本研究探討企業推行ESG活動對成本僵固性的影響，成本僵固性指的是針對成本動因變化時的非對稱成本行為，也就是當銷售量下降時，成本下降的幅度小於銷售量增加時成本增加的幅度。本研究以2016年至2023年臺灣上市櫃公司為研究樣本，實證結果發現企業的ESG績效越高，會使企業的成本僵固性越大，且策略性ESG (Strategic ESG)對成本僵固性的影響較戰術性ESG (Tactical ESG)更為明顯。此外，將樣本區分為疫情期間和非疫情期間後，發現ESG活動與企業成本僵固性的關聯性均呈不顯著正向關係。額外測試中亦發現科技業推行ESG活動對成本僵固性的影響相較非科技業更為明顯，代表本研究之結果可能是由科技業所驅動。此外，額外測試結果顯示環境構面績效對成本僵固性有顯著的影響，社會及公司治理構面績效則無。最後，本研究發現ESG活動本身出現不對稱性，意即當收入上升時，ESG 分數下降；當收入下降時，ESG 分數反而上升。

This study explores the impact of firms’ engagement in ESG activities on cost stickiness. Cost stickiness refers to the asymmetric cost behavior of costs in response to changes in activity levels, meaning that costs decrease less when activity levels decline than they increase when activity levels rise. Using the sample of listed and OTC companies in Taiwan from 2016 to 2023, the empirical results show that higher ESG performance is associated with greater cost stickiness. Moreover, the impact of strategic ESG on cost stickiness is more pronounced than that of tactical ESG. Furthermore, after dividing the sample into the COVID-19 pandemic period and the non-pandemic period, the association between ESG activities and cost stickiness was found to be positive but insignificant relationship in both periods. Additional testing also reveals that the impact of ESG activities on cost stickiness is more pronounced in the technology industry than in non-technology industries, suggesting that the overall result of this study may be driven by the technology firms. In addition, the additional testing also reveals that the environmental dimension has a significant impact on cost stickiness, while the social and governance dimensions do not. Finally, the study finds that ESG activities exhibit asymmetry, meaning that ESG scores tend to decrease when revenues increase, but increase when revenue decreases.

一、 中文部分
林有志, 傅鍾仁, & 陳筱平. (2011). 成本僵固性之實證研究. 當代會計, 12(2), 191-220.
周侑樺(2023)。關係人交易避稅與成本僵固性之探討。〔碩士論文。國立成功大學〕臺灣碩博士論文知識加值系統。
李依潔(2024)。環境構面永續發展指標、企業策略與成本僵固性。〔碩士論文。中原大學〕臺灣碩博士論文知識加值系統。
曾聯洲(2003)。銷管費用僵固性之研究。〔碩士論文。國立政治大學〕臺灣碩博士論文知識加值系統。
陳建中. (2016). 銷管費用僵固性, 帝國建立動機與公司治理個別機制之成效. 當代會計, 17(2), 131-171.
二、 英文部分
Anderson, M. C., Banker, R. D., & Janakiraman, S. N. (2003). Are selling, general, and administrative costs “sticky”?. Journal of accounting research, 41(1), 47-63.
Aninditiyah, G., & Prabowo, R. (2024). The COVID-19 Pandemic, Cost Stickiness, and Profitability. Perspektif Akuntansi, 7(2), 50-66.
Ali, W., Frynas, J. G., & Mahmood, Z. (2017). Determinants of corporate social responsibility (CSR) disclosure in developed and developing countries: A literature review. Corporate Social Responsibility and Environmental Management, 24(4), 273-294.
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22, S119-S127.
Banker, R. D., Fang, S., & Mehta, M. N. (2020). Anomalous operating performance during economic slowdowns. Journal of Management Accounting Research, 32(2), 57-83.
Bansal, P., Jiang, G. F., & Jung, J. C. (2015). Managing responsibly in tough economic times: Strategic and tactical CSR during the 2008–2009 global recession. Long Range Planning, 48(2), 69-79.
Bifulco, G. M., Savio, R., Izzo, M. F., & Tiscini, R. (2023). Stopping or continuing to follow best practices in terms of ESG during the COVID-19 pandemic? An exploratory study of European listed companies. Sustainability, 15(3), 1796.
Calleja, K., Steliaros, M., & Thomas, D. C. (2006). A note on cost stickiness: Some international comparisons. Management accounting research, 17(2), 127-140.
Chen, C. X., Lu, H., & Sougiannis, T. (2012). The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs. Contemporary Accounting Research, 29(1), 252-282.
