金融業在推動永續發展與維持資本市場健全上扮演著關鍵角色，隨著國際及台灣相關政策持續推進，永續金融已逐步成為金融體系發展之重要趨勢。另一方面，全球政經環境之高度不確定性，使韌性成為金融機構因應外部衝擊並維持長期穩定經營之核心能力。在傳統營運與永續發展雙軌並進之實務架構下，金融機構之永續投入能否有效轉化為財務韌性之建構，為一項兼具理論與實務意涵之重要研究議題。
本研究以2020 年至 2024 年台灣19家上市金融機構為研究對象，採用Dynamic Parallel Two-Stage RDM-DDF Model，分析各機構於經營績效、ESG投入及財務韌性三構面之效率表現。透過平行架構將經營階段與永續階段建構為同步運作之系統，並將兩階段之產出共同納入財務韌性評估，以貼近金融機構於實務上同時推動多元業務之運作情境。同時，進一步將樣本區分為金控公司與獨立銀行，以探討不同組織型態在資源轉化效率與韌性建構上的結構性差異。
研究結果顯示，樣本金融機構於永續階段之效率表現差異較大，且整體仍具優化空間，而在財務韌性方面，雖受疫情衝擊影響，但多數機構仍展現良好之效率表現與修復能力。此外，就機構類別而言，獨立銀行在永續效率上明顯優於金控公司，且在永續實踐與財務韌性的整體表現亦較佳，顯示其在業務聚焦及組織結構較為單純下，具備較佳之資源配置與轉換效率。綜合而言，本研究期望能為金融機構推動永續經營與強化財務韌性提供參考依據，並促進台灣金融產業之永續發展與韌性建構。

Financial institutions play a key role in promoting sustainable development. As regulatory frameworks in Taiwan and internationally evolve, sustainable finance has become an important trend. Meanwhile, rising global economic and political uncertainty has made financial resilience essential for withstanding external shocks and ensuring long-term stability. In a dual focus on traditional operations and sustainability, whether ESG engagement can be effectively translated into financial resilience remains an important issue with both theoretical and practical implications.
This study examines 19 listed financial institutions in Taiwan from 2020 to 2024, using a Dynamic Parallel Two-Stage RDM-DDF model to evaluate efficiency across operational performance, ESG engagement, and financial resilience. A parallel framework is adopted to treat operational and sustainability stages as simultaneous processes, incorporating outputs from both stages into the assessment of financial resilience to better reflect real-world banking operations. The sample is further divided into financial holding companies and independent banks to examine differences in institutional scale.
The results show significant variation in sustainability efficiency among the sampled financial institutions, with overall room for improvement. Although financial resilience was affected by the COVID-19 pandemic, most institutions still demonstrate strong efficiency. Independent banks significantly outperform financial holding companies in sustainability efficiency and also show stronger overall performance in both sustainability practices and financial resilience, indicating more effective resource allocation and implementation. Overall, this study provides insights for promoting sustainable operations and strengthening financial resilience in Taiwan’s financial industry.

Albuquerque, R., Koskinen, Y., & Zhang, C. (2019). Corporate social responsibility and firm risk: Theory and empirical evidence. Management science, 65(10), 4451–4469.
Aras, G., Tezcan, N., & Kutlu Furtuna, O. (2018). The value relevance of banking sector multidimensional corporate sustainability performance. Corporate Social Responsibility and Environmental Management, 25(6), 1062–1073.
Azmi, W., Hassan, M. K., Houston, R., & Karim, M. S. (2021). ESG activities and banking performance: International evidence from emerging economies. Journal of International Financial Markets, Institutions and Money, 70, 101277.
Bătae, O. M., Dragomir, V. D., & Feleagă, L. (2021). The relationship between environmental, social, and financial performance in the banking sector: A European study. Journal of cleaner production, 290, 125791.
Brogi, M., & Lagasio, V. (2019). Environmental, social, and governance and company profitability: Are financial intermediaries different? Corporate Social Responsibility and Environmental Management, 26(3), 576–587.
Chao, C.-M., Yu, M.-M., Lee, Y.-T., & Hsiao, B. (2017). Measurement of banking performance in a dynamic multiactivity network structure: Evidence from banks in Taiwan. Emerging Markets Finance and Trade, 53(4), 786–805.
Chiaramonte, L., Dreassi, A., Girardone, C., & Piserà, S. (2022). Do ESG strategies enhance bank stability during financial turmoil? Evidence from Europe. European Journal of Finance, 28(12), 1173–1211.
