本研究旨在探討台灣上市櫃企業在面對國際永續壓力下，其外銷比例是否會影響企業 ESG（環境、社會與治理）行為，並進一步分析機構投資人對此過程所扮演的監督角色。研究以 2014 年至 2021 年共 3,086 筆公司－年度觀測值為樣本，依據企業永續報告書中揭露之重大議題矩陣資訊，建立四個 ESG 策略導向指標（Stakeholder、Performance、Align、Importance），以及三個 ESG 議題構面變數（Environmental、Social、Governance），並納入法人持股比例、法人類型（內資／外資）與外銷比例交互項進行迴歸分析。 實證結果顯示，企業外銷比例與是否經第三方驗證 ESG 報告書無顯著關聯，但在是否「自願」揭露 ESG 資訊方面則呈現顯著正向，顯示出口導向企業較可能因應國際客戶壓力而提前啟動揭露行為。另一方面，在重大議題設計上，出口導向企業更傾向聚焦於高關注度與高營運衝擊的核心議題。機構投資人對企業 ESG 策略具有推動作用，尤其在 Stakeholder 與 Importance 區域表現最為顯著。進一步區分內資與外資後發現，外資法人對環境構面具有強化效果，並傾向促使企業聚焦於具制度化與國際可比性的議題；內資法人則在 Align（共識性議題）與社會構面表現較積極，但對公司治理議題之影響相對有限。 ;This paper investigates whether the export ratio of Taiwanese listed companies affects their ESG behavior under increasing global sustainability pressures. Using a panel dataset of 3,086 firm-year observations from 2014 to 2021, this paper constructs four ESG strategy orientation indicators (Stakeholder, Performance, Align, and Importance) and three ESG dimension variables (Environmental, Social, and Governance) based on the materiality matrix information disclosed in corporate sustainability reports. The empirical results indicate that firms’ higher export ratio is positively correlated with voluntary ESG disclosure, indicating that exporters are more proactive in ESG reporting. In terms of issue materiality, institutional investors also play a role in shaping corporate ESG strategies, with particularly strong effects observed in the Stakeholder and Importance issue dimensions. Further analysis distinguishing between domestic and foreign institutional investors reveals that foreign investors reinforce environmental disclosure. In contrast, domestic investors appear more engaged in the Align and Social dimensions, while their influence on Governance-related disclosures is relatively limited.
