隨著全球化商業時代的來臨，企業需規劃相關策略以達永續經營的目標。過去聯合國在永續發展評量指標中，提出ESG政策，針對環境、社會及公司治理三項指標進行定義，強調不同於過去只著重評估財務報表表現，企業應同時關注並投入社會及環境面向的議題。近年來，在國際趨勢的推動下，許多投資人也將ESG評量分數納入決策根據之一。 考量ESG政策對企業永續經營有著不可忽視的重要性，本研究選擇以保健產業為主軸，分析企業在ESG指標分數上的表現對企業財務指標的影響情形。

透過理解ESG如何影響財務表現，對企業有效規劃ESG相關行動有相當的重要性。本研究針對全球保健產業，探討ESG對企業財務表現的影響。透過整理2012年至2021年期間205家樣本公司的縱橫資料集，結果顯示，社會指標對於股東權益報酬率和息稅折舊攤銷前利潤均有顯著正向影響。然而公司治理指標顯示只對息稅折舊攤銷前利潤有正向影響。在公司規模方面，結果顯示其對財務表現有正向影響，而研發因子則有負向影響、槓桿率只對股東權益報酬率有正向影響。整體而言，由於單一ESG指標對企業財務表現影響可能相異，因此針對個別指標之探討有其重要性。同時，對於保健公司而言，持續有效管理社會責任指標相關行動，對企業之永續財務表現有良好的效益。

Understanding the impact of ESG involvement on corporate financial performance (CFP) is essential for integrating evidence-based strategic planning to implement efficient ESG management. This study analyzes the impact of ESG practices on corporate financial performance by examining corporate entities in the global healthcare industry. Based on an unbalanced panel dataset of 205 sample firms for the period 2012-2021, the results confirm that the social indicator has a positive influence on the two types of financial index, namely, the ROE and EBITDA, while the governance indicator is found to have a partial positive influence on EBITDA. As far as firm size is concerned, a firm's number of employees has a significant positive influence on CFP, as shown by the two empirical models. On the other hand, research and development intensity has a significant negative impact on CFP in both models, and leverage only has only a partially positive effect on the ROE.
Overall, this nuanced understanding underscores the importance of considering each ESG aspect individually, as their effects on CFP may vary. In addition, these results suggest that healthcare companies that prioritize and effectively manage their social responsibilities are more likely to achieve better financial performance.

Agarwal B, Gautam RS, Jain P, Rastogi S, Bhimavarapu VM, Singh S, (2023), Impact of Environmental, Social, and Governance Activities on the Financial Performance of Indian Health Care Sector Firms: Using Competition as a Moderator, Journal of Risk and Financial Management, 16(2):109. doi:10.3390/jrfm16020109

Ahmad N, Mobarek A, Roni NN, (2021), Revisiting the Impact of ESG on Financial
Performance of FTSE350 UK Firms: Static and Dynamic Panel Data Analysis, Cogent Business & Management, 8 (1): 1900500. doi.org/10.1080/23311975.2021.1900500.

Al-Homaidi EA, Farhan NHS, Alahdal WM, Khaled ASD, Qaid MM, (2021), Factors
affecting the profitability of Indian listed firms: A panel data approach, International Journal of Business Excellence, 23(1):1-17. doi:10.1504/IJBEX.2021.111928

Alareeni BA, Hamdan A, (2020), ESG impact on performance of US S&P 500-listed firms. Corporate Governance: The International Journal of Business in Society, 20(7):1409-1428. doi:10.1108/CG-06-2020-0258

Alsayegh MF, Abdul Rahman R, Homayoun S, (2020), Corporate Economic,
Environmental, and Social Sustainability Performance Transformation through ESG Disclosure. Sustainability, 12(9):3910. doi:10.3390/su12093910

Andersen ML, Dejoy JS, (2011), Corporate Social and Financial Performance: The Role of Size, Industry, Risk, R&D and Advertising Expenses as Control Variables. Business and Society Review, 116(2):237-256. doi:10.1111/j.1467 8594.2011.00384.x

Anghel I, Marian S, Cristea M, Sichigea M, Noja G, (2018), Intellectual Capital and Financial Performance of Biotech Companies in the Pharmaceutical Industry. Amfiteatru Economic, 20:631-646. doi:10.24818/EA/2018/49/631

Anklesaria-Dalal, K, Thaker, N, (2019), ESG and Corporate Financial Performance: A Panel Study of Indian Companies, 18: 44–59.

