本研究聚焦於符合永續會計準則委員會（Sustainability Accounting Standards Board，簡稱SASB）定義的台灣上市櫃可再生資源與替代能源產業，探討企業ESG（環境、社會責任、公司治理）表現對財務績效的影響。研究結果未直接證明ESG績效與財務績效之間存在明顯的正相關性，僅發現COVID-19疫情期間公司為避免營運中斷風險，執行社會責任構面策略，以維護員工健康及安全而對自由現金流量有明顯影響；實際上，ESG績效作為一種良好的長期避險管理戰略，可能在增加企業面對經濟、政策及市場波動時的韌性方面發揮重要作用，在長期內建立更加穩固的基礎。 未來研究應更深入地探討各產業的ESG績效與財務績效之間的關聯，特別是如何通過提高企業的韌性以面對不同ESG重大議題，此外，考慮到不同時期ESG不同維度可能對財務績效有不同影響，應進一步分析這些維度如何獨立或共同影響財務表現，以了解ESG提升企業長期韌性及風險管理方面的潛在價值，促使企業能夠在不斷變化的市場和政策中，不破壞地球環境保持競爭力，同時為股東和社會創造更大的價值。 ;This study focuses on the Taiwanese listed companies in the renewable resources and alternative energy industry as defined by the Sustainability Accounting Standards Board (SASB). It explores the impact of corporate ESG (Environmental, Social Responsibility, Governance) performance on financial performance. The results did not directly prove a clear positive correlation between ESG performance and financial performance. It was found that during the COVID-19 pandemic, companies implemented social responsibility strategies to mitigate operational disruption risks, particularly to maintain employee health and safety, which significantly impacted free cash flow. Indeed, ESG performance as a sound long-term risk management strategy may play a vital role in enhancing a company′s resilience against economic, policy, and market fluctuations, thereby establishing a more stable foundation in the long term.
Future research should delve deeper into the connection between ESG performance and financial performance across different industries, especially on how enhancing corporate resilience can address various significant ESG issues. Moreover, considering that different dimensions of ESG may impact financial performance differently across various periods, further analysis should be conducted on how these dimensions independently or jointly affect financial outcomes. This understanding will help reveal the potential value of ESG in enhancing long-term corporate resilience and risk management, enabling businesses to maintain competitiveness without harming the environment in an ever-changing market and policy landscape, while creating greater value for shareholders and society.
