在永續規範與利害關係人壓力日益升高下，企業面臨更嚴峻之ESG風險管理挑戰，而顧客結構與外銷特性可能深刻影響企業應對ESG風險之能力與策略，為補足研究上對ESG風險影響之空缺，本研究以台灣上市櫃公司為研究對象，探討顧客集中度與外銷比率對ESG風險之影響，以及外銷比率之調節效果，採用OLS迴歸模型進行分析，並於額外測試中加入外銷歐洲之考量及將ESG風險拆解成總曝險與ESG風險管理程度二維度進行分析，以辨識不同銷售地區制度環境之影響與探討ESG風險之受影響維度，另為使研究結果更為穩健，本研究將顧客集中度以替代變數衡量與進行Heckman兩階段模型檢測，以減輕樣本選擇偏誤之影響。
研究結果顯示顧客集中度對ESG風險具負面影響，外銷比率則具正面影響，且能調節顧客集中度之對ESG風險之負面影響；額外測試結果亦發現在有外銷至歐洲之子樣本中，顧客集中度反而降低供應商之ESG風險水準，而外銷歐洲比率相較於外銷非歐洲比率則更顯著降低供應商ESG風險，反映制度環境對於ESG風險之影響。

Amid increasingly stringent sustainability regulations and mounting stakeholder pressures, companies face greater challenges in managing ESG risks. However, customer structure and export profile may significantly influence a firm’s ability and strategy in addressing ESG risks. To fill the research gap regarding the determinants of ESG risk, this study examines the impact of customer concentration and export ratio on ESG risk, as well as the moderating effect of export ratio, using a sample of listed companies in Taiwan. The analysis is conducted using an OLS regression model, with additional tests incorporating export to Europe and decomposing ESG risk into two dimensions: risk exposure and risk management. This approach allows for both the identification of institutional influences across various sales regions and the analysis of the specific dimensions of ESG risk that are affected. Furthermore, to enhance the robustness of the findings, customer concentration is also measured using alternative variable and validated with a Heckman two-stage model to mitigate sample selection bias.
The research results indicate that customer concentration has a negative impact on ESG risk, while the export ratio has a positive impact and can moderate the negative effect of customer concentration on ESG risk. Additional tests further reveal that, within the subsample of firms exporting to Europe, customer concentration is associated with lower levels of ESG risk. Moreover, the ratio of exports to Europe shows a more significant reduction in ESG risk compared to the ratio of exports to non-European regions, reflecting the influence of institutional environments on ESG risk.

林介勝與譚丹琪，2024年，多角化及國際化程度對企業社會責任相對同業範疇表現之影響：已吸收餘裕的調節效果，組織與管理，第17卷第2期，121-185。
許文馨、林杰與劉心才，2018年，顧客與供應商關係與成本結構，臺大管理論叢，第28卷第2期，243-282。
Asante-Appiah, B. and Lambert, T. A. 2022. The role of the external auditor in managing environmental, social, and governance (ESG) reputation risk. Review of Accounting Studies, 28(10), 2589-2641.
Attig, N., Cleary, S., El Ghoul, S., and Guedhami, O. 2014. Corporate legitimacy and investment–cash flow sensitivity. Journal of Business Ethics, 121, 297-314.
Baker, E. D., Boulton, T. J., Braga-Alves, M. V., and Morey, M. R. 2021. ESG government risk and international IPO underpricing. Journal of Corporate Finance, 67, 101913.
Banerjee, S., Dasgupta, S., and Kim, Y. 2008. Buyer–supplier relationships and the stakeholder theory of capital structure. Journal of Finance, 63(6), 2507-2552.
Bhattacharyya, S., and Nain, A. 2011. Horizontal acquisitions and buying power: a product market analysis. Journal of Finance and Economics, 99 (1), 97-115.
Boiral, O., Talbot, D., and Brotherton, M.-C. 2020. Measuring sustainability risks: A rational myth? Business Strategy and the Environment, 29(6), 2557-2571.
