近年隨著地緣風險日益增加，以及全球供應鏈重組，台灣已有許多上市櫃公司將資本以及營運重心移往開發中國家，而其中的制度空缺以及營運不確定性所帶來的風險也隨之增加，同時，ESG資源在這種情況下會如何受到外部資本市場的影響，在學界也一直有不同的看法，本研究旨在探討台灣上市櫃企業對開發中市場的投資強度對其ESG績效的影響，並且進一步去檢驗外資持股比率在開發中國家風險下對ESG資源所產生的交互作用。
本研究結合2018年~2025年間的台灣上市櫃公司資料，共計取得3,610筆有效觀察值，並採用TEJ之TESG永續發展指標進行固定效果最小平方法分析，取得實證結果發現企業對開發中市場的投資強度與ESG績效呈現顯著的負相關，在面對開發中市場較薄弱的法治規範以及對ESG意識較落後的利害關係人時，企業容易利用制度套利並且忽視社會責任，此外，外資持股比率加劇了此負向效果，顯示外資在面臨開發中國家的風險時，會因為資訊不對稱等風險上升，進而逼迫經理人削減長期的ESG資源以換取短期的財務績效，為了確保結果穩健，本次研究導入了SASB主產業及子產業的相對百分位排名，證實此次研究所探討的ESG資源排擠效果確實導致了企業在同業間相對永續競爭力的衰退，本研究指出外資並不一定會提升企業的ESG績效，同時政府需要落實跨國企業的境外管理，防範跨國企業在向外擴張時，忽視了社會責任的落實。

In recent years, driven by increasing geopolitical risks and the restructuring of global supply chains, many listed companies in Taiwan have shifted their capital and operational focus to developing countries. Consequently, the risks associated with institutional voids and operational uncertainties in these regions have also risen. Concurrently, there are varying academic perspectives on how ESG resources are influenced by external capital markets under such circumstances. This study aims to explore the impact of Taiwanese listed companies' investment intensity in developing markets on their Environmental, Social, and Governance (ESG) performance, and further examines the moderating effect of foreign ownership on ESG resource allocation in the context of developing market risks.
Based on data from Taiwanese listed companies between 2018 and 2025, this study compiles a total of 3,610 valid observations. Utilizing the TESG sustainability index provided by the Taiwan Economic Journal (TEJ), the analysis is conducted using the Fixed Effects Ordinary Least Squares (FE-OLS) method. The empirical results reveal a significant negative correlation between a firm's investment intensity in developing markets and its ESG performance. When confronted with weaker legal regulations and stakeholders with lagging ESG awareness in developing markets, firms are prone to engage in institutional arbitrage and neglect their social responsibilities. Furthermore, foreign ownership exacerbates this negative effect. This indicates that when facing risks in developing countries, elevated information asymmetry and related uncertainties lead foreign investors to pressure managers into cutting long-term ESG resources in exchange for short-term financial performance. To ensure the robustness of the findings, this study incorporates relative percentile rankings based on SASB primary and sub-industries. This confirms that the crowding-out effect on ESG resources examined in this study indeed results in a decline in the firm's relative sustainability competitiveness among industry peers. Ultimately, this study highlights that foreign investment does not necessarily improve a firm's ESG performance. Simultaneously, it emphasizes the need for governments to implement effective extraterritorial management of multinational enterprises to prevent the neglect of corporate social responsibilities during international expansion.

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