| 摘要: | 近年來，隨著全球對氣候變遷議題的重視加劇，碳排放管理已成為企業永續
發展的核心課題。特別是在歐盟碳邊境調整機制（carbon border adjustment mechanism, CBAM）推動、以及全球邁向淨零排放（net zero emissions）目標的背景下，企業碳密集度的控管受到前所未有的關注。本研究以臺灣經濟新報（Taiwan Economic Journal Co., Ltd，簡稱：TEJ）資料庫為基礎，選取 2019 年至2023 年之台灣上市櫃公司為樣本，探討家族企業身份及企業股權集中度對企業碳密集度之影響，並進一步分析財務指標與公司治理要素對於碳密集度的關聯性。
實證結果顯示，家族企業身份可能因產業分布，與碳密集度無呈現顯著關聯
性，而股權集中度與企業碳密集度呈現正向關係，支持股權集中度越高，大股東可能因風險承擔偏好及永續誘因不足，導致環境表現較為弱勢的觀點。
本研究亦控制多項潛在影響因素，包括財務特性（資產報酬率、營收成長率、研發支出比率、負債比率、Tobin′s Q）、公司治理結構（董事會規模、獨立董事比率、女性董事比率）與機構投資人持股（區分國內機構投資人與外國機構投資人），以提高模型估計之準確性與解釋力。本研究結果不僅補充了家族企業與環境永續領域之相關文獻，亦對企業治理實務與政策制定提出管理意涵。;In recent years, as global attention to climate change intensifies, carbon emissions management has become a core issue for corporate sustainable development. In particular, under the advancement of the EU Carbon Border Adjustment Mechanism (CBAM) and the global pursuit of Net Zero Emissions, the control of corporate carbon intensity has received unprecedented attention. Based on the Taiwan Economic Journal (TEJ) database, this study selects Taiwanese listed companies from 2019 to 2023 as the research sample to examine the impact of family firm identity and ownership concentration on corporate carbon intensity, and further analyzes the association between financial indicators, corporate governance characteristics, and carbon intensity.
The empirical results show that the identity of a family firm may not have a significant relationship with carbon intensity, possibly due to industry distribution effects. In contrast, ownership concentration is positively associated with carbon intensity, supporting the view that firms with higher ownership concentration may exhibit weaker environmental performance due to controlling shareholders’ risk preferences and insufficient incentives for sustainability.
This study also controls for several potential influencing factors, including financial characteristics (return on assets, revenue growth rate, R&D intensity, debt ratio, Tobin’s Q), governance structure (board size, board independence ratio, proportion of female directors), and institutional ownership (distinguishing between domestic and foreign institutional investors), in order to enhance the accuracy and explanatory power of the model estimation. The findings of this study not only contribute to the literature on family business and environmental sustainability but also provide managerial implications for corporate governance practices and policy formulation. |
