本研究以 2002 至 2021 年間美國上市公司為樣本，探討公司複雜度與環境、社 會與公司治理（ESG）表現之關係。本文採用 Loughran 與 McDonald（2023） 所提出的全新複雜度指標，進一步分析複雜度透過無形資產累積與資訊透明度兩 大機制影響 ESG 表現的路徑。實證結果顯示，較高的公司複雜度可顯著提升整 體 ESG 表現，尤以環境與社會面向最為明顯。機制分析進一步指出，無形資產 為最主要的中介途徑，解釋了超過 75% 的間接效果。此外，財務狀況與市場競 爭亦對複雜度影響 ESG 的關係具有調節作用。整體而言，研究結果顯示，在妥 善管理下，公司複雜度可作為提升企業永續表現的策略性資產。;This study investigates the relationship between firm complexity and Environmental, Social, and Governance (ESG) performance on U.S. public firms from 2002 to 2021. Utilizing a novel complexity index developed by Loughran and McDonald (2023), we explore whether and how complexity influences ESG performance through three primary channels: the accumulation of intangible assets and information transparency. Empirical results suggest that higher firm complexity significantly improves overall ESG performance, especially in environmental and social dimensions. Mechanism analysis reveals that intangible assets serve as the dominant pathway, accounting for over 75% of the indirect effects. Moreover, the effect of complexity on ESG is moderated by financial health and market competition. These results imply that firm complexity, when well-managed, may serve as a strategic asset that enhances corporate sustainability performance.
