在經濟蓬勃與人類社會高度發展下，人們要面對的更多有關環境、社會以及治理上的問題與挑戰，因此使ESG議題日趨興盛，成為投資人與企業管理者關注的重點。本研究將過去ESG相關之文獻和董監事會特徵與永續發展表現之文獻進行彙整，用以探討董監事會職能與多元特徵和ESG表現之關聯性，並且以職能與多元特徵建立出董監事職能與多元程度衡量指標，探討董監事職能與多元程度對公司ESG表現之影響。本研究以2015年至2021年台灣上市櫃公司為研究樣本，資料取自台灣經濟新報資料庫與公開觀測資訊站。實證結果發現，董監事會性別多樣對公司ESG表現呈現顯著負面影響；董監事外部性與獨立性、董監事會高學歷與豐富經歷特性以及董監事會的積極性對公司ESG表現呈現積極正面影響；董監事會專業背景的不同對公司ESG表現有不同之影響；法人機構對對公司ESG表現有積極正面影響；董監事會職能與多元程度對公司ESG表現有積極正面影響，且不受特定產業所推動，但會因為政策時間的差異對環境、社會與公治理構面產生不同之影響。董監事會職能與多元指標提供給投資人與企業管理者另一種方式，來為公司ESG表現進行評估。

With the flourishing economy and highly developed human society, people are facing more environmental, social, and governance issues and challenges. Therefore, ESG has become a growing concern for investors and corporate managers. This study consolidates past literature on ESG-related issues and literature on board characteristics and sustainable development performance, to explore the correlation between the functions and diversity of the board of directors and ESG performance. The study also establishes a measurement index for the functions and diversity of the board of directors to investigate the impact of these factors on company ESG performance. The research sample consists of Taiwan listed companies from 2015 to 2021, with data sourced from the Taiwan Economic News Database and TWSE MOPS. Empirical results show that gender diversity on the board of directors has a significant negative impact on company ESG performance. However, external and independent characteristics, high educational and experienced backgrounds of the board of directors, and the proactiveness of the board have a positive impact on company ESG performance. Different professional backgrounds of the board of directors have different impacts on company ESG performance. Legal entities have a positive impact on company ESG performance. The functions and diversity of the board of directors have a positive impact on company ESG performance and are not industry-specific, but may have different effects on environmental, social, and governance aspects due to policy time differences. The measurement index for the functions and diversity of the board of directors provides another way for investors and corporate managers to evaluate company ESG performance.

論文審定書 i
摘要 ii
Abstract iii
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 3
第三節 主要發現 4
第四節 研究流程 5
第二章 文獻回顧 6
第一節 ESG相關文獻 6
第二節 董監事會職能與多元特徵與永續表現相關論文 8
第三節 機構持股與永續表現相關論文 10
第四節 研究假設 10
第三章 研究方法與資料 11
第一節 樣本與資料來源 11
第二節 變數定義 13
第三節 實證模型 15
第四章 實證結果分析 19
第一節 敘述性統計 19
第二節 多元迴歸分析 20
第五章 結論與建議 28
第一節 結論 28
第二節 未來研究建議 30
參考文獻 31
附錄 35

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