以企業ESG表現與員工滿意度為中介探討女性董事對財務績效之影響

以作者查詢圖書館館藏

、以作者查詢臺灣博碩士

、以作者查詢全國書目

、勘誤回報

、線上人數：22

、訪客IP：3.17.62.245

姓名

廖君捷(Chun-chieh Liao) 查詢紙本館藏

畢業系所

企業管理學系在職專班

論文名稱

以企業ESG表現與員工滿意度為中介探討女性董事對財務績效之影響
(Using ESG and employees satisfaction as mediators to analyze how female directors impact the financial performance.)

相關論文

★ 電動車產業之經營策略研究－以F公司為例	★ 機車製造廠於新產品開發之過程管制探討-以Y公司為例
★ 跨境電商之倉儲物流管理研究－以K公司為研究對象	★ 逆向抵押貸款之風險管理政策-以C銀行為研究對象
★ 酒類消費與犯罪率之視覺化分析	★ 以均值回歸特性探討分析師個人評價產生之長短期預測不一致
★ 產業差異對於分析師目標價與推薦門檻影響之探討	★ 分析師營收預測與油價變動關聯性之探討
★ 分析師多年期預測與其預測能力之探討	★ 探討分析師對盈餘成份認定與其對資本市場之影響
★ 探討企業未來性資產對分析師盈餘預測與推薦不一致之影響	★ 以中國新財富票選探討擇時能力對成為明星分析師之影響
★ 分析師觀點建構過度投資指標	★ 公司財務限制與企業社會責任之關聯-以現金股利及庫藏股買回為指標
★ 探討分析師資本支出預測之資訊意涵	★ 過度投資與球場因素對美國職棒關係之研究

檔案

[Endnote RIS 格式]

[Bibtex 格式]

[相關文章]

[文章引用]

[完整記錄]

[館藏目錄]

[檢視]

[下載]

本電子論文使用權限為同意立即開放。
已達開放權限電子全文僅授權使用者為學術研究之目的，進行個人非營利性質之檢索、閱讀、列印。
請遵守中華民國著作權法之相關規定，切勿任意重製、散佈、改作、轉貼、播送，以免觸法。

摘要(中)

本研究係以2016年至2021年之台灣上市櫃公司為主要研究對象，探討台灣上市櫃公司之女性董事比例與財務績效之關聯性，並進一步分析ESG（環境、社會、公司治理）與員工滿意度對女性董事與財務績效關聯性之中介影響。實證結果顯示，女性董事比例與ROA及ROE具有正向顯著關係，對Tobin’s Q無顯著影響；然而女性董事比例與ESG績效則呈現顯著負向影響。另一方面，本研究以員工離職率作為員工滿意度之衡量指標，ESG績效對員工滿意度為正向顯著影響；員工滿意度對ROA及ROE呈現正向顯著影響，但對Tobin’s Q為負向顯著關係；而作為中介變數的員工滿意度與ESG績效則無法驗證在女性董事比例及財務績效間產生中介效果。

摘要(英)

The objective of this study’s research is aiming to analyzing the correlation between females director(s) and company’s financial performance for those Taiwan listed companies in the period from 2016 to 2021 , and to further assessing impact of the ratio of female director(s), being as an mediator(s), in respect to ESG(Environmental, Social, Governance) and employee satisfaction. The results show positive correlations between female director(s) and results of ROA&ROE, no significant impact on Tobin’s Q. On the other hand, this study uses employee turnover to measure the employee satisfaction, which shows negative correlations between female director(s) and ESG, and the same result been seen when reviewing the correlations between ESG and employees satisfaction. In addition, positive correlations between employees satisfaction and ROA&ROE, negative in Tobin’s Q. However, employees satisfaction and ESG, which are mediators for this research, do not provide sufficient evidences to suggest female director(s) having mediating effect on the financial performance.

