本文旨在探討董事會網絡中心性對企業漂綠行為之影響，並以 2015 至 2022 年美國 S&P 500 上市公司為樣本進行實證分析。本文將漂綠行為界定為企 業環境揭露分數高於環境績效分數之情形，研究資料整合自Bloomberg、Refinitiv、 BoardEx與Compustat資料庫，並採用邏輯斯迴歸模型進行分析，模型中納入公司 治理與財務層面控制變數，以及年度與產業固定效果。實證結果顯示，董事會網 絡中心性愈高，企業從事漂綠行為之可能性愈高。此外，穩健性測試與內生性檢 驗之結果顯示，本文實證結果具穩健性與可信度。異質性分析之結果進一步指出， 董事會網絡中心性對企業漂綠行為之正向影響於治理條件較弱之企業中更為顯 著。整體研究成果有助於豐富漂綠與董事會網絡中心性之相關文獻，並為環境資 訊監理與公司治理政策提供參考。

This study aims to investigate the impact of board network centrality on corporate greenwashing, using a sample of S&P 500 U.S. listed companies from 2015 to 2022. Greenwashing is defined as the condition where a firm’s environmental disclosure score exceeds its environmental performance score. The research integrates data from Bloomberg, Refinitiv, BoardEx and Compustat, and employs logistic regression analysis with governance and financial control variables, as well as year and industry fixed effects, included in the model. The empirical results show that higher board network centrality is associated with a greater likelihood of corporate greenwashing. Furthermore, robustness tests and endogeneity checks confirm the consistency and reliability of the findings. The results of heterogeneity analysis further indicate that the positive impact of board network centrality on greenwashing behavior is more pronounced among firms with weaker governance conditions. Overall, this study contributes to the literature on greenwashing and board network centrality and provides practical insights for environmental disclosure oversight and corporate governance policy.

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