本研究以 2011 至 2021 年台灣公司為樣本，使用 Refinitiv 資料庫的 ESG 資料與台灣經濟新報資料庫的財務數據，探討公司 ESG 表現與長期財務績效之關聯性，並驗證 CEO 權力是否可以作為公司 ESG 表現與長期財務績效之間的調節變數。實證結果顯示，ESG 分數的係數顯著為正，而 ESG 分數與 CEO 權力的交乘項係數顯著為負，代表公司的 ESG 表現與長期財務績效表現呈正向關係，但若 CEO 的權力越大，將會削弱此一正向關係。透過 2SLS 迴歸分析，進一步確認了研究模型並無反向因果關係所引起的內生性問題。

This study used Taiwan companies from 2011 to 2021 as samples. It explored the relationship between ESG performance and long-term financial performance by using ESG data from the Refinitiv database and financial data from the Taiwan Economic Journal database. It also verified whether CEO power can act as a moderator between ESG performance and long-term financial performance. The empirical results showed that the coefficient of the ESG score is significantly positive, while the coefficient of the interaction term between the ESG score and CEO power is significantly negative. It suggests that there is a positive relationship between a company's ESG performance and long-term financial performance, but if CEO's power is too excessive, this positive relationship will be weakened. Through 2SLS regression analysis, the empirical model was further confirmed such that no endogeneity concerns were caused by reverse causality.

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