47(3), 285-309.
Brown, I., Steen, A., & Foreman, J. (2009). Risk management in corporate governance: A review and proposal. Corporate Governance: An International Review, 17(5), 546-558.
Choi, I. (2013). When do companies need a board-level risk management committee?
Dadanlar, H. H., & Abebe, M. A. (2020). Female CEO leadership and the likelihood of corporate diversity misconduct: Evidence from S&P 500 firms. Journal of Business Research, 118, 398-405.
Dalton, D. R., Daily, C. M., Johnson, J. L., & Ellstrand, A. E. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management journal, 42(6), 674-686.
Del Giudice, A., & Rigamonti, S. (2020). Does audit improve the quality of ESG scores? Evidence from corporate misconduct. Sustainability, 12(14), 5670.
Dobler, M. (2008). Incentives for risk reporting—A discretionary disclosure and cheap talk approach. The International Journal of Accounting, 43(2), 184-206.
Farber, D. B. (2005). Restoring trust after fraud: Does corporate governance matter? The accounting review, 80(2), 539-561.
Field, L., Lowry, M., & Mkrtchyan, A. (2013). Are busy boards detrimental? Journal of Financial Economics, 109(1), 63-82.
Gadhoum, Y., & Ayadi, M. A. (2003). Ownership structure and risk: A Canadian empirical analysis. Quarterly Journal of Business and Economics, 19-39.
Huang, J., & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of Financial Economics, 108(3), 822-839.
Jia, J. (2019). Does risk management committee gender diversity matter? A financial distress perspective. Managerial Auditing Journal, 34(8), 1050-1072.
Jia, J., & Bradbury, M. E. (2021). Risk management committees and firm performance. Australian Journal of Management, 46(3), 369-388.
Jizi, M. (2017). The influence of board composition on sustainable development disclosure. Business Strategy and the Environment, 26(5), 640-655.
Karamanou, I., & Vafeas, N. (2005). The association between corporate boards, audit committees, and management earnings forecasts: An empirical analysis. Journal of Accounting Research, 43(3), 453-486.
Khlif, H., & Achek, I. (2017). Gender in accounting research: a review. Managerial Auditing Journal, 32(6), 627-655.
Lamidi, W. A., Adebayo, A. O., Olorede, T. E., & Oyekanmi, M. O. (2022). Risk Management Committees’ Characteristics and the Financial Performance of Deposit Money Banks (DMBS) in Nigeria. The Journal of Accounting and Management, 12(1), 109-120.
Malik, M. F., Zaman, M., & Buckby, S. (2020). Enterprise risk management and firm performance: Role of the risk committee. Journal of Contemporary Accounting & Economics, 16(1), 100178, 1-22.
Mandelker, G. N., & Rhee, S. G. (1984). The impact of the degrees of operating and financial leverage on systematic risk of common stock. Journal of Financial and Quantitative Analysis, 19(1), 45-57.
Nasir, A., Kurnia, P., & Hakri, T. D. (2013). Pengaruh kepemilikan manajerial, leverage, profitabilitas, ukuran, dan umur perusahaan terhadap pengungkapan informasi pertanggungjawaban sosial perusahaan pada perusahaan food and beverage yang terdaftar di BEI. Jurnal Ekonomi, 21(04), 1-14.
Nugroho, A. (2012). Faktor-Faktor Yang Mempengaruhi Intellectual Capital Disclosure (ICD). Accounting Analysis Journal, 1(2), 1-11.
O’connell, V., & Cramer, N. (2010). The relationship between firm performance and board characteristics in Ireland. European Management Journal, 28(5), 387-399.
Oswald, S. L., & Jahera Jr, J. S. (1991). The influence of ownership on performance: An empirical study. Strategic Management Journal, 12(4), 321-326.
Porter, B. A., & Gendall, P. J. (1998). Audit committees in private and public sector corporates in New Zealand: an empirical investigation. International Journal of Auditing, 2(1), 49-69.
Post, C., Rahman, N., & Rubow, E. (2011). Green governance: Boards of directors’ composition and environmental corporate social responsibility. Business & Society, 50(1), 189-223.
Rahman, R. A., & Salim, M. R. (2010). Corporate governance in Malaysia: Theory, law, and context. Sweet & Maxwell Asia. Journal of Governance and Regulation, 6(1), 38-44.
Rao, K., & Tilt, C. (2016). Board composition and corporate social responsibility: The role of diversity, gender, strategy and decision making. Journal of Business Ethics, 138(2), 327-347.
Strobl, S., Rama, D. V., & Mishra, S. (2016). Gender diversity in compensation committees. Journal of Accounting, Auditing & Finance, 31(4), 415-427.
Subramaniam, N., McManus, L., & Zhang, J. (2009). Corporate governance, firm characteristics and risk management committee formation in Australian companies. Managerial Auditing Journal, 24(4), 316-339.
Van Knippenberg, D., De Dreu, C. K., & Homan, A. C. (2004). Work group diversity and group performance: an integrative model and research agenda. Journal of Applied Psychology, 89(6), 1008-1022.
Weisbach, M. S. (1988). Outside directors and CEO turnover. Journal of Financial Economics, 20, 431-460.
Yatim, P. (2009). Audit committee characteristics and risk management of Malaysian listed firms. Malaysian Accounting Review, 8(1), 19-36.
Zahra, S. A., & Pearce, J. A. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of Management, 15(2), 291-334.
Zemzem, A., & Kacem, O. (2014). Risk management, board characteristics and performance in the Tunisian lending institutions. International Journal of Finance & Banking Studies, 3(1), 186-200.