DesJardine, M., Bansal, P., & Yang, Y. (2019). Bouncing back: Building resilience through social and environmental practices in the context of the 2008 global financial crisis. Journal of management, 45(4), 1434–1460.
Di Tommaso, C., & Thornton, J. (2020). Do ESG scores effect bank risk taking and value? Evidence from European banks. Corporate Social Responsibility and Environmental Management, 27(5), 2286–2298.
Ding, W., Levine, R., Lin, C., & Xie, W. (2021). Corporate immunity to the COVID-19 pandemic. Journal of Financial Economics, 141(2), 802–830.
Dinu, V., & Bunea, M. (2022). The Impact of Competition and Risk Exposure on Profitability of the Romanian Banking System During the COVID-19 Pandemic. Journal of Competitiveness, 14(2), 5–22.
Ebrahimnejad, A., Tavana, M., Lotfi, F. H., Shahverdi, R., & Yousefpour, M. (2014). A three-stage data envelopment analysis model with application to banking industry. Measurement, 49, 308–319.
Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management science, 60(11), 2835–2857.
Fahlenbrach, R., Rageth, K., & Stulz, R. M. (2021). How valuable is financial flexibility when revenue stops? Evidence from the COVID-19 crisis. The Review of Financial Studies, 34(11), 5474–5521.
Fang, Z., Chen, Y., Chen, L., & Chiu, Y. H. (2025). Bank efficiency estimation considering enterprise risk: entropy meta two parallel three-stage dynamic DDF model. Humanities and Social Sciences Communications, 12(1), 1728.
Folke, C. (2006). Resilience: The emergence of a perspective for social–ecological systems analyses. Global environmental change, 16(3), 253–267.
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of sustainable finance & investment, 5(4), 210–233.
Gerster, R. (2011). Sustainable finance: Achievements, challenges, outlook. Striking a balance ahead of Rio, 20.
Houston, J. F., & Shan, H. (2022). Corporate ESG profiles and banking relationships. The Review of Financial Studies, 35(7), 3373–3417.
Hu, J.-L., & Wang, S.-C. (2006). Total-factor energy efficiency of regions in China. Energy policy, 34(17), 3206–3217.
Irfan, M., Razzaq, A., Sharif, A., & Yang, X. (2022). Influence mechanism between green finance and green innovation: exploring regional policy intervention effects in China. Technological Forecasting and Social Change, 182, 121882.
Jeucken, M., & Bouma, J. J. (2017). The changing environment of banks. In Sustainable banking (pp. 24–38). Routledge.
Kao, C. (2012). Efficiency decomposition for parallel production systems. Journal of the operational research society, 63(1), 64–71.
Li, T. T., Wang, K., Sueyoshi, T., & Wang, D. D. (2021). ESG: Research progress and future prospects. Sustainability, 13(21), 11663.
Li, X., Matin, R. K., Yadollahi, A. H., & Khalafi, F. (2025). Economic evaluation of potential improvement in two-stage network data envelopment analysis: a case study in the banking sector. RAIRO-Operations Research, 59(2), 999–1017.
Lins, K. V., Servaes, H., & Tamayo, A. (2017). Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. the Journal of Finance, 72(4), 1785–1824.
Liu, T., & Qi, J. (2024). The mechanism of enterprise digital transformation on resilience from the perspective of financial sustainability. Sustainability, 16(17), 7409.
Lu, W., Chau, K., Wang, H., & Pan, W. (2014). A decade's debate on the nexus between corporate social and corporate financial performance: a critical review of empirical studies 2002–2011. Journal of cleaner production, 79, 195–206.
Marsat, S., Pijourlet, G., & Ullah, M. (2021). Is there a trade‐off between environmental performance and financial resilience? International evidence from the subprime crisis. Accounting & finance, 61(3), 4061–4084.
Mateev, M., Sahyouni, A., & Moudud-Ul-Huq, S. (2026). Connecting the ESG factors to banks’ financial performance and sustainability: the need for strategic alignment. Cogent Business & Management, 13(1), 2645274.
Menicucci, E., & Paolucci, G. (2023). ESG dimensions and bank performance: an empirical investigation in Italy. Corporate Governance-the International Journal of Business in Society, 23(3), 563–586.
Mita, A. F., Widyawati, L., & Azhar, Z. (2024). The role of sustainability performance on financial resilience during crisis. Business Strategy & Development, 7(4), e70045.
Naffa, H., & Dudás, F. (2024). Does ESG improve crisis resilience? Empirical evidence of global emerging equity markets during the Covid-19 crisis. Periodica Polytechnica Social and Management Sciences, 32(1), 17–27.
