女性董事與企業社會責任報告書可讀性之關聯─英國上市公司之實證分析

Abstract

本研究旨在探討女性董事對於企業社會責任報告書可讀性之關聯，即探討女性董事的多寡，對於公司社會責任表現之影響，以及公司是否因女性董事之增加，而改變其企業社會責任之揭露品質。 本研究主要針對英國2010年至2015年上市公司，所發布並公告之企業社會責任報告書進行測試。研究結果顯示，當女性董事比例越高時，企業社會責任報告書之可讀性就越佳，意即投資人較能理解企業社會責任報告書所揭露之資訊。此即顯示女性董事之比例高低，會影響企業社會責任報告書之揭露品質。 另外，本研究發現，在公司單獨出具企業社會責任報告書時，女性對於報告書可讀性之影響較顯著。

This study examines the relationship between female board directors and the readability of corporate social responsibility reporting. Although existing literature indicates that female directors positively affect the board’s performance, little discussed the relationship between female directors and corporate engagement in corporate social responsibility (CSR). Using a sample of listed companies in the United Kingdom during 2010-2015, we find a significant positive association between women board directors and the readability of corporate social responsibility reporting. This suggests that female directors improve the disclosure quality of CSR reporting. The results are consistent with stakeholder theory, suggesting that a diversified board may balance a firm’s financial and non-financial goals with restrict resources. In addition, we find that its effect is still significant when a board with more independent directors. These findings should be useful for top managers and regulators, who are engaging in improving corporate governance and CSR policies.