本研究旨在探討台灣上市櫃電子業高階管理階層性別多元化對企業創新投入之影 響。針對過往文獻對女性高管影響創新決策之分歧，本研究進一步納入職位權責差異 與公司治理結構，深入分析女性總經理(CEO)、財務長(CFO)及董事長兼任總經 理(權力集中度)所扮演之角色。研究樣本涵蓋台灣電子業八大子產業，分別以研發 密集度(RDS)與研發支出自然對數(LnRD)為衡量指標，並運用普通最小平方法 (OLS)與公司固定效果模型(Firm Fixed Effects Model， FE)進行實證分析，以有效 控制企業個體之異質性。 實證結果顯示，女性總經理、女性財務長以及女性高管整體比例之增加與研發密 集度呈現顯著負相關，但在研發支出絕對值上則未達顯著水準。透過比較研發密集度 與研發支出總額(LnRD)之模型差異，可觀察到女性高管在營收增加時，傾向以更為 審慎的態度分配研發預算，而非盲目追求技術擴張。此決策風格體現了女性領導者在 財務配置上對動態平衡的重視，透過更具效益的資源分配來強化企業韌性，證實了女 性高管在電子產業高風險環境下，更看重財務穩健與長遠發展的平衡。此外，本研究 發現權力集中度對女性高管的決策影響力具備調節作用，且實證結果在不同子產業間 (如半導體、光電業、電子零件業等)存在顯著之異質性。 本研究結果指出，性別多元化對創新之影響並非單一因素，而是受職權特性與治 理環境共同形塑而成的結果。研究建議企業在推動性別多元化政策時，應重視不同職 位間的權力分配與溝通機制，以找尋出最合適的研發資源配置。;This study aims to investigate the impact of gender diversity within top management teams (TMT) on corporate innovation investment in Taiwan’s listed electronics industry. Given the divergent findings in existing literature regarding how female executives influence innovation， this research incorporates differences in positional responsibilities and corporate governance structures. Specifically， it analyzes the roles played by female Chief Executive Officers (CEOs)， female Chief Financial Officers (CFOs)， and Chairman-CEO duality (reflecting power concentration) in innovation decision-making. The research sample covers eight sub-sectors of Taiwan’s electronics industry. Research and Development Intensity (RDS) and the natural logarithm of R&D expenditure (LnRD) are employed as metrics for innovation investment. Empirical analyses are conducted using Ordinary Least Squares (OLS) and Firm Fixed Effects (FE) models to effectively control for time-invariant firm heterogeneity. The empirical results indicate that the presence of female CEOs， female CFOs， and the overall proportion of female executives are all significantly and negatively correlated with R&D intensity， whereas the impact on the absolute value of R&D expenditure does not reach statistical significance. Comparative analysis of the RDS and LnRD models reveals that as corporate revenue increases， female executives (including CEOs and CFOs) tend to adopt a more prudent approach to R&D budget allocation rather than pursuing blind technological expansion. This decision-making style reflects the emphasis female leaders place on dynamic balance in financial allocation， aiming to enhance corporate resilience through more efficient resource distribution. These findings confirm that in the high-risk environment of the electronics industry， female executives prioritize the equilibrium between financial stability and long-term development. Furthermore， the study finds that power concentration exerts a moderating effect on the decision-making influence of female executives， and empirical results exhibit significant heterogeneity across different sub-sectors， such as semiconductors， optoelectronics， and electronic components. The findings suggest that the impact of gender diversity on innovation is not driven by a single factor but is instead shaped by the interplay of positional characteristics and the governance environment. This research recommends that when promoting gender diversity policies， enterprises should emphasize power distribution and communication mechanisms across different positions to achieve optimal R&D resource allocation.
