6最後分析_平衡資料(溫)去spr小1補IV.xls

This study investigates the relationship between executive–worker pay disparity and corporate sustainability performance using a sample of publicly listed firms on the Taiwan Stock Exchange. Employing the System Generalized Method of Moments to address endogeneity concerns, the analysis reveals that greater pay disparities are associated with lower overall sustainability performance. In particular, wider pay gaps are negatively related to both environmental and social performance, while no significant association is observed with governance outcomes. These results suggest that firms seeking to strengthen their sustainability efforts—especially in the environmental and social domains—should consider internal pay equity when designing compensation policies.