董事多樣性對違約風險的影響

Abstract

本研究旨在探討董事會多樣性對企業違約風險的影響，並分析不同類型的多樣性（如先天多樣性與後天多樣性）如何影響企業的財務穩定性。研究基於2015至2023年間美國非金融業公司的數據，並以「距離違約」（Distance to Default, DtD）作為違約風險的衡量指標。研究結果顯示，整體董事會多樣性和後天多樣性（如教育、行業經驗、公司經驗）對違約風險有顯著的負面影響，意即多樣化的董事會結構有助於降低企業的違約風險。 具體而言，本研究發現後天多樣性在降低違約風險方面的作用最為顯著（係數0.401，p<0.01），而先天多樣性（如年齡、性別、國籍）則未顯示出顯著影響。此外，本研究也發現企業多角化對董事會多樣性與違約風險之間的關聯並未顯著增強，這可能是由於多角化企業的組織複雜性所限。 進一步的時期分析顯示，市場對多樣性的關注焦點隨時間而轉變，從2003至2013年間的先天多樣性轉向2013至2023年期間的後天多樣性，反映了企業對董事會多樣性結構的調整應該更加注重董事會成員的專業背景和實際經驗，而非僅僅關注表層的多樣性特徵。 本研究的貢獻在於填補了董事會多樣性與違約風險之間的實證研究空白，並提出了多樣性對企業風險管理的重要影響。未來研究可進一步探討董事會多樣性與企業風險控制的因果關係，以及在不同經濟與產業背景下多樣性對企業風險管理的影響。

This study investigates the impact of board diversity on corporate default risk, focusing on how different types of diversity (inherent vs. acquired diversity) influence a firm's financial stability. Using data from U.S. non-financial firms between 2015 and 2023, with the "Distance to Default" (DtD) as a measure of default risk, the study finds that both overall board diversity and acquired diversity (such as education, industry experience, and company experience) significantly reduce default risk. Specifically, the study reveals that acquired diversity has the most prominent effect on reducing default risk (coefficient = 0.401, p < 0.01), while inherent diversity (such as age, gender, and nationality) shows no significant impact. Furthermore, the study finds that corporate diversification does not significantly enhance the relationship between board diversity and default risk, possibly due to the organizational complexity of diversified firms. Additionally, the study conducts a period-based analysis, showing a shift in market focus from inherent diversity (2003–2013) to acquired diversity (2013–2023), reflecting that companies should focus more on the professional background and practical experience of board members rather than just observable diversity characteristics. The contribution of this study lies in filling the empirical gap between board diversity and default risk, highlighting the importance of diversity in corporate risk management. Future research could explore the causal relationship between board diversity and default risk and further examine how diversity influences corporate risk management in different economic and industry contexts.