IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v17y2025i13p6208-d1696102.html

Exploring Key Factors Influencing ESG Commitment: Evidence from Taiwanese Listed Companies

Author

Listed:
  • Kai-Chao Yao

    (Department of Industrial Education and Technology, National Changhua University of Education, No. 1, Jin-De Rd., Changhua 500, Taiwan)

  • Cheng-Chang Lai

    (Department of Industrial Education and Technology, National Changhua University of Education, No. 1, Jin-De Rd., Changhua 500, Taiwan)

  • Wen-Jye Shyr

    (Department of Industrial Education and Technology, National Changhua University of Education, No. 1, Jin-De Rd., Changhua 500, Taiwan)

  • Da-Fang Chou

    (Department of Industrial Education and Technology, National Changhua University of Education, No. 1, Jin-De Rd., Changhua 500, Taiwan)

  • Kun-Ming Huang

    (Department of Industrial Education and Technology, National Changhua University of Education, No. 1, Jin-De Rd., Changhua 500, Taiwan)

Abstract

This study addresses critical Environmental, Social, and Governance (ESG) research gaps in Asia by developing a validated and holistic framework tailored to Taiwanese listed companies. Integrating the Resource-Based View (RBV), Institutional Theory, and Stakeholder Theory, the framework encompasses five key dimensions relevant to ESG commitment: Corporate Governance, Regulatory Pressure, Stakeholder Influence, Financial Performance, and ESG Implementation. This study adopts a two-round Delphi method involving 15 cross-sector ESG experts and uses a 7-point Likert scale questionnaire to validate 40 ESG sub-indicators. The research offers significant theoretical and practical contributions. Academically, it integrates multiple theoretical perspectives, providing a more comprehensive and enriched understanding of the key drivers influencing ESG commitment. It offers robust empirical validation within the specific Taiwanese context, thereby contributing to the body of knowledge in ESG research. Practically, it provides structured guidance for enhancing ESG readiness, empowering companies to implement more effective and impactful ESG strategies, and offers a practical tool for improving ESG performance. Furthermore, this framework’s adaptability positions it as a scalable model for ESG assessment and strategic alignment across Asia, providing valuable insights for policymakers and businesses seeking to advance sustainable development in the region.

