| Summary: | 碩士 === 中國文化大學 === 會計學系 === 100 === Recently, environmental protection issue has been risen. Industries’ engagement in economical activities will be supervised by government or environmental corporation. Industries should take more responsibility for environmental protection since they use more nature resources than individuals. Nevertheless, when the enterprises are involved in environmental pollution problems can cause severe damage to the enterprises’ image and operating performance.
According to researches, many of the scholar’s studies about the relationship be-tween environmental protection and enterprises operating performance show different conclusions.
This paper will be discussing the correlation between enterprises’ environment in-vestment and its operating performance and the market value, using the sample of public enterprises which were certificated ISO 14000 during 2006 to 2010 in Taiwan. This paper uses industries that acquired Excellence in Corporate Social Responsibility as proxy variable about environmental performance. And uses the proxy variable to indi-cate the relationship between enterprise operating performance and market value. In this paper the proxy variable is the earnings per share that represents operating performance and Tobin’s Q represents corporate value.
In the empirical results, significantly positive effect between enterprise operating performance and environmental performance; as well as the market value and environ-mental performance can be found. In conclusion, enterprises’ operating performance and corporate value will be rose if they are active in environmental protection area. So this paper encourage that the industries to join the environmental protection that will get benefits from that kind of investment.
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