本論文探討關於公司實行ESG之程度與公司績效（Firm Performance）之關聯性，並進一步研究商業策略（Business Strategy）對於ESG與公司績效之中介效果。

本文針對可能干擾觀察ESG與公司績效關係之原因進行研究方法的調整，首先加入商業策略作為中介變數，並同時納入長短期公司績效（ROA, Tobin’s Q）作為應變數。並因台灣經濟新報TEJ所公布之 TESG 自2015年開始，因此本研究之樣本期間為2016年至2022年，並以台灣上市櫃公司為研究對象進行迴歸分析。

本研究透過中介效果檢驗法對ESG與公司績效間關係是否存在中介效果進行驗證，研究結果發現三種商業策略當中僅防禦型策略對ESG與公司績效之關聯存在部分中介效果，其餘探勘者策略與分析者策略則顯示不存在中介效果。

This paper investigates the relationship between the extent of ESG implementation and firm performance, and further explores the mediating effect of business strategy on ESG and firm performance.

Methodologically, adjustments were made to address potential confounding factors affecting the observation of the relationship between ESG and firm performance. Firstly, business strategy was introduced as a mediator variable, alongside incorporating both short-term and long-term firm performance (ROA, Tobin’s Q) as dependent variables. Leveraging data from Taiwan Economic Journal (TEJ) TESG dataset starting from 2015, the sample period for this study spans from 2016 to 2022, with regression analysis conducted on listed companies in Taiwan.

This study examines whether there is a mediating effect in the relationship between ESG and firm performance through a mediation analysis method. The results show that among the three types of business strategies, only defender strategy exhibits a partial mediating effect on the relationship between ESG and firm performance. In contrast, the prospector and analyzer strategies do not demonstrate a mediating effect.

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