本研究旨在探究新冠肺炎疫情期間，企業之環境、社會與公司治理（ESG）績效對現金流量波動性的影響，並進一步比較家族企業與非家族企業在此關聯性上的差異。本文以 2019 年至 2022 年台灣上市櫃公司為研究樣本，利用最小平方法（OLS）進行實證分析 。
實證結果顯示：第一，在疫情高度不確定的環境下，ESG表現較佳之企業，其現金流量波動性顯著較低，代表ESG績效具有風險緩衝功能，能提升企業財務韌性 。第二，進一步拆解 ESG 構面發現，公司治理（G）對穩定現金流量波動的影響最為顯著，優於環境（E）構面與社會（S）構面 。第三，雖然家族企業本身的現金流量波動性普遍低於非家族企業，但在新冠疫情期間，ESG 績效對於穩定現流波動的抑制效果，在家族企業與非家族企業之間並無顯著差異，顯示外部總體大環境風險的衝擊，超越了企業所有權結構的特性。本研究建議企業應強化治理機制，以作為應對未來不確定性風險的重要策略 。

This study investigates the relationship between Environmental, Social, and Governance (ESG) performance and cash flow volatility during the COVID-19 pandemic, specifically comparing family and non-family firms. Using a sample of Taiwanese listed companies from 2019 to 2022 and employing Ordinary Least Squares (OLS) regression , the research explores whether ESG serves as a risk-mitigation mechanism during global crises.
The empirical results indicate that superior ESG performance significantly reduces cash flow volatility, enhancing financial resilience during the pandemic. Among the three ESG pillars, the Governance (G) dimension exhibits the most substantial impact on stabilizing cash flows. Furthermore, while family firms generally exhibit lower cash flow volatility than non-family firms, the moderating effect of ESG performance on cash flow stability does not differ significantly between the two groups. This suggests that the impact of severe external systemic risks may outweigh the influence of firm ownership structures. The findings emphasize the critical role of corporate governance in managing financial risks and ensure long-term sustainability during periods of high uncertainty.

中文文獻
林寶人，2010，台灣上市櫃家族企業與公司績效，會計學報, 第3卷第1期：53–82
葉銀華，1999，家族控股集團、核心企業與報酬互動之研究-台灣與香港證卷市場之比較，管理評論，第18卷第2期: 57-90
葉銀華，李存修，柯承恩，2002，公司治理與評等系統，商智文化
英文文獻
Adams, C. A., & Abhayawansa, S. (2022). Connecting the COVID-19 pandemic, environmental, social and governance (ESG) investing and calls for ‘harmonisation’ of sustainability reporting. Critical Perspectives on Accounting, 82, 102309.
Agostino, M., & Ruberto, S.(2021). Environment-friendly practices: Family versus non-family firms. Journal of Cleaner Production, 329.
Al Amosh, H., & Khatib, S. F. (2023). ESG performance in the time of COVID-19 pandemic: cross-country evidence. Environmental Science and Pollution Research, 30(14), 39978–39993.
Anderson, R. C., & Reeb, D. M.(2003). Founding-Family Ownership and Firm Performance: Evidence from the S&P 500. The Journal of Finance, 58 (3), 1301–1328.
Atkins, J., Doni, F., Gasperini, A., Artuso, S., La Torre, I., & Sorrentino, L. (2023). Exploring the effectiveness of sustainability measurement: which ESG metrics will survive COVID-19? Journal of Business Ethics, 185(3), 629–646.
Battisti, E., Nirino, N., Leonidou, E., & Salvi, A. (2023). Corporate social responsibility in family firms: Can corporate communication affect CSR performance? Journal of Business Research, 162.
Baxamusa, M., & Jalal, A.(2022). Pandemics and cash. Journal of Business Finance & Accounting, 50 (7-8), 1467–1501.
Broadstock, D. C., Chan, K., Cheng, L. T. W., & Wang, X.(2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Financ Res Lett, 38, 101716.
Chua, J. H., Chrisman, J. J., & Sharma, P.(1999). Defining the Family Business by Behavior. Entrepreneurship Theory and Practice, 23 (4), 19–39.
Derrien, F., Krueger, P., Landier, A., & Yao, T.(2022). ESG news, future cash flows, and firm value. Swiss finance institute research paper (21-84).
Díaz, V., Ibrushi, D., & Zhao, J. (2021). Reconsidering systematic factors during the Covid-19 pandemic – The rising importance of ESG. Finance Research Letters, 38, 101870.
Dyer Jr, W. G., & Whetten, D. A.(2006). Family Firms and Social Responsibility: Preliminary Evidence from the S&P 500. Entrepreneurship Theory and Practice, 30 (6), 785–802.
Engelhardt, N., Ekkenga, J., & Posch, P. (2021). ESG ratings and stock performance during the COVID-19 crisis. Sustainability, 13(13), 7133.
Elkington, J. (1994). Towards the sustainable corporation: Win-win-win business strategies for sustainable development. California management review, 36(2), 90–100.
Espinosa-Méndez, C., Maquieira, C., & Arias, J. T.(2024). ESG performance on the value of family firms: international evidence during Covid-19. Humanities and Social Sciences Communications, 11 (1).
Fama, E. F., & Jensen, M. C.(1983). Separation of Ownership and Control. The Journal of Law & Economics, 26 (2), 301–325.
Fatemi, A., Glaum, M., & Kaiser, S.(2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64.
