本研究旨在探討台灣金融機構推動環境、社會與公司治理（ESG）的過程中，導入顧客淨推薦值（Net Promoter Score, NPS）機制是否影響財務績效，並檢驗NPS在ESG表現與財務績效關聯中的調節效果。研究樣本涵蓋2016年至2024 年台灣38家銀行及金融控股公司，整合台灣經濟新報（TEJ）TESG永續發展指標、各機構永續報告書與財務資料，採用多元迴歸模型進行實證分析。

　　研究結果顯示：第一，ESG表現與財務績效呈短期負向關係，推測永續投資的初期成本導致獲利減少。第二，導入NPS與財務績效呈顯著負相關，顯示導入過程中的成本支出也可能對短期財務表現造成影響。第三，ESG與NPS交互項呈顯著正相關，且治理面（G）最為明顯，顯示在具備較佳公司治理與系統化顧客回饋管理下，NPS有助於弱化ESG對財務績效的短期負面影響，提升永續策略轉化為財務成果之可能性。本研究的主要貢獻在於：補足現有學術文獻對於NPS與ESG及財務績效之探討缺口，並提供具體的實務建議。

　　This study examines whether adopting the Net Promoter Score (NPS) mechanism influences financial performance in Taiwan’s financial institutions and whether NPS moderates the relationship between ESG (environmental, social, and governance) performance and financial outcomes. Using a sample of 38 Taiwanese banks and financial holding companies from 2016 to 2024, we integrate TEJ TESG sustainability indicators, sustainability reports, and financial data, and conduct empirical tests with multiple regression models.

　　The results show that (1) ESG performance is negatively associated with financial performance in the short run, suggesting that early-stage sustainability investment costs may depress profitability; (2) NPS adoption is significantly negatively related to financial performance, indicating potential short-term implementation costs; and (3) interaction terms between ESG and NPS are significantly positive—most notably for the governance (G) dimension—implying that stronger governance and systematic customer-feedback management help mitigate ESG’s short-term negative financial effects and improve the likelihood that sustainability strategies translate into financial value. This study fills a research gap on NPS, ESG, and financial performance and offers actionable managerial implications.

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官方網站資訊

[1] TESG 永續發展指標_TEJ - TEJ台灣經濟新報. (2021). https://www.tejwin.com/news/tesg-%e6%b0%b8%e7%ba%8c%e7%99%bc%e5%b1%95%e6%8c%87%e6%a8%99%e4%bb%8b%e7%b4%b9/