公司財務績效與企業永續績效的關係： 論董事會特徵與經理人薪酬制度的作用

Abstract

儘管近年來有關財務績效與永續發展表現的研究如雨後春筍般湧現，卻尚無法就兩者之間的關聯性達成一致的定論。本研究以2017年至2022年期間的美國公司資料作為樣本，以MSCI及Refinitiv兩大ESG評比機構的評分作為衡量永續績效的指標，加入不同型態的高階管理人薪酬當作中介效應，分析財務績效與永續發展表現的關係。研究結果顯示，當高階管理人的薪酬中，股票、選擇權或股票與選擇權（即權益）所佔比例高於中位數時，隨著財務績效的提升，相對於佔比低於中位數的公司，能夠帶來更大的企業永續績效。

Despite the abundance of research on the relationship between financial performance and sustainable development, a consensus on their correlation has yet to be reached. This study utilizes data from U.S. companies between 2017 and 2022 as the sample, with ESG ratings from two major institutions, MSCI and Refinitiv, serving as indicators of sustainability performance. By incorporating various types of executive compensation as a mediating factor, the study examines the relationship between financial performance and sustainable development performance. The results indicate that when the proportion of stock, option, or equity-based compensation in executive compensation exceeds the median, an improvement in financial performance leads to a greater enhancement in corporate sustainability performance compared to companies with proportions below the median.