本研究的目在於探討企業永續管理的產業趨勢以及企業永續績效與財務指標之間可能存在的因果關係與相互之間的影響。 第一部份是針對全球311家廠商區分為16個產業在永續發展的管理績效以資料包絡分析方法進行產業層面的評估，觀察各個產業永續績效的效率值在三年期間的績效變遷狀況;第二部份則是以線性結構模式探討企業永續管理與財務指標之間的相關性。 本研究的企業永續管理績效評分資料是由SAM Sustainable Asset Management所提供，該評分標準為道瓊永續指數(Dow Jones Sustainability Group Indexes)的標準分別評估企業在經濟，環境與社會三個面向的永續相關管理政策。依據本研究的實證發現1)不同產業在永續管理績效上有顯著差異 2)多數產業在本研究樣本區間內之永續管理績效有逐年進步的趨勢 3)在天然資源相關產業的廠商相對在永續管理績效表現較其他產業的表現穩定4) 永續管理績效指標較高者對當期與後一期之獲利有正面影響的傾向 5) 在永續管理績效表現相對較好的群組之中，永續管理與獲利可能存在正向互為因果的關係 6) 在永續管理績效相對較低的群組，永續指標對獲利指標有負面影響。 This research studies industrial trend of firms’ sustainability1 management, the possible casual relationship and effects between corporate sustainable development and financial indicators. The first portion of this study aims at industrial level of performance assessment by Data Envelopment Analysis (DEA) whereby applying datasets of 311 global firms’ sustainability management performance among 16 industrial sectors; the 16 sectors’ efficiency performance of sustainability over three consecutive years as well as their changes over time are being observed on a relative efficiency position plot. The second part of this research explores the causal relationship between corporate sustainable development and financial performance by second-order linear structural equation model (SEM). This study applies the underlying sustainability performance scores supplied by SAM Sustainable Asset Management, the assessment criteria are also the Dow Jones Sustainability Indexes standards which evaluates three dimensions of economic, environmental, social management policies. This empirical research reveals 1) different industrial sectors have significant differences on sustainability performance; 2) most industrial sectors’ sustainability performance are progressing over the three years’ sampling interval; 3) firms in the natural resource sector’s sustainability performance prevail others relatively in term of stability ; 4) the better sustainability performers may have a tendency of positive influence on firm’s profitability in the same and later periods; 5) a positive reciprocal causality may exist between sustainability and profitability among the better sustainability group; 6) sustainability influences firms’ profitability negatively in the lower sustainability group.
