本研究以台灣與日本上市公司為樣本，探討 ESG(環境保護、社會責任與公 司治理)表現對企業績效的影響，並分析文化因素在此關係中的調節作用。透過 描述性統計及迴歸分析，本研究發現 ESG 總體表現與企業績效呈顯著正向關係， 特別是公司治理(G)與社會責任(S)構面在台灣企業中顯示出更高的影響力， 而日本企業則在環境保護(E)構面表現出更明顯的優勢。台灣企業憑藉較低的 權力距離及高個人主義文化，能更有效地將 ESG 策略轉化為短期績效及市場估值 的提升。相較之下，日本企業受高權力距離及集體主義文化影響，ESG 策略的實 施效率有所降低，尤其在治理與社會責任構面上的成效相對不足。然而，日本的 長期導向文化促使其在環境永續方面取得更顯著的成果，這一點也反映在市場對 企業長期價值的認可上。
本研究揭示了 ESG 對企業績效影響的國別差異及文化因素的調節作用，並提 出 ESG 策略在不同文化與市場背景下的實踐重點，為企業管理者與政策制定者提 供實證依據與策略指引。同時，本研究也對 ESG 與績效的研究框架進行了理論擴 展，為後續學術研究提供了有價值的參考方向。

This study examines the impact of Environmental, Social, and Governance (ESG) performance on corporate performance by using a sample of listed companies in Taiwan and Japan. It further explores the moderating effects of cultural factors on this relationship. Descriptive statistics and regression analysis reveal that overall ESG performance has a significant positive effect on corporate performance, particularly in the governance (G) and social (S) dimensions. Taiwanese companies exhibit stronger positive effects from ESG performance, driven by their emphasis on transparency, social responsibility, and lower power distance, coupled with a higher degree of individualism. In contrast, Japanese companies show a greater focus on the environmental (E) dimension, reflecting their cultural emphasis on long-term environmental sustainability. However, Japan’s high power distance and collective decision-making processes somewhat hinder the full realization of ESG strategies, especially in governance and social dimensions.
The findings highlight significant cross-national differences in the impact of ESG on corporate performance, with cultural factors playing a key moderating role. Specifically, long-term orientation in Japanese firms enhances the value of environmental investments, whereas Taiwanese firms’ governance and social strategies yield more immediate benefits. This study provides empirical insights and strategic guidance for corporate managers and policymakers, emphasizing the need for localized ESG strategies. It also contributes to the theoretical framework of ESG and performance research, offering valuable directions for future studies.

論文審定書　i
摘要　ii
Abstract　iii
目錄　iv
圖次　v
表次　vi
第一章 緒論 　1
第一節 研究背景與動機　1
第二節 研究目的與範圍　3
第二章 文獻回顧與研究假設　4
第一節 ESG的起源與定義概述　4
第二節 ESG對公司的影響　5
第三節 理論背景和假設發展　8
第三章 研究設計與方法　15
第一節 研究設計　15
第二節 數據來源與樣本　16
第三節 變數定義　17
第四節 研究模型　22
第四章 實證結果　23
第一節 敘述性統計分析　23
第二節 迴歸分析　26
（一）ESG對ROA之影響　26
（二）ESG對Tobin's Q之影響　39
第五章 結論　53
參考文獻　55

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