臺灣上市櫃公司高階管理團隊多樣性對企業社會績效的影響

Abstract

在全球日益重視氣候變遷和永續發展的趨勢下，企業需要依賴高階管理團隊（Top Management Team, TMT）的領導，以應對綠色轉型的挑戰。TMT作為公司高層的決策團隊，其多樣性在創新和解決問題方面具有潛在優勢，但也可能帶來溝通困難和內部衝突等負面影響。因此，本研究旨在探討TMT多樣性與企業社會績效（Corporate Social Performance, CSP）的關聯。

根據Pelled（1996）的研究，本研究將TMT人口屬性多樣性依據工作相關性（Job-Relativeness）和可見性（Visibility）兩個維度進行分類，並提出工作相關性高的人口屬性多樣性對企業社會績效有正面影響，可見性高的人口屬性多樣性對企業社會績效有負面影響的假說。

本研究利用台灣新報資料庫，收集2015年至2023年間台灣上市櫃公司的高階管理團隊縱橫資料（Panel Data），應變數為TEJ永續發展指標，自變數為企業TMT的多樣性，最終蒐集了1,258家公司的數據，共計10,064個樣本。

接著使用最小平方法（Ordinary Least Squares, OLS）建立迴歸模型，並加入固定效應模型。實證結果顯示，TMT性別多樣性對企業社會績效有顯著正面影響，不支持假說；TMT教育多樣性呈現混合結果，部分支持假說；TMT任期多樣性的影響皆不顯著，不支持假說；職能多樣性則有顯著負面影響，不支持假說。最後根據實證結果提出符合假說與否的解釋，並提出管理意涵與後續研究建議。

In the context of the global trend towards increasing attention to climate change and sustainable development, businesses rely on the leadership of their Top Management Team (TMT) to address the challenges of green transition. As the decision-making body at the top of the corporate hierarchy, TMT possess the potential advantage of diversity in fostering innovation and problem-solving. However, such diversity may also lead to negative effects such as communication difficulties and internal conflicts. Therefore, this study aims to investigate the relationship between TMT diversity and Corporate Social Performance (CSP). Drawing from Pelled's (1996) research, this study categorizes TMT demographic diversity based on two dimensions: job-relatedness and visibility. It hypothesizes that demographic diversity with high job-relatedness has a positive impact on CSP, whereas demographic diversity with high visibility has a negative impact.

Using panel data from Taiwan's financial news database covering the period from 2015 to 2023, this study collects data on TMT diversity and CSP indicators from 1,258 listed companies, totaling 10,064 samples.

Regression models employing Ordinary Least Squares (OLS) are used, incorporating fixed effects models. Empirical results reveal that gender diversity in TMTs significantly positively influences CSP, contrary to the hypothesis. Educational diversity in TMTs presents mixed results, partially supporting the hypothesis. The impact of tenure diversity in TMTs is not significant, not supporting the hypothesis. Functional diversity in TMTs exhibits a significant negative impact, also not supporting the hypothesis. Finally, explanations for the empirical findings are provided, along with managerial implications and suggestions for further research.