本研究以事件研究法檢測自2017年至2022年間，上市櫃公司在公開資訊觀測站公告受到ESG相關裁罰後，股價是否產生反應，並分別檢測違反空氣污染防制法、水污染防制法、勞動基準法及其他不同法令時，所產生之異常報酬是否有所差異。在檢驗了研究區間內182個樣本後發現，在2017年至2022年間之全數樣本中，並未產生顯著異常報酬，此外，不同法規之裁罰事件大多無顯著異常報酬率，惟在事件期前數日，有顯著異常報酬，顯示在裁罰公告前，企業受到裁罰之訊息可能已提前被市場所知，使市場提前反應，惟異常報酬率均屬不高，可能係因實際罰鍰金額，對公司財務影響有限。由於效率市場性質，導致ESG相關裁罰事件，並未對該公司股價產生顯著的異常報酬。

This study uses the event study to examine the stock price reactions for listed companies that were fined for violating various ESG-related regulations between 2017 and 2022, as announced on the Taiwan Stock Exchange Market Observation Post System. The study focuses on violations of different laws, such as the Air Pollution Control Act, Water Pollution Control Act, Labor Standards Act, and other regulations, and examines whether there are differences in abnormal returns. After examining 182 samples during the research period, the study finds that there were no significant abnormal returns in any of the samples. In addition, most of the violations within different regulations did not result in significant abnormal return rates, except for a few days before the announcement, where there were significant abnormal returns. This suggests that information about the ESG sanctions may have been leaked to the market before the actual announcement, but the abnormal returns were relatively small. This could be due to the limited impact of the amount of fines on the company's finances. And the efficiency of the market may cause ESG sanctions news have not generated significant abnormal returns in the stock prices of the affected companies.

1.沈中華與李建杰 (2000) ，《事件研究法》，台北: 華泰文化。
2.赤道原則協會官方網站https://americanmigrainefoundation.org/resource-library/caffeine-and-migraine/
3.周賓凰與蔡坤芳 (1997) ，「台灣股市日資料特性與事件研究法」，《證券市場發展季刊》，第九卷，第二期，1-27。
4.責任投資原則國際官方網站https://americanmigrainefoundation.org/resource-library/caffeine-and-migraine/
5.國立臺北大學. (2022) ，《台灣永續投資調查》.
https://americanmigrainefoundation.org/resource-library/caffeine-and-migraine/
6.曹耀鈞,薛舜仁與白憶萱 (2012)，「股價對環境、社會與治理負面訊息反應之研究」， 《會計與公司治理》，第八卷，第二期，51-75。
7.Annisa, A. N., & Hartanti, D. (2021).“The Impact of Environmental, Social, and Governance Performance on Firm Risk in the ASEAN-5 Countries, 2011-2017”In Asia-Pacific Research in Social Sciences and Humanities Universitas Indonesia Conference , APRISH 2019 , pp. 625-634 . Atlantis Press.
8.Aouadi, A., & Marsat, S. (2018).“Do ESG controversies matter for firm value? Evidence from international data”, Journal of Business Ethics, Vol. 151
9.Beaver, W. H. (1982). “Discussion of Market-Based Empirical Research in Accounting: A Review. ” Journal of Accounting Research, Supplement, 20, 323-331.
10.Bei, C., & Paul, D. (2020).“Stock Price Overreaction to ESG Controversies.” Available at SSRN 3559915
11.Brown, S. J. and Warner, J. B., ”Using Daily Stock Returns: The Case Of Event Studies”, Journal of Financial Economics, 1985, 14(1), 3-31.
12.Cao, J., Titman, S., Zhan, X., & Zhang, W. E. (2019), “Esg preference and market efficiency: Evidence from mispricing and institutional trading.” Available at SSRN 3353623.
13.Cao, J., Han, B., Wang, Q. H. (2017), “Institutional Investment Constraints and Stock Prices.” Journal of Financial and Quantitative Analysis, Vol. 52, No. 2, Apr. 2017, pp. 465-489
14.Capelle-Blancard, G., & Petit, A. (2019). “Every little helps? ESG news and stock market reaction”, Journal of Business Ethics Vol. 157, pp.543-565
15.Derrien, F., Krueger, P., Landier, A., & Yao, T. (2022).“ESG News, Future Cash Flows, and Firm Value.”Swiss Finance Institute Research Paper No. 21-84, HEC Paris Research Paper No FIN-2021-1441, Available at SSRN 3903274
16.Edelen, R. M., Ince, O. S., & Kadlec, G. B. (2016). “Institutional investors and stock return anomalies.”, Journal of Financial Economics, 119(3)
17.Fama, E. F. (1970). “Efficient Capital Market: A Review of Theory and Empirical Work. ”, Journal of Finance, Vol.25, No.2, pp. 382-417.
18.Fama, E. F. (1976). “Foundation of Finance. ”New York, Basic Books.
19.Fernando, C. S., Sharfman, M. P. & Uysal, V. B. (2009). “Do Investors Want Firms to be Green? Environmental Performance, Ownership and Stock Market Liquidity”, Academy of Management Proceedings, Vol. 2009
20.Global Sustainable Investment Review 2020 ,GSIR 2020,
https://www.gsi-alliance.org/wp-content/uploads/2021/08/GSIR-20201.pdf
21.Hartzmark, S. M., & Sussman, A. B. (2019), “Do Investors Value Sustainability? A Natural Experiment Examining Ranking and Fund Flows.”, The Journal of Finance, Vol. 74, No. 6.