本研究探討台灣的監管環境，研究雇用具備財務專家的董事和企業社會責任報告書 (CSR) 揭露之間的關聯。我們使用2010年到2020年經濟新報資料庫 (TEJ)中15,812筆台灣公開發行公司的資料。我們發現，企業發行企業社會責任報告書會考慮發行成本和企業規模之間的關聯，董事會中具備財務專家的董事成員顯著不揭露企業社會責任報告書。此外，我們還進一步探討了台灣公開發行公司揭露企業社會責任報告書和現金流權之間的偏離程度關係。結果顯示，如果公司董事會擁有較多的現金流量控制權，代理問題將變得更加嚴重，導致公司不願揭露CSR報告。

This study examines the regulatory environment in Taiwan and the association between employing directors with financial expertise and corporate social responsibility reporting (CSR). Using data from 15,812 publicly traded companies in Taiwan from 2010 to 2020. We find that companies with financial expertise directors on their board are less prone to issue CSR reports due to the publishing cost considerations and the link between enterprise scale. In addition, we also further explore the degree of deviation between control rights and cash flow rights to disclose CSR report in Taiwan-listed companies. The result shows that if a firm’s board of directors have more cash control rights, the agency problem will become more serious, resulting in companies not disclosing CSR report.

Content
論文審定書 i
摘要 ii
Abstract iii
I. Introduction 1
II. Literature and Hypothesis 6
2.1 Institutional Background in Taiwan 6
2.2 Theoretical framework 7
2.3 Board Composition and CSR disclosure 9
III. Research Design 13
IV. Data and Sample Summary Statistics 16
4.1 Data and Sample Selection 16
4.2 Descriptive Statistics and Correlation Coefficients 18
4.3 Regression Results 19
4.4 Additional Analyses 20
V. Summary and Discussion 23
VI. Reference 50
VII. Appendix: Summary of Variable Definitions 56

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