本研究以 2016 年至 2023 年台灣上市上櫃非金融業公司為研究對象，樣本使用臺灣經濟新報（TEJ）資料庫中之 TESG 評分作為主要被解釋變數ESG 績效衡量方式，而主要解釋變數為落後一期之公司董事會穩定性指標，並納入財務績效、公司規模、公司年齡、董事會規模、獨立董事比例、營收成長率與負債比率等控制變數，加以控制產業固定效果以及年份固定效果，建構迴歸模型進行實證分析。研究結果顯示，公司董事會穩定性與 ESG 績效呈現顯著正向關聯，其他變數如 ROA、公司規模及獨立董事比率等，同樣對 ESG 表現具顯著影響。而在穩健性檢測章節中亦發現到，公司董事會穩定性特別在公司治理構面中效果最為明顯，顯示穩定的董事會結構有助於企業建立一致且連續之政策，進而強化其永續經營能力。

This study examines listed and OTC non-financial firms in Taiwan from 2016 to 2023. The sample is based on ESG scores from the Taiwan Economic Journal (TEJ), with the TESG score used as the main dependent variable to measure ESG performance. The key independent variable is the one-period lagged board stability indicator. Control variables include financial performance (ROA), firm size, firm age, board size, proportion of independent directors, revenue growth, and debt ratio. The regression model also incorporates industry and year fixed effects. The empirical results reveal a significantly positive relationship between board stability and ESG performance. Other variables, such as ROA, firm size, and the proportion of independent directors, also have a significant influence on ESG outcomes. Furthermore, the robustness check shows that the effect of board stability is particularly prominent in the corporate governance dimension, indicating that a stable board structure helps firms establish consistent and continuous policies, thereby enhancing their capacity for sustainable operations.

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