董事會多樣性對企業 ESG 績效的影響

Abstract

本研究旨在探討董事會多樣性對企業 ESG不同構面績效之影響，並以臺灣上市櫃公司作為實證對象，研究期間為 2016 年到 2022 年。實證資料皆取自台灣經濟新報（TEJ）資料庫。

本研究建立四個模型，應變數分別為衡量企業整體 ESG 績效的 TESG 量化分數、環境構面分數、社會構面分數、公司治理構面分數。而自變數皆為本研究選定之六個不同面向多樣性變數。使用最小平方法建立迴歸模型，並在模型中加入時間及公司固定效果以避免遺漏變數偏誤。

研究結果發現董事會任期多樣性對企業整體 ESG 績效，與三大構面表現皆有顯著正向影響。而其餘類別多樣性影響效果則不顯著或為負向。顯示新舊觀點與立場的融合對企業ESG績效表現有更全方面的幫助。

This study aims to examine the impact of board diversity on corporate performance across different dimensions of ESG (Environmental, Social, and Governance), using publicly listed companies in Taiwan as the empirical sample from 2016 to 2022. All empirical data were obtained from the Taiwan Economic Journal (TEJ) database.

Four regression models were constructed, with the dependent variables being the TESG score (measuring overall ESG performance), environmental score, social score, and governance score. The independent variables consist of six board diversity indicators selected for this study. The models were estimated using the Ordinary Least Squares (OLS) method, incorporating both time and firm fixed effects to mitigate omitted variable bias.

The results show that board tenure diversity has a significantly positive effect on overall ESG performance and on each of the three ESG dimensions. In contrast, the effects of other diversity variables were either insignificant or negative. These findings suggest that the integration of perspectives from directors with varying tenures contributes more comprehensively to corporate ESG performance.