董事會性別平衡對經營績效影響;The impact of board gender balance on financial performance.

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题名:	董事會性別平衡對經營績效影響;The impact of board gender balance on financial performance.
作者:	劉芷因;LIU, CHIH-YIN
贡献者:	產業經濟研究所在職專班
关键词:	女性董事;經營績效;風險係數;proportion of female directors. financial performance .beta
日期:	2023-07-28
上传时间:	2024-09-19 16:18:25 (UTC+8)
出版者:	國立中央大學
摘要:	近年來，教育的普及與性別平等的提倡，女性董事於公司治理的議題逐漸受到重視。本研究以2012年至2021年台灣上市櫃公司為研究對象，探討女性董事比率與財務績效、公司風險與股價報酬之關聯性。實證結果顯示，女性董事比率與資產報酬率呈現正向顯著。女性董事能提供企業多元化的建議、諮詢和溝通管道，透過多面向的觀點，給予更佳的決策方向，為企業引進專業的資源並監督公司的經營績效；而女性董事比率在托賓Q有正面的影響，可增強公司治理並提高公司價值。然而女性董事比率在股價報酬上不呈現因果關係，顯示市場投資人對於董事會的性別構成沒有顯著的反映在股票上的表現。從另一個角度看，女性董事比率能有效降低公司的風險，由於女性董事對於企業高風險投資，能做出全面性的思考，並提出靈活的決策，提升女性董事比率能有效避免過度性風險投資。綜上所述，企業應鼓勵女性參與董事會，並落實性別平等，有助於公司建構良好風險管理制度，進而提升企業的價值並追求良好公司治理。 ;In recent years, with the prevalence of education and the promotion of gender equality, female directors have gradually gained attention in the domain of corporate governance. This study examines the correlation between female director ratio and financial performance, corporate risk, and stock price return of Taiwan listed companies from 2012 to 2021. The empirical results show that the ratio of female directors and return on assets exhibit a significant positive trend. Female directors can provide holistic advices, offer consultation, and develop communication channels for enterprises to make better decisions. In addition, they are able to introduce professional resources to monitor the company′s business performance. The ratio of female directors yield a positive impact on Tobin Q, which can enhance corporate governance and increase corporate value. However, the ratio of female directors does not demonstrate a causal relationship in stock price compensation, indicating that market investors do not show a significant concern on the gender composition of the board in stock performance. From another point of view, the ratio of female directors can effectively reduce the risk of the company because female directors can think comprehensively and make versatile decisions for high risk investment in enterprises. Therefore, increasing the ratio of female directors can efficaciously avoid excessive risk investment. In summary, companies should encourage more participation from female directors to achieve gender equality, which will help them build a good risk management system, enhance corporate value, and pursue good corporate governance.
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