ESG績效與財務表現關聯性之產業差異：以臺灣觀光與零售產業為例

Industry Differences in the Relationship Between ESG Performance and Financial Performance: Evidence from Taiwan’s Tourism and Retail Sectors

本研究旨在探討企業ESG（環境、社會與公司治理）績效對財務表現之影響，並針對臺灣觀光與零售產業進行比較分析，檢驗產業特性是否調節ESG各構面之效果。研究資料取自臺灣經濟新報（TEJ），涵蓋2017年至2023年上市櫃公司，採用固定效果面板迴歸模型進行實證分析，並設計1至3年滯後期模型，以捕捉ESG對財務表現之時間遞延效應。績效指標涵蓋資產報酬率（ROA）、股東權益報酬率（ROE）及市場價值指標（Tobin's Q），並輔以分位數迴歸檢驗模型穩健性。研究結果顯示，ESG總分與三項財務績效指標皆呈顯著正向關聯，特別是治理構面對零售業財務績效具有穩定且顯著正向影響；而在觀光產業中，環境與社會構面則表現出邊際顯著的正面效果，惟其短期內可能伴隨較高成本壓力。此外，觀光產業於ROA與ROE上長期表現顯著低於零售業，顯示ESG實踐在不同產業間之財務反應具有結構性差異。本研究彌補臺灣ESG與財務績效實證研究之不足，並提供觀光業永續轉型與ESG策略評估之實證依據。實務上建議企業應依產業特性審慎規劃ESG投入策咯，政策制定者亦應考量產業結構與時間效應，俾提升ESG政策成效與企業永續競爭力。

This study investigates the impact of Environmental, Social, and Governance (ESG) performance on corporate financial outcomes, with a specific focus on Taiwan's tourism and retail sectors. Utilizing panel data from 2017 to 2023, the research applies fixed-effects regression models and lag structures to explore the short- and long-term effects of ESG dimensions on firm performance, measured by Return on Assets (ROA), Return on Equity (ROE), and Tobin’s Q. Empirical results reveal that the governance dimension consistently exhibits a significant and positive effect across time, particularly in the retail industry. In contrast, the environmental and social dimensions show marginally significant effects in the tourism sector, suggesting industry-specific ESG dynamics. Quantile regression further demonstrates that the positive association between ESG scores and firm performance is more pronounced at higher performance levels, while environmental and social initiatives may initially impose financial costs. This study contributes to the literature by highlighting the heterogeneous and time-varying effects of ESG components, offering practical insights for industry-specific ESG strategies and sustainable investment evaluation.