本研究探討2016年至2022年間臺灣上市公司之已開發市場客戶曝險與ESG績效之間的關係。本文以歐盟營收占比、美國營收占比，以及歐盟與美國合計營收占比衡量客戶曝險程度；並以TESG總分及其環境、社會與治理三個面向衡量企業ESG績效。本研究採用包含年度固定效果與產業固定效果之追蹤資料迴歸模型，檢驗企業對歐盟與美國客戶之曝險程度是否與較高的ESG績效相關。 實證結果提供部分證據顯示，已開發市場客戶曝險與企業ESG績效具有關聯。在全樣本中，客戶曝險與TESG總分之間的關係相對較弱；然而，在非零營收占比子樣本中，此關係變得較為明顯。最顯著的結果出現在環境面向，其中對歐盟與美國客戶的營收曝險與環境分數呈現正向關聯。相較之下，社會分數與治理分數的結果較不一致。進一步的分析，包括門檻分析、排除COVID-19期間之子期間分析，以及差異中之差異法檢定，提供了混合但具參考價值的證據。整體而言，研究結果顯示，外國客戶可能作為企業ESG壓力之外部傳導管道，尤其是在環境績效方面更為明顯。;This study examines the relationship between developed-market customer exposure and ESG performance among Taiwanese listed firms from 2016 to 2022. Customer exposure is measured by Revenue Share (EU)， Revenue Share (US)， and Revenue Share (EU+US)， while ESG performance is measured by TESG Score and its environmental， social， and governance dimensions. Using panel regression models with year and industry fixed effects， this study investigates whether firms with greater exposure to EU and US customers exhibit higher ESG performance. The results provide partial evidence that developed-market customer exposure is associated with ESG performance. The relationship is relatively weak in the full sample， but becomes more visible in the non-zero revenue share subsample. The strongest findings appear in the environmental dimension， where revenue exposure to EU and US customers is positively associated with Environmental Score. In contrast， the results for Social Score and Governance Score are less consistent. Additional analyses， including threshold， COVID-19 subperiod， and difference-in-differences tests， provide mixed but informative evidence. Overall， the findings suggest that foreign customers may serve as an external channel of ESG pressure， especially for environmental performance.