關鍵字(中)

★ 女性董事
★ ESG
★ 員工滿意度
★ 財務績效

關鍵字(英)

★ Female Director(s)
★ ESG
★ Employees Satisfaction
★ Financial Performance

論文目次

目錄

摘要 i
Abstract ii
誌謝 iii
目錄 iv
圖目錄 vi
表目錄 vii
一、緒論 1
1-1研究背景與動機 1
1.2研究目的 4
1.3研究架構 4
二、文獻探討 5
2-1 ESG與企業社會責任CSR 5
2-2 女性董事與財務績效 6
2-3 女性董事與ESG績效 7
2-4 ESG績效與員工滿意度 8
2-5 員工滿意度和公司財務績效 8
三、研究方法 12
3-1研究架構 12
3-2樣本選取及資料來源 13
3-3實證模型 14
3-3-1假說一實證模型 14
3-3-2假說二實證模型 15
3-3-3假說三實證模型 15
3-3-4假說四實證模型 16
3-3-5假說五實證模型 17
3-4變數定義 18
四、資料分析與討論 22
4-1 敘述性統計 22
4-2 Pearson 及 Spearman相關性分析 24
4-3 迴歸分析 26
4-3-1 女性董事比例對財務績效 26
4-3-2 女性董事比例對ESG績效 26
4-3-3 ESG績效對員工離職率 27
4-3-4 員工離職率對財務績效 29
4-4 中介分析檢測 30
4-4-1中介分析檢測 31
4-4-2 ESG績效及員工離職率在女性董事比例與ROA及ROE間之中介分析 31
4-4-2 ESG績效及員工離職率在女性董事比例與 Tobin’s Q間之中介分析 32
4-5 額外檢測 34
4-5-1額外檢測迴歸分析-樣本排除家族企業 34
4-5-2額外檢測迴歸分析-移除控制變數-營收成長率 36
五、結論與建議 38
參考文獻 40

