隨著永續發展與社會責任逐漸納入公司的經營策略中，ESG（環境、社會、公司治理）在非財務績效的指標上已成為重要依據。為深入了解ESG資訊揭露對公司價值的影響，本研究選取2013年至2022年臺灣上市櫃公司為樣本，探討ESG揭露及揭露品質與公司價值間之關係，並進一步分析家族企業是否在其中具有調節效果。
研究結果顯示，企業整體的ESG評分與公司價值之間呈現顯著正向關係，支持企業透過積極揭露永續資訊有助於強化投資人信心、提升企業透明度，進而創造長期價值。然而，家族企業是否能進一步放大此一效果則未獲實證支持，顯示家族企業屬性並不一定加強ESG揭露對公司價值的影響力。
在揭露品質方面，雖然重複性單獨指標對公司價值的影響並未達統計水準，但當納入家族企業時，其產生顯著負相關並具有調節效果。結果顯示家族企業所有權越集中時，對於報告揭露內容具有更新性及差異性，進而影響公司在市場之評價。

As sustainable development and corporate social responsibility increasingly become a part of business strategies, ESG (Environmental, Social, and Governance) indicators have become a key factor for assessing non-financial performance. To explore the impact of ESG disclosure on firm value, this study examines a panel of Taiwan-listed companies from 2013 to 2022. The research examines the relationship between ESG disclosure, disclosure quality, and firm value and further evaluating whether family ownership plays a moderating role in this relationship.
The result shows a significant positive association between a firm’s overall ESG score and its firm value, supporting that proactive ESG disclosure enhances investor confidence, improves corporate transparency, and contributes to long-term value creation. However, the moderating effect of family firms on this relationship was not supported by the evidence, implying that family ownership does not necessarily amplify the impact of ESG disclosure on firm value.
Regarding disclosure quality, the variable measuring repetition alone did not show a statistically significant effect. Nevertheless, when interacting with family ownership, repetition exhibited a significant negative relationship with firm value, indicating a moderating effect. Specifically, firms with more concentrated family ownership tend to avoid repetitive content and instead provide more updated and differentiated information, which may affect its firm value in the capital market.

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