Abstract
This study aims to explore whether ESG (Environmental, Social, and Governance) scores incentivize the compensation of general managers in publicly traded companies in Taiwan. We analyzed data from 2209 companies during the period from 2015 to 2020, ultimately selecting 2188 company samples with complete ESG evaluations and general manager compensation data for research. Our primary finding is that while there is a significant positive correlation between the number of Executive Compensation and ESG scores, there is no clear relationship between the compensation of the general manager and ESG scores. Additionally, we found that the size of the company and the debt ratio significantly affect ESG scores. Our research results provide preliminary empirical evidence for companies to formulate ESG-oriented compensation strategies and suggest future research to delve into the complex relationship between Executive Compensation and ESG performance.
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