ESG分數對臺灣上市公司高階經理人薪酬影響

Abstract

本研究旨在探討臺灣上市公司ESG表現對高階經理人薪酬之關聯性以及影響，採用臺灣經濟新報資料庫2015-2022年上市公司數據，以「總經理與副總經理平均薪酬」以及「總經理與副總經理平均薪資」作為被解釋變數，其編制之TESG永續發展指標系統「TESG分數」，以及環境、社會、治理等三大支柱分數作為解釋變數。 結果顯示「TESG分數」、「環境支柱分數」、「社會支柱分數」、「治理支柱分數」對於「總經理與副總經理平均薪酬」、「總經理與副總經理平均薪資」存在正向顯著影響，分數越高平均薪酬也會愈高。若固定年度及產業效果，並納入控制變數，實證結果顯示上市企業「TESG分數」對於「總經理與副總經理平均薪酬」仍存在正向顯著影響，對於「總經理與副總經理平均薪資」影響不顯著，「環境支柱分數」、「社會支柱分數」、「治理支柱分數」對於「總經理與副總經理平均薪酬」、「總經理與副總經理平均薪資」影響均不顯著。

This research aims to explore the relationship between ESG (Environmental, Social, Governance) performance of listed companies in Taiwan and the compensation of top managers of Taiwan listed companies. We use data from the Taiwan Economic Journal (TEJ) database from 2015 to 2022. Specifically, we use "Average Compensation of General Manager and Deputy General Manager " and "Average Salary of General Manager and Deputy General Manager " serves as the dependent variable and use "TESG Score"(Total ESG Score) compiled by the TESG sustainable development indicator system and the scores of the three pillars of environmental, social, and governance as explanatory variables. The results indicate "TESG Score", "Environmental Pillar Score", "Social Pillar Score" and "Governance Pillar Score" have positive impacts on " Average Compensation of General Manager and Deputy General Manager " and " Average Salary of General Manager and Deputy General Manager ". The higher the score, the higher the average compensation and salary will be. Controlling for year and industry effects and including control variables, findings show that the "TESG Score" of Taiwan listed companies still positively influences " Average Compensation of General Manager and Deputy General Manager ", do not show significant effects on " Average Salary of General Manager and Deputy General Manager ". The respective scores from the environmental, social, and governance pillars do not show significant effects on " Average Compensation of General Manager and Deputy General Manager " and " Average Salary of General Manager and Deputy General Manager ".