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| Title: | ESG量化績效與財務績效之關聯性－以臺灣上市公司為例
The Correlation between ESG scores and Corporate Financial Performance : The Evidence from The Taiwanese Listed Firms |
| Authors: | 張斯媛
Chang, Ssu-Yuan |
| Contributors: | 盧聯生
張斯媛
Chang, Ssu-Yuan |
| Keywords: | ESG績效
財務績效
產業異質性
滯後效果
ESG performance
Financial performance
Industry heterogeneity
Lagged effects |
| Date: | 2025 |
| Issue Date: | 2025-08-04 14:53:15 (UTC+8) |
| Abstract: | 隨著永續趨勢興起，企業ESG表現對財務績效之影響已成為熱門議題，惟現有研究結果分歧，且針對臺灣市場的研究仍相對有限。有鑑於此，本研究以2015年至2023年間之臺灣上市公司為研究對象，分析ESG整體與各構面(E、S、G)績效與資產報酬率之關聯性，並納入滯後一期與滯後兩期之ESG資料進行跨期實證分析，同時亦探討產業特性之影響。本研究採用TEJ永續發展指標資料庫之TESG量化分數為ESG衡量指標，並以固定效果模型進行分析。
實證結果顯示：ESG整體及各構面量化分數在當期、滯後一期及滯後兩期模型中，皆與ROA呈現顯著正向關係，且在敏感性產業中更為明顯，尤其以環境及社會構面最具顯著性。本研究亦以Tobin’s Q替代ROA進行穩健性測試，及使用工具變數進行內生性測試，結果均與主模型結果一致，顯示本研究之實證結果未受內生性問題影響而產生偏誤，研究結論具穩健性。
Sustainability has gained global attention, highlighting the link between corporate ESG(Environmental, Social, and Governance) performance and financial outcomes. However, existing research remains inconclusive, and studies focusing on the Taiwanese market remain relatively limited. Therefore, this study investigates the association between ESG performance (both overall and individual dimensions) and Return on Assets (ROA) among Taiwanese listed companies from 2015 to 2023. To assess time-lagged effects, the analysis includes one- and two-period lagged ESG scores and further examines whether industry characteristics influence the ESG–financial performance relationship. ESG performance is measured using the TESG scores from the TEJ Sustainability Dataset ,with fixed effects models applied for empirical analysis.
The results indicate that both overall and each individual dimension performance exhibit a significant positive association with ROA, regardless of contemporaneous or lagged models. Furthermore, industry heterogeneity analysis reveals that the positive impact of ESG performance on financial outcomes is more pronounced in high-sensitivity industries, particularly in the environmental and social dimensions.
For robustness checks, the study uses the instrumental variable to alleviate endogeneity. Additionally, substituting ROA with Tobin’s Q as an alternative measure of financial performance, the results align with the primary findings, further confirming the robustness of the study's conclusions. |
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| Description: | 碩士
國立政治大學
會計學系
112353044 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0112353044 |
| Data Type: | thesis |
| Appears in Collections: | [會計學系] 學位論文
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