Bui, B. and de Villiers, C. 2017. Business strategies and management accounting in response to climate change risk exposure and regulatory uncertainty. The British Accounting Review, 49(1), 4-24.
Cao, M. and Zhang, Q. 2011. Supply chain collaboration: Impact on collaborative advantage and firm performance. Journal of Operations Management, 29(3), 163-180.
Campello, M. and Gao, J. 2017. Customer concentration and loan contract terms. Journal of Financial Economics, 123(1), 108-136.
Carroll, A. B. 1979. A three-dimensional conceptual model of corporate performance. Academy of Management Review, 4(4), 497-505.
Casalin, F., Pang, G., Maioli, S., and Cao, T. 2017. Inventories and the concentration of suppliers and customers: evidence from the Chinese manufacturing sector. International Journal of Production Economics, 193, 148-159.
Cen, L., Dasgupta, S., and Sen, R. 2016. Discipline or disruption? Stakeholder relationships and the effect of takeover threat. Management Science, 62(10), 2820-2841.
Chen, S. F. 2010. A general TCE model of international business institutions: Market failure and reciprocity. Journal of International Business Studies, 41(6), 935-959.
Chen, Y., Li, T., Zeng, Q., and Zhu, B. 2023. Effect of ESG performance on the cost of equity capital: Evidence from China. International Review of Economics & Finance, 83, 348-364.
Christmann, P. 2004. Multinational companies and the natural environment: Determinants of global environmental policy standardization. Academy of Management Journal, 47(5), 747-760.
Cohen, G. 2023. The impact of ESG risks on corporate value. Review of Quantitative Finance and Accounting, 60, 1451-1468.
Cui, J., Jo, H., and Na, H. 2018. Does corporate social responsibility affect information asymmetry? Journal of Business Ethics, 148(3), 549-572.
Clarkson, P., Fang, X., Li, Y., and Richardson, G. 2013. The relevance of environmental disclosures: Are such disclosures incrementally informative? Journal of Accounting and Public Policy, 32, 410-431.
Crawford, S., Huang, Y., Li, N., and Yang, Z. 2020. Customer concentration and public disclosure: Evidence from management earnings and sales forecasts. Contemporary Accounting Research, 37(1), 131-159.
Dai, R., Liang, H., and Ng, L. 2021. Socially responsible corporate customers. Journal of Financial Economics, 142(3), 598-626.
Dhaliwal, D. S., Li, O. Z., Tsang, A., and Yang, Y. G. 2011. Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86 (1), 59-100.
Dhaliwal, D., Judd, J. S., Serfling, M., and Shaikh, S. 2016. Customer concentration risk and the cost of equity capital. Journal of Accounting and Economics, 61 (1), 23-48.
Dhaliwal, D., Michas, P. N., Naiker, V., and Sharma, D. 2020. Greater reliance on major customers and auditor going-concern opinions. Contemporary Accounting Research, 37(1), 160-188.
Dixit, A. 1989. Entry and Exit Decisions under Uncertainty. Journal of Political Economy, 97(3), 620-638.
Dobler, M., Lajili, K., and Zéghal, D. 2012. Environmental performance, environmental risk, and risk management. Business Strategy and the Environment, 21(1), 1-17.
Eizenberg, E. and Jabareen, Y. 2017. Social sustainability: A new conceptual framework. Sustainability, 9(1), 1-16.
European Commission. 2020. Interim Study on the Development of Tools and Mechanisms for the Integration of Environmental, Social and Governance (ESG) Factors into the EU Banking Prudential Framework and into Banks’ Business Strategies and Investment Policies. Available online: https://finance.ec.europa.eu/publications/interim-study-development-tools-and-mechanisms-integration-environmental-social-and-governance-esg_en (accessed on 14 December 2024).
