本研究主旨在於檢視企業碳排放揭露以及碳排放之外部驗證對證券集體訴訟的影響，並以標普 500 指數上市公司為樣本，樣本期間為2011至2020，共計10年。研究結果證實，自願性的揭露範圍1和範圍2的碳排放量會使公司面臨高訴訟風險。 此外，取得第三方獨立碳排放驗證的公司，遭遇訴訟案件的風險更大。研究發現，無論揭露的資訊是否經過第三方驗證，只要公司自願揭露碳排放資訊皆會增加其被起訴的可能性。

This paper investigates the impact of corporate carbon disclosure practice and external carbon verification on securities class action lawsuits based on a sample of S&P 500 listed companies for a ten-year period (2011-2020). We observe that voluntary disclosure of Scope 1 and Scope 2 emissions may result in litigation risk. In addition, obtaining an independent third-party verification exposes companies to higher litigation risks. These findings suggest that disclosing corporate social responsibility information increases the probability of being sued, whether the information is verified or not.

論文審定書 i
中文摘要 ii
Abstract iii
1. Introduction 1
2. Literature Review and Hypothesis Development 4
2.1 Litigation Risk and Voluntary Disclosure 5
2.2 Litigation Risk and Carbon Emission Disclosure 6
2.3 Litigation Risk and External Verification 8
3. Data and Empirical Models 10
3.1 Data 10
3.2 Empirical Models 11
4. Results and Discussions 14
4.1 Descriptive Statistics 14
4.2 Test of Hypothesis 16
5. Conclusion 20
Reference 22
Appendix 33

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