本研究探討跨國企業（MNEs）子公司組合中的制度情境，以及公司治理機制對其企業社會責任（CSR）漂棕行為程度之影響。依循制度理論，本研究假設跨國企業母國與地主國之間累積的制度品質差異與國家環境績效差異，對CSR漂棕程度具有負向影響。就治理機制而言，本研究依據代理理論，認為董事會女性代表性、是否發布CSR報告，以及是否聘任外部CSR查核機構，對制度品質差異與國家環境績效差異以及跨國企業CSR漂棕程度具有負向調節效果。針對2019年至2022年間279家美國跨國企業的縱橫資料分析結果顯示，所有主要效果假設以及部分交互作用假設皆獲得顯著支持。本研究為制度理論與代理理論提供實證證據，闡明跨國企業子公司組合中的制度因素與特定治理機制，在影響CSR漂棕程度上的重要角色。

This study investigates the roles of institutional contexts in the subsidiary portfolios of multinational enterprises (MNEs) and of corporate governance mechanisms in their degree of corporate social responsibility (CSR) brownwashing. Following institutional theory, this study specifically hypothesizes negative effects of accumulated institutional quality and national environmental performance differences between MNEs’ home and host countries on the degree of CSR brownwashing. Regarding governance mechanisms, following the agency theory, this study suggests that the negative interaction effects of board female representation, the issuance of standalone CSR reports, and the presence of an external CSR auditor on the relationship between accumulated institutional quality and national environmental performance differences and the degrees of MNEs’ CSR brownwashing. A panel data analysis of the 279 U.S. MNEs from 2019 to 2022 reveals that all hypotheses concerning the main effects as well as some of the interactions are significantly supported. This study provides empirical evidence for the institutional and agency theories regarding the role of institutions within the MNEs’ subsidiary portfolio and certain governance mechanisms in their effects on the degree of CSR brownwashing.

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