本研究探討環境、社會和公司治理（ESG）績效對集團企業內部資本支出宣告事件效應的影響。我們使用2017年至2023年間28個台灣集團企業的1,047筆資本支出宣告樣本進行分析，並驗證同集團內宣告資本支出公司與未宣告公司的股價變動關係符合支持理論。多數文獻認為ESG績效對同集團內宣告資本支出公司與未宣告公司的股價變動關係具有正向調節作用；我們的研究結果顯示，ESG績效對同集團內宣告資本支出公司與未宣告公司的股價變動關係具有負向調節作用。這種調節效果在採用非相關多角化策略經營的集團企業和家族控制的集團企業中更為顯著。我們的研究結果表明，ESG績效表現傑出的公司，可能會使投資人對於其資本支出事件有所疑慮，從而削減了集團企業間的支持效應。在代理問題更為嚴重的集團企業（非相關多角化策略經營和家族控制）中更有顯著影響。

This study examines the influence of Environmental, Social, and Governance (ESG) performance on intra-business group effects of capital expenditure announcements. Using a sample of 1,047 capital expenditure announcements from 28 Taiwanese business groups between 2017 and 2023, we find that ESG performance negatively moderates the relationship between stock price changes of announcing firms and non-announcing peers. This moderating effect is more pronounced in business groups with unrelated diversification strategies and in family-controlled groups. Our findings suggest that ESG performance plays a crucial role in moderating the spillover effect within business groups, and in contexts of different characteristic of the business group.

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