Aydoğmuş M, Gülay G, Ergun K, (2022), Impact of ESG performance on firm value and profitability. Borsa Istanbul Review, 22:119-127. doi:10.1016/j.bir.2022.11.006

Barnett ML, Salomon RM, (2012), Does it pay to be really good? Addressing the shape of the relationship between social and financial performance. Strategic Management Journal, 33(11):1304-1320. doi:10.1002/smj.1980

Bhattacharya A, Bhattacharya S, (2023), Integrating ESG Pillars for Business Model Innovation in the Biopharmaceutical Industry. Australasian Accounting, Business and Finance Journal, 17:127-150. doi:10.14453/aabfj.v17i1.12

Bilyay-Erdogan S, Danisman GO, Demir E, (2023) ESG Performance and Dividend Payout: A Channel Analysis. Finance Research Letters, 55: 103827.
doi.org/10.1016/j.frl.2023.103827.

Boakye DJ, Tingbani I, Ahinful G, Damoah I, Tauringana V, (2020), Sustainable
environmental practices and financial performance: Evidence from listed small and medium-sized enterprises in the United Kingdom. Business Strategy and the Environment, 29(6):2583-2602. doi:10.1002/bse.2522

Brower J, Dacin PA, (2020), An Institutional Theory Approach to the Evolution of the Corporate Social Performance – Corporate Financial Performance Relationship. Journal of Management Studies, 57(4):805-836. doi:10.1111/joms.12550

Burns L, DeGraaff R, Danzon P, Kimberly J, Kissick W, Pauly M, (2002), The Wharton School Study of the Health Care Value Chain. ISBN: 978-0-787-96021-6

Chang SC, (2014), The Determinants and Motivations of China’s Outward Foreign Direct Investment: A Spatial Gravity Model Approach. Global Economic Review, 43(3):244-268. doi:10.1080/1226508X.2014.930670

Deborah ME and Barrie C, (2024), Why greener pharmaceutical manufacturing is vital for the industry and our health. Open Access Government, pp.54-55. doi: 10.56367/OAG-042-11429

Diaye, MA, Ho, SH, Oueghlissi R, (2022), ESG Performance and Economic Growth: A Panel Co-Integration Analysis. Empirica, 49 (1): 99–122. doi.org/10.1007/s10663-021-09508-7.

Dinh HT, Pham CD, (2020), The Effect of Capital Structure on Financial Performance of Vietnamese Listing Pharmaceutical Enterprises. The Journal of Asian Finance, Economics and Business, 7(9):329-340. doi:10.13106/JAFEB.2020.VOL7.NO9.329

Drempetic S, Klein C, Zwergel B, (2020), The Influence of Firm Size on the ESG
Score: Corporate Sustainability Ratings Under Review. Journal of Business Ethics, Springer, 167(2):333-360. doi:10.1007/s10551-019-04164-1

Dzenopoljac V, Yaacoub C, Elkanj N, Bontis N, (2017), Impact of intellectual capital on corporate performance: Evidence from the Arab region. Journal of Intellectual Capital, 18(4):884-903. doi:10.1108/JIC-01-2017-0014

El Khoury R, Nasrallah N, Toumi A, (2022), ESG and performance in public health-care companies: The role of disclosure and director liability. Competitiveness Review: An International Business Journal, 33(1):203-221. doi:10.1108/CR-12-2021-0174

Erdogan M, Yamaltdinova A, (2019), A Panel Study of the Impact of R&D on Financial Performance: Evidence from an Emerging Market. Procedia Computer Science, 158:541-545. doi:10.1016/j.procs.2019.09.087

Farhan NHS, Alhomidi E, Almaqtari FaoziA, Tabash MI, (2019), Does Corporate
Governance Moderate the Relationship between Liquidity Ratios and Financial Performance? Evidence from Indian Pharmaceutical Companies. AJIS, 8(3). doi:10.36941/ajis-2019-0013

Franco S, Caroli MG, Cappa F, Del Chiappa G, (2020), Are you good enough? CSR, quality management and corporate financial performance in the hospitality industry. International Journal of Hospitality Management, 88:102395. doi:10.1016/j.ijhm.2019.102395

Friede G, Busch T, Bassen A, (2015), ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance and Investment, 5(4):210-233. doi:10.1080/20430795.2015.1118917

Gallo PJ, Christensen LJ, (2011), Firm Size Matters: An Empirical Investigation of Organizational Size and Ownership on Sustainability-Related Behaviors. Business and Society, 50(2):315-349. doi:10.1177/0007650311398784