Narula, R., Rao, P., Kumar, S., & Matta, R. (2024). ESG scores and firm performance-evidence from emerging market. International Review of Economics & Finance, 89, 1170–1184.
Ortiz‐de‐Mandojana, N., & Bansal, P. (2016). The long‐term benefits of organizational resilience through sustainable business practices. Strategic Management Journal, 37(8), 1615–1631.
Pan, X., Han, J., & Wu, Y. (2025). Financial Openness and Corporate Resilience: Evidence from China. Sustainability, 17(24), 11063.
Paradi, J. C., & Zhu, H. (2013). A survey on bank branch efficiency and performance research with data envelopment analysis. Omega, 41(1), 61–79.
Phung, M.-T., Cheng, C.-P., Guo, C., & Kao, C.-Y. (2020). Mixed network DEA with shared resources: a case of measuring performance for banking industry. Operations Research Perspectives, 7, 100173.
Phung, Q. T., Van Vu, H., & Tran, H. P. (2022). Do non-performing loans impact bank efficiency?. Finance Research Letters, 46, 102393.
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), 1111–1121.
Pyka, I., Karkowska, R., & Nocoń, A. (2025). ESG activities and their influence on commercial banks’ profitability and financial stability. Journal of Entrepreneurship, Management and Innovation, 21(4), 54-75.
Rao, K., Mackenzie, C., & Subedi, S. (2024). The dynamic capabilities approach and regional business resilience: an Australian case study. Regional Studies Regional Science, 11(1), 175–191.
Reyad, H. M., Ayesha, M., Iqbal, M. M., & Zariyawati, M. A. (2024). The role of ESG in enhancing firm resilience to geopolitical risks: An eastern European perspective. Business Strategy & Development, 7(4), e70027.
Rink, S. (2024). Sustainable small business lending. Sustainable Futures, 8, 100292.
Sahebi, I., Toufighi, S., Karakaya, G., & Ghorbani, S. (2022). An intuitive fuzzy approach for evaluating financial resiliency of supply chain. Opsearch, 59(2), 460–481.
Scholtens, B. (2006). Finance as a Driver of Corporate Social Responsibility: Bert Scholtens. Journal of business ethics, 68(1), 19–33.
Seknicková, J., Docekalová, K., & Kuncová, M. (2026). Comprehensive efficiency evaluation of bank branches using data envelopment analysis models. Central European Journal of Operations Research, 1-29.
Shanaev, S., & Ghimire, B. (2022). When ESG meets AAA: The effect of ESG rating changes on stock returns. Finance Research Letters, 46, 102302.
Shi, X., Emrouznejad, A., & Yu, W. (2021). Overall efficiency of operational process with undesirable outputs containing both series and parallel processes: A SBM network DEA model. Expert Systems with Applications, 178, 115062.
Streimikiene, D., Mikalauskiene, A., & Burbaite, G. (2023). THE ROLE OF SUSTAINABLE FINANCE IN ACHIEVING SUSTAINABLE DEVELOPMENT GOALS. Economics & Sociology, 16(1), 256–283.
Tavana, M., Izadikhah, M., Di Caprio, D., & Saen, R. F. (2018). A new dynamic range directional measure for two-stage data envelopment analysis models with negative data. Computers & Industrial Engineering, 115, 427–448.
Van Der Vegt, G. S., Essens, P., Wahlström, M., & George, G. (2015). Managing risk and resilience. Academy of Management Journal, 58(4), 971-980.
Wang, H., Jiao, S., & Ma, C. (2024). The impact of ESG responsibility performance on corporate resilience. International Review of Economics & Finance, 93, 1115–1129.
Wang, Z., & Sarkis, J. (2017). Corporate social responsibility governance, outcomes, and financial performance. Journal of cleaner production, 162, 1607–1616.
Wanke, P., Azad, M., 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.
Wu, H., Zhang, K., & Li, R. (2024). ESG score, analyst coverage and corporate resilience. Finance Research Letters, 62, 105248.
Xie, J., Nozawa, W., Yagi, M., Fujii, H., & Managi, S. (2019). Do environmental, social, and governance activities improve corporate financial performance? Business Strategy and the Environment, 28(2), 286–300.
Yudaruddin, R., Che Yahya, N., & Mohd Rashid, S. N. (2025). How ESG risk influences bank performance: Insights from Islamic banking sector in Indonesia. Journal of Islamic Accounting and Business Research.
Zhu, N., Ma, B., Liu, H., Wang, B., & Yu, Z. (2025). Is ESG beneficial to banking potential gains? Evidence from Chinese banks. Finance Research Letters, 108290.