性別多元對企業經營風險之影響

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姓名

吳佳蓶(Chia-Wei Wu) 查詢紙本館藏

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產業經濟研究所

論文名稱

性別多元對企業經營風險之影響

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至系統瀏覽論文 (2028-7-29以後開放)

摘要(中)

本研究利用2013-2022年台灣上市櫃公司的資料，探討性別多元化與公司經營風險之關聯性。性別多元化使用女性董事比率、女性高階主管比率及女性CEO，公司經營風險則是以股票報酬波動率、ROE波動率及ROA波動率三項公司風險指標來衡量。
OLS模型實證結果發現，女性董事比率較高的公司，其公司風險確實明顯較低；較高的女性高階主管比率，其公司股票報酬波動率也會較低，但對ROE波動率及ROA波動率則無明顯相關。女性擔任董事長或總經理的企業，對公司經營風險亦無顯著相關。為控制公司隨時間固定但觀測不到的特性，進一步使用固定效果模型估計結果顯示，表示公司若轉由女性擔任CEO時，有助於降低ROE及ROA波動的效果。
個別產業中，電子業的結果與全產業相同；傳統製造業中，女性董事比率的變動，僅對ROE波動率有負向影響，女性高階主管比率，對ROE波動率及ROA波動率則為顯著正向。在服務業中，女性董事比率僅對股票報酬波動率有負向關聯；營造業中性別多元則對三項風險指標均無顯著相關；最後，其他產業中，女性CEO對ROE波動率及ROA波動率為負向影響。

摘要(英)

The This study uses data from Taiwanese listed companies from 2013 to 2022 to explore the correlation between gender diversity and corporate operational risk. Gender diversity uses female director ratio, female senior executive ratio, and female CEO ratio, while company operational risk is measured by three company risk indicators: stock return volatility, ROE volatility, and ROA volatility.
The empirical results show that companies with a higher proportion of female directors indeed have significantly lower corporate risks; A higher proportion of female executives results in lower stock return volatility, but there is no significant correlation between ROE volatility and ROA volatility. There is no significant correlation between female chairmen or general managers and operational risks in companies. Further estimation using a fixed effects model shows that when the CEO of a company is female, the fluctuations in ROE and ROA are relatively small and stable
In individual industries, the results of the electronics industry are the same as those of the entire industry; In traditional manufacturing, changes in the proportion of female directors only have a negative impact on ROE volatility, while the proportion of female senior executives has a significant positive impact on ROE and ROA volatility. In the service industry, the proportion of female directors only has a negative correlation with the volatility of stock price returns; Gender diversity in the construction industry has no significant correlation with the three risk indicators; Finally, in other industries, female CEOs have a negative impact on ROE and ROA volatility.

關鍵字(中)

★ 性別多元
★ 女性董事
★ 高階主管
★ 股票報酬波動率
★ 經營風險

關鍵字(英)

★ gender diversity
★ female directors
★ senior executives
★ operational risk

論文目次

摘要 i
Abstract ii
誌謝辭 iii
目錄 iv
圖目錄 vi
表目錄 vi
第一章緒論 1
1.1研究背景 1
1.2研究動機與目的 5
1.3 研究架構 7
第二章文獻回顧 9
2.1性別與風險偏好 9
2.2.女性高階主管風險偏好 10
2.3女性董事與企業風險 11
第三章資料來源與實證模型 13
3.1 資料來源 13
3.2變數定義及說明 15
3.3實證模型 18
第四章實證結果 21
4.1敘述統計 21
4.1.1上市櫃公司性別多元之十年趨勢 22
4.2相關係數 23
4.3性別多元化與公司經營風險之關聯性的OLS迴歸分析 25
4.3.1 性別多元化與股票報酬波動率關係之實證結果 25
4.3.2 性別多元化與ROE波動率關係之實證結果 28
4.3.3 性別多元化與ROA波動率關係之實證結果 30
4.4性別多元化對公司經營風險之影響─公司固定效果(FE) 32
4.5 各大類別產業的OLS迴歸結果 34
4.5.1製造業 34
4.5.2 服務業 36
4.5.3 營造業 38
4.5.4 其他產業 40
4.6電子製造業及傳統製造業實證結果 42
4.6.1電子製造業 42
4.6.2傳統製造業 43
第五章結論與研究限制 45
5.1結論 45
5.2研究限制 47
參考文獻 48
中文文獻 48
英文文獻 48

參考文獻

中文文獻
洪詩茹 (2019)，「女力當家？女性高階主管與公司績效之探究」，國立中央大學產業經濟研究所，碩士論文。

戴郁文 (2015)，「台灣銀行業女性參與董事會與風險指標之關聯性分析」，國立中央大學財務金融系，碩士論文。

英文文獻
Adams, Renée, and Daniel Ferreira (2009), “Women in the Boardroom and Their Impact on Governance and Performance.” Journal of Financial Economics, 94(2), 291-309.

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Byrnes, James P., David C. Miller and Willian D. Schafer (1999), “Gender differences in risk taking: a meta-analysis.” Psychological Bulletin, 125(3), 367–383.

Charness, Gary and Uri Gneezy (2012), “Strong Evidence for Gender Differences in Risk Taking” Journal of Economic Behavior and Organization, 83(1),50-58.

Croson, Rachel and Uri Gneezy (2009), “Gender Differences in Preferences” Journal of Economic Literature, 47(2), 1–27.

Hinz, Richard P., David D. McCarthy and John A. Turner (1996), "Are Women Conservative Investors? Gender Differences in Participant-Directed Pension Investments." Pension Research Council Working Papers ,96-17.

Jeong, Seung-Hwan, and David A. Harrison (2017), “Glass Breaking, Strategy Making, and Value Creating: Meta-Analytic Outcomes of Women as CEOs and TMT members.” The Academy of Management Journal, 60(4), 1219-1252.

Lenard, Mary Jane, Bing Yu, E. Anne York and Shengxiong Wu (2014), “Impact of board gender diversity on firm risk.” Managerial Finance, 40(8), 787-803.

Li, Zhongtian, Jing Jia and Larelle Chapple (2022), “Board gender diversity and firm
risk: international evidence.” Managerial Auditing Journal, 37(4), 438-463.

Nadeem, Muhammad, Tahir Suleman and Ammad Ahmed (2019), “Women on boards, firm risk and the profitability nexus: Does gender diversity moderate the risk and return relationship?” International Review of Economics & Finance, 64, 427-442.

Nelson, Julie A. (2016), “Not-So-Strong Evidence for Gender Differences in Risk Taking.” Feminist Economics, 22(2), 114-142.

Perryman, Alexa A., Guy D. Fernando and Arindam Tripathy (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.

Sila, Vathunyoo, Angelica Gonzalez and Jens Hagendorff (2015), “Women on board: Does boardroom gender diversity affect firm risk?” Journal of Corporate Finance, 36, 26-53.

Teodósio, João, Elisabete Vieira and Mara Madaleno (2021), “Gender diversity and corporate risk-taking: a literature review.” Managerial Finance, 47(7), 1038-1073.

Yang, Philip, Jan Riepe, Katharina Moser, Kerstin Pull and Siri Terjesen (2019) “Women directors, firm performance, and firm risk: A causal perspective.” The Leadership Quarterly, 30(5), 101297.

指導教授

鄒孟文

審核日期

2024-6-25

推文