近年來，全球資本市場與利害關係人對企業永續發展的關注日益攀升。然而，過去社會對女性領導者能推動永續發展的期待，往往忽略了她們在企業晉升市場所面臨的孤立困境與「玻璃懸崖」挑戰。當企業發生由男性前任執行長交棒給女性繼任執行長（男換女）的性別置換時，女性繼任者為求在男性主導的權力結構中建立合法性與生存，極易誘發「女王蜂效應」的心理防衛機制，進而限縮對企業永續發展等長期社會責任的實質投入。本研究旨在探討「男換女」之繼任執行長置換對企業永續發展績效的影響，並進一步結合關鍵少數理論，探討當董事會或高階管理團隊中是否具備女性關鍵少數時，其所扮演的調節角色與緩解防衛機制之關聯。本研究以台灣證券交易所之上市櫃公司為研究母體，鎖定 2017 年至 2022 年間發生執行長繼任事件的企業作為研究對象。在排除任期過短、權責不清及資料缺漏等干擾後，最終獲得 440 筆有效觀察值。依據研究結果，可以得出以下結論：首先，繼任執行長性別置換（男換女）對企業整體永續發展績效有顯著之負向影響；其次，當董事會女性成員比例未達關鍵少數時，繼任執行長性別置換（男換女）對企業永續發展績效的負向影響將被顯著強化；最後，當高階管理團隊女性成員比例未達關鍵少數時，繼任執行長性別置換（男換女）對企業永續發展績效的負向影響將被顯著強化。本研究貢獻在於將高層理論、女王蜂效應與女性關鍵少數觀點進行深度的理論整合，成功揭開女性領導者在面臨身分轉換與高壓權力結構時的決策黑盒子，並為現代企業在推動高階梯隊性別多元化與接班規劃上，提供邁向長遠永續發展的具體實務指引。;In recent years， global capital markets and stakeholders have paid increasing attention to corporate sustainability. However， past societal expectations that female leaders could promote sustainable development have often ignored the isolation dilemma and the "glass cliff" challenge they face in the corporate promotion market. When a firm experiences a chief executive officer succession involving a gender change from a male predecessor to a female successor (male-to-female)， the female successor， seeking to establish legitimacy and survive in a male-dominated power structure， is highly susceptible to triggering the psychological defense mechanism known as the "queen bee effect，" which in turn restricts substantive resource allocation to long-term social responsibilities such as corporate sustainability. This study aims to investigate the impact of male-to-female chief executive officer succession on corporate environmental， social， and governance performance. Furthermore， integrating critical mass theory， this study explores the moderating role played by the presence of a critical mass of women on the board of directors or the top management team and its association with alleviating such defense mechanisms. This study takes companies listed on the Taiwan Stock Exchange as the research population， focusing on firms that experienced chief executive officer succession events between 2017 and 2022. After excluding interferences such as excessively short tenures， unclear responsibilities， and missing data， a final sample of 440 valid observations was obtained. Based on the research results， the following conclusions can be drawn: first， male-to-female chief executive officer succession has a significant negative impact on overall corporate environmental， social， and governance performance; second， when the proportion of female members on the board of directors does not reach a critical mass， the negative impact of male-to-female chief executive officer succession on corporate environmental， social， and governance performance is significantly strengthened; finally， when the proportion of female members in the top management team does not reach a critical mass， the negative impact of male-to-female chief executive officer succession on corporate environmental， social， and governance performance is significantly strengthened. The contribution of this study lies in the deep theoretical integration of upper echelons theory， the queen bee effect， and the critical mass of women perspective， successfully uncovering the decision-making black box of female leaders facing identity transitions and high-pressure power structures， and providing modern enterprises with specific practical guidelines for moving towards long-term sustainable development when promoting gender diversity in the upper echelons and succession planning.
