疫情前後ESG表現及董事特性與財務績效之關聯

Abstract

本研究旨在探討疫情期間，企業 ESG 分數是否對財務績效有所影響，接著進一步比較疫情前後，公司治理構面中的董事特性對財務績效之影響是否發生變化。

實證結果顯示，疫情前後，企業 ESG 表現對財務績效的影響增加。接著將ESG分數分別拆成環境、社會及公司治理構面來看，顯示疫情前後社會構面及公司治理構面的表現對財務績效的影響增加。接著進一步探討公司治理構面中的董事特性對財務績效之影響，發現董事特性對於疫情前後企業之財務績效表現影響不大。

整體而言，疫情前後企業ESG表現對財務績效之影響增加，看董事會特性則對疫情前後企業之財務績效表現無顯著影響，推論原因為疫情期間，企業經營環境的變化非常複雜，財務績效可能受到企業政策、地域、市場等因素的影響而各有不同，因此難以用單一董事會特性去推論其在疫情期間對財務績效的影響為增加或減少。

This study focuses on whether the ESG scores of companies have an impact on their financial performance during the COVID-19 pandemic, and whether the effect of board characteristics on financial performance has changed before and after the pandemic. The empirical results show that the impact of companies' ESG performance on financial performance has increased after the pandemic. When the ESG score is divided into environmental, social, and governance dimensions, the results show that the impact of social and governance dimensions on financial performance has increased before and after the pandemic. Furthermore, the study examines the impact of board characteristics on financial performance, and finds that the impact is not significant for the financial performance of companies before and after the pandemic. Overall, the impact of companies' ESG performance on financial performance has increased after the pandemic, and the impact of board characteristics on financial performance of companies before and after the pandemic is not significant. The reason for this may be that the changes in the business environment during the pandemic are very complex, and the financial performance of companies may be influenced by different factors such as policies, regions, and markets, making it difficult to infer the impact of a single board characteristic on financial performance during the pandemic.