本研究旨在探討產業龍頭爆發 ESG 爭議時，對同業信用風險之影響。以 2018 至 2023 年台灣上市櫃非金融業為樣本，採 Altman Z-score 與 TCRI 衡量信用風險，並運用連續與分組虛擬變數雙重模型進行分析。實證結果發現，ESG 爭議的信用風險外溢具顯著非線性門檻效應，唯有龍頭企業爆發高度爭議時，才會觸發強烈傳染效應，導致同業信用風險顯著上升。其次，外溢方向受產業集中度調節影響，高度集中市場由傳染效應主導；中度集中市場同業則受惠於競爭效應，信用風險獲得改善。

This study aims to investigate the impact of ESG controversies involving industry leaders on the credit risk of peer firms. Using a sample of Taiwan listed and OTC non-financial companies from 2018 to 2023, this study measures credit risk through the Altman Z-score and TCRI, and employs a dual-model design with continuous and categorical dummy variables for analysis. Empirical results reveal a significant non-linear threshold effect in the credit risk spillover of ESG controversies. Only when an industry leader faces a high controversy will a strong contagion effect be triggered, leading to a significant increase in peers' credit risk. Furthermore, the spillover direction is moderated by market concentration. The contagion effect dominates in highly concentrated markets, whereas peers in moderately concentrated markets benefit from a competitive effect, resulting in improved credit risk.

一、 中文部分
王信評，2012，上市企業的非系統性風險如何影響其信用風險之研究，國立中山大學財務管理學系未出版碩士論文。
王素彎、王立達、鄭睿合與蕭富庭，2022，石化產業數位化發展現況與競爭規範探討，公平交易季刊，第 30 卷，第 3 期：145-186。
二、 英文部分
Alsweed, R., and M. Alsuhaibani. 2025. Integrating Large Language Models with Deep Reinforcement Learning for Portfolio Optimization. International Journal of Advanced Computer Science & Applications 16 (January): 872-881.
Altman, E. I. 1968. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance 23 (September): 589-609.
Altman, E.I. 1983. Corporate financial distress: a complete guide to predicting, avoiding, and dealing with bankruptcy. Wiley Interscience. John Wiley and Sons.
Anderson, M., P. Sherer, and D. Yu. 2025. Managerial ability and labor investment. Management Science 71 (January): 8072–8095..
Aouadi, A., and S. Marsat. 2018. Do ESG controversies matter for firm value? Evidence from international data. Journal of Business Ethics 151 (September): 1027-1047.
Attig, N., S. El Ghoul, O. Guedhami, and J. Suh. 2013. Corporate social responsibility and credit ratings. Journal of Business Ethics 117 (November): 679–694.
Austin, C. R., and R. J. Wilson. 2017. An Examination of Reputational Costs and Tax Avoidance: Evidence from Firms with Valuable Consumer Brands. The Journal of the American Taxation Association 39 (April): 67-93.
Bachmann, R., G. Ehrlich, Y. Fan, D. Ruzic, and B. Leard. 2021. Firms and collective reputation: A study of the Volkswagen emissions scandal. NBER Working Paper No. 29486, National Bureau of Economic Research.
Barnett, M. L., and A. J. Hoffman. 2008. Beyond Corporate Reputation: Managing Reputational Interdependence. Corporate Reputation Review 11 (March): 1-9.
Baron, R. M., and D. A. Kenny. 1986. The moderator-mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology 51 (December): 1173–1182.
Beatty, A., S. Liao, and J. J. Yu. 2013. The spillover effect of fraudulent financial reporting on peer firms’ investments. Journal of Accounting and Economics 55 (April–May): 183-205.
Brighi, P., A. C. F. Della Bina, and V. Venturelli. 2025. Firm value and risk: how relevant are ESG factors and ESG controversies?. Journal of Financial Reporting and Accounting (September). doi: 10.1108/JFRA-12-2024-0953.
Brown, K., and P. Moles. 2014. Credit Risk Management. Edinburgh: Edinburgh Business School, Heriot-Watt University.
Carlone, G. 2021. Introduction to Credit Risk. Boca Raton, FL: CRC Press.
Cathcart, L., N. M. Gotthelf, M. Uhl, and Y. Shi. 2020. News sentiment and sovereign credit risk. European Financial Management 26 (March): 261–287.
Čižinská, R., P. Matějková, and P. Neset. 2021. The impact of Dieselgate on the required rate of return on equity of VW, BMW and DAIMLER. Financial Internet Quarterly 17 (March): 8-18.
Chen, H., W. W. Dou, H. Guo, and Y. Ji. 2023. Feedback and contagion through distressed competition. Working paper, National Bureau of Economic Research.
de Franco, C. 2020. ESG controversies and their impact on performance. The Journal of Investing 29 (January): 33-45.
Elamer, A. A., and M. Boulhaga. 2024. ESG controversies and corporate performance: The moderating effect of governance mechanisms and ESG practices. Corporate Social Responsibility and Environmental Management 31 (July): 3312–3327.
Fama, E. F., and K. R. French. 1992. The cross-section of expected stock returns. The Journal of Finance 47 (June): 427-465.
Fu, C., C. Yu, M. Guo, and L. Zhang. 2024. ESG rating and financial risk of mining industry companies. Resources Policy 88 (January): 104308.