Chen, S., Song, Y., & Gao, P. (2023). Environmental, social, and governance (ESG) performance and financial outcomes: Analyzing the impact of ESG on financial performance. Journal of Environmental Management, 345, 118829.
Chen, J. V., Kama, I., & Lehavy, R. (2019). A contextual analysis of the impact of managerial expectations on asymmetric cost behavior. Review of Accounting Studies, 24, 665-693.
Chin, M. K., Hambrick, D. C., & Treviño, L. K. (2013). Political ideologies of CEOs: The influence of executives’ values on corporate social responsibility. Administrative science quarterly, 58(2), 197-232.
Crace, L., & Gehman, J. (2023). What really explains ESG performance? Disentangling the asymmetrical drivers of the triple bottom line. Organization & Environment, 36(1), 150-178.
Dalla Via, N., & Perego, P. (2014). Sticky cost behaviour: evidence from small and medium sized companies. Accounting & Finance, 54(3), 753-778.
Dierynck, B., Landsman, W. R., & Renders, A. (2012). Do managerial incentives drive cost behavior? Evidence about the role of the zero earnings benchmark for labor cost behavior in private Belgian firms. The Accounting Review, 87(4), 1219-1246.
Fatemi, A., Fooladi, I., & Tehranian, H. (2015). Valuation effects of corporate social responsibility. Journal of Banking & Finance, 59, 182-192.
Freeman, R. E., & McVea, J. (2005). A stakeholder approach to strategic management. The Blackwell handbook of strategic management, 183-201.
Fu, T., & Li, J. (2023). An empirical analysis of the impact of ESG on financial performance: the moderating role of digital transformation. Frontiers in Environmental Science, 11, 1256052.
Golden, J., Kohlbeck, M., & Rezaee, Z. (2020). Is cost stickiness associated with sustainability factors?. In Advances in management accounting (Vol. 32, pp. 35-73). Emerald Publishing Limited.
Grieser, W., Hadlock, C. J., & Pierce, J. R. (2021). Doing good when doing well: evidence on real earnings management. Review of Accounting Studies, 26, 906-932.
Habib, A., & Hasan, M. M. (2019). Corporate social responsibility and cost stickiness. Business & Society, 58(3), 453-492.
Hassanein, A., & Younis, M. (2020). Cost stickiness behavior and financial crisis: Evidence from the UK chemical industry. Corporate Ownership and Control, 17(2), 46-56.
Ibrahim, A. E. A., Ali, H., & Aboelkheir, H. (2022). Cost stickiness: A systematic literature review of 27 years of research and a future research agenda. Journal of International Accounting, Auditing and Taxation, 46, 100439.
Kama, I., & Weiss, D. (2013). Do earnings targets and managerial incentives affect sticky costs?. Journal of accounting research, 51(1), 201-224.
Li, W., Natarajan, R., Zhao, Y., & Zheng, K. (2021). The effect of management control mechanisms through risk-taking incentives on asymmetric cost behavior. Review of Quantitative Finance and Accounting, 56, 219-243.
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, X., Liu, X., & Reid, C. D. (2019). Stakeholder orientations and cost management. Contemporary Accounting Research, 36(1), 486-512.
Lopatta, K., Kaspereit, T., & Gastone, L. M. (2020). Managerial style in cost asymmetry and shareholder value. Managerial and Decision Economics, 41(5), 800-826.
McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of management review, 26(1), 117-127.
Naoum, V. C., Ntounis, D., Papanastasopoulos, G., & Vlismas, O. (2023). Asymmetric cost behavior: Theory, meta-analysis, and implications. Journal of International Accounting, Auditing and Taxation, 100578.
Nicola, M., Alsafi, Z., Sohrabi, C., Kerwan, A., Al-Jabir, A., Iosifidis, C., ... & Agha, R. (2020). The socio-economic implications of the coronavirus pandemic (COVID-19): A review. International journal of surgery, 78, 185-193.
Noreen, E., & Soderstrom, N. (1997). The accuracy of proportional cost models: evidence from hospital service departments. Review of accounting Studies, 2, 89-114.
Ortiz‐de‐Mandojana, N., Bansal, P., & Aragón‐Correa, J. A. (2019). Older and wiser: How CEOs’ time perspective influences long‐term investments in environmentally responsible technologies. British Journal of Management, 30(1), 134-150.
Rubbaniy, G., Khalid, A. A., Rizwan, M. F., & Ali, S. (2022). Are ESG stocks safe-haven during COVID-19?. Studies in Economics and Finance, 39(2), 239-255.
