董事會性別多樣化與公司績效:投資者偏見的影響;Board Gender Diversity and Corporate Performance in Taiwan: The Role of Investors′ Bias

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題名:	董事會性別多樣化與公司績效:投資者偏見的影響;Board Gender Diversity and Corporate Performance in Taiwan: The Role of Investors′ Bias
作者:	梁瑋芸;Liang, Wei-Yun
貢獻者:	人力資源管理研究所
關鍵詞:	董事性別比例;女性董事;投資者偏見;企業績效;Board Gender Diversity;Investors′ Bias;Female Director;Corporate Performance
日期:	2019-07-16
上傳時間:	2019-09-03 12:06:39 (UTC+8)
出版者:	國立中央大學
摘要:	在現今的 21 世紀，隨著世代的改變以及全球化影響，兩性雖已經漸漸趨於平等，但在工作上對於女性的歧視還是會以各種形式存在。我們將此概念套入公司治理的最高層級董事會裡，發現大多數的董事會男女比率懸殊，兩性處於不平等的狀態，而造成這現象的原因有許多種。許多文獻及研究希望能從董事會性別多元與企業績效的關聯性去了解為何女性董事比例在大多數的企業裡都是偏低的，但其研究結果正負相關比例不相上下，有些則顯示董事會性別多元與企業績效並無相關性。Dobbin and Jung（2011）對此提出一項中介參數：投資者的偏見。他們的研究顯示董事會多元性會對企業績效正負相關不明的原因有可能是個別投資者對於女性的偏見，影響了企業的股票市場績效，進而反映到整體企業績效表現。有鑑於此，本研究欲了解台灣本土的個人投資者是否會因儒家思想影響而更加強對女性董事的偏見，進而影響企業績效以及董事會男女比例分配。本研究中的所有數據均來自台灣經濟新報（TEJ）資料庫，其中包括 2008 年至 2017 年台灣所有上市公司和場外公司，最終樣本涵括 22 個行業的 1250 家公司各 10 年數據。欲深入了解台灣董事會性別多元與企業績效和個人投資者偏見的關係，本研究分成四個主要構面：『女性董事比例』、『企業績效』、『機構法人持股比』為中介以及『女性結構權力』作為調節以便了解個人投資者在這項關係裡的角色作用。其中『女性結構權力』面向裡我們又再區分出兩個參數，分別是「女性董事長」與「非家族企業之女性董事」來看其調節效果。研究方法上使用多元迴歸分析來頗析此研究的調節中介模型，並將企業績效分為 ROA 及Tobin’s Q 以表示會計財務表現和股市價值表現。本研究結果顯示，女性董事比例越高對於 ROA 是有統計顯著正相關係性，相反的在 Tobin’s Q 則是非顯著負相關。這表示董事會性別多元化對於整體企業績效是有正相關影響，但個人投資者對女性偏見之投資行為會拉低企業的股票績效表現。而女性董事長對於個人投資者影響是非顯著正強化，顯示台灣大部分的個人投資者還是不太習慣看到女性領導者，因此當女性擔任董事長時個人投資者則會因對女性的偏見而拋售股票以避風險;另外值得一提的是非家族企業之女性董事對於個人投資者是顯著正強化，代表台灣的個人投資者對於女性董事已有刻板印象，但從家族企業出身的女性董事較會消減個人投資者的懷疑，因為他們相信那家族企業背後的男主人，因此對於沒有家族企業撐腰的女性董事，個人投資者會更強化對女性之偏見進而拋售手中股票。;In the modern 21st Centuries, gender equality is still a popular issue among Corporate Governance study as most women found themselves facing countless obstacles to reach the highest position due to their gender. Simply look at the heart of the corporate governance system, corporate board. According to Credit Suisse (2014) study, the highest percentage of female board directors in 43 countries is Norway with only 39.7%, not even half of it should be. More and more study addresses this issue as a glass-ceiling or glass-cliff to explain why does a woman have a hard time to reach the top position in their career. Since most of the board gender diversity studies were conducted in the western countries, we would like to apply this notion into our Taiwanese local enterprise to understand how do Taiwanese investors feel about a female director. All the data in this study were collected from the Taiwan Economic Journal (TEJ) data bank, which included all the listed and over-the-counter firms in Taiwan from the year 2008 to 2017. The final samples included 1250 firms in 22 industries with 10 years of data each. We have organized a moderated mediation model to observe the correlation among board gender diversity, corporate performance (ROA & Tobin’s Q), ownership structure and power of female structure. The multiple regression analysis was used in this study and the results show that board gender diversity has a significant positive effect on ROA while board gender diversity has a non significant negative effect on Tobin′s Q. This implies that even though the gender diversity in the boardroom has a positive effect on the overall corporate performance, but due to the individual investor’s bias against women, the corporate stock market performance will lower the entire performance. On the other hand, the female chairperson has a non-significant reinforcement on the individual investors’ behavior. That is, the stock market is not comfortable to accept a female leader in a corporate boardroom, but the reinforcement effect is not as strong as we thought it would be. Furthermore, the female director who doesn’t come from a controlling family has a significant positive reinforcement on the individual investors’ behavior, which implies that individual investors will trust the man behind the controlling family, so if a female director that does not support by the controlling family will increase the individual investors’ bias against women.
顯示於類別:	[人力資源管理研究所] 博碩士論文

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