本研究檢視了ESG表現在台灣股市羊群行為中的影響，尤其是在COVID-19期間。通過使用橫截面絕對偏差（CSAD）模型，我們分析了市場報酬和ESG分數對羊群行為的影響。結果顯示，雖然市場波動顯著驅動了羊群行為，但ESG表現減少了羊群行為。此外，在COVID-19期間，ESG表現和市場波動之間的交互作用顯示出顯著減少的羊群行為。本文還檢驗了台灣市場的羊群現象是理性還是非理性的。結果表明，台灣市場的羊群行為是基於基本面的驅動的理姓羊群行為。
這些發現強調了ESG分數對市場動態影響的細緻理解的重要性。納入ESG考量使投資者和政策制定者能夠培育更具韌性和可持續的金融市場。這在像台灣這樣的新興市場中特別受到關注，這些市場普遍存在羊群行為和市場波動。本研究提供的結果有助於市場參與者制定策略，減少風險並利用ESG相關資訊來實現更好的市場環境。

This study examines the impact of ESG performance on herding behavior in the Taiwan stock markets, particularly during the COVID-19 period. Using the Cross-Sectional Absolute Deviation (CSAD) model, we analyze the influence of market returns and ESG scores on herding behavior. The results reveal that while market volatility significantly drives herding behavior, ESG performance tends to reduce herding behavior. Furthermore, during the COVID-19 period, the interaction between ESG performance and market volatility shows a significant reduction in herding behavior. This article further examines whether the herding phenomenon in the Taiwanese market is rational or irrational. The results indicate that herding in the Taiwanese market is fundamentally driven. The insights from this analysis can assist in formulating strategies to mitigate risks and harness ESG performance to achieve better market outcomes.

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