Gupta K, Goel S, Bhatia P, (2020), Intellectual Capital and Profitability: Evidence from Indian Pharmaceutical Sector. Vision, 24(2): 204-216. doi:10.1177/0972262920914108

Hirunyawipada T, Xiong G, (2018), Corporate environmental commitment and financial performance: Moderating effects of marketing and operations capabilities. Journal of Business Research, 86:22-31. doi:10.1016/j.jbusres.2018.01.002

Horváthová E, (2012), The impact of environmental performance on firm performance: Short-term costs and long-term benefits? Ecological Economics, 84:91-97. doi: 10.1016/j.ecolecon.2012.10.001

Kalia D, Aggarwal D, (2023), Examining impact of ESG score on financial performance of healthcare companies. Journal of Global Responsibility, 14(1):155-176. doi:10.1108/JGR-05-2022-0045

Kearney C, (2018), Regulation and Market Influences on Innovation in Biotechnology. Journal of Commercial Biotechnology, 6(24(3)):57-62. doi: 10.5912/jcb860

Kim S, Li Z, (2021), Understanding the Impact of ESG Practices in Corporate Finance. Sustainability, 13(7):3746. doi:10.3390/su13073746

Kyere M, Ausloos M, (2021), Corporate governance and firms’ financial performance in the United Kingdom. International Journal of Finance and Economics, 26(2):1871-1885. doi:10.1002/ijfe.1883

Lee KW, Lev B, Yeo GHH, (2008), Executive pay dispersion, corporate governance, and firm performance. Review of Quantitative Finance and Accounting, 30(3):315-338. doi:10.1007/s11156-007-0053-8

Ledley FD, McCoy SS, Vaughan G, Cleary EG, (2020), Profitability of Large
Pharmaceutical Companies Compared with Other Large Public Companies. Journal of the American Medical Association, 323(9):834-843. doi:10.1001/jama.2020.0442

Leogrande, A and Costantiello A, (2023), The Role of GDP Growth in the ESG
Approach at World Level. dx.doi.org/10.2139/ssrn.4434206

Liao TS, Rice J, (2010), Innovation investments, market engagement and financial performance: A study among Australian manufacturing SMEs. Research Policy, 39(1):117-125. doi:10.1016/j.respol.2009.11.002

López-Toro AA, Sánchez-Teba EM, Benítez-Márquez MD, Rodríguez-Fernández M, (2021), Influence of ESGC Indicators on Financial Performance of Listed Pharmaceutical Companies. International Journal of Environmental Research and Public Health, 18(9):4556. doi:10.3390/ijerph18094556

Mahoney JT, Pandian JR, (1992), The resource-based view within the conversation of strategic management. Strategic Management Journal, 13(5):363-380. doi:10.1002/smj.4250130505

Malik MS, Kanwal L, (2018), Impact of Corporate Social Responsibility Disclosure on Financial Performance: Case Study of Listed Pharmaceutical Firms of Pakistan. Journal of Business Ethics, Springer, 150(1):69-78. doi:10.1007/s10551-016-3134-6

Margolis JD, Elfenbein HA, Walsh JP, (2009), Does it Pay to Be Good...And Does it Matter? A Meta-Analysis of the Relationship between Corporate Social and Financial Performance. Social Science Research Network. doi:10.2139/ssrn.1866371

Maxim LG, (2023), The Influence of the Capital Structure on the Profitability: Evidence from the Romanian Retail Industry. Bulletin of the Transilvania University of Brasov Series V: Economic Sciences, 109-120. doi:10.31926/but.es.2023.16.65.1.12

Mela CF, Kopalle PK, (2002), The impact of collinearity on regression analysis: The asymmetric effect of negative and positive correlations. Applied Economics, 34(6):667-677. doi:10.1080/00036840110058482

Meng T, Dato Haji Yahya MH, Ashhari ZM, Yu D, (2023), ESG Performance, Investor Attention, and Company Reputation: Threshold Model Analysis Based on Panel Data from Listed Companies in China. Heliyon, 9 (10): e20974.
doi.org/10.1016/j.heliyon.2023.e20974.

