Page 141 - 34-1

NTU Management Review
Vol. 34 No. 1 Apr. 2024, 133-172
https://doi.org/10.6226/NTUMR.202404_34(1).0004

The Effects of Environmental Information Disclosure on
Investors’ Perceptions of Earnings Quality: The Difference in
Managerial Ownership Structure

環境資訊揭露對投資人盈餘品質認知之影響：兼論經理人
股權結構

Huan-Yi Li, Department of Accounting, National Changhua University of Education
李桓伊 / 國立彰化師範大學會計學系
Hsin-Yi Chi, Department of Accounting, National Chung Hsing University
紀信義 / 國立中興大學會計學系
Ching-Hua Chen, Deloitte & Touche, Taiwan
陳靖樺 / 勤業眾信聯合會計師事務所
Received 2022/2, Final revision received 2023/6
Abstract
Because of the rising awareness of environmental protection, enterprises’ disclosure
of environmental accounting information become increasingly important. Whether
enterprises disclose environmental information seriously and properly depends on the
quality of their governance system. This study investigates whether environmental
information disclosure affects investors’ perceptions of earnings quality using a sample of
companies listed on Taiwan Stock Exchange or Taipei Exchange for the period 2012-2019.
This study documents that investors’ perceptions of higher earnings quality are obvious
when firms disclose a higher level of environmental information. Moreover, the positive
relationship between environmental information disclosure and investors’ perceptions of
earnings quality is more pronounced in firms with a higher level of managerial ownership.
Overall, these results suggest that environmental information disclosure matters to market
participants and that a convergence of interests occurs in the Taiwan capital market.
【Keywords】environmental information disclosure, managerial ownership structure,
perception of earnings quality

領域主編：王泰昌教授

133