臺灣博碩士論文加值系統

在供應鏈全球化下，氣候危機及各種人權及勞工議題，往往牽一髮動全身，供應鏈下游的廠商也日漸注重其供應商的ESG執行情況，因為執行ESG有助於公司因應未來日漸嚴重的氣候風險或是避免公司捲入勞資糾紛，因為任何風險都有可能造成整個供應鏈生產危機。但在ESG備受重視下，一些廠商開始出現「漂綠」的行為;漂綠係指公司的ESG揭露上與實際作為上的不一致，公司可以透過漂綠來營造好社會責任形象，但卻無實質的ESG貢獻。尤其對有財務限制的公司，漂綠可能成為一種公司策略。研究主旨是在探討有財務限制的公司其主要客戶來自歐美國家時對公司漂綠行為的影響。本文以2015至2021年的台灣上市櫃公司為研究樣本，資料來源至TEJ資料庫。實證結果發現，當公司的主要客戶來自歐美地區時，有助於公司降低漂綠行為；而當公司有財務限制時有動機迫使公司執行漂綠策略。但實證結果也顯示，當有財務限制的公司其主要客戶來自於歐美地區時，有助於公司抑制其漂綠行為。

Under the globalization of the supply chain, the climate crisis and various human rights and labor issues often affect all the companies on the supply chain. The customers downstream of the supply chain are also paying more attention to the ESG implementation of their suppliers because the implementation of ESG will help the company cope with increasingly serious crises in the future, such as climate risk, labor disputes, or strikes; any risk may cause a production crisis in the entire supply chain. However, with the emphasis on ESG, some companies have engaged in "greenwashing”. Greenwashing refers to the inconsistency between a company's ESG disclosure and its actual ESG performance. Companies can create a good image of social responsibility through greenwashing, but there is no ESG substantial contribution. Especially, companies with financial constraints may emphasize their ESG disclosure instead of ESG investment. The main purpose of this study is to explore the influence of companies with financial constraints on their greenwashing behaviors when their major customers come from European and North American countries. This study takes Taiwan’s listed and OTC companies from 2015 to 2021 as research samples. The empirical results show that when the company's major customers come from Europe and North American countries, they will mitigate the supplier company their greenwashing behavior. Moreover, when companies have financial constraints there is an incentive to increase their execution of greenwashing strategies. However, our empirical results also represent that when the major customers of a company with financial constraints come from Europe and North American countries, the customers can be helpful for the company to restrain the company's greenwashing behavior.

Table of Contents
摘要 I
Abstract II
Acknowledgment III
Table of Contents IV
List of Tables VI
List of Figures VII
1. Introduction 1
2. Literature Review and Hypothesis 13
2.1 Definition of Greenwashing 13
2.2 The Motivations of Greenwashing 14
2.3 How do Customers’ ESG Policies Affect Suppliers’ ESG Policies? 17
2.3.1 Stakeholder Theory and Major Stakeholders of Company 17
2.3.2 Can Customers’ ESG Policies Affect Suppliers’ ESG Policies? 19
2.4 Whether Financial Constraints Motivate Greenwashing? 25
2.5 Whether Customers Moderate the Relationship between Financial Constraints and Greenwashing? 27
3. Research Design 31
3.1 Data 31
3.2 Variable Definition and Measurement 31
3.2.1 Dependent Variable: Greenwashing Measurements 31
3.2.2 Independent Variable 37
3.2.3 Control Variable 38
3.3 Model 45
4. Results 48
4.1 Descriptive Statistics 48
4.2 Correlation Coefficient Analysis 54
4.3 How do Major Customers Affect Firms’ Greenwashing Policy? 56
4.4 How does the Financial Constraint of Firms Affect Greenwashing Activities? 59
4.5 Would Major Customers Mitigate Firms with Financial Constraints to Engage in Greenwashing Activities? 61
4.6 Robustness Test 63
4.6.1 Robust Test 1: Reorder the Greenwashing Score 63
4.6.2 Robust Test 2: Considering Industrial Average and Deviation for Model 4 66
4.6.3 Robust Test 3: Proportion of Sales by Major Customer Regions 69
4.6.4 Robust Test 4: Using Alternative Measurement of Financial Constraints—KZ Index 73
5. Conclusion and Discussion 77
References 83

List of Tables
Table 3 1 Sub-items From Each Corresponding Dimension 36
Table 3 2 Variable Definition and Data Source 43
Table 4 1Descriptive Statistics 50
Table 4 2 Correlation Coefficient Analysis 55
Table 4 3 Regression Analysis of Greenwashing and Major Customer Country 58
Table 4 4 Regression Analysis of Greenwashing and Financial Constraint (WW index) 60
Table 4 5 Regression Analysis of The Moderate Effect of MCC on Financial Constraints and Greenwashing Activities 62
Table 4 6 Robust Test of Alternative Method of Greenwashing: Reorder the Greenwashing Score 65
Table 4 7 Robust Test of Alternative Method of Greenwashing: Modified Sample Period 68
Table 4 8 Robust Test on Major Customer: Proportion of Sales by Major Customer Regions 70
Table 4 9 Robust Test on Major Customer: Proportion of Sales by Major Customer Regions 72
Table 4 10 Robust Test on Financial Constraints: KZ Index 75

List of Figures
Figure 2 1 ESG disclosure V.S. ESG performance 24
Figure 2 2 Conceptual Framework and research hypotheses 30

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