隨著ESG成為企業經營的重要議題，企業如何選擇重大議題並展現其永續作為，受到越來越多關注。本研究以台灣2014年至2021年間3,106筆上市櫃公司永續報告書為樣本，探討重大議題矩陣中議題分布對企業ESG經營績效(本文稱ESG分數)與漂綠行為之影響，並納入家族企業特性進行調節效果分析。實證結果顯示，企業聚焦於公司治理議題有助於提升ESG分數，而強調環境面向反而可能降低其表現。此外，重大性區塊中揭露環境議題可減少漂綠傾向，社會議題則可能增加漂綠風險。家族企業普遍呈現較低的ESG分數與較高的漂綠傾向，且在選擇特定議題時，其策略更顯謹慎或具象徵性。本研究補足重大議題矩陣在ESG文獻中的實證應用，亦為家族企業永續策略提供新見解。;As ESG has become a critical aspect of corporate management, increasing attention has been paid to how firms select material issues and demonstrate their sustainability practices. This study uses a sample of 3,086 sustainability reports issued by Taiwan′s listed companies from 2014 to 2021 to examine how the distribution of topics within the materiality matrix affects firms’ ESG Performance and greenwashing behavior, while also incorporating the moderating role of family firm characteristics. Empirical results reveal that a focus on corporate governance topics contributes positively to ESG Performance, whereas emphasizing environmental issues may negatively affect it. Moreover, disclosing environmental issues within the high-materiality quadrant of the matrix can reduce greenwashing tendencies, while social issues in the same area may increase the risk. Family firms generally exhibit lower ESG Performance and higher levels of greenwashing, and their topic selection strategies tend to be more cautious or symbolic. This study contributes to the ESG literature by providing empirical evidence on the application of the materiality matrix and offers new insights into the sustainability strategies of family-owned enterprises.
