董事會和高階經理人團隊組成對於ESG績效之影響探討:台灣半導體產業之調查

Abstract

在全球永續發展趨勢推動下，企業在環境、社會與公司治理（ESG）三大構面上的表現已逐漸成為衡量其競爭力與永續經營能力的重要依據。高階主管特徵作為企業策略與文化的主要塑造力量，對企業是否能在ESG上有所作為具有關鍵影響力。然而，現有文獻對於董事會與高階管理團隊（Top Management Team, TMT）組成對ESG表現的影響仍多集中於董事會或高階管理團隊，缺乏系統性整合與實證探討，且少有探討半導體產業的實證研究。本研究以2018年至2022年區間台灣半導體產業上市上櫃公司為主要研究對象，透過縱橫資料分析法，探討董事會與TMT的教育程度、行銷背景與性別組成三大特徵對企業ESG綜合評分及其環境（E）、社會（S）、公司治理（G）構面之影響。實證模型採用隨機效果模型進行複迴歸分析，並控制公司規模及年份固定效果，變數亦考量一年期的時間差（time lag）以強化因果推論，最終選取281家公司，共計1343個樣本觀察值。實證結果顯示：（一）董事會與TMT的教育程度對ESG表現未呈現正向關聯，部分模型甚至出現顯著負向影響；（二）TMT的行銷背景比例對ESG整體與構面表現具顯著正向影響；而董事會層面的行銷背景則無顯著效果；（三）董事會女性比例與ESG表現呈現顯著負向關。本研究補足半導體產業中人力資本與永續績效關係的實證缺口，亦為企業在董事會與管理團隊任用、性別多元化策略、與永續能力建構方面提供政策與實務建議。Driven by the global trend of sustainable development, corporate performance in the three dimensions of Environmental, Social, and Governance (ESG) has become an increasingly important indicator of competitiveness and long-term viability. As key architects of corporate strategy and culture, the characteristics of top executives play a critical role in determining whether a company can effectively implement ESG initiatives. However, existing literature often focuses solely on either the board of directors or the top management team (TMT), lacking an integrated and empirical analysis of both levels—particularly in the semiconductor industry.This study investigates publicly listed semiconductor companies in Taiwan from 2018 to 2022. Using panel data analysis, it examines how three major characteristics—educational attainment, marketing background, and gender composition—of both the board and TMT influence overall ESG scores and their subcomponents: environmental (E), social (S), and governance (G) performance. Random effects models were employed for multiple regression analysis, controlling for firm size and year-fixed effects. Additionally, a one-year time lag was introduced to strengthen causal inference. The final sample includes 281 firms and a total of 1,343 firm-year observations.The empirical results indicate that: (1) the educational level of both the board and TMT does not exhibit a positive correlation with ESG performance, and in some models, it shows a significantly negative impact; (2) a higher proportion of TMT members with a marketing background is significantly and positively associated with overall and subcomponent ESG performance, while the marketing background of board members has no significant effect; and (3) the proportion of female directors on the board is significantly and negatively associated with ESG performance.This study fills a gap in empirical research on the relationship between human capital and sustainability performance in the semiconductor industry. It also provides policy and practical implications for corporate board and executive appointments, gender diversity strategies, and ESG capability building.