作為亞洲地區主要的公司型態，使過去有許多針對集團企業表現的研究。而整理相關文獻後了解到企業為集團企業，和非集團企業相比是否表現較佳尚無定論，正反看法皆有，被稱為集團內部效果。持正面看法的研究認為企業若是以集團化經營，集團內的成員企業可以共享資源，使得企業營運成本較低，進一步會有比較好的表現。
然而持反對意見的研究認為若是企業以集團化經營，將提供主要股東有機會將資本在集團企業間挪動，並在過程中以傷害小股東的方式增加自己的財富，使得企業表現較差，本研究期望透過台灣股市的首次公開發行事件，探討投資人對於集團企業所抱持的態度是較為正向或是負向。
透過2017-2024年的首次公開發行事件，發現集團企業成員在其中一間公司執行首次公開發行後，會有負向的異常報酬，顯現投資人對於集團企業主要抱持負向的集團內部效果。
除此之外，隨著永續趨勢的興起，本研究也探討集團的永續表現是否會影響這樣的負向集團效果，結果發現確實集團企業永續表現較佳時，在部分情況會有調節效果，使負向集團內部效果弱化。

As the main company type in Asia, there have been many studies on the performance of group companies in the past. After sorting out relevant literature, we learned that as a business group member, it is still unclear whether it performs better than non-business group member. There are both positive and negative opinions, and it is called the intra-group effect. Studies with a positive view believe that if a company operates as a group, member companies within the group can share resources, resulting in lower operating costs and better performance.
However, dissenting studies believe that if a company operates as a group, it will provide major shareholders with the opportunity to move capital among group companies, and in the process increase their own wealth in a way that harms small shareholders, causing the company to perform poorly. The research hopes to explore whether investors' attitudes towards group companies are more positive or negative through the initial public offerings of the Taiwan stock market.
Through the initial public offerings from 2017 to 2024, it was found that group members would have negative abnormal returns after one of the companies executed an initial public offering, showing that investors mainly have negative internal effects on group companies.
In addition, with the rise of the sustainability trend, this study also explores whether the sustainability performance of the group will affect such negative group effects. The results show that when the sustainability performance of group companies is indeed better, there will be adjustments in some cases. The effect is to weaken the negative internal effect of the group.

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