本研究以2016至2024年台灣上市櫃公司為對象，探討企業環境、社會及公司治理績效及個別面向對企業策略性風險承擔之影響，並分析產業特性及家族企業屬性的調節效果。隨永續發展與非財務績效重要性提升，企業積極提升ESG績效，但其對風險態度影響尚無定論。本研究結合利害關係人理論、道德資本理論與訊號理論，假設良好ESG績效促進風險承擔，實證結果顯示：(1)整體ESG績效與風險承擔正相關，強化企業聲譽及投資人信任；(2)社會與治理構面正向影響明顯，環境構面呈負向，可能因短期環境投資限制資源調度；(3)低風險產業與風險承擔正相關；(4)整體ESG績效可促使公司之風險承擔維持在最適水準；(5)家族企業ESG績效與風險水準之關係較非家族企業顯著。結論建議企業應將ESG納入核心策略，強化社會責任與治理，學術貢獻在於補足亞洲市場相關實證缺口，實務上助於優化永續與風險管理策略，未來研究可拓展風險指標與管理誘因交互作用。

This study investigates the impact of Environmental, Social, and Governance (ESG) performance and its individual dimensions on corporate strategic risk-taking—measured by capital expenditure ratio—using publicly listed firms in Taiwan from 2016 to 2024. It further examines the moderating effects of industry characteristics and family firm status. Amid the increasing emphasis on sustainable development and non-financial performance, corporations are actively enhancing their ESG performance. However, whether ESG performance encourages or constrains risk-taking remains inconclusive. Drawing on stakeholder theory, moral capital theory, and signaling theory, this study hypothesizes that higher ESG performance promotes greater risk-taking. Empirical results show that: (1) overall ESG performance is positively associated with corporate risk-taking, suggesting enhanced reputation and investor trust; (2) social and governance dimensions exhibit positive effects, whereas the environmental dimension shows a negative association, possibly due to short-term resource constraints from environmental investments; (3) firms in low-risk industries exhibit higher risk-taking; (4) overall ESG performance helps maintain optimal levels of corporate risk-taking; (5) the positive relationship between ESG performance and risk-taking is more pronounced among family firms than non-family firms. The findings suggest that companies should integrate ESG into core strategy, especially in social responsibility and governance practices. This study contributes to the literature by addressing empirical gaps in Asian markets and offers managerial implications for aligning sustainability and risk management strategies. Future research may explore alternative risk indicators and the interplay between ESG performance and internal managerial incentives.

Acharya, V. V., Amihud, Y., & Litov, L. (2011). Creditor rights and corporate risk-taking. Journal of Financial Economics, 102(1), 150–166. https://doi.org/10.1016/j.jfineco.2011.04.001
Ayadi, M. A., Kusy, M. I., Pyo, M., & Trabelsi, S. (2015). Corporate social responsibility, corporate governance, and managerial risk-taking. Goodman School of Business, Brock University.https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2547576
Aydoğmuş, M., Gülay, G., & Ergun, K. (2022). Impact of ESG performance on firm value and profitability. Borsa İstanbul Review, 22(S2), S119–S127. https://doi.org/10.1016/j.bir.2022.11.006
Bargeron, L. L., Lehn, K. M., & Zutter, C. J. (2009). Sarbanes–Oxley and corporate risk-taking. Journal of Accounting and Economics, 49(1), 34–56. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1104063
Bergh, D. D., Connelly, B. L., Ketchen Jr, D. J., & Shannon, L. M. (2014). Signalling theory and equilibrium in strategic management research: An assessment and a research agenda. Journal of Management Studies, 51(8), 1334-1360. https://doi.org/10.1111/joms.12097
Bergh, D. D., & Gibbons, P. (2011). The stock market reaction to the hiring of management consultants: A signalling theory approach. Journal of Management Studies, 48(3), 544-567. https://doi.org/10.1111/j.1467-6486.2010.00957.x
Bhojraj, S., & Sengupta, P. (2003). Effect of corporate governance on bond ratings and yields: The role of institutional investors and outside directors. Journal of Business, 76(3), 455–475. https://doi.org/10.1086/344114
Boone, A. L., Field, L. C., Karpoff, J. M., and Raheja, C. G. (2007). The determinants of corporate board size and composition: An empirical analysis. Journal of Financial Economics 85, 66–101. https://doi.org/10.1016/j.jfineco.2006.05.004
