性別多元對企業經營風險之影響

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Title:	性別多元對企業經營風險之影響
Authors:	吳佳蓶;Wu, Chia-Wei
Contributors:	產業經濟研究所
Keywords:	性別多元;女性董事;高階主管;股票報酬波動率;經營風險;gender diversity;female directors;senior executives;operational risk
Date:	2024-06-25
Issue Date:	2024-10-09 16:26:52 (UTC+8)
Publisher:	國立中央大學
Abstract:	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。 ;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.
Appears in Collections:	[Graduate Institute of Industrial Economics] Electronic Thesis & Dissertation

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