女性董事與公司績效關係之研究：以臺灣上市公司為例

Abstract

過去有許多關於董事會性別多樣性對公司績效的影響的研究，但研究的結果還並未有一致的結論，故本研究以台灣上市公司為樣本，以不同的指標來代表董事會多樣性，包括：女性董事比例、獨董中女性董事比例、女性CEO雙元性、女性董事年資、公司主動合規與否，公司績效部分也涵蓋會計績效、市場績效、ESG績效，自變數和應變數都採取多樣的衡量方式，更全面分析兩者關聯。 本研究採用2016至2022共7年的台灣上市公司之縱橫資料進行實證分析，公司績效的指標分為三部分，會計績效為資產報酬率（ROA），市場績效為公司價值（Tobin’s Q），ESG績效為ESG分數（ESGscore）。 研究結果發現，女性董事比例與ROA及ESGscore之間呈顯著正向關係。本研究認為，此結果支持性別多樣性能提升董事會決策多元性與治理透明度，對績效帶來的正向影響大於董事會異質性所可能產生的溝通成本與協調障礙。此外，獨董中女性獨董比例亦與ROA及ESGscore 呈顯著正向關係，顯示具監督職能之女性獨董確實有助於公司提升治理與永續表現，透過強化監督效果以降低代理成本。然而，研究亦發現女性CEO雙元性與ESGscore 之間呈顯著負向關係。本研究推測，在權力高度集中的情境下，女性領導者雖具備推動永續政策的潛力，但若缺乏組織制度與文化配套支持，其正向影響可能難以發揮，反而導致治理績效受限。最後，本研究發現公司主動合規與否與ROA呈顯著正向關係，顯示企業若能超前部署治理規範，將有助於累積公司聲譽、員工滿意度等無形資產，並最終轉化為營運績效的提升。

Although numerous studies have examined the relationship between board gender diversity and firm performance, prior empirical findings remain inconclusive. This study investigates listed firms in Taiwan and adopts multiple indicators to capture board diversity, including the proportion of female directors, the proportion of female independent directors, female CEO duality, female director tenure, and whether the firm engages in proactive compliance with governance regulations. Firm performance is assessed through three dimensions: accounting-based, market-based, and ESG-based measures. Both independent and dependent variables are measured using various proxies to allow for a more comprehensive analysis of their relationship. Using panel data from Taiwanese listed firms spanning 2016 to 2022, the empirical results reveal that the proportion of female directors is significantly and positively associated with firm performance. This suggests that gender diversity may enhance board decision-making quality and governance transparency, with the resulting benefits outweighing the coordination costs associated with increased board heterogeneity. In addition, the proportion of female independent directors also shows a significant positive relationship with firm performance, indicating that female directors serving in supervisory roles may strengthen oversight and contribute to improved governance and sustainability, thereby mitigating agency problems. However, female CEO duality is found to be negatively associated with firm performance. This may reflect the fact that in contexts of high power concentration, female leaders—despite their potential to promote sustainability—require adequate institutional and cultural support to fully realize their impact. Lastly, the study finds that proactive compliance with governance regulations is positively associated with firm performance, implying that early adoption of governance standards may help firms accumulate intangible assets, such as reputation and employee satisfaction, which in turn enhance operational outcomes.