本研究探討財務約束如何影響ESG分歧與股東行動主義之間的關係，聚焦於提案與投票行為。以2015年至2023年間207家《財富》公司為樣本，結果顯示，ESG分歧顯著增加了財務約束公司中的股東提案，但對投票結果影響不大。治理相關提案更易受到財務約束與ESG分歧的影響，突顯財務約束公司主動改進治理的重要性。本研究為理解ESG動態與財務約束如何塑造可持續企業治理提供了貢獻。

This study examines how financial constraints influence the relationship between ESG disagreements and shareholder activism, focusing on proposals and voting. Using a sample of 207 Fortune companies from 2015 to 2023, the findings show that ESG disagreements significantly increase shareholder proposals, especially in financially constrained firms. However, financial constraints do not significantly affect voting outcomes. Governance-related proposals are more sensitive to financial constraints and ESG disagreements, emphasizing the need for proactive governance improvements in constrained firms. This research contributes to understanding how ESG dynamics and financial constraints shape sustainable corporate governance.

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