European Parliament. 2024. Corporate sustainability due diligence and amending Directive. Available online: https://eur-lex.europa.eu/eli/dir/2024/1760/oj (accessed on 13 June 2025).
Friede, G., Busch, T., and Bassen, A. 2015. ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210-233.
Galbraith, J. K. 1952. American Capitalism: The Concept of Countervailing Power. MA: Houghton Mifflin.
Garcia, A. S., Mendes-Da-Silva, W., and Orsato, R. J. 2017. Sensitive industries produce better ESG performance: Evidence from emerging markets. Journal of Cleaner Production, 150, 135-147.
Giese, G., Lee, L.-E., Melas, D., Nagy, Z., and Nishikawa, L. 2019. Foundations of ESG investing: How ESG affects equity valuation, risk, and performance. Journal of Portfolio Management, 45(5), 69-83.
Godfrey, P. C., Merrill, C. B., and Hansen, J. M. 2009. The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425-445.
Gosman, M. and M. Kohlbeck. 2009. Effects of the existence and identity of major customers on supplier profitability: Is Wal-Mart different? Journal of Management Accounting Research, 21(1), 179-201.
Han, W. and Wu, D. 2024. ESG ratings, business credit acquisition, and corporate value. International Review of Financial Analysis, 95(Part A), 103376.
Henriksson, R., Livnat, J., Pfeifer, P., and Stumpp, M. 2019. Integrating ESG in portfolio construction. The Journal of Portfolio Management, 45(4), 67-81.
Huang, H. H., Lobo, G. J., Wang, C., and Xie, H. 2016. Customer concentration and corporate tax avoidance. Journal of Banking and Finance, 72, 184-200.
Hui, K. W., Klasa, S., and Yeung, P. E. 2012. Corporate suppliers and customers and accounting conservatism. Journal of Accounting and Economics, 53(1–2), 115-135.
Hui, K. W., Liang, C., and Yeung, P. E. 2019. The effect of major customer concentration on firm profitability: Competitive or collaborative? Review of Accounting Studies, 24(1), 189-229.
Hummel, K., Laun, U., and Krauss, A. 2021. Management of environmental and social risks and topics in the banking sector: An empirical investigation. The British Accounting Review, 53(1), 100921.
Irvine, P. J., Park, S. S., and Yıldızhan, Ç. 2016. Customer-base concentration, profitability, and the relationship life cycle. The Accounting Review, 91 (3), 883-906.
Itzkowitz, J. 2013. Customers and cash: how relationships affect suppliers' cash holdings. Journal of Corporate Finance, 19, 159-180.
Pan, J., Yu, M., Liu, J., and Fan, R. 2020. Customer concentration and corporate innovation: Evidence from China. The North American Journal of Economics and Finance, 54, 101284.
Johanson, J. and Vahlne, J. E. 1977. The internationalization process of the firm– A model of knowledge development and increasing foreign market commitments. Journal of International Business Studies, 8(1), 23-32.
Kalwani, M. U. and Narayandas, N. 1995. Long-term manufacturer-supplier relationships: Do they pay off for supplier firms? Journal of Marketing, 59(1), 1-16.
Kim, D. Y. and Zhu, P. C. 2018. Supplier dependence and R&D intensity: The moderating role of network centrality and interconnectedness. Journal of Operations Management, 64, 7-18.
Kim, Y. H. and D. Henderson. 2015. Financial benefits and risks of dependency in triadic supply chain relationships. Journal of Operations Management, 36, 115-129.
KPMG and WWF. 2015. Ready or not? An assessment of sustainability integration in the European banking sector. Retrieved 8 August 2025, from https://wwf.fi/app/uploads/e/t/r/h6iz4rzhwha4tmji4lpvrfd/survey_wwf_banking_def.pdf
Kuo, T. C., Chen, H. M., and Meng, H. M. 2021. Do corporate social responsibility practices improve financial performance? A case study of airline companies. Journal of Cleaner Production, 310, 127380.