Miller HI, (2017), Personalized Medicine Needs Enlightened Regulation to Realize its Potential. Journal of Commercial Biotechnology, 23(4):3-5. doi:10.5912/jcb815

Mughal YH, Jehangir M, Khan M, Saeed M, (2021), Nexus between corporate social responsibility and firm's performance: A panel data approach. International Journal of Finance & Economics, 26(2):3173-3188. doi:10.1002/ijfe.1956

Khalil MA, Khalil R and Khalil MK, (2022), Environmental, social and governance (ESG) – augmented investments in innovation and firms' value: a fixed-effects panel regression of Asian economies. China Finance Review International, 2044-1398. doi: 10.1108/CFRI-05-2022-0067

Nandy M., (2020), Is There Any Impact of R&D on Financial Performance? Evidence from Indian Pharmaceutical Companies. FIIB Business Review, 9(4):319-334. doi:10.1177/2319714520981816

Oikonomou I, Brooks C, Pavelin S, (2014), The Effects of Corporate Social
Performance on the Cost of Corporate Debt and Credit Ratings. The Financial Review, 49(1):49-75. doi: 10.2139/ssrn.1944164

Rahman M, Rodríguez-Serrano MÁ, Lambkin M, (2020), Advertising efficiency and profitability: Evidence from the pharmaceutical industry. Industrial Marketing Management, 89:619-629. doi:10.1016/j.indmarman.2019.02.001

Rao A, Dagar V, Sohag K, Dagher L, Tanin TI, (2023), Good for the planet, good for the wallet: The ESG impact on financial performance in India. Finance Research Letters, 56:104093. doi:10.1016/j.frl.2023.104093

Sarhan AA, Ntim CG, Al-Najjar B, (2019), Board diversity, corporate governance, corporate performance, and executive pay. International Journal of Finance and Economics, 24(2):761-786. doi:10.1002/ijfe.1690

Sheela SC, Karthikeyan K, (2012), Financial Performance of Pharmaceutical Industry in India using DuPont Analysis. European Journal of Business and Management, 4(14):84-91.

Sinha Ray R, Goel S, (2023), Impact of ESG Score on Financial Performance of Indian Firms: Static and Dynamic Panel Regression Analyses. Applied Economics, 55 (15): 1742–1755. doi.org/10.1080/00036846.2022.2101611.

Sood SP, Keeroo S, Mbarika VWA, Prakash N, Seth A, (2009), Medical Informatics: Thirty Six Peer-Reviewed Shades. Handbook of Research on Distributed Medical Informatics and E-Health. IGI Global, 1-16. doi:10.4018/978-1-60566-002-8.ch001

Trisnowati Y, Achsani, NA, Sembel, R, Andati T, (2022), The Effect of ESG Score,
Financial Performance, and Macroeconomics on Stock Returns during the Pandemic Era in Indonesia. IJEEP, 12 (4): 166–172. doi.org/10.32479/ijeep.13212.

Tiwari R, (2021), Nexus between intellectual capital and profitability with interaction effects: Panel data evidence from the Indian healthcare industry. Journal of Intellectual Capital, 23(3):588-616. doi:10.1108/JIC-05-2020-0137

Tung LT, Binh QMQ, (2022), The impact of R&D expenditure on firm performance in emerging markets: Evidence from the Vietnamese listed companies. Asian Journal of Technology Innovation, 30(2):447-465. doi:10.1080/19761597.2021.1897470

Veeravel V, Sadharma EKS, Kamaiah B, (2024), Do ESG Disclosures Lead to Superior Firm Performance? A Method of Moments Panel Quantile Regression Approach. Corporate Social Responsibility and Environmental Management, 31 (1): 741–754. doi.org/10.1002/csr.2598.

Velte P, (2017), Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility, 8(2):169-178. doi:10.1108/JGR-11-2016-0029

Vuong N, Vu T, Mitra P, (2017), Impact of Capital Structure on Firm’s Financial
Performance: Evidence from United Kingdom. Journal of Finance and Economics Research, 2:18-32. doi:10.20547/jfer1702102

Xin JY, Yeung ACL, Cheng TCE, (2008), Radical innovations in new product
development and their financial performance implications: An event study of US manufacturing firms. Operations Management Research, 1(2):119-128.
doi:10.1007/s12063-009-0017-3

Yoo S, Managi S, (2022), Disclosure or action: Evaluating ESG behavior towards
financial performance. Finance Research Letters, 44:102108.doi:10.1016/j.frl.2021.102108

Websites
Bevz R. and Kryvenets O, (2023), Future of pharma & life sciences: What to expect in 2023. Published online 2023. https://www.avenga.com/magazine/pharmaceuticalindustry-
trends/. Accessed August 18, 2023.

Biotechnology Market Size to Surpass US$ 1,683.52 Bn by 2030. Precedence Research. Published online 2022. https://www.globenewswire.com/newsrelease/
2022/01/18/2368681/0/en/Biotechnology-Market-Size-to-Surpass-US-1-683-52-Bn-by-2030.html. Accessed August 18, 2023.

