本研究探討家族企業控制權偏離對 ESG 表現之影響，聚焦於股份盈餘偏離差與席次股份偏離差兩項第二型代理問題指標。以 2016 至 2023 年台灣上市櫃公司為樣本，實證結果顯示家族企業 ESG 得分顯著低於非家族企業，且席次股份偏離差對 ESG 表現具顯著負向影響。進一步納入企業生命週期後發現，股份盈餘偏離差僅於成長期呈現顯著負向效果，顯示控制權偏離對 ESG 的干擾效果具階段性差異。整體而言，董事會控制偏離對永續決策具更強與更持久的干擾力。研究呼籲監理機關強化董事會結構與控制資訊之揭露，以提升家族企業永續治理品質。

This study explores the impact of control rights deviation on ESG performance in family firms, with a focus on two indicators of Type II agency problems: the divergence between ownership rights and cash flow rights, and the divergence between board control and cash flow rights. Using a sample of Taiwanese listed companies from 2016 to 2023, the empirical results show that family firms score significantly lower on ESG performance compared to non-family firms. Moreover, the divergence between board control and cash flow rights has a significantly negative effect on ESG performance. Further analysis incorporating the corporate life cycle reveals that the negative impact of the divergence between ownership and cash flow rights is significant only during the growth stage, indicating that the disruptive influence of control rights deviation on ESG performance varies across different stages. Overall, the misalignment between board control and cash flow rights exerts a stronger and more persistent influence on sustainability-related decisions. The study calls for regulators to enhance the disclosure of board structures and control mechanisms to improve sustainability governance in family businesses.

論文審定書 i
摘要 ii
Abstract iii
目錄 iv
表次 v
第一章 緒論 1
第二章 文獻回顧 4
2.1 家族企業特性 4
2.2 代理問題與ESG之間的關係 6
2.3 家族企業與ESG的關係 8
第三章 研究假說 10
第四章 研究方法 16
4.1資料來源與樣本選取 16
4.2變數定義 16
4.2.1家族企業(Family) 16
4.2.2代理問題 17
4.2.3控制變數 18
4.3模型設計 20
第五章 實證結果 23
5.1敘述統計 23
5.2迴歸結果分析 29
5.3延伸分析 33
5.3.1加入生命週期 33
第六章 結論 40
Reference 42

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