dc.description.abstract | 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. | en_US |