博碩士論文 105458020 詳細資訊




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姓名 林淑容(Shu-Rong LIN)  查詢紙本館藏   畢業系所 財務金融學系在職專班
論文名稱 董事會性別多樣性與現金持有比例之關聯性-以上市公司為例
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摘要(中) 本研究從臺灣證券交易所掛牌上市公司之董事會成員性別狀態作為研究對象(排除金融保險業),其與公司現金持有比例是否具有關聯性。實證結果顯示當企業存在之女性董事未達多數時,其現金持有比例顯著負相關。進一步加入公司治理100作為控制變數,實證結果則得到顯著正相關,接續加入公司治理100之企業與董事會女性成員比例高之交乘項作為控制變數,實證結果為顯著正相關。究其原因,應為企業完善落實公司治理之情況下,董事會性別多樣性達一定比例時,則對企業之現金持有比例具有顯著正相關。
摘要(英) This study selects the board gender form the Taiwan Stock Exchange as the research object (excluding the financial and insurance industry), and whether it is related to the company′s cash holding ratio. The empirical results show that when there is a majority of women directors in the company, their cash holding ratio is significantly negatively correlated. Further adding corporate governance 100 as a control variable, the empirical results are significantly positively correlated. The succession of companies joining the corporate governance 100 with high ratios of female board members as control variables has positive and significant positive correlations. The reason for this should be that when the company′s corporate governance is improved and the gender diversity of the board reaches a certain percentage, there is a significant positive correlation with the ratio of cash holdings.
關鍵字(中) ★ 董事會
★ 性別多樣性
★ 現金持有
關鍵字(英) ★ Gender Diversity
★ Board of Directors
★ Cash Holding
論文目次 中文摘要 I
ABSTRACT II
誌謝辭 III
圖目錄 V
表目錄 VI
一、緒論 1
1-1研究背景 1
1-2研究目的與動機 4
1-3研究架構與流程 7
二、文獻探討及研究假設 8
2-1文獻探討 8
2-2研究假設 13
三、研究設計 16
3-1資料來源 16
3-2迴歸模型與變數定義 19
3-3研究方法 24
四、實證結果 25
4-1敘述性統計分析 25
4-2相關係數矩陣分析 27
4-3迴歸分析 32
五、結論與建議 36
5-1研究結論 36
5-2研究建議 37
參考文獻 38
參考文獻 中文部份
〔1〕 李美枝、鐘秋玉,「性別與性別角色析論」,本土心理學研究,6期,260-299,民國95年。
〔2〕 徐惠觀,「董事會性別差異與企業持有現金價值」,國立中正大學,碩士論文,民國101年。
〔3〕 陳美華,蔡俊佑,「公司治理對於企業持有現金價值之影響」,臺灣銀行季刊,第六十一卷第四期,227~243頁,民國99年12月。
〔4〕 粘季為,張元,許敏政,「董事會性別多樣性是否有助於降低公司風險」,兩岸金融季刊,第五卷第三期,民國106年9月。
〔5〕 劉繼盛,「上市櫃公司董事會異質性之研究—以董事任期與女性董事為中心」,國立臺北大學,碩士論文,民國104年。
〔6〕 蘇郁純,「董事會性別多樣化與現金持有比例之相關性研究」,私立元智大學,碩士論文,民國101年。
英文部分
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〔2〕 Adams, R. & Ferreira, D., (2009). “Women in the Boardroom and Their Impact on Governance and Performance”, Journal of Financial Economics, 94 (2), 291-309.
〔3〕 Anderson, R. C., D. M. Reeb., A. Upadhyay. and W. Zhao (2011), “Economics of Director Heterogeneity”, Financial Management, 40, 5-38.
〔4〕 Barber, B. M. and Odean, T. (2001). “Boys will be boys: Gender, overconfidence, and common stock investment”, The Quarterly Journal of Economics, 116(1), 261-292.
〔5〕 Bates, T. W., K. M. Kahle, and R. M. Stulz, (2009), “Why do US firms hold so much more cash than they used to? ”, The Journal of Finance 64, 1985-2021.
〔6〕 Campbell, K., Minguez-Vera, A. (2008). “Gender Diversity in the Boardroom and Firm Financial Performance”, Journal of Business Ethics, 83, 435-451.
〔7〕 Carter, D. A., Simkins, B. J. & Simpson, W. G., (2003). “Corporate Governance, Board Diversity, and Firm Value”, Financial Review, 38 (3), 33-53.
〔8〕 De Mel, S., D. McKenzie and C. Woodruff (2009) “Are women more credit constrained? Experimental evidence on gender and microenterprise returns”, American Economic Journal: Applied Economics Vol. 1(3): 1-32
〔9〕 Dittmar, A. and J. Mahrt-Smith, (2007), “Corporate governance and the Value of Cash Holdings”, Journal of Financial Economics, 83, 599–634.
〔10〕 Eagly, A. H. (1987). “Sex differences in social behavior: A social-role interpretation. Hillsdale”, NJ: Erlbaum.
〔11〕 Gul, F. A., Srinidhi, B., and Ng, A. C. (2011). “Does board gender diversity improve the informativeness of stock prices? ”, Journal of Accounting and Economics, 51(3), 314-338.
〔12〕 Hartog, Joop, Ferrer-iCarbonenell, Ada and Jonker, Nicole (2002), “Linking Measured Risk Aversion to Individual Characteristics”, KYKLOS, 55, 3-26
〔13〕 Jianakoplos, N. A., & Bernasek, A. (1998). “Are women more risk averse”, Economic Inquiry, 36, 620-630.
〔14〕 Jensen, M. C., Meckling, W. H. (1976). “Theory of the firm: Managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, 3(4), 305-360.
〔15〕 Jensen, M. C. (1986). “Agency costs of free cash flow, corporate finance, and takeover” American Economic Review, 76,323-329.
〔16〕 Keynes, J. M., (1934). “The General Theory of Employment, Interest, and Money. Australia”, the University of Adelaide Library.
〔17〕 Louis, H., A. X. Sun, and O. Urcan. (2012). “Value of cash holdings and accounting conservatism”, Contemproary Accounting Research 29(4), 1249-1271.
指導教授 王曉雯 李丹(Hsiao-Wen Wang Tan (Charlene) Lee) 審核日期 2018-6-8
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