Suggested Citation

  • Kai-Chao Yao & Cheng-Chang Lai & Wen-Jye Shyr & Da-Fang Chou & Kun-Ming Huang, 2025. "Exploring Key Factors Influencing ESG Commitment: Evidence from Taiwanese Listed Companies," Sustainability, MDPI, vol. 17(13), pages 1-22, July.
    • Handle: RePEc:gam:jsusta:v:17:y:2025:i:13:p:6208-:d:1696102
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/17/13/6208/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/17/13/6208/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Gunnar Friede & Timo Busch & Alexander Bassen, 2015. "ESG and financial performance: aggregated evidence from more than 2000 empirical studies," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 5(4), pages 210-233, October.
    2. Jacqueline de Almeida Barbosa Franco & Ary Franco Junior & Rosane Aparecida Gomes Battistelle & Barbara Stolte Bezerra, 2024. "Dynamic Capabilities: Unveiling Key Resources for Environmental Sustainability and Economic Sustainability, and Corporate Social Responsibility towards Sustainable Development Goals," Resources, MDPI, vol. 13(2), pages 1-25, February.
    3. Sakis Kotsantonis & Chris Pinney & George Serafeim, 2016. "ESG Integration in Investment Management: Myths and Realities," Journal of Applied Corporate Finance, Morgan Stanley, vol. 28(2), pages 10-16, June.
    4. United Nations UN, 2015. "Transforming our World: the 2030 Agenda for Sustainable Development," Working Papers id:7559, eSocialSciences.
    5. ., 2024. "Corporate Sustainability Reporting Directive," Chapters, in: EU Banking and Financial Regulation, chapter 72, pages 648-653, Edward Elgar Publishing.
    6. Dyck, Alexander & Lins, Karl V. & Roth, Lukas & Wagner, Hannes F., 2019. "Do institutional investors drive corporate social responsibility? International evidence," Journal of Financial Economics, Elsevier, vol. 131(3), pages 693-714.
    7. Rekha Guchhait & Biswajit Sarkar, 2023. "Increasing Growth of Renewable Energy: A State of Art," Energies, MDPI, vol. 16(6), pages 1-29, March.
    8. Syeda Humayra Abedin & Silima Subha & Mumtaheena Anwar & Md. Nurul Kabir & Yasean A. Tahat & Mohammed Hossain, 2023. "Environmental Performance and Corporate Governance: Evidence from Japan," Sustainability, MDPI, vol. 15(4), pages 1-20, February.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Dirk Schoenmaker & Willem Schramade, 2019. "Investing for long-term value creation," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 9(4), pages 356-377, October.
    2. Joel Diener & André Habisch, 2022. "Developing an Impact-Focused Typology of Socially Responsible Fund Providers," JRFM, MDPI, vol. 15(7), pages 1-18, July.
    3. Xu, Chong & Tao, Miaomiao & Qi, Lingli & Roubaud, David, 2025. "Can green CEOs trigger the green premium effect?," Finance Research Letters, Elsevier, vol. 80(C).
    4. Tan, Yeng-May & Szulczyk, Kenneth & Sii, Yew-Hei, 2023. "Performance of ESG-integrated smart beta strategies in Asia-Pacific stock markets," Research in International Business and Finance, Elsevier, vol. 66(C).
    5. Al-Shaer, Habiba & Uyar, Ali & Kuzey, Cemil & Karaman, Abdullah S., 2023. "Do shareholders punish or reward excessive CSR engagement? Moderating effect of cash flow and firm growth," International Review of Financial Analysis, Elsevier, vol. 88(C).
    6. Sirin, Selahattin Murat & Yilmaz, Berna N., 2025. "Tech firms and the renewable energy sector: Exploring the moderating effects of institutional ownership on financial connectedness," Research in International Business and Finance, Elsevier, vol. 80(C).
    7. Lin, Jiayu & Pan, Dongliang & Sha, Yezhou, 2025. "The impact of ESG investment on fund performance: Evidence from mutual fund style drift," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    8. Jin, Shaorong & Xiong, Ruoyu & Peng, Huan & Tang, Shiyu, 2025. "ESG performance and private enterprise resilience: Evidence from Chinese financial markets," International Review of Financial Analysis, Elsevier, vol. 98(C).
    9. Lukas Benz & Stefan Paulus & Julia Scherer & Janik Syryca & Stefan Trück, 2021. "Investors' carbon risk exposure and their potential for shareholder engagement," Business Strategy and the Environment, Wiley Blackwell, vol. 30(1), pages 282-301, January.
    10. Hyun Ah Kim & Nam Chul Jung, 2022. "Related Party Transactions and Corporate Social Responsibility: Evidence from Korea," Sustainability, MDPI, vol. 14(12), pages 1-19, June.
    11. Gillan, Stuart L. & Koch, Andrew & Starks, Laura T., 2021. "Firms and social responsibility: A review of ESG and CSR research in corporate finance," Journal of Corporate Finance, Elsevier, vol. 66(C).
    12. Syed Hassan Jamil & Majid Jamal Khan, 2024. "Do corporate environmental protection efforts reduce firm‐level operating risk? Evidence from a developing country," Business Strategy and the Environment, Wiley Blackwell, vol. 33(5), pages 4480-4492, July.
    13. Jootae Kim & Sungjin Son & Ick Jin, 2022. "The Effects of Shareholding of the National Pension Fund on Environmental, Social, Governance, and Financial Performance: Evidence from the Korean Manufacturing Industry," Sustainability, MDPI, vol. 14(18), pages 1-17, September.
    14. Alves, Rómulo & Krüger, Philipp & van Dijk, Mathijs, 2025. "Drawing up the bill: Are ESG ratings related to stock returns around the world?," Journal of Corporate Finance, Elsevier, vol. 93(C).
    15. Zhu, Minghao & Yeung, Andy C.L. & Zhou, Honggeng, 2021. "Diversify or concentrate: The impact of customer concentration on corporate social responsibility," International Journal of Production Economics, Elsevier, vol. 240(C).
    16. Serghei PETIGHIN, 2024. "Shifting Focus: The Role Of Environmental, Social, And Governance Factors In Investment Policy During A Pandemic," Eastern European Journal for Regional Studies (EEJRS), Center for Studies in European Integration (CSEI), Academy of Economic Studies of Moldova (ASEM), vol. 10(2), pages 85-96, December.
    17. Stanislav Edward Shmelev & Elisa Gilardi, 2025. "Sustainable Business as a Force for Good in the Context of Climate Change: An Econometric Modelling Approach," Sustainability, MDPI, vol. 17(4), pages 1-35, February.
    18. Massimo Arnone & Angelo Leogrande & Alberto Costantiello & Lucio Laureti, 2024. "Banking Stability in the ESG Framework Across Italian Regions," Working Papers hal-04647121, HAL.
    19. Ramírez-Orellana, Alicia & Martínez-Victoria, MCarmen & García-Amate, Antonio & Rojo-Ramírez, Alfonso A., 2023. "Is the corporate financial strategy in the oil and gas sector affected by ESG dimensions?," Resources Policy, Elsevier, vol. 81(C).
    20. Isabel‐María García‐Sánchez & Lázaro Rodríguez‐Ariza & Beatriz Aibar‐Guzmán & Cristina Aibar‐Guzmán, 2020. "Do institutional investors drive corporate transparency regarding business contribution to the sustainable development goals?," Business Strategy and the Environment, Wiley Blackwell, vol. 29(5), pages 2019-2036, July.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:17:y:2025:i:13:p:6208-:d:1696102. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.