本研究探討企業控制權結構對企業ESG績效之影響，並分析控制型態與交叉持股之調節效果。以2016年至2024年台灣上市櫃公司為樣本，採用追蹤資料多元迴歸模型，並納入公司與年度固定效果。此外，為釐清控制權結構對不同永續面向之影響機制，本研究將 ESG 績效拆分為環境、社會及公司治理三構面進行分析。
實證結果顯示，控制持股比率對ESG績效具有顯著正向影響，且主要存在於家族控制企業。控制型態與交叉持股結構亦具有顯著調節效果。其中，交叉持股企業整體ESG表現相對較低，但隨控制持股提高，其ESG改善幅度較為顯著。
進一步分析發現，控制權結構之影響呈現顯著異質性。於公司治理（G）構面中展現穩定且顯著之正向效果，在社會（S）構面中則呈現受控制型態與交叉持股調節之條件式影響，顯示不同永續構面之決策邏輯與約束條件存在差異。
本研究結果支持社會情感財富理論，顯示企業永續行為同時受到經濟誘因與非經濟目標之影響。控制權結構之內部異質性更能解釋企業 ESG 績效差異，進而提供理解企業永續行為之重要分析框架。

Ownership control structure has long been regarded as an important governance mechanism, yet its implications for corporate ESG performance remain inconclusive. Using a panel of Taiwanese listed firms from 2016 to 2024, this paper examines how control ownership influences ESG performance and whether the relationship varies across control types and cross-shareholding structures.
The results indicate that greater control ownership is associated with higher ESG
performance, particularly among family-controlled firms. The association is further conditioned by both control type and cross-shareholding, suggesting that ownership characteristics shape controlling shareholders' incentives to engage in sustainability activities. Additional analyses reveal substantial heterogeneity across ESG dimensions, with stronger evidence in governance and conditional effects in the social dimension.
These findings support Socioemotional Wealth Theory by showing that controlling
shareholders pursue sustainability not only for economic benefits but also to preserve socioemotional objectives, including reputation and long-term control. More broadly, the results highlight the importance of distinguishing different ownership characteristics when evaluating the governance mechanisms underlying corporate ESG performance.

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