本研究以台灣上市公司為主要衡量對象，擬研究2019年度至2023年度企業ESG表現與員工薪酬的關聯性，並進一步衡量企業內部永續發展委員會的存在可能產生的調節效果。此外，考量各變數對於薪酬影響可能產生的延遲效果，並進一步控制內生性問題，本研究之自變數採用落後一期數據，因而蒐集樣本期間為2018年度至2023年度。實證結果顯示，ESG表現較高之企業，其員工薪酬水準亦較高，惟影響程度有限，此外，永續發展委員會在提升前述關聯性的調節效果並不顯著。這說明依據現階段資料，尚無法推論企業得以僅透過永續發展委員會的設立提高其於市場上永續表現的評價，這可能是由於樣本數的限制，或是企業可能須加入其他方式如公司治理措施、長期永續承諾或是其他實際永續作為才能達成。

This study focuses on publicly listed companies in Taiwan and investigates the relationship between corporate ESG performance and employee compensation over the period from 2019 to 2023. Additionally, it examines the potential moderating effect of the establishment of a sustainability committee within firms. To account for the possible lagged effects of various factors on employee compensation and to address endogeneity concerns, this study employs lagged independent variables, thereby collecting data spanning from 2018 to 2023.
The empirical results indicate that firms with higher ESG performance tend to offer higher levels of employee compensation, although the magnitude of this effect is relatively limited. Moreover, the presence of a sustainability committee does not exhibit a significant moderating effect on the relationship between ESG performance and employee compensation. These findings suggest that, based on the current dataset, it is not possible to infer that the establishment of a sustainability committee alone is sufficient to enhance a firm's ESG valuation in the market. This may be attributed to sample size limitations or the possibility that companies must also adopt additional measures, such as improvements in corporate governance, long-term sustainability commitments, or other substantive sustainability initiatives, to achieve this goal.

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國家永續發展委員會https://ncsd.ndc.gov.tw/Fore/nsdn/about/taiwanAgenda21.
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