The Relationships of Corporate Governance, Environmental Performance and Corporate Performance

• Main Authors: Kuo-Chuan Sung, 宋國娟
• Other Authors: none
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/04285065713561355762

碩士 === 國立中正大學 === 會計所 === 93 === In the past, jobs of environmental protection were considered the burdens of enterprises. However, at present, environmental performance has already been a part of enterprises’ competitive advantages. Consequently, today’s enterprises can not overlook the problems of environmental protection. Only when enterprises keep their balances on both environmental protection and economy do they can survive. The purpose of this paper is to investigate whether effective corporate governance mechanisms can improve corporate environmental performance, and then further enhance corporate performance. Regression analysis and LISREL model are applied to test the relationships between corporate governance, environmental performance and corporate performance. The evidence of this study shows that: (1) corporate governance has significant negative relation with environmental performance, primarily from the effect of ownerships of institutional investors; (2) the environmental performance of firms in low pollutant industries is significantly positive related with corporate performance; (3) corporate governance has a significant positive effect on corporate performance, and this effect mainly comes from the governance effects of insiders’ ownership; (4) the positive impacts of firms’ corporate governance on corporate performance is not mediated by firms’ environmental performance.