Gleason, C. A., N. T. Jenkins, and W. B. Johnson. 2008. The contagion effects of accounting restatements. The Accounting Review 83 (January): 83-110.
Goins, S., and T. Gruca. 2008. Understanding competitive and contagion effects of layoff announcements. Corporate Reputation Review 11 (March): 12-34.
Goss, A., and G. S. Roberts. 2011. The impact of corporate social responsibility on the cost of bank loans. Journal of Banking & Finance 35 (July): 1794-1810.
Hertzel, M. G., and M. S. Officer. 2012. Industry contagion in loan spreads. Journal of Financial Economics 103 (March): 493-506.
Iqbal, Z. 2002. The effects of bankruptcy filings on the competitors’ earnings. International Review of Economics and Finance 11 (April): 85-99.
Jorion, P., and G. Zhang. 2007. Good and bad credit contagion: Evidence from credit default swaps. Journal of Financial Economics 84 (June): 860-883.
Jucá, M. N., P. D. Muren, A. Valentinčič, and R. Ichev. 2024. The Impact of ESG Controversies on the Financial Performance of Firms: An Analysis of Industry and Country Clusters. Borsa Istanbul Review 24 (November): 1305-1315.
Kang, E. 2008. Director interlocks and spillover effects of reputational penalties from financial reporting fraud. The Academy of Management Journal 51 (June): 537–555.
Ke, Y., Y. Wen, and L. Teng. 2025. Chain Leader Policy and Corporate Environmental Sustainability: A Multi-Level Analysis of Greenwashing Mitigation Mechanisms. Sustainability 17 (October): 8871.
Kölbel, J. F., T. Busch, and L. M. Jancso. 2017. How media coverage of corporate social irresponsibility increases financial risk. Strategic Management Journal 38 (November): 2266-2284.
Lang, L. H. P., and R. M. Stulz. 1992. Contagion and competitive intra-industry effects of bankruptcy announcements: An empirical analysis. Journal of Financial Economics 32 (August): 45-60.
Leepsa, N. M., and C. S. Mishra. 2013. Do mergers & acquisitions pay off immediately? Evidence from mergers & acquisitions in India. South Asian Journal of Management 20 (July–September): 39–57.
Li, H., X. Zhang, and Y. Zhao. 2022. ESG and Firm’s Default Risk. Finance Research Letters 47 (June): 102713.
Li, L., B. Qi, G. Tian, and G. Zhang. 2017. Further examining the contagion effect of low-quality audits: The role of individual auditors. The Accounting Review 92 (January): 137–163.
Machokoto, M., D. Gyimah, and C. G. Ntim. 2021. Do peer firms influence innovation? The British Accounting Review 53 (September): 100988.
Naumovska, I., and D. Lavie. 2021. When an industry peer is accused of financial misconduct: Stigma versus competition effects on non-accused firms. Administrative Science Quarterly 66 (December): 1130–1172.
Oikonomou, I., C. Brooks, and S. Pavelin. 2012. The Impact of Corporate Social Performance on Financial Risk and Utility: A Longitudinal Analysis. Financial Management 41 (Summer): 483-515.
Okoye, P. C., M. F. Fahmi, and M. M. Ali. 2025. ESG Controversies on Corporate Value and Market Risk: The Moderating Role of Board Independence. Advanced International Journal of Business, Entrepreneurship and SMEs 7 (March): 212-231.
Paruchuri, S., and V. F. Misangyi. 2015. Investor perceptions of financial misconduct: The heterogeneous contamination of bystander firms. Academy of Management Journal 58 (February): 169-194.
Poon, S.-H., and C. W. J. Granger. 2003. Forecasting Volatility in Financial Markets: A Review. Journal of Economic Literature 41 (March): 478-539.
Psillaki, M., I. E. Tsolas, and D. Margaritis. 2010. Evaluation of credit risk based on firm performance. European Journal of Operational Research 201 (March): 873–881.
Rhoades, S. A. 1993. The Herfindahl-Hirschman index. Federal Reserve Bulletin 79 (March): 188-189.
Sharmin, S., and M. Arman. 2020. Market concentration scenario in financial sector of Bangladesh. North South Business Review 11 (December): 28-37.
Tambe, P., L. Hitt, D. Rock, and E. Brynjolfsson. 2020. Digital capital and superstar firms. NBER Working paper No. 28285, National Bureau of Economic Research.
Tian, Y., and J. Nassimbwa. 2013. Bankruptcy effect on business competitors: Empirical study of US companies. Master's thesis, Umeå University.
U.S. Department of Justice, and Federal Trade Commission. 2010. Horizontal merger guidelines. Washington, D.C.: U.S. Department of Justice and Federal Trade Commission.
von Peter, G., S. von Dahlen, and S. Saxena. 2012. Unmitigated disasters? New evidence on the macroeconomic cost of natural catastrophes. BIS Working Papers No. 394, Bank for International Settlements.
Wu, Z., S. Lin, T. Chen, C. Luo, and H. Xu. 2023. Does effective corporate governance mitigate the negative effect of ESG controversies on firm value?. Economic Analysis and Policy 80 (December): 1772–1793.
Yu, T., and R. H. Lester. 2008. Moving Beyond Firm Boundaries: A Social Network Perspective on Reputation Spillover. Corporate Reputation Review 11 (March): 94-108.