智慧資本對ESG表現的影響：知識型資產與企業永續發展之關聯性研究

Abstract

當代企業致力於永續發展，並積極進行各項投入，例如招募永續人才、成立專責永續事務部門、製程綠化等等，而這些投入所轉化出之競爭優勢，即智慧資本(Intellectual Capital, IC)，是否能有效提升永續發展表現，此類議題日益受到關注。本研究以環境、社會及公司治理（Environmental, Social, and Governance, ESG）表現作為衡量企業永續發展的核心指標，並以資源基礎理論（Resource-Based View, RBV）為基礎，探討企業自內部資源所獲得之競爭優勢是否能有效提升ESG績效。

本研究利用臺灣經濟新報（Taiwan Economic Journal, TEJ）資料庫，以臺灣企業為樣本，研究時間區間為2016年至2023年，資料頻率為年。依循 Sydler 等人（2014）的方法，本研究先將智慧資本以調整後剩餘收益模型（Adjusted Residual Income Model）進行量化，再透過普通最小平方法（Ordinary Least Squares, OLS）迴歸模型檢驗其對ESG評分的影響。研究結果顯示，智慧資本投資與ESG表現的之間存在顯著的正向關係，意即智慧資本所轉化出的競爭優勢能夠被臺灣企業成功利用於ESG表現的提升。本研究亦對環境（E）、社會（S）和治理（G）三個層面分別進行迴歸分析。研究結果顯示，當智慧資本上升1%，對環境（E）表現有輕至中度影響 (運用Cohen’s d 判定)，但對社會（S）與公司治理（G）表現的影響則較為有限。在控制變數上，財務槓桿對 ESG 表現具有顯著的負向影響，而企業規模（總資產）及企業年齡與年份固定效果交乘項則對 ESG 具有顯著正向影響。此外，本研究也透過分樣本迴歸分析進一步探討，並發現具備較高財務彈性、豐富投資機會及整體財務狀況良好的企業，更能夠有效運用智慧資本來提升ESG表現。

In recent years, the integration of intellectual capital (IC) into corporate sustainability strategies has gained increasing attention. This study quantifies corporate sustainability using Environmental, Social, and Governance (ESG) performance as a key measure. Grounded in the Resource-Based View (RBV), this research explores whether the competitive advantage derived from IC effectively enhances ESG performance. Using firm-level data from the Taiwan Economic Journal (TEJ) database, this study examines Taiwanese companies from 2016 to 2023. Following Sydler et al. (2014), IC is quantified using the Adjusted Residual Income Model, and its effect on ESG performance is assessed through an Ordinary Least Squares (OLS) regression model. The findings reveal a significant positive relationship between intellectual capital investment and improvements in ESG performance. Firms that strategically leverage intellectual capital achieve a competitive edge and demonstrate enhanced sustainability practices, thereby contributing to superior ESG outcomes. This research also conducts separate regression analyses for each of the E, S, and G components. The results reveal that when IC increases by 1%, it has a small to medium effect on environmental (E) performance, according to the result of Cohen’s d, while its influence on social (S) and governance (G) dimensions is relatively limited. Further analysis indicates that firms with strong financial flexibility, abundant investment opportunities, and overall financial health are better positioned to leverage IC in enhancing ESG performance.