影響台灣食品產業採行ESG 關鍵因素

Abstract

本研究以台灣上市（櫃）食品產業為研究對象，運用台灣經濟新報資料庫（TEJ）提供之 ESG 評分與財務資料，探討企業規模與股東結構對 ESG 採行程度的影響。研究期間為 2016 年至 2023 年，樣本涵蓋 24 家企業，透過多元迴歸分析建構四個實證模型，分析企業特徵與內部治理結構對永續發展作為之關聯性。 實證結果顯示，企業規模與營收成長率與 ESG 採行呈顯著正相關，顯示規模較大、成長性較高的企業更有能力與誘因推動永續相關措施；而企業年齡則與 ESG 採行呈負向關係，代表較資深企業可能因管理慣性對永續轉型相對保守。股東結構方面，若大股東持股比例偏高，企業在 ESG 採行上傾向較為保守；相對地，法人持股比例較高時，則與 ESG 採行呈現正向關係，顯示法人投資者可能有助於永續治理的推動。 本研究結果建議企業應強化治理結構與永續策略的整合，法人投資者應善用其影響力積極參與永續治理，政策層面亦宜提升資訊揭露透明度與制度設計，以促進食品產業整體永續發展。

This study focuses on the listed food industry in Taiwan and utilizes ESG scores and financial data from the Taiwan Economic Journal (TEJ) to investigate the impact of firm size and ownership structure on the adoption of ESG practices. Covering the period from 2016 to 2023, the research includes 24 sample companies and employs multiple regression analysis to construct four empirical models, aiming to examine the relationship between corporate characteristics, internal governance structure, and sustainable development efforts. The empirical results show that firm size and revenue growth rate are significantly and positively associated with ESG adoption, indicating that larger and high-growth companies possess stronger incentives and resources to promote sustainability-related initiatives. In contrast, firm age is negatively associated with ESG practices, suggesting that more established firms may be more conservative in ESG transformation due to organizational inertia. Regarding ownership structure, a higher proportion of shares held by large shareholders is associated with more conservative ESG implementation, whereas a higher proportion of institutional ownership is positively related to ESG adoption, implying that institutional investors may contribute to promoting sustainable governance. The findings suggest that companies should strengthen the integration of governance mechanisms and sustainability strategies. Institutional investors are encouraged to actively leverage their influence in ESG related governance, and policymakers should enhance transparency in information disclosure and institutional design to promote overall sustainable development in the food industry.