| 摘要: | 近年來，ESG（環境、社會與治理）議題日益受到關注，企業愈加重視永續發展與高階治理機制之連結，尤其是在薪酬制度設計上，是否導入 ESG 掛鉤指標成為關鍵實踐議題。家族企業因具有強烈的非財務目標，特別是社會情感財富（Socioemotional Wealth, SEW）偏好，可能展現出異於一般企業的永續治理行為模式。本研究聚焦於台灣上市與上櫃之家族企業，探討不同 SEW 類型（控制型與認同型）是否影響企業將 ESG 績效納入高階經理人薪酬設計的傾向，並進一步檢驗其對公司價值與 ESG 表現之關聯效果。
本研究蒐集 2015 至 2023 年台灣上市與上櫃公司年報、TEJ 財務與股權資料，以及卓越商情家族治理資料，透過 Python 文字探勘辨識 ESG 掛鉤薪酬制度之實施情形，建立邏輯斯迴歸與多元迴歸模型進行實證分析。實證結果發現，控制型 SEW 家族企業（如董事會中家族控制力強）較不傾向將 ESG 績效納入薪酬誘因設計，且當 ESG 績效提升時，其對薪酬制度的連動效果呈現抑制；相對地，認同型 SEW 家族企業（如家族成員數較多）則展現出顯著強化效果，並進一步提升企業 ESG 表現與市場評價。進一步以自願與強制 ESG 揭露情境進行分析，亦發現 SEW 對薪酬連結效果在自願揭露企業中更為顯著。
整體而言，本研究驗證家族企業在 SEW 動機差異下，對 ESG 掛鉤薪酬制度具有不同偏好與誘因反應，突顯 SEW 類型與揭露動機對永續治理制度設計之關鍵影響，亦對後續家族企業永續治理實務提供理論與政策建議依據。
;In recent years, ESG (Environmental, Social, and Governance) considerations have become increasingly central to corporate governance, particularly regarding executive compensation design. Family firms, driven by socioemotional wealth (SEW) priorities, may adopt sustainability strategies differently from non-family firms. This study investigates whether different SEW orientations—control-oriented and identity-oriented—influence the likelihood of linking executive pay to ESG performance, and whether such linkage affects firm performance and valuation. Using a sample of Taiwanese listed family firms from 2015 to 2023, we combine data from annual reports, TEJ financials, and governance databases. ESG-linked compensation is identified through Python-based text mining, and empirical models include logistic and multiple regressions. Results show that control-oriented family firms (e.g., with strong board control) are less likely to incorporate ESG metrics into pay contracts, and tend to suppress the effect of ESG performance on compensation. Conversely, identity-oriented firms (e.g., with more family members involved) strengthen ESG-pay alignment, and exhibit improved ESG outcomes and higher market valuation. Additional analysis reveals these effects are more significant in voluntarily disclosing firms, suggesting that SEW type interacts with disclosure incentives. This research highlights the role of SEW heterogeneity in shaping family firms’ responses to sustainability pressures and contributes to understanding how non-economic motives affect governance practices. Policy implications are also discussed for regulators and boards designing effective ESG incentive mechanisms. |
