ESG績效與確信效果對公司績效之影響

本研究探討企業ESG績效與確信效果對公司績效的影響，運用TEJ台灣經濟新報的TESG永續發展指標衡量ESG績效並進行相關迴歸分析，資料實證期間以2015年至2020年出具永續報告書的台灣上市櫃公司為研究樣本，並剔除金融業、醫療保健業與數據缺失的資料，篩選出有效樣本數共8,776筆。實證結果顯示：（1）企業ESG績效總分對下一年度公司經營績效之間呈正向顯著關係，也發現E、S、G各自三方面的績效，對下一年度公司經營績效具有正向顯著關係，上述結果支持利益相關者理論（Stakeholder Theory）。（2）企業永續報告書確信效果對下一年度市場績效（Tobin’s Q）呈正向顯著關係，但對下一年度會計績效（ROA、ROE）則未獲正面支持。（3）ESG績效與永續報告書確信效果之交互作用項，對下一年度市場績效（Tobin’s Q）呈正向顯著關係，表示企業同時有良好的ESG績效並且永續報告書有經過確信，對於提升企業市場績效（Tobin’s Q）會有顯著的正向影響。（4）在固定效果模式下（控制產業與年度效果），其實證結果也發現ESG績效、確信效果、與交互作用項等變數，對下一年度市場績效（Tobin’s Q）皆呈正向顯著關係。

關鍵字

ESG績效；永續報告書確信效果；公司績效

並列摘要

This study examines the influence of corporate ESG performance and the assurance effect on firm performance. The research adopts the TESG indicator from the Taiwan Economic Journal (TEJ) to measure ESG performance, and conduct regression analysis. The empirical data includes 8,776 Taiwan-listed companies that issued sustainability reports between 2015 and 2020, excluding financial, healthcare, and companies with missing data. The empirical results found: (1) Overall ESG performance has a significant positive correlation with next year’s firm performance. The individual E, S, and G aspects of performance also have a positive impact on next year’s firm performance, supporting Stakeholder Theory. (2) The assurance effect of the sustainability report is significantly positively related to next year’s Tobin’s Q, but not to next year’s accounting performance (ROA, ROE). (3) The interaction between ESG performance and the assurance effect has a positive impact on next year’s Tobin’s Q, suggesting that having both strong ESG performance and a verified sustainability report can significantly improve Tobin’s Q. Finally, using a fixed-effects model that controls for industry and year effects, the empirical results demonstrate that ESG performance, the assurance effect, and the interaction term all have a significant positive relationship with next year’s Tobin’s Q.