性別多樣性與公司績效－家族企業的調節作用

Abstract

隨著女權意識抬頭，女性參與公司治理與決策的機會逐漸增加，但過去文獻對於女性在董事會中的成效並無一致的結果。本研究以2002年至2019年臺灣上市櫃公司為研究對象，旨在探討董事會性別多樣性與公司績效間的關聯性，並且以家族企業特性作為調節變數，另外考量到模型中可能存在內生性問題，本研究進一步使用兩階段最小平方法(2SLS)進行分析。實證結果顯示，在解決內生性問題後，董事會性別多樣性對於會計績效(ROA、ROE)大多有正向顯著的影響效果，但對於市場績效(Tobin’s Q)並不顯著。另一方面，家族企業特性可以強化董事會性別多樣性與ROA間的關係，但對於ROE與Tobin’s Q，家族企業所發揮的調節效果大多不具顯著性。另外，針對臺灣現有的獨立董事規範來看，本研究發現在法規強制擴大獨立董事設置後，反而會削弱增設獨立董事的訊號效果，造成公司績效下降，若加入女性角色討論，本研究亦發現法律規範會弱化女性獨立董事與ROA、ROE的關係，但有助於強化公司市場價值Tobin’s Q。Growing feminism consciousness has increased opportunities that female board members participate in corporate governance. However, the previous literature does not have consistent results on the effectiveness of gender differences in the boardroom. This study examines the effect of board gender diversity and firm performance by the sample of listed companies on Taiwan Stock Exchange (TWSE) over the period from 2002 to 2019. We then investigate whether family characteristics can moderate the effect of gender diversity on firm performance. Furthermore, taking account of the possible problems of endogeneity, we further use two-stage least squares (2SLS) method.The empirical results find that after solving the endogeneity problems, board gender diversity mostly has a positive effect on accounting performance (ROA and ROE), but does not significantly affect market performance (Tobin’s Q). However, the relationship between board gender diversity and ROA is positively moderated by family business.In addition, according to the existing independent director system in Taiwan, our study finds that the mandatory expansion of independent directors by regulations will significantly decrease firm performance. Meanwhile, the legal regulations will weaken the relationship between female independent directors and accounting performance (ROA and ROE), but will strengthen market performance (Tobin’s Q).