Weidenmier, M. L., & Subramaniam, C. (2003). Additional evidence on the sticky behavior of costs.
Zhang, B., Yang, L., & Zhou, R. (2023). Internal governance and cost stickiness. Journal of Management Accounting Research, 35(1), 173-194.
Zhang, D., Hu, M., & Ji, Q. (2020). Financial markets under the global pandemic of COVID-19. Finance research letters, 36, 101528.
三、 報導及網站
Combogic。(無日期)。ESG 究竟哪裡來的？從南非一場社會革命開始。取自：https://combogic.com/blog/esg-history.html
CSRone永續智庫。(2022年8月25日)。ISSB是什麼？IFRS資訊揭露催生企業第5張財報。ESG遠見。取自：https://esg.gvm.com.tw/article/11124
Process普羅。(2022年4月22日)。建構永續策略，找出企業決勝關鍵。Process普羅。取自：https://www.process-group.com/taiwan/news-entry/interview_invest-in-our-planet/
Sustainable Development Blog.。(無日期)。臺灣永續發展推動。取自：https://sustainabledevelopment999blog.wordpress.com/%E8%87%BA%E7%81%A3csr%E7%99%BC%E5%B1%95%E6%BC%94%E9%80%B2/
TCFD。(無日期)。About。取自：https://www.fsb-tcfd.org/about/
TEJ。(2022年3月9日)。更詳細更好理解的 ESG資訊揭露：SASB準則。取自：https://www.tejwin.com/news/%E6%9B%B4%E8%A9%B3%E7%B4%B0%E7%9A%84esg%E8%B3%87%E8%A8%8A%E6%8F%AD%E9%9C%B2%EF%BC%8Dsasb%E6%BA%96%E5%89%87/
何晨瑋。(2022年12月13日)。永續報告書怎麼寫？一次搞懂GRI、SASB、TCFD準則。ESG遠見。取自：https://esg.gvm.com.tw/article/18790
金管會新聞稿。(2020年8月25日)。金管會啟動「公司治理3.0-永續發展藍圖」 112年起資本額20億企業須編永續報告。CSRONE。取自：https://csrone.com/news/6359
金融監督管理委員會。(無日期)。金管會提醒全體上市櫃公司明(114)年起均應編製永續報告書。取自：https://www.fsc.gov.tw/ch/home.jsp?id=96&parentpath=0,2&mcustomize=news_view.jsp&dataserno=202410170001&dtable=News
施俊弘及陳世婷。(2024年1月2日)。從傳統財報到永續資訊財務化：解讀IFRS S1／S2對臺灣企業的影響。CSRONE。取自：https://csrone.com/topics/8151
洪綾襄。(2021年5月26日)。資本市場最耐震族群 跟著40兆美元賺長線。財訊。取自：https://www.wealth.com.tw/articles/316db39e-2fcf-45b5-9920-2af822089200
科技新報／林妤柔。(2025年2月3日)。台積電綠色供應鏈，戰略全解析！不想失去訂單？供應商須跟上這些標準。ESG今周刊。取自：https://esg.businesstoday.com.tw/article/category/180689/post/202502030033/%E3%80%90%E5%9C%96%E8%A1%A8%E3%80%91%E5%8F%B0%E7%A9%8D%E9%9B%BB%E7%B6%A0%E8%89%B2%E4%BE%9B%E6%87%89%E9%8F%88%EF%BC%8C%E6%88%B0%E7%95%A5%E5%85%A8%E8%A7%A3%E6%9E%90%EF%BC%81%E4%B8%8D%E6%83%B3%E5%A4%B1%E5%8E%BB%E8%A8%82%E5%96%AE%EF%BC%9F%E4%BE%9B%E6%87%89%E5%95%86%E9%A0%88%E8%B7%9F%E4%B8%8A%E9%80%99%E4%BA%9B%E6%A8%99%E6%BA%96
經理人用戶成長中心。(2024年11月20日)。ESG 是什麼？何謂 ESG？企業永續關鍵字 CSR、ESG、SDGs 一次學。經理人。取自：https://www.managertoday.com.tw/articles/view/62727
鍾筱敏。(2024年5月2日)。釐清CSR和ESG的訴求 避免企業與品牌陷入漂綠風險。CSRONE。取自：https://csrone.com/topics/8314
證券櫃檯買賣中心。(無日期)。永續發展簡介。取自：https://wwwov.tpex.org.tw/web/csr/content/introduction.php?l=zh-tw