綜上所述，企業應鼓勵女性參與董事會，並落實性別平等，有助於公司建構良好風險管理制度，進而提升企業的價值並追求良好公司治理。 ;In recent years, with the prevalence of education and the promotion of gender equality, female directors have gradually gained attention in the domain of corporate governance. This study examines the correlation between female director ratio and financial performance, corporate risk, and stock price return of Taiwan listed companies from 2012 to 2021.
The empirical results show that the ratio of female directors and return on assets exhibit a significant positive trend. Female directors can provide holistic advices, offer consultation, and develop communication channels for enterprises to make better decisions. In addition, they are able to introduce professional resources to monitor the company′s business performance. The ratio of female directors yield a positive impact on Tobin Q, which can enhance corporate governance and increase corporate value.
However, the ratio of female directors does not demonstrate a causal relationship in stock price compensation, indicating that market investors do not show a significant concern on the gender composition of the board in stock performance. From another point of view, the ratio of female directors can effectively reduce the risk of the company because female directors can think comprehensively and make versatile decisions for high risk investment in enterprises. Therefore, increasing the ratio of female directors can efficaciously avoid excessive risk investment. In summary, companies should encourage more participation from female directors to achieve gender equality, which will help them build a good risk management system, enhance corporate value, and pursue good corporate governance.
