本文以2016年到2019年我國上市櫃公司為研究對象，檢視家族企業未來環保支出揭露與其經濟後果。其次，本文進一步分析董事長為接班人之家族企業未來環保支出揭露與其經濟後果。首先，本文實證結果顯示，家族企業有較高之預計未來環保支出，且預計投入較多環保支出的家族公司有較高之公司價值。本文進一步發現，董事長為接班人之家族企業有較高之預計未來環保支出，且預計未來投入較多環保支出的董事長為接班人之家族公司有較高的公司價值。本文之結果說明家族企業有較高之環保支出揭露，且環保支出揭露與公司價值評價有正向之關係，實證結果支持對提升企業環境社會責任之倡議，以及提升企業環保支出之資訊揭露。

Using a sample of Taiwanese listed and over-the-counter (OTC) family firms from 2016 to 2019, we investigate the disclosure of the environmental expenditures of family firms and the related economic consequences. Further, we examine the disclosure of family firms with descendant chairpersons and the related economic consequences. First, we find that family firms tend to disclose higher planned expenditures for environmental protection than those of nonfamily firms. Furthermore, family firms disclosing higher planned environmental protection expenditures tend to have higher firm value, ceteris paribus. We also show that family firms with descendant chairpersons tend to disclose higher planned expenditures for environmental protection and tend to have higher firm value, ceteris paribus. Our results show that family firms appear to pay more attention to environmental awareness by publicly disclosing higher future environmental expenditures and that the disclosure of environmental expenditures has a positive effect on firm value. The findings support the government’s call on companies to raise their corporate environmental social responsibility and enhance the information disclosure of environmental expenditures.

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