過往文獻大多著重探討企業ESG表現對於公司財務績效的影響，鮮少以併購樣本為主體深入了解永續議題與公司避稅傾向之關係，為彌補此缺口，本研究利用2010年至2021年間美國併購事件中之收購方公司資料來探討企業ESG表現與公司避稅傾向的關聯，並進一步分析此關係是否會受到股權結構特徵的影響而改變。實證結果顯示：收購方公司ESG表現與避稅傾向呈顯著正相關，其原因為企業會通過增加積極的ESG活動來對沖其避稅行為的潛在負面後果，且在股東支出觀點下並非所有利害關係人的權益都需要考量。此外，本研究亦發現，內部人股權集中度無法顯著調節ESG表現佳的企業對於積極避稅的正向關係；而機構法人通常以被動的方式依靠對公司財務績效隱含的潛在需求或其他能夠掩飾避稅的活動來獲取利益，因此機構法人持股比例會加強公司ESG表現與避稅傾向間的正向關聯性。最後，本研究在改用其他避稅衡量指標或降低內生性疑慮後，研究結論仍獲得實證支持。

Most of the literature has focused on the impact of corporate ESG performance on corporate financial performance, but little has been done on the relationship between sustainability issues and corporate tax avoidance in the context of merger and acquisition. To fill this gap, this study examines the relationship between corporate ESG performance and corporate tax avoidance using data on acquirer companies in U.S. M&A events from 2010 to 2021, and further analyzes whether this relationship is affected by the characteristics of shareholding structures. The empirical results show that ESG performance of the acquirer company is significantly and positively correlated with the propensity for tax avoidance, as companies increase their active ESG activities to offset the potential negative consequences of their tax avoidance behavior, and not all stakeholders' interests need to be considered under the shareholder expense perspective. In addition, this study also finds that insider ownership concentration does not significantly moderate the positive relationship between ESG performance and aggressive tax avoidance in firms with good ESG performance. In addition, institutional corporations often passively rely on the potential demand for the company's financial performance or other activities that can disguise tax avoidance to obtain benefits, and therefore, the percentage of institutional corporations' shareholding enhances the positive correlation between ESG performance and tax avoidance propensity. Finally, the findings of this study are empirically supported by the use of alternative measures of tax avoidance or the reduction of endogeneity concerns.

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