本研究選取 2018 年至 2024 年台灣上市公司為實證對象，旨在探討 ESG 負面表現對董監事持股調整行為之衝擊，並進一步檢驗企業財務韌性之調節效應及不同 ESG 構面間之影響。研究透過整合 TEJ 財務資料庫與 TESG 事件資料庫，建構公司－月份層級之面板數據，最終篩選出 21,126 筆有效觀測值，並運用邏輯斯迴歸 (Logit) 決策模型與一般最小平方法 (OLS) 金額模型進行多維度實證分析。
實證結果指出，ESG 負面衝擊顯著提升董監事賣出持股之機率與減持規模，證實內部人會針對非財務風險採取「防禦性減持」。進一步分析發現，企業獲利能力（ROA）對 ESG 負面事件具有顯著之緩衝效果，亦即當企業財務韌性較佳時，ESG 負面事件對董監事減持行為之影響將相對減弱。
在 ESG 構面分析方面，環境（E）、社會（S）與治理（G）構面之負面表現皆顯著提高董監事持股調整之可能性，顯示不同類型之 ESG 風險均會引發內部人之避險性交易行為。此外，財務韌性對部分 ESG 風險具有緩衝效果，反映企業基本面仍可能影響內部人對風險事件之評估與反應。
本研究之貢獻在於將 ESG 非財務風險納入內部人持股行為之分析架構，並從財務韌性與風險構面異質性角度，進一步說明內部人對 ESG 負面事件之差異化反應。研究結果亦可作為主管機關、金融機構與投資人評估企業非財務風險與公司治理品質之參考依據。

This study investigates how negative ESG performance impacts the shareholding adjustments of directors and supervisors, using a firm-month panel dataset of 21,126 observations from Taiwanese listed companies (2018–2024). Employing Logit and OLS models, we find that negative ESG shocks significantly increase both the probability and scale of insiders' "defensive reductions." However, corporate profitability (ROA) exhibits a significant buffering effect, where robust financial resilience effectively mitigates the impact of these negative events on sell-off behaviors.
Furthermore, adverse performance across all individual Environmental (E), Social (S), and Governance (G) dimensions triggers risk-avoidance trading. Yet, financial resilience buffers certain ESG risks to varying degrees, demonstrating that corporate fundamentals still dictate insiders' risk evaluations. By integrating non-financial ESG risks into the insider trading framework, this study highlights the heterogeneity of risk dimensions. The findings provide rigorous empirical evidence for regulators, financial institutions, and investors in evaluating corporate non-financial risk exposure and governance quality.

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