Kumarasiri, J. and Gunasekarage, A. 2017. Risk regulation, community pressure and the use of management accounting in managing climate change risk: Australian evidence. The British Accounting Review, 49(1), 25-38.
LaFond, R. and Watts, R. L. 2008. The information role of conservatism. The Accounting Review, 83(2), 447-478.
Lopatta, K. and Kaspereit, T. 2014. The world capital markets’ perception of sustainability and the impact of the financial crisis. Journal of Business Ethics, 122(3), 475-500.
Luo, X. and Bhattacharya, C. B. 2006. Corporate social responsibility, customer satisfaction, and market value. Journal of Marketing, 70(4), 1-18.
Melitz, M. J. 2003. The Impact of Trade on Intra-Industry Reallocations and Aggregate Industry Productivity. Econometrica, 71(6), 1695-1725.
Meyer, K. E., Ding, Y., Li, J., and Zhang, H. 2014. Overcoming distrust: How state-owned enterprises adapt their foreign entries to institutional pressures abroad. Journal of International Business Studies, 45(8), 1005-1028.
Mezias, J. M. 2002. Identifying liabilities of foreignness and strategies to minimize their effects: the case of labor lawsuit judgments in the United States. Strategic Management Journal, 23, 229-244.
Morningstar Sustainalytics. 2024. ESG risk ratings methodology addendum: Descriptions of material ESG issues (Version 2.1). Retrieved June 1, 2025, from https://www.sustainalytics.com/docs/default-source/meis/definitionsofmeis.pdf?sfvrsn=8e7552c0_8
Morningstar Sustainalytics. 2024. ESG Risk Ratings: Methodology Abstract – Version 3.1. Retrieved June 1, 2025, from https://www.sustainalytics.com/docs/default-source/default-document-library/sustainalytics_esg-risk-ratings_methodology-abstract.pdf?sfvrsn=5b778b7f_8
Moskovics, P., Wanke, P., Tan, Y., and Gerged, A. M. 2024. Market structure, ESG performance, and corporate efficiency: Insights from Brazilian publicly traded companies. Business Strategy and the Environment, 33(2), 241-262.
Ng, A. C. and Rezaee, Z. 2015. Business sustainability performance and cost of equity capital. Journal of Corporate Finance, 34, 128-149.
Oh, W.Y., Chang, Y.K., and Martynov, A. 2011. The effect of ownership structure on corporate social responsibility: Empirical evidence from Korea. Journal of Business Ethics, 104 (2), 282-297.
Orlitzky, M., Schmidt, F. L., and Rynes, S. L. 2003. Corporate social and financial performance: A Meta-Analysis. Organization Studies, 24, 403-441.
Park, M., Yoon, A., and Zach, T. 2024. Sell-side analysts’ assessment of ESG risk. Journal of Accounting and Economics, 79(2-3), 101759.
Park-Poaps, H. and Rees, K. 2010. Stakeholder forces of socially responsible supply chain management orientation. Journal of Business Ethics, 92 (2), 305-322.
Patatoukas, P. N. 2012. Customer-base concentration: Implications for firm performance and capital markets. The Accounting Review, 87(2), 363-392.
Peng, X., Wang, X., and Chan, K. C. 2019. Does customer concentration disclosure affect IPO pricing? Finance Research Letters, 28, 363-369.
Peters, G., and Romi, A. 2013. Discretionary compliance with mandatory environmental disclosures: Evidence from SEC filings. Journal of Accounting and Public Policy, 32(4), 213-236.
Raman, K., and Shahrur, H. 2008. Relationship-specific investments and earnings management: Evidence on corporate suppliers and customers. The Accounting Review, 83(4), 1041-1081.
Roberts, S. 2003. Supply chain specific? Understanding the patchy success of ethical sourcing initiatives. Journal of Business Ethics, 44 (2-3), 159-170.
Saboo, A. R., Kumar, V., and Anand, A. 2017. Assessing the impact of customer concentration on initial public offering and balance sheet—Based outcomes. Journal of Marketing, 81(6), 42-61.
