本研究旨在探討 ESG（環境、社會、治理）評分與企業財務績效之關聯性，聚焦台灣上市櫃企業於 2021 至 2024 年間之實證資料，並以三項關鍵財務指標——現金股利（DIV）、股東權益（EQUITY）與營業收入（REV）作為衡量基礎。研究資料取自台灣經濟新報（TEJ）ESG 評分模組與財務報表，透過多元線性迴歸分析，輔以產業分組與敏感度檢定（包含構面替代與極端值控制），以驗證 ESG 各構面對不同財務成果之影響。
研究結果顯示，ESG 總體評分與企業財務績效具正向關聯，然其影響效果呈現明顯構面差異與產業依賴性。治理構面（ESG_G）對現金股利與股東權益具有穩定正向影響，社會構面（ESG_S）則為營收成長的重要驅動因子；環境構面（ESG_E）之效果相對有限，但在電子科技業與高排放產業中展現邊際正向性，顯示其具產業敏感性。控制變數方面，公司規模與獲利能力對各項財務指標皆有顯著影響，突顯企業基本體質為 ESG 策略有效運作之必要基礎。
本研究進一步指出，不同產業對 ESG 構面反應不一，製造業偏重治理導向，電子科技業三構面皆具顯著貢獻，服務業則以社會構面最具關聯性。整體而言，ESG 表現已逐步轉化為企業價值與市場績效的重要驅動資源，亦為企業永續經營與資本市場互動間的重要橋樑。研究成果可作為企業制定 ESG 投資策略與政策單位推動永續揭露制度之實證依據。

This study investigates the relationship between Environmental, Social, and Governance (ESG) scores and corporate financial performance, focusing on publicly listed companies in Taiwan from 2021 to 2024. Three key financial indicators—cash dividends (DIV), shareholders’ equity (EQUITY), and operating revenue (REV)—are selected as the primary outcome variables. Data were obtained from the Taiwan Economic Journal (TEJ) ESG module and financial statements. A series of multiple linear regression analyses were conducted, incorporating industry-specific subgroup models and sensitivity tests, including winsorization for outliers and alternative model specifications.
The empirical results reveal a positive association between overall ESG performance and corporate financial metrics, though the magnitude and significance of the effects vary across ESG dimensions and industries. The governance dimension (ESG_G) exhibits a consistent and significant positive effect on both cash dividends and shareholders’ equity, while the social dimension (ESG_S) emerges as the primary driver of revenue performance. The environmental dimension (ESG_E) demonstrates limited overall impact but shows marginally positive effects within the electronics and high-emission industries, indicating a degree of sectoral sensitivity. Among control variables, firm size and return on assets (ROA) significantly influence all financial outcomes, underscoring the importance of firm fundamentals in enabling effective ESG implementation.
Furthermore, the study confirms substantial industry heterogeneity in ESG impacts. Manufacturing firms benefit most from strong governance practices, technology firms experience positive effects across all three ESG pillars, and service-oriented firms are especially responsive to social dimension initiatives. Overall, ESG performance has increasingly become a strategic asset that contributes to corporate value and financial outcomes, serving as a critical link between sustainability practices and capital market expectations. These findings provide empirical support for firms in designing ESG investment strategies and for policymakers in refining sustainability disclosure frameworks.

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