Gao, M., & Geng, X. (2024). The role of ESG performance during times of COVID-19 pandemic. Scientific Reports, 14(1), 2553.
Gregory, R. P.(2022). ESG activities and firm cash flow. Global Finance Journal, 52.
Hughes, M., Hu, Q., Simeonova, B., Ge, B., Issah, W. B., Jack, S., Hughes, P., & Dai, S.(2025). ESG in Family Firms: A Review of Research, Regulations and Practice Guidance.
Hwang, J., Kim, H., & Jung, D. (2021). The effect of ESG activities on financial performance during the COVID-19 pandemic—Evidence from Korea. Sustainability, 13(20), 11362.
Inard, L.(2023). Cash flow valuation and ESG. In Valuation and Sustainability: A Guide to Include Environmental, Social, and Governance Data in Business Valuation (pp. 99–128). Springer.
Jayaraman, S.(2008). Earnings Volatility, Cash Flow Volatility, and Informed Trading. Journal of Accounting Research, 46 (4), 809–851.
Jensen, M. C. (1999). Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers. SSRN Electronic Journal.
Keefe, M. O. C., & Yaghoubi, M.(2016). The influence of cash flow volatility on capital structure and the use of debt of different maturities. Journal of Corporate Finance, 38, 18–36.
Khaw, K. L.-H., Wei, Y., & Ma, S.(2025). Family firms and risk taking: Does the integration of ESG practices matter? Emerging Markets Review, 69.
Laguir, I., Laguir, L., & Elbaz, J.(2015). Are Family Small‐ and Medium‐Sized Enterprises more socially responsible than nonfamily Small‐ and Medium‐Sized Enterprises? Corporate Social Responsibility and Environmental Management, 23 (6), 386–398.
Lau, W.-T., Razak, N., Chang, Y.-K., & Ng, S.-H. (2025). Unlocking ESG Value: The Role of Firm-level Cash Flow in Asia Pacific. International Journal of Economics and Financial Issues, 15, 207–216
La Porta, R., Lopez-De-Silanes, F., & Shleifer, A.(1999). Corporate Ownership Around the World. The Journal of Finance, 54 (2), 471–517.
Li, B., Xu, Y., & Han, M. (2025). ESG Rating Uncertainty and Excess Cash Holdings: Evidence From China. Accounting & Finance.
Llach, J., Palau-Pinyana, E., & Sánchez-Famoso, V. (2025). How ESG configurations are linked to family firm performance: Winning combinations and what to avoid—Evidence from Spain. Business Horizons.
Minton, B. A., & Schrand, C.(1999). The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing. Journal of Financial Economics, 54 (3), 423–460.
Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3–46.
Rees, W., & Rodionova, T. (2014). The Influence of Family Ownership on Corporate Social Responsibility: An International Analysis of Publicly Listed Companies: Families and CSR. Corporate Governance: An International Review, 23.
Rehman, A., Gonenc, H., & Hermes, N. (2023). Corporate social performance of family firms and shareholder protection: An international analysis. Journal of Family Business Strategy, 14(2).
Rountree, B., Weston, J. P., & Allayannis, G. (2008). Do investors value smooth performance? Journal of Financial Economics, 90(3), 237–251.
Samet, M., & Jarboui, A. (2017). CSR, agency costs and investment-cash flow sensitivity: a mediated moderation analysis. Managerial Finance, 43(3), 299–312.
Saleh, I., Abu Afifa, M., & Alkhawaja, A.(2023). Environmental, social, and governance (ESG) disclosure, earnings management and cash holdings: Evidence from a European context. Business Ethics, the Environment & Responsibility, 34 (2), 295–308.
Savio, R., D’Andrassi, E., & Ventimiglia, F. (2023). A systematic literature review on ESG during the COVID-19 pandemic. Sustainability, 15(3), 2020.
Sun, W., & Ding, Y.(2020). Corporate social responsibility and cash flow volatility: The curvilinear moderation of marketing capability. Journal of Business Research, 116, 48–59.
Spreckley, F. (1981). Social Audit: a Management Tool for Co-operative Working. Beechwood College.
Thahira, A. M., & Mita, A. F. (2021). ESG disclosure and firm value: Family versus nonfamily firms. Asia-Pacific research in social sciences and humanities universitas indonesia conference (APRISH 2019).
Thai, T. H. A., Vo, T. T. A., & Mazur, M.(2023). Covid-19 and investment-cash flow sensitivity: A cross-country analysis. Res Int Bus Finance, 66, 102014.
Vengesai, E., & Kwenda, F.(2018). Cash Flow Volatility and Firm Investment Behaviour: Evidence from African Listed Firms. Journal of Economics and Behavioral Studies, 10 (6(J)), 129–149.
Waldau, R. (2024). A systematic literature review on determinants and outcomes of ESG performance in family firms. Management Review Quarterly, 1–59.
Yang, Y., Liu, B., & Su, J.-J. (2025). Can ESG alleviate the impact of uncertainty on cash holdings? Applied Economics, 1–15.
Yingxu, Y. (2020). The impact of ESG performance during times of crisis. Perspectives, 53.
Yuan, L., Nor, M. N. M., & Kadir, D. A. (2025). Green cash flow: how ESG performance shapes corporate cash holding strategies. Frontiers in Sustainability, 6.
Zhao, J., & Wang, X. (2024). Who cares about environmental, social and governance performance? Family versus non-family firms. Chinese Management Studies, 19(4), 1270–1294.