本研究旨在探討企業漂綠 (greenwashing) 程度是否影響其後續永續認證 (sustainability assurance，或稱永續確信) 決策，並進一步分析公司治理健全度與國際化程度是否會影響兩者之間的關係。本研究所稱之永續認證強度，係依企業是否取得永續認證及認證提供者類型所建構之序位衡量，主要反映不同認證安排可能具有之外部監督、專業規範、聲譽資本與責任約束程度，並非主張不同認證提供者之認證品質具有絕對高低。本研究以臺灣上市櫃公司為研究對象，研究期間為2021年至2024年，最終樣本為3，831筆觀察值。本文以前一期漂綠程度作為主要解釋變數，並將永續認證強度區分為無認證、一般第三方驗證機構、非四大會計師事務所及四大會計師事務所，採用有序羅吉斯迴歸模型進行實證分析。實證結果顯示，企業漂綠程度與永續認證強度之間未呈現顯著關聯，公司治理健全度亦未對兩者關係產生顯著調節效果；然而，國際化程度具有顯著調節效果。在低國際化程度企業中，漂綠程度與永續認證強度呈顯著負向關聯；隨著企業國際化程度提高，兩者之負向關係會減弱，甚至轉為正向，顯示外部市場、跨國客戶與供應鏈壓力可能影響企業面對漂綠疑慮時之永續認證決策。此外，本研究將漂綠程度小於0之觀察值調整為0後重新估計，穩健性測試結果與主要實證結果大致一致。;This study examines whether corporate greenwashing affects subsequent sustainability assurance decisions and further investigates whether corporate governance quality and internationalization moderate this relationship. In this study， sustainability assurance strength is measured as an ordinal variable based on whether a firm obtains sustainability assurance and the type of assurance provider. This measure primarily reflects the potential differences in external monitoring， professional standards， reputational capital， and accountability constraints associated with different assurance arrangements， rather than suggesting an absolute hierarchy in the actual quality of assurance providers. Using Taiwanese listed and over-the-counter companies as the research sample， this study covers the period from 2021 to 2024 and includes 3，831 firm-year observations. Prior-period greenwashing is used as the main explanatory variable. Sustainability assurance strength is classified into four categories: no assurance， assurance provided by a general third-party verification institution， assurance provided by a non-Big Four accounting firm， and assurance provided by a Big Four accounting firm. The empirical analysis is conducted using an ordered logistic regression model. The empirical results show that， overall， corporate greenwashing is not significantly associated with sustainability assurance strength， and corporate governance quality does not significantly moderate this relationship. However， internationalization has a significant moderating effect. Among firms with a low level of internationalization， greenwashing is significantly and negatively associated with sustainability assurance strength. As the level of internationalization increases， this negative relationship weakens and may even become positive. This finding suggests that pressures from external markets， international customers， and supply chains may influence firms’ sustainability assurance decisions when facing greenwashing concerns. In addition， after replacing negative values of greenwashing with zero and re-estimating the models， the robustness test results remain generally consistent with the main empirical findings.