Boubakri, N., Cosset, J. C., & Saffar, W. (2013). The role of state and foreign owners in corporate risk-taking: Evidence from privatization. Journal of Financial Economics, 108(3), 641–658. https://doi.org/10.1016/j.jfineco.2012.12.007
Busch, T., & Hoffmann, V. H. (2011). How hot is your bottom line? Linking carbon and financial performance. Business & Society, 50(2), 233–265. https://doi.org/10.1177/0007650311398780
Campopiano, G., & De Massis, A. (2015). Corporate social responsibility reporting: A content analysis in family and non-family firms. Journal of Business Ethics, 129(3), 511-534. https://link.springer.com/article/10.1007/s10551-014-2174-z
Carroll, A. B. (1999). Corporate social responsibility: Evolution of a definitional construct, Business & Society, 38(3), 268-295. https://doi.org/10.1177/000765039903800303
Cellier, A., & Chollet, P. (2016). The effects of social ratings on firm value. Research in International Business and Finance, 36, 656–683. https://doi.org/10.1016/j.ribaf.2015.05.001
Chen, S.-H., Do, X. T. K., & Hsu, F.-J. (2022). ESG and firm’s risk-taking: International study. Working paper, National Kaohsiung University of Science and Technology. https://www.dpublication.com/abstract-of-5th-imeconf/38-2061/
Chakraborty, A., Gao, L. S., & Sheikh, S. (2019). Managerial risk-taking incentives, corporate social responsibility and firm risk. Journal of Economics and Business, 101, 58–72. https://doi.org/10.1016/j.jeconbus.2018.07.004
Dunbar, C., Li, Z. F., & Shi, Y. (2020). CEO risk-taking incentives and corporate social responsibility. Journal of Corporate Finance, 64, 101714. https://www.sciencedirect.com/science/article/pii/S0929119920301589
Elbaz, J., & Laguir, I. (2014). Family businesses and corporate social responsibility (CSR) orientation: A study of Moroccan family firms. Journal of Applied Business Research, 30(3), 671. https://doi.org/10.19030/jabr.v30i3.8552
Ernst, D. (2000). The economics of electronics industry: Competitive dynamics and industrial organization (East-West Center Working Papers: Economics Series No. 7). East-West Center.
Faccio, M., Marchica, M. T., & Mura, R. (2011). Large shareholder diversification and corporate risk-taking. The Review of Financial Studies, 24(11), 3601–3641. https://doi.org/10.1093/rfs/hhr065
Faccio, M., Marchica, M. T., & Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193–209. https://doi.org/10.1016/j.jcorpfin.2016.02.008
Fama, E. F., & French, K. R. (1997). Industry costs of equity. Journal of Financial Economics, 43(2), 153–193. https://doi.org/10.1016/S0304-405X(96)00896-3
Fatemi, A., Glaum, M., & Kaiser, S. (2018). ESG performance and firm value: The moderating role of disclosure. Global Finance Journal, 38, 45–64. https://doi.org/10.1016/j.gfj.2017.03.001
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman Publishing. https://dx.doi.org/10.2139/ssrn.263511
Friedman, M. (1970). The social responsibility of business is to increase its profits. The New York Times Magazine, 32–33, 122–126. https://doi.org/10.1007/978-3-540-70818-6_14
Furszyfer Del Rio, D. D., Sovacool, B. K., Foley, A. M., Griffiths, S., Bazilian, M., Kim, J., & Rooney, D. (2022). Decarbonizing the glass industry: A critical and systematic review of developments, sociotechnical systems and policy options. Renewable and Sustainable Energy Reviews, 155, Article 111885. https://doi.org/10.1016/j.rser.2021.111885
Gao, H., Harford, J., & Li, K. (2013). Determinants of corporate cash policy: Insights from private firms. Journal of Financial Economics, 109(3), 623–639. https://doi.org/10.1016/j.jfineco.2013.04.008
Godfrey, P. C. (2005). The relationship between corporate philanthropy and shareholder wealth: A risk management perspective. Academy of Management Review, 30(4), 777–798. https://doi.org/10.5465/amr.2005.18378878
Godfrey, P. C., Merrill, C. B., & Hansen, J. M. (2009). The relationship between corporate social responsibility and shareholder value: An empirical test of the risk management hypothesis. Strategic Management Journal, 30(4), 425–445. https://doi.org/10.1002/smj.750