參考文獻

參考文獻
1. 安永全球投資者調查分析（一）：疫情對ESG表現的催化作用，2022年。
2. 林揚舜與鍾俊文（2005）。員工分紅配股與員工流動率間的關係，貨幣觀測與信用評等，52，88-98。
3. 梁瑋芸(2019)。董事會性別多元化與公司績效：投資者偏見的影響。國立中央大學，民國108年6月。
4. 張元、王筱瑩 (2016)。董事會及高階管理階層的性別多樣性與企業社會責任的關
聯，亞太經濟管理評論，20 卷1 期：1-44。
5. 經濟部工業局「工業區企業社會責任實務做法指引手冊」-為什麼要做企業社會責任，民國111年6月22日。
6. 劉品希 (2021)。女性董事、企業社會責任、員工離職率與財務績效之關聯性。國立中央大學，民國110年6月。
7. Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of financial economics, 94(2), 291-309.
8. Ahmad, S., Shafique, O., & Jamal, W. N. (2020). Impact of perceived corporate social responsibility on banks’ financial performance and the mediating role of employees’ satisfaction and loyalty in Pakistan. Journal of Accounting and Finance in Emerging Economies, 6(3), 765-774.
9. Alonso‐Almeida, M. D. M., Perramon, J., & Bagur‐Femenias, L. (2017). Leadership styles and corporate social responsibility management: Analysis from a gender perspective. Business Ethics: A European Review, 26(2), 147-161.
10. Barnett, M. L. (2007). Stakeholder influence capacity and the variability of financial returns to corporate social responsibility. Academy of management review, 32(3), 794-816.
11. Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of personality and social psychology, 51(6), 1173.
12. Best, R. J. (2008). Employee satisfaction, firm value and firm productivity. Retrieved August, 23, 2013.
13. Brammer, S., Brooks, C., & Pavelin, S. (2006). Corporate social performance and stock returns: UK evidence from disaggregate measures. Financial management, 35(3), 97-116.
14. Brahma, S., Nwafor, C., & Boateng, A. (2021). Board gender diversity and firm performance: The UK evidence. International Journal of Finance & Economics, 26(4), 5704-5719.
15. Buss, D. M., & Shackelford, T. K. (2008). Attractive women want it all: Good genes, economic investment, parenting proclivities, and emotional commitment. Evolutionary Psychology, 6(1), 147470490800600116.
16. Campbell, K., & Mínguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of business ethics, 83, 435-451.
17. Christov-Moore, L., Simpson, E. A., Coudé, G., Grigaityte, K., Iacoboni, M., & Ferrari, P. F. (2014). Empathy: Gender effects in brain and behavior. Neuroscience & biobehavioral reviews, 46, 604-627.
18. Dawkins, J., & Lewis, S. (2003). CSR in stakeholde expectations: And their implication for company strategy. Journal of Business Ethics, 44(2-3), 185-193.
19. Devicienti, F., Grinza, E., Manello, A., & Vannoni, D. (2019). What are the benefits of having more female leaders? Evidence from the use of part-time work in Italy. ILR Review, 72(4), 897-926.
20. Dezsö, C. L., & Ross, D. G. (2012). Does female representation in top management improve firm performance? A panel data investigation. Strategic management journal, 33(9), 1072-1089.
21. Duque-Grisales, E., & Aguilera-Caracuel, J. (2021). Environmental, social and governance (ESG) scores and financial performance of multilatinas: Moderating effects of geographic international diversification and financial slack. Journal of Business Ethics, 168(2), 315-334.
22. Eagly, A. H., Johannesen-Schmidt, M. C., & Van Engen, M. L. (2003). Transformational, transactional, and laissez-faire leadership styles: a meta-analysis comparing women and men. Psychological bulletin, 129(4), 569.
23. Farooq, M., Farooq, O., & Jasimuddin, S. M. (2014). Employees response to corporate social responsibility: Exploring the role of employees’ collectivist orientation. European Management Journal, 32(6), 916-927.
24. Galbreath, J. (2018). Is board gender diversity linked to financial performance? The mediating mechanism of CSR. Business & Society, 57(5), 863-889.
25. Garcia, A. S., & Orsato, R. J. (2020). Testing the institutional difference hypothesis: A study about environmental, social, governance, and financial performance. Business Strategy and the Environment, 29(8), 3261–3272.
26. Globerson, S., & Malki, N. (1980). Estimating the expenses resulting from labor turnover: an Israelian study. Management International Review, 111-117.
27. Garcia, A. S., & Orsato, R. J. (2020). Testing the institutional difference hypothesis: A study about environmental, social, governance, and financial performance. Business Strategy and the Environment, 29(8), 3261–3272.
28. Hallowell, R. (1996). The relationships of customer satisfaction, customer loyalty, and profitability: An empiricalstudy. International Journal of Service Industry Management, 7(4), 27–42.
29. Hanson, D., Lyons, T., Bender, J., Bertocci, B., & Lamy, B. (2017). Analysts′ roundtable on integrating ESG into investment decision‐making. Journal of Applied Corporate Finance, 29(2), 44-55.
30. Heathfield, S. M. (2019). How to foster employee satisfaction. Retrieved February, 20, 2020.
31. Hilliard, I. (2013). Responsible management, incentive systems, and productivity. Journal of business ethics, 118, 365-377.
32. Huang, J., & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives?. Journal of financial Economics, 108(3), 822-839.
