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標題: | 公司設置女性董監事之因素暨女性董監事與公司績效及股利政策關聯性 The Determinants of Female Director Appointments and the Impacts of Female Directors on Performance and Dividend Policy |
作者: | Tsai-Yi Chou 周采儀 |
指導教授: | 陳業寧 |
關鍵字: | 女性董事,公司績效,股利政策, female directors,firm performance,dividend payout, |
出版年 : | 2014 |
學位: | 碩士 |
摘要: | 本研究以台灣上市公司為樣本,欲探討何種公司特性會影響女性董監事之聘任,再探討女性董監事對公司績效及股利政策之影響。在討論時,本文進一步將女性董監事以是否與經營者具有親屬關係區分,同時,亦區分出於公司內部擔任職務的女性董監事。
本研究首先探討何種公司特性會影響女性董監事之設置。實證結果發現,公司規模越小,公司女性董監事比率越高;Tobin’s q與女性董監事比率呈負向關係。家族企業則對女性董監事比率之提升有正向效果,但會減少設置無親屬關係之女性董監事。董事長兼任總經理的公司則是與各類型女性董監事之設置呈正相關。外國法人持股越高者,女性董監事比率則低,主要因減少設置具親屬關係女性董監事。外部董監事比率則會負向影響具親屬關係之女性董監事及兼任內部職務之女性董監事之設置。 本研究第二部分探討女性董監事對公司績效的影響,分別以ROA及Tobin’s q衡量績效。實證結果未發現女性董監事對ROA有顯著的影響,不過具親屬關係的女性董監事對Tobin’s q 有顯著的負向影響,與原先預期相符,因具親屬關係的女性董監事其專業能力或不如其他董監事。 本研究第三部分探討女性董監事對股利政策之影響,實證結果發現女性董監事比率越高,公司越傾向於不發放現金股利,此結果有可能是因為女性董監事較為保守,會傾向於將現金保留在公司內部。 Using the sample of Taiwan’s listed firms between 2005 and 2012, this thesis discusses which firm characteristics affect the firms’ appointment decisions of women directors. It also investigates the female directors’ impacts on firm performance and dividend policy. The thesis finds that smaller firms and firms with lower Tobin’s q and lower foreign institutional ownership are more likely to have female directors. Also, family firms and firms with CEO duality have higher fractions of female directors. In addition, when a firm has more outside directors, it is less likely to have female inside directors and female directors from the controlling shareholder’s family. For the impacts of female directors on firm performance, this thesis finds that in general, female directors do not significantly affect ROA. However, female directors from the controlling shareholders’ families may have a negative influence on Tobin’s q. As to dividend policy, it is found that a firm will pay lower cash dividend if it has more female directors. This result is consistent with the hypothesis that female directors are more conservative than male directors and prefer to keep cash in the firms. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/55237 |
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顯示於系所單位: | 財務金融學系 |
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