本研究旨在探討家族企業在碳排放行為上的表現是否顯著異於非家族企業，並進一步分析在 COVID-19 疫情衝擊下，其排放強度是否產生差異。本文以台灣上市公司為研究對象，資料期間涵蓋 2014 年至 2022 年，使用來自台灣經濟新報（TEJ）之資訊。本文主要以親屬連結比率來判定家族企業，以企業內部管理階層之親屬關係連結作為衡量基礎，進行更精確之家族涉入程度辨識。為估計家族企業對碳排放的影響，本研究以三種範疇之碳排放強度作為依變數，並控制公司特徵，採用固定效果迴歸模型進行實證分析。研究亦進一步納入 COVID-19 疫情虛擬變數與交互項，以觀察外生衝擊下的差異效果，並進行傾向分數配對（PSM）檢驗，以改善內生性偏誤。
實證結果顯示，採用親屬連結比率所定義之家族企業，於三種排放範疇下皆呈現顯著較低之碳排放強度，與既有文獻一致，支持家族企業較重視聲譽與永續經營，進而展現較佳環境績效。關於 COVID-19 疫情期間，雖部分交互項呈現負向，但未一致達顯著水準，顯示家族企業在面對突發性衝擊時並未顯著調整其碳排放行為。進一步分析亦發現，在控制治理結構變數後，家族企業的環境表現仍較佳；特別是在設有審計委員會或具高教育背景之董事組成下，其碳排放強度更顯著下降。此外，家族控制變數如親屬持股比例與家族董事長等情境，亦與環境表現存在交互關係，顯示治理參與層次對環境績效具調節效果。整體而言，本文證實家族企業在碳管理上的異質性，並提供治理機制與外生衝擊下之策略因應觀察。

This study aims to examine whether family firms exhibit significantly different carbon emission behavior compared to non-family firms and further investigates whether their emission intensity changes in response to the external shock of the COVID-19 pandemic. The empirical analysis focuses on publicly listed companies in Taiwan, covering the period from 2014 to 2022. The data are obtained from the Taiwan Economic Journal (TEJ). Family firms are identified based on the “Relatives Links Ratio,” which captures the degree of family involvement by measuring kinship ties within the firm's management structure.To estimate the effect of family firms on carbon emissions, this study uses the intensity of carbon emissions across three scopes as dependent variables, while controlling for firm-specific characteristics. A fixed-effects regression model is employed for the empirical analysis. Additionally, a dummy variable for the COVID-19 pandemic and relevant interaction terms are included to assess differential effects under external shocks. Propensity Score Matching (PSM) is also applied to address potential endogeneity concerns.

The empirical results show that family firms, as defined by the Relatives Links Ratio, exhibit significantly lower carbon emission intensity across all three scopes. These findings are consistent with prior literature, suggesting that family firms place greater emphasis on reputation and long-term sustainability, leading to superior environmental performance. During the COVID-19 period, although some interaction terms are negative, they do not consistently reach statistical significance, indicating that family firms did not substantially alter their emission behavior in response to the pandemic.Further analysis reveals that even after controlling for governance-related variables, family firms continue to demonstrate better environmental performance. In particular, the presence of a governance committee or board members with higher educational qualifications is associated with significantly lower emission intensity. Moreover, family control variables—such as the relatives’ shareholding ratio and the presence of a family chairman—show interaction effects with environmental performance, suggesting that the level of family involvement in governance moderates carbon outcomes. Overall, the study confirms the heterogeneity of carbon management behavior among family firms and provides insights into the role of governance structures and responses under external shocks.

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