在全球經貿環境劇烈波動的背景下，氣候變遷與供應鏈斷裂使企業面臨嚴峻挑戰，傳統追求利潤最大化的思維已不足以應對突發性衝擊。ESG（環境、社會、公司治理）已從公關裝飾轉化為衡量企業抵禦危機與復原能力的關鍵指標。本研究旨在探討快速消費品（FMCG）產業如何透過永續實踐強化內部調適機制，並提升在動態不確定性中的企業韌性。
現有研究多聚焦於單一 ESG 指標對財務績效的影響，較難反映組織體系如何將永續投入轉化為韌性能量的運作邏輯。其次，多數評估模型未能有效串接營運端資源投入與韌性端價值產出間的轉化路徑，伴隨管理階層難以判斷資源配置是否確實強化了組織防禦體質。再者，既有文獻多將產業視為單一同質群體，忽略了不同企業特質在面對衝擊時的韌性表現差異，缺乏深入的群組分析來揭示異質性企業間的效率落差。
本研究選取18家FMCG企業為樣本，以2019年至2023年為研究期間，採用動態兩階段RDM DDF模型，建構涵蓋「企業營運階段」與「企業韌性階段」的評估框架。本研究的貢獻在於導入ESG index與稅前淨利作為連結變數，辨識企業在資源流動中的配置損耗與結構性瓶頸。研究發現，雖然產業已具備穩健的常規營運基礎，但其第一階段營運效能普遍優於第二階段之韌性轉化效率。透過群組分析不同經營特質（如基礎加工、品牌導向、生技利基）的異質性，本研究為FMCG產業提供了具備管理深度的治理策略建議。

In the face of severe global economic and trade fluctuations in recent years, climate change and supply chain disruptions have presented significant challenges to enterprises. Traditional mindsets focused on profit maximization are no longer sufficient to handle sudden external shocks. ESG (Environmental, Social, and Governance) has evolved from a corporate image tool into a critical indicator for measuring a company's ability to resist and recover from crises. This study aims to explore how the Fast-Moving Consumer Goods (FMCG) industry can strengthen internal adaptation mechanisms through sustainable practices to enhance corporate resilience amidst dynamic uncertainty.
Existing research primarily focuses on the impact of individual ESG indicators on financial performance, making it difficult to reflect how an organizational system transforms sustainability investments into resilience. Furthermore, most evaluation models fail to effectively link operational resource inputs with the value outputs of resilience, leaving management unable to determine if resource allocation truly strengthens organizational defense. Moreover, prior literature often treats industries as homogeneous groups, overlooking the divergent resilience performance across different corporate characteristics. There is a lack of in-depth group analysis to reveal the efficiency gaps and heterogeneity among diverse enterprises when facing shocks.
Analyzing 18 FMCG companies (2019-2023) via a dynamic two-stage RDM-DDF model, this study evaluates both operating and resilience efficiencies. By introducing the ESG index and pre-tax net profit as link variables, we identify resource-flow allocation losses and structural bottlenecks. Findings reveal that while the industry maintains a robust operational foundation, first-stage efficiency generally outperforms second-stage resilience transformation. Finally, group analysis across distinct business sectors—such as bulk processing and brand-oriented firms—yields tailored, management-level governance strategies for the FMCG industry.

Bagh, T., Zhou, B., Alawi, S.M., & Azam, R. I. (2024). ESG resilience: Exploring the non-linear effects of ESG performance on firms sustainable growth. Research in International Business and Finance, 70(Part A), Article 102305. https://doi.org/10.1016/j.ribaf.2024.102305
Bandinelli, R., & Fani, V. (2025). Supply chain resilience practices in FMCG sector: evidence of an empirical study. IEEE Engineering Management Review., 54(2), pp.63-78. https://doi.org/10.1109/EMR.2025.3615907
Cheema‐Fox. (2021). Corporate resilience and response to COVID‐19. Journal of Applied Corporate Finance., (Vol. 33, pp. 24-40). https://doi.org/10.1111/jacf.12457
Farrell, M. J. (1957). The measurement of productive efficiency. Journal of the Royal Statistical Society: Series A (General), 120(3), 253–290. https://doi.org/10.2307/2343100
Hu, J. L., & Wang, S. C. (2006). Total-factor energy efficiency of regions in China. Energy Policy, 34(17), 3206-3217. https://doi.org/ 10.1016/j.enpol.2005.06.015
Khan, W., Islam, M. S., Ullah Ibne Hossain, N., & Fazio, S. (2024). Measuring economic resilience of manufacturing organization leveraging integrated data envelopment analysis (DEA)-machine learning approach. International Journal of Management Science and Engineering Management, 19(3), 228-238. https://doi.org/10.1080/17509653.2023.2267505
Liu, H., Fan, W., & Li, C. (2025). From ESG Performance to Corporate Resilience: Evidence from China’s Manufacturing Industry. Sustainability, 17(21), 9672. https://doi.org/10.3390/su17219672
Lu, H., Mirza, S. S., & Huang, C. (2025). The Dynamics of ESG Peer Pressure and Corporate Resilience: Examining Through Firm‐Perceived EPU and Governance Efficiency Perspectives. Corporate Social Responsibility and Environmental Management, 32(5), 5858-5894. https://doi.org/10.1002/csr.70001
Lu, J., Rodenburg, K., Foti, L., & Pegoraro, A. (2022). Are firms with better sustainability performance more resilient during crises?. Business Strategy and the Environment, 31(7), 3354-3370. https://doi.org/10.1002/bse.3088
Mamic, M., & Tomic, I. A. (2024, April). Unlocking long-term value: Exploring the dynamics of ESG practices in corporate sustainability. In Economic and social development (book of proceedings), 110th international scientific conference on economic and social (Vol. 5, p. 221).