33. Ibrahim, N., Angelidis, J., & Tomic, I. M. (2009). Managers’ attitudes toward codes of ethics: are there gender differences?. Journal of Business Ethics, 90, 343-353.
34. Isidro, H., & Sobral, M. (2015). The effects of women on corporate boards on firm value, financial performance, and ethical and social compliance. Journal of business ethics, 132, 1-19.
35. Jaiyeoba, H. B., Adewale, A. A., & Quadry, M. O. (2018). Are Malaysian Islamic banks’ corporate socialresponsibilities effective? A stakeholders’ view. International Journal of Bank Marketing, 36(1), 111–125.
36. Li, Q., Lourie, B., Nekrasov, A., & Shevlin, T. (2022). Employee turnover and firm performance: Large-sample archival evidence. Management Science, 68(8), 5667-5683.
37. Lucifora, C., & Vigani, D. (2016). What if your boss is a woman? Work organization, work-life balance and gender discrimination at the workplace.
38. Mohd Saleh, N., & Sun, X. W. (2022). The influence of female directors proportion on investment efficiency: the mediating role of caution. Gender in Management: An International Journal, 37(3), 289-304.
39. Mudor, H. (2011). Conceptual framework on the relationship between human resource management practices, job satisfaction, and turnover. Journal of economics and behavioral studies, 2(2), 41-49.
40. O′Connell, M., & Kung, M. C. (2007). The cost of employee turnover. Industrial Management, 49(1).
41. Park, S. Y., & Levy, S. E. (2014). Corporate social responsibility: Perspectives of hotel frontline employees. International Journal of Contemporary Hospitality Management.
42. Perryman, A. A., Fernando, G. D., & Tripathy, A. (2016). Do gender differences persist? An examination of gender diversity on firm performance, risk, and executive compensation. Journal of Business Research, 69(2), 579-586.
43. Quinlan, D., Swain, N., & Vella-Brodrick, D. A. (2012). Character strengths interventions: Building on what we know for improved outcomes. Journal of Happiness Studies, 13, 1145-1163.
44. Sciarelli, M., Cosimato, S., & Landi, G. (2020). Benefit corporations approach to environmental, social and governance disclosure: A focus on Italy. Entrepreneurship Research Journal, 10(4).
45. Shrout, P. E., & Bolger, N. (2002). Mediation in experimental and nonexperimental studies: New procedures and recommendations. Psychological Methods, 7(4), 422–445.
46. Smith, J., & Macko, N. (2014). Exploring The Relationship Between Employee Engagement And Employee Turnover. Annamalai International Journal of Business Studies & Research, 6(1).
47. Peterson, S. L. (2004). Toward a theoretical model of employee turnover: A human resource development perspective. Human resource development review, 3(3), 209-227.
48. Riordan, C. M., Gatewood, R. D., & Bill, J. B. (1997). Corporate image: Employee reactions and implications for managing corporate social performance. Journal of Business ethics, 16(4), 401-412.
49. Rizwan, M., & Mukhtar, A. (2014). Preceding to employee satisfaction and turnover intention. International Journal of Human Resource Studies, 4(3), 87.
50. Romano, M., Cirillo, A., Favino, C., & Netti, A. (2020). ESG (Environmental, Social and Governance) performance and board gender diversity: The moderating role of CEO duality. Sustainability, 12(21), 9298.
51. Rose, C. (2007). Does female board representation influence firm performance? The Danish evidence. Corporate Governance: An International Review, 15, 404-413. Corporate Governance: An International Review, 15, 404-413.
52. Rupp, D. E., Ganapathi, J., Aguilera, R. V., & Williams, C. A. (2006). Employee reactions to corporate social responsibility: An organizational justice framework. Journal of Organizational Behavior: The International Journal of Industrial, Occupational and Organizational Psychology and Behavior, 27(4), 537-543.
53. Ullmann, A. A. (1985). Data in search of a theory: A critical examination of the relationships among social performance, social disclosure, and economic performance of US firms. Academy of management review, 10(3), 540-557.
54. Unsal-Akbıyık, B. S., & Zeytinoglu, I. U. (2018). “We are like a family!”: Flexibility and Intention to Stay in Boutique Hotels in Turkey. Relations industrielles, 73(2), 319-342.
55. Velte, P. (2017). Does ESG performance have an impact on financial performance? Evidence from Germany. Journal of Global Responsibility.
56. Vu, M. C., Phan, T. T., & Le, N. T. (2018). Relationship between board ownership structure and firm financial performance in transitional economy: The case of Vietnam. Research in International Business and Finance, 45, 512-528.
57. Williams, R. J. (2003). Women on corporate boards of directors and their influence on corporate philanthropy. Journal of Business Ethics, 42, 1-10.
58. Yoon, B., Lee, J. H., & Byun, R. (2018). Does ESG performance enhance firm value? Evidence from Korea. Sustainability, 10(10), 3635.

指導教授

黃承祖(Cheng-tsu Huang)

審核日期

2023-7-24

推文