環境保護、社會責任、公司治理與企業績效關聯性

Abstract

全球永續政策趨嚴與責任投資快速興起的背景下，ESG（環境、社會、治理）已成為企業經營與資本市場評價的核心指標。現有研究多聚焦 ESG 總體得分，對於三構面相對貢獻度與產業異質性影響之檢驗仍顯不足。為補足此一缺口，本研究以台灣 2019–2023 年上市櫃公司共 13,119 筆觀察值為樣本，運用多元迴歸與交互效果模型，系統檢驗 ESG 構面績效對財務績效（ROE與營業利益率）之影響，並納入產業別（科技、金融、傳產）作為調節變數進行異質性分析。實證結果顯示：第一ESG 整體得分對財務績效具穩定正向關聯（β=0.172, p<0.01）；第二，治理構面（G）對 ROE影響最為顯著（β=0.195），社會構面（S）未達統計顯著；第三，產業別交互項分析指出，ESG 表現對財務績效的正向影響在科技與金融業中尤為顯著，傳產業則效果不明顯；第四，替代變數驗證顯示，營業利益率作為績效指標亦驗證模型穩健性，交互效果趨勢一致。 本研究貢獻在於揭示 ESG 三構面異質性效果與產業調節作用，強調 ESG 價值創造路徑並非單一模式。理論上深化資源基礎觀點與利害關係人理論之應用，實務上亦為企業依產業屬性調整 ESG 策略提供具體參考，並可作為政策制定者推動永續轉型之量化依據。In light of increasingly stringent global sustainability policies and the rapid rise of responsible investment, Environmental, Social, and Governance (ESG) factors have emerged as core indicators for corporate management and capital market valuation. While existing research predominantly focuses on aggregate ESG scores, it remains insufficient in assessing the relative contributions of the three dimensions (E, S, G) and the heterogeneous effects across industries. To address this gap, this study analyzes a sample of 13,119 firm-year observations from listed companies in Taiwan from 2019 to 2023. By employing multiple regression and interaction effect models, it systematically examines the impact of ESG dimension-level performance on financial outcomes—specifically Return on Equity (ROE) and Operating Profit Margin—while incorporating industry types (technology, finance, and traditional sectors) as moderating variables to explore cross-industry heterogeneity.Empirical results show that: (1) overall ESG scores are positively and significantly associated with financial performance (β=0.172, p<0.01); (2) the governance dimension (G) has the strongest effect on ROE (β=0.195), while the social dimension (S) is not statistically significant; (3) interaction term analysis reveals that the positive effect of ESG is particularly evident in the technology and financial industries, but less so in traditional sectors; (4) using Operating Profit Margin as an alternative dependent variable confirms the robustness of the model and yields consistent interaction patterns. This study contributes tothe literature by highlighting the heterogeneous effects of ESG components and the moderating role of industry type, emphasizing that the pathway through which ESG creates value is not uniform across sectors. Theoretically, it enhances the application of the Resource-Based View and Stakeholder Theory; practically, it provides industry-specific ESG strategy references for firms, and serves as a quantitative basis for policymakers to promote sustainable industrial transformation.