Discussion on the Influence of Environmemtal Information Disclosure and Information Transparency on Enterprise Value

• Main Authors: Lin, Ya-Jhu, 林雅筑
• Other Authors: Justine S. Chang
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/9gnu89

碩士 === 朝陽科技大學 === 會計系 === 105 === In recent years as global warming becomes more apparent and air pollution gets severe day after day, environmental protection issues have gained growing public attention. As many nations set environmental protection policies and relative laws and regulation into action, environmental information disclosure has become a necessary part in financial statements. While businesses pursue economic development, they also face the responsibility of maintaining environmental and ecological protection. Whether disclosing environmentally related information can generate positive effect on businesses is an issue that continues to be explored. What investors worry is making wrong judgement due to possible information asymmetry. In order to elevate information transparency and lowering the problems of information asymmetry, whether the supervision of independent directors and supervisors on the overall operation of companies’ management has effect on companies’ decision on environmental policy would be the direction to be explored in this study. The study scores the extent of companies’ environmental disclosure based on content analysis method and evaluates the effect of each variable on corporate value according to different score levels, thus analyzing scores of environmental information disclosure to examine the effect of different level of environmental disclosures on corporate value. Result of the study shows that under different level of companies’ environmental information disclosure, the effect of companies’ scale, independent directors’ ratio, independent supervisors’ ratio, EPS on corporate value would be different, from which to understand that higher score of environmental information disclosure presents that the possibility of companies’ management valuing environmental protection issues is higher.