美國自2023年起針對企業購回庫藏股課徵1%之消費稅，而隨著環境保護（Environmental, E）、社會責任（Social, S）、公司治理（Governance, G）ESG永續相關議題之崛起，企業如何在ESG與購回庫藏股兩者間取得平衡，過往文獻尚未有所定論。為瞭解ESG較佳的公司，是否較不會透過買回庫藏股作為財務操縱手法，以提高股價及高階管理者的薪酬，本研究以ESG整體評級分數與個別評級分數進行實證測試，並以普通最小平方法(OLS)，來檢驗ESG與購回庫藏股之關聯性，研究樣本為2002年至2021年之美國S&P 500公司。實證結果顯示ESG好的公司，購回庫藏股的金額較低，本研究之敏感性測試亦顯示，在其他條件不變之情況下，排除2020年疫情影響之年度以及針對ESG個別評級分數進行測試，實證結果仍支持上述論點。

In 2023, the United States will levy a 1% excise tax on corporate share repurchases. With environmental, social, and governance (ESG) sustainability issues on the rise, the literature on how companies can strike a balance between ESG and share repurchase is inconclusive. From 2002 to 2021, this study examines the relationship between ESG and share repurchase using the overall ESG rating and individual ESG scores of S&P 500 firms and Ordinary Least Squares (OLS) to determine whether companies with higher ESG ratings are less likely to engage in stock buybacks to boost earnings per share. The empirical result shows that companies with higher ESG scores repurchase fewer shares. All other things being equal, the sensitivity analysis in this study supports this by excluding the year of the pandemic in 2020 and testing for individual ESG rating scores.

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