本研究旨在探討環境、社會與治理（ESG）議題的核心角色，此一轉變主要由利害關係人日益升高的需求所驅動。ESG的理論基礎是多面向的，涵蓋了代理理論、利害關係人理論與合法性理論。我們在兩個具挑戰性的情境下探究這些動態關係：殭屍企業（zombie firms）扭曲市場的存在以及COVID-19疫情的系統性衝擊，後者為ESG的企業保險理論提供了一個自然實驗的場景。我們提出以下假說：ESG對殭屍企業存在矛盾效果（H1）；對健康企業而言，ESG扮演著競爭緩衝的角色（H2）；以及積極參與ESG的企業在COVID-19期間表現更佳（H3）。本研究彙整 2002 年至 2022 年間之 Compustat 年度資料與人工蒐集（hand-collected）之 ESG 指標，總樣本共計 57,432 筆公司-年觀測值（firm-year observations）。樣本具體涵蓋參與 ESG 之企業（20,291 筆）、殭屍企業（3,071 筆），以及 COVID-19 疫情期間之數據（6,214 筆）。本研究採用多面向的計量經濟策略以處理內生性問題，研究發現證實了一個顯著的矛盾現象：殭屍企業的ESG活動侵蝕了其內部營運指標，卻在金融市場上獲得了卓越報酬與估值溢價的獎勵。對於健康企業，ESG承諾扮演了策略性緩衝的角色，以對抗殭屍企業擁擠所帶來的負面競爭外溢效應。在COVID-19危機期間，積極參與ESG的企業展現出卓越的營運韌性，但初期卻遭到市場懲罰，隨後才出現顯著的正面反轉，此結果證實了ESG是策略韌性的指標。本研究的貢獻有三方面：我們整合了不同理論以解釋殭屍企業中的ESG矛盾現象；識別出一個可行的企業層級策略來減緩殭屍企業擁擠問題；並為企業保險理論提供了更細緻的實證支持。本研究的結論為管理者與投資者提供了關鍵見解：對管理者而言，ESG是一項策略性要務；對投資者而言，則需區分真實的改善與策略性信號釋放。對政策制定者而言，這些發現有助於建構相關的干預措施，而這些措施應立基於ESG評級的可靠性，並旨在建立一致的揭露標準，以避免市場失靈的長期化。

This study addresses the central role of Environmental, Social, and Governance (ESG) considerations, a shift propelled by heightened stakeholder demand. The theoretical underpinnings of ESG are multifaceted, spanning agency, stakeholder, and legitimacy theories. We investigate these dynamics within two challenging contexts: the market-distorting presence of zombie firms and the systemic shock of the COVID-19 pandemic, which provides a natural experiment for ESG's corporate insurance theory. We hypothesize a paradoxical ESG effect for zombie firms (H1), ESG as a competitive buffer for healthy firms (H2), and better performance for ESG-engaged firms during the COVID-19 period (H3). Using annual Compustat data and hand-collected ESG metrics from 2002 to 2022, our sample comprises 57,432 firm-year observations. This extensive dataset includes significant subsets of ESG-engaged firms (20,291), zombie firms (3,071), and observations during the COVID-19 pandemic (6,214). Employing a multi-faceted econometric strategy to address endogeneity, our findings confirm a significant paradox: zombie firms' ESG engagement erode internal operational metrics yet are rewarded by financial markets with superior returns and valuation premiums. For healthy firms, ESG commitment functions as a strategic buffer against the negative competitive spillovers of zombie congestion. During the COVID-19 crisis, ESG-engaged firms showed superior operational resilience but were initially penalized by the market before a significant positive reversal occurred, confirming ESG as a marker of strategic resilience. This study's contributions are threefold: we reconcile conflicting theories to explain the ESG paradox in zombie firms, identify a viable firm-level strategy to mitigate zombie congestion, and offer nuanced empirical validation for the corporate insurance theory. The conclusions yield critical insights for managers on ESG as a strategic imperative and for investors on distinguishing genuine improvement from signaling. For policymakers, these findings inform the structuring of interventions, which should be grounded in the reliability of ESG ratings and aim to establish unified disclosure standards to avoid perpetuating market inefficiencies.

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