本文旨在研究女性董事對企業違法情形及違法事件後ESG表現的影響，因此將女性董事比例設為主測變數，檢測女性董事是否因較注重利害關係人利益及較具道德感而減少違法情形，並觀察在違法事件發生後，女性董事比例較高企業是否會因危害到利害關係人利益而藉長期ESG策略挽回其信心。另將女性董事比例設為調節變數，檢測違法後持續維持ESG分數且女性董事比例較高的企業是否較受投資人青睞而得到正向報酬。本研究之ESG分數、企業違法情形及女性董事比例數據皆來自台灣經濟新報(TEJ)資料庫中，樣本選取時間從2014年至2021年。實證結果顯示，女性董事比例較高之企業在違法後會實行長期ESG策略，以挽回利害關係人及投資人的信任。而當投資人見到企業在違法事件後第三年仍維持ESG表現且女性董事比例較高後，會給予正向股價回饋。另外，在企業違法後第二年，若女性董事年資皆大於三年，市場會減少對社會構面分數且女性董事比例較高企業之投資。最後，本研究發現女性董事比例並無顯著影響企業違法情形。;This study aims to investigate the influence of female directors on corporate illegality and post-illegality ESG performance. The proportion of female directors is used as the main independent variable to examine whether female directors, due to their greater focus on stakeholder interests and higher ethical sensitivity, contribute to a reduction in instances of corporate illegality. Additionally, the study observes whether companies with a higher proportion of female directors wiould adopt long-term ESG strategies to regain stakeholder confidence after facing illegality events that may harm stakeholder interests. Furthermore, the proportion of female directors is considered as a moderating variable to test whether companies that maintain high ESG scores after illegality and have a higher proportion of female directors receive more favorable returns from investors. The data for ESG scores, corporate illegality, and female director proportions are sourced from the Taiwan Economic Journal (TEJ) database for the period from 2014 to 2021.The empirical results indicate that companies with a higher proportion of female directors in order to regain the trust of stakeholders and investors, would tend to implement long-term ESG strategies after instances of illegality. Moreover, investors react positively when they observe sustained ESG performance with a higher proportion of female directors three years after the illegality event. Additionally, in the second year after the illegality, if the tenure of female directors is greater than three years, the market tends to reduce investment in companies with higher female director proportions in the social dimension score. Finally, the study finds no significant impact of the proportion of female directors on instances of corporate illegality.