Michalski, D. (2024). Operationalization of ESG-integrated strategy through the balanced scorecard in FMCG companies. Sustainability, 16(21), 9174. https://doi.org/10.3390/su16219174
Misopoulos, F., & Bajiraj, P. (2025). Shared producer responsibility for sustainable packaging in FMCG: The convergence of SDGs, ESG reporting, and stakeholder engagement. Sustainability, 17(14), 6654. https://doi.org/10.3390/su17146654
Muyiwa-Ajayi, T. P., Sobowale, A., & Augoye, O. (2024). The financial impact of sustainable investments on corporate profitability. International Journal, 5(1), 1372-1377. https://doi.org/10.54660/.IJMRGE.2024.5.1.1372-1377
Ongbali, S. O., Afolalu, S. A., Oladipupo, S., & Udo, M. (2022, August). The roles of implementing key sustainable manufacturing strategy in production efficiency improvement of fast moving consumable goods: A review. In AIP Conference Proceedings (Vol. 2437, No. 1, p. 020138). AIP Publishing LLC. https://doi.org/10.1063/5.0094062
Portela, M. S., Thanassoulis, E., & Simpson, G. (2004). Negative data in DEA: A directional distance approach applied to bank branches. Journal of the operational research society, 55(10), pages 1111-1121. https://doi.org/10.1057/palgrave.jors.2601768
Rashid, A., Rasheed, R., Rahi, S., & Amirah, N. A. (2025). Impact of supplier trust and integrated technology on supply chain resilience for sustainable supply chain in FMCG sector. Journal of Science and Technology Policy Management, 17, 2053-4620. https://doi.org/10.1108/JSTPM-04-2024-0134
Shakur, M. S., Lubaba, M., Debnath, B., Bari, A. M., & Rahman, M. A. (2024). Exploring the challenges of Industry 4.0 adoption in the FMCG sector: Implications for resilient supply chain in emerging economy. Logistics, 8(1), 27. https://doi.org/10.3390/logistics8010027
Sitola, D., Choudhury, S., Senapati, C., & Bhattacharyya, A. (2025). Does ESG Performance Enhance Financial Outcomes? Empirical Evidence from Indian FMCG Sector. International Journal of Economics and Financial Issues, 15(6), 555. https://doi.org/10.32479/ijefi.21382
Tone, K., & Tsutsui, M. (2010). Dynamic network data envelopment analysis: A slacks-based measure approach. Omega-International Journal of Management Science, 38, 145-156. https://doi.org/10.1016/j.omega.2009.07.003
Wang, H., Jiao, S., & Ma, C. (2024). The impact of ESG responsibility performance on corporate resilience. International Review of Economics & Finance, 93, 1115–1129. https://doi.org/10.1016/j.iref.2024.05.033
Wanke, P. F., Hadi-Vencheh, A., & Forghani, A. (2018). A DDF based model for efficiency evaluation in two-stage DEA. Optimization Letters, 12(5), 1029-1044. https://doi.org/10.1007/s11590-017-1162-5
Wanke, P., Azad, M. A. K., Emrouznejad, A., & Antunes, J. (2019). A dynamic network DEA model for accounting and financial indicators: A case of efficiency in MENA banking. International Review of Economics & Finance, 61, 52-68. https://doi.org/10.1016/j.iref.2019.01.004
Wu, Y., & Tham, J. (2023). The impact of environmental regulation, Environment, Social and Government Performance, and technological innovation on enterprise resilience under a green recovery. Heliyon, 9(10). https://doi.org/10.1016/j.heliyon.2023.e20278
Xu, M., Xu, Q., Wei, S., & Cong, L. (2024). The role of organizational resilience in social, economic, environmental and human sustainability: Evidence form Chinese FMCG sector. Technological and Economic Development of Economy, 30(3), 733-752. https://doi.org/10.3846/tede.2024.20476
Yan, M. C. L., & Rahmawati, I. P. (2025). ESG Disclosure Comparison Analysis in the Fast-Moving Consumer Goods Industry. Jati: Jurnal Akuntansi Terapan Indonesia, 32-45. https://doi.org/10.18196/jati.v8i1.25422