Deloitte pharma study: Drop-off in returns on R&D investments – sharp decline in peak sales per asset. Deloitte. Published online 2023.
https://www2.deloitte.com/ch/en/pages/press-releases/articles/deloitte-pharma-studydrop-off-in-returns-on-r-and-d-investments-sharp-decline-in-peak-sales-per-asset.html. Accessed August 18, 2023.

Dukart et al., (2022), Emerging from disruption: The future of pharma operations strategy. McKinsey Company. Published online 2022.
https://www.mckinsey.com/capabilities/operations/our-insights/emerging-fromdisruption-the-future-of-pharma-operations-strategy. Accessed August 11, 2023.

Fitzgerhald E, (2023), Exploring ESG and healthcare 2023. KPMG. Published online 2023. https://kpmg.com/xx/en/home/insights/2023/08/exploring-esg-andhealthcare.html Accessed May 17, 2024.

Global Sustainable Investment Review 2020. Global Sustainable Investment Alliance. GSIR-2021.pdf. https://www.gsi-alliance.org/wp-content/uploads/2021/08/GSIR-20201.pdf. Accessed August 8, 2023.

Global Pharmaceuticals Industry Analysis and Trends 2023. NAVADHI Market
Research. Published online 2019. https://www.reportlinker.com/p05750669/Global-
Pharmaceuticals-Industry-Analysis-and-Trends.html. Accessed August 18, 2023.

Global Medical Device Market to 2027 - by Product, Application, End-user and Region. Research and Markets. Published online 2022. https://www.globenewswire.com/newsrelease/2022/02/14/2384449/28124/en/Global-Medical-Device-Market-to-2027-by-Product-Application-End-user-and-Region.html. Accessed August 18, 2023.

Innovation Drives Evolving Global Pharma Business Models. FitchRatings. Published online 2023. https://www.fitchratings.com/research/corporate-finance/innovationdrives-evolving-global-pharma-business-models-21-03-2023. Accessed August 18, 2023.

May Alexis, (2022), Using AI to accelerate the discovery of insights and evidence from clinical text. Published online 2022. https://ai-med.io/ai-champions/using-ai-toaccelerate-the-discovery-of-insights-and-evidence-from-clinical-text/. Accessed August 18, 2023.

Next in pharma: Thriving in 2023. PwC. Published online 2023. https://www.pwc.com/us/en/industries/pharma-lifesciences/pharmaceutical-industrytrends.html. Accessed August 8, 2023.

Pharmaceutical Contract Manufacturing Market. Markets and Markets.
https://www.marketsandmarkets.com/Market-Reports/pharmaceutical-contractmanufacturing-market-201524381.html. Accessed August 18, 2023.

Reports
Upadhyay A, et al., (2024), How can Sustainability and ESG be the microscope and telescope in the Indian healthcare sector. EY. https://assets.ey.com/content/dam/eysites/ey-com/en_in/topics/climate-change/2024/ey-in-how-can-sustainability-and-esgbe-the-microscope-and-telescope-in-the-indian-healthcare-sector.pdf

Environmental, social and governance scores from REFINITIV 2022, REFINITIV
https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/refinitiv-esg-scores-methodology.pdf

Boffo, R, and R. Patalano, (2020), ESG Investing: Practices, Progress and Challenges. OECD Paris, www.oecd.org/finance/ESG-Investing-Practices-Progress-and-Challenges.pdf.

Ledesma A, McCulloh C, Wieck H, Yang M, Health Care Sector Overview.
https://s3.wp.wsu.edu/uploads/sites/606/2015/02/SectorOverview_HC_Spring2014.pdf.

Martin B, Brindisi C, Kay I, (2020), The Stakeholder Model and ESG. The Harvard Law School Forum on Corporate Governance. https://corpgov.law.harvard.edu/2020/09/14/the-stakeholder-model-and-esg/

Park HM, (2011), Practical Guides to Panel Data Modeling: A Step by Step Analysis Using Stata. International University of Japan Public Management and Policy Analysis Program.

Whelan T, Atz U, Holt TV, Clark C, (2021), ESG and Financial Performance:
Uncovering the Relationship by Aggregating Evidence from 1,000 Plus Studies
Published between 2015 – 2020. https://www.icgn.org/sites/default/files/202108/ESG%20and%20Financial%20Performance%20Uncovering%20the%20Relationship%20NYU%20Stern.pdf