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206. https://doi.org/10.2307/258434
Harjoto, M., & Laksmana, I. (2018). The impact of corporate social responsibility on risk taking and firm value. Journal of Business Ethics, 151(2), 353–373. https://link.springer.com/article/10.1007/s10551-016-3202-y
He, F., Ding, C., Yue, W., & Liu, G. (2023). ESG performance and corporate risk-taking: Evidence from China. International Review of Financial Analysis, 87, 102550. https://doi.org/10.1016/j.irfa.2023.102550
Ioannou, I., & Serafeim, G. (2015). The impact of corporate social responsibility on investment recommendations: Analysts' perceptions and shifting institutional logics. Strategic Management Journal, 36(7), 1053–1081. https://doi.org/10.1002/smj.2268
John, K., Litov, L., & Yeung, B. (2008). Corporate governance and risk‐taking. The Journal of Finance, 63(4), 1679–1728. https://doi.org/10.1111/j.1540-6261.2008.01372.x
Jo, H., & Na, H. (2012). Does CSR reduce firm risk? Evidence from controversial industry sectors. Journal of Business Ethics, 110(4), 441–456. https://link.springer.com/article/10.1007/s10551-012-1492-2
Kim, K., Patro, S., & Pereira, R. (2017). Option incentives, leverage, and risk-taking. Journal of Corporate Finance, 43, 1–18. https://doi.org/10.1016/j.jcorpfin.2016.12.003
Kim, S., Lee, G., & Kang, H. G. (2021). Risk management and corporate social responsibility. Strategic Management Journal, 42(1),202–230. https://doi.org/10.1002/smj.3224
Laguir, I., Laguir, L., & Elbaz, J. (2016). Are family small‐and medium‐sized enterprises more socially responsible than nonfamily small‐and medium‐sized enterprises?. Corporate Social Responsibility and Environmental Management, 23(6), 386-398. https://doi.org/10.1002/csr.1384
Luo, X., & Bhattacharya, C. B. (2009). The debate over doing good: Corporate social performance, strategic marketing levers, and firm-idiosyncratic risk. Journal of Marketing, 73(6), 198–213. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2260348
Lumpkin, G. T., & Dess, G. G. (1996). Clarifying the entrepreneurial orientation construct and linking it to performance. Academy of Management Review, 21(1), 135–172. https://doi.org/10.2307/258632
Mahdi, S., Nightingale, P., & Berkhout, F. (2002). A review of the impact of regulation on the chemical industry: Final report to the Royal Commission on Environmental Pollution. SPRU—Science and Technology Policy Research, University of Sussex.
McWilliams, A., & Siegel, D. (2001). Corporate social responsibility: A theory of the firm perspective. Academy of Management Review, 26(1), 117–127. https://doi.org/10.2307/259398
McWilliams, A., Siegel, D. S., & Wright, P. M. (2006). Corporate social responsibility: Strategic implications. Journal of Management Studies, 43(1), 1–18. https://doi.org/10.1111/j.1467-6486.2006.00580.x
Mulia, R. A., & Joni, J. (2019). Corporate social responsibility (CSR) and risk taking: Evidence from Indonesia. ACRN Journal of Finance and Risk Perspectives, 8(1), 152–162. https://www.acrn-journals.eu/resources/jofrp08j.pdf
Porter, M. E., & Kramer, M. R. (2011). Creating shared value. Harvard Business Review, 89(1–2), 62–77. https://www.hbs.edu/faculty/Pages/item.aspx?num=39071
Porter, M. E., & Van der Linde, C. (1995). Toward a new conception of the environment-competitiveness relationship. The Journal of Economic Perspectives, 9(4), 97–118. https://doi.org/10.1257/jep.9.4.97
Qiao, G., & Lu, Y. (2024). Operating efficiency in the capital-intensive semiconductor industry: A nonparametric frontier approach. Economics: The Open-Access, Open-Assessment Journal, 18(1), 1–17. https://doi.org/10.1515/econ-2022-0050
Yeh, Y. H., Lee, T. S., & Woidtke, T. (2001). Family control and corporate governance: Evidence from Taiwan. International Review of Finance, 2(1‐2), 21-48. https://onlinelibrary.wiley.com/doi/abs/10.1111/1468-2443.00014