Sachs, J., Lafortune, G., Fuller, G., and Sachs, L. E. 2024. Sustainable Development Report 2024: From crisis to sustainable development: the SDGs as roadmap to 2030 and beyond. Retrieved June 1, 2025, from https://dashboards.sdgindex.org/
Santamaria, R., Paolone, F., Cucari, N., and Dezi, L. 2021. Non-financial strategy disclosure and environmental, social and governance score: Insight from a configurational approach. Business Strategy and the Environment, 30, 1993-2007.
Schiller, C. 2018. Global supply-chain networks and corporate social responsibility. In: 13th Annual Mid-Atlantic Research Conference in Finance (MARC) Paper.
Semenova, N. and Hassel, L. G. 2015. On the validity of environmental performance metrics. Journal of Business Ethics, 132(2), 249-258.
Strike, M. V., Gao, J., and Bansal, P. 2006. Being good while being bad: Social responsibility and the international diversification of US firms. Journal of International Business Studies, 37, 254-280.
Snyder, C. M. 1996. A dynamic theory of countervailing power. Rand Journal of Economics, 27(4), 747-769.
Talay, C., Oxborrow, L., and Brindley, C. 2020. How small suppliers deal with the buyer power in asymmetric relationships within the sustainable fashion supply chain. Journal of Business Research, 117, 604-614.
Tang, J., Wang X., and Liu Q. 2023. The spillover effect of customers' ESG to suppliers. Pacific-Basin Finance Journal, 78, 101947.
Tashman, P., Marano, V., and Kostova, T. 2019. Walking the walk or talking the talk? Corporate social responsibility decoupling in emerging market multinationals. Journal of International Business Studies, 50(2), 153-171.
Touboulic, A., Chicksand, D., and Walker, H. 2014. Managing imbalanced supply chain relationships for sustainability: a power perspective. Decision Sciences, 45(4), 577-619.
Tsang, A., Frost, T., and Cao, H. 2023. Environmental, social, and governance (ESG) disclosure: A literature review. The British Accounting Review, 55(1), 101149.
Wartick, S. L. and Cochran, P. L. 1985. The evolution of the corporate social performance model. Academy of Management Review, 10(4), 758-769.
WBCSD.2017. Sustainability and enterprise risk management: The first step towards integration. Retrieved June 1, 2025, from https://docs.wbcsd.org/2017/01/WBCSD_Risk_Publication_2016.pdf
Weber, O., Fenchel, M., and Scholz, R. W. 2008. Empirical analysis of the integration of environmental risks into the credit risk management process of European banks. Business Strategy and the Environment, 17(3), 149-159.
Wen, W., Ke, Y., and Liu, X. 2021. Customer concentration and corporate social responsibility performance: Evidence from China. Emerging Markets Review, 46, 100755.
Wood, D. J. 1991. Corporate social performance revisited. The Academy of Management Review, 16(4), 691-718.
Wood, D. J. 2010. Measuring Corporate Social Performance: A Review. International Journal of Management Reviews, 12(1), 50-84.
Zaheer, S. 1995. Overcoming the liability of foreignness. Academy of Management Journal, 38(2), 341-363.
Zerbini, F. 2017. CSR initiatives as market signals: A review and research agenda. Journal of Business Ethics, 146(1), 1-23.
Zheng, S., Zhang, Q., and Zhang, P. 2023. Can customer concentration affect corporate ESG performance? Finance Research Letters, 58, 104432.
Zheng, Q., Luo, Y., and Maksimov, V. 2015. Achieving legitimacy through corporate social responsibility: The case of emerging economy firms. Journal of World Business, 50(3), 389-403.
Zhu, M., Yeung, A. C. L., and Zhou, H. 2021. Diversify or concentrate: The impact of customer concentration on corporate social responsibility. International Journal of Production Economics, 240, 108214.