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題名 董事會性別多元化與 ESG 之關聯性
The correlation between board gender diversity and ESG
作者 曾奕瑜
Tseng, Yi-Yu
貢獻者 李宗榮
曾奕瑜
Tseng, Yi-Yu
關鍵詞 董事會性別多元化
ESG 表現
家族企業
台灣企業
公司治理
Board gender diversity
ESG performance
Family businesses
Taiwanese enterprises
Corporate governance
日期 2025
上傳時間 4-Aug-2025 15:52:17 (UTC+8)
摘要 本研究探討董事會性別多元化與企業環境、社會及公司治理（ESG）表現的關聯性，並以家族控制作為調節變數。基於 2016-2020 年台灣上市櫃公司（排除金融業）8,760 筆資料，結合台灣經濟新報（TEJ）與 TEJ ESG 資料庫，採用固定效應面板回歸進行分析。研究結果顯示，女性董事比例對 ESG 表現有顯著正面影響，特別是在社會與治理面向，但家族控制削弱此正面效果。董事長性別對 ESG 表現的影響較不顯著。家族企業因代理問題優先家族利益，導致ESG表現較低，反映治理挑戰。本研究支持台灣「公司治理 3.0 政策」，建議提高女性董事比例並改善家族企業治理以提升 ESG 表現。未來可探討疫情後的 ESG 動態或不同產業的異質性影響。
This study examines the relationship between board gender diversity and environmental, social, and governance (ESG) performance, with family control as a moderating variable. Using 8,760 observations from Taiwanese listed and OTC companies (non-financial) from 2016 to 2020, data from the Taiwan Economic Journal (TEJ) and TESG databases are analyzed via fixed-effects panel regression. Findings indicate that a higher female director ratio significantly improves ESG performance, particularly in social and governance dimensions, though family control weakens this effect. The impact of female chairs on ESG performance is limited. Family firms show lower ESG performance due to type II agency problems, highlighting governance challenges. This study supports Taiwan’s Corporate Governance 3.0 policy, recommending increased female board representation and enhanced governance in family businesses to improve ESG outcomes. Future research could explore post-pandemic ESG trends or industry-specific effects.
參考文獻 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. https://doi.org/10.1016/j.jfineco.2008.10.007 Ahern, K. R., & Dittmar, A. K. (2012). The changing of the boards: The impact on firm valuation of mandated female board representation. Quarterly Journal of Economics, 127(1), 137–197. https://doi.org/10.1093/qje/qjr049 Anderson, R. C., & Reeb, D. M. (2003). Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58(3), 1301–1328. https://doi.org/10.1111/1540-6261.00567 Atif, M., Liu, B., Malik, M. S., & Ahmed, H. (2021). Women on boards and corporate environmental performance: Evidence from a multi-method approach. Business Strategy and the Environment, 30(4), 2065–2081. https://doi.org/10.1002/bse.2743 Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97(2), 207–221. https://doi.org/10.1007/s10551-010-0505-2 Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164–181. https://doi.org/10.1016/j.jcorpfin.2014.03.008 Byron, K., & Post, C. (2016). Women on boards of directors and corporate social responsibility: A meta-analysis. Corporate Governance: An International Review, 24(4), 428–442. https://doi.org/10.1111/corg.12165 Carroll, A. B., & Shabana, K. M. (2010). The business case for corporate social responsibility: A review of concepts, research and practice. International Journal of Management Reviews, 12(1), 85–105. https://doi.org/10.1111/j.1468-2370.2009.00275.x Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial Review, 38(1), 33–53. https://doi.org/10.1111/1540-6288.00034 Chen, Y., Hung, M., & Wang, Y. (2020). The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China. Journal of Accounting and Economics, 65(1), 169–190. https://doi.org/10.1016/j.jacceco.2017.11.009 Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1–23. https://doi.org/10.1002/smj.2131 Croson, R., & Gneezy, U. (2009). Gender differences in preferences. Journal of Economic Literature, 47(2), 448–474. https://doi.org/10.1257/jel.47.2.448 Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59–100. https://doi.org/10.2308/accr.00000005 Eagly, A. H., & Carli, L. L. (2003). The female leadership advantage: An evaluation of the evidence. Leadership Quarterly, 14(6), 807–834. https://doi.org/10.1016/j.leaqua.2003.09.004 Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984 Euronext. (2023). Gender diversity and ESG disclosure in European listed companies. Retrieved from https://www.euronext.com Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman. Galbreath, J. (2018). Is board gender diversity linked to financial performance? The mediating mechanism of CSR. Business & Society, 57(5), 863–889. https://doi.org/10.1177/0007650316647967 Gomez-Mejia, L. R., Haynes, K. T., Núñez-Nickel, M., Jacobson, K. J., & Moyano-Fuentes, J. (2011). Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 56(1), 106–137. https://doi.org/10.1177/0001839211398908 Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206. https://doi.org/10.5465/amr.1984.4277628 Hart, S. L., & Ahuja, G. (1996). Does it pay to be green? An empirical examination of the relationship between emission reduction and firm performance. Business Strategy and the Environment, 5(1), 30–37. https://doi.org/10.1002/(SICI)1099-0836(199603)5:13.0.CO;2-Q Ho, S., & Wong, K. (2023). Gender bias in Confucian culture and its effect on female directors’ influence on ESG issues in family firms. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X Kanter, R. M. (1977). Some effects of proportions on group life: Skewed sex ratios and responses to token women. American Journal of Sociology, 82(5), 965–990. https://doi.org/10.1086/226425 Lin, C., & Ho, S. (2023). The impact of Confucian culture on gender roles in corporate governance: Constraints on female directors and chairpersons. Liu, Y., Wei, Z., & Xie, F. (2014). Do women directors improve firm performance in China? Journal of Corporate Finance, 28, 169–184. https://doi.org/10.1016/j.jcorpfin.2013.11.016 McGuinness, P. B., Vieito, J. P., & Wang, M. (2017). The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance, 42, 75–99. https://doi.org/10.1016/j.jcorpfin.2016.11.001 McKinsey & Company. (2020). Women in the workplace 2020. Retrieved from https://www.mckinsey.com McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: Correlation or misspecification? Strategic Management Journal, 21(5), 603–609. https://doi.org/10.1002/(SICI)1097-0266(200005)21:5<603::AID-SMJ101>3.0.CO;2-3 Nekhili, M., Chakroun, H., & Chtioui, T. (2017). Women’s leadership and firm performance: Family versus nonfamily firms. Journal of Business Ethics, 153(3), 889–908. https://doi.org/10.1007/s10551-016-3340-0 Post, C., & Byron, K. (2015). Women on boards and firm financial performance: A meta-analysis. Academy of Management Journal, 58(5), 1546–1571. https://doi.org/10.5465/amj.2013.0319 PRI. (2024). Principles for Responsible Investment annual report. Retrieved from https://www.unpri.org SEC. (2022). Proposed rule: The enhancement and standardization of climate-related disclosures for investors. Retrieved from https://www.sec.gov SGX. (2023). Sustainability reporting guidelines. Retrieved from https://www.sgx.com Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. Journal of Finance, 52(2), 737–783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x Tan, Y., Wu, Y., & Zhang, X. (2024). Board gender diversity and ESG performance: Evidence from Asian emerging markets. Asia Pacific Journal of Management. Advance online publication. https://doi.org/10.1007/s10490-023-09912-4 TESG. (2023). TESG sustainability indicators technical manual. 檢自 https://www.tesg.com.tw Unilever. (2023). Sustainability report 2022. Retrieved from https://www.unilever.com Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185–211. https://doi.org/10.1016/0304-405X(95)00844-5 台積電（2023）。《2022 年企業社會責任報告書》。檢自 https://esg.tsmc.com 台灣證券交易所（2022）。《公司治理報告暨女性董事統計》。檢自 https://www.twse.com.tw 行政院性別平等處（2022）。《台灣上市公司女性董事比例統計》。檢自 https://www.gender.ey.gov.tw 金融監督管理委員會（2020–2023）。《公司治理與性別平等政策》。檢自 https://www.fsc.gov.tw 金融監督管理委員會（2024）。《ESG 數據驗證規範》。檢自 https://www.fsc.gov.tw 聯發科（2024）。《2023 年永續報告書》。檢自 https://www.mediatek.com 國泰金控（2023）。《2022 年企業永續報告》。檢自 https://www.cathayholdings.com 陳美惠（2023）。《儒家文化與性別角色在企業 ESG 實踐中的作用》﹝未出版之碩士論文﹞。東吳大學社會學系。 黃靖雯（2022）。《家族企業中性別多元化對 ESG 披露的影響研究》﹝未出版之碩士論文﹞。國立中山大學企業管理學系。 林志明 (2024)。《企業永續經營與性別多元化之影響》[未出版之碩士論文]。國立成功大學企業管理學系。
描述 碩士
國立政治大學
國家發展研究所
112261015
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112261015
資料類型 thesis
dc.contributor.advisor 李宗榮zh_TW
dc.contributor.author (Authors) 曾奕瑜zh_TW
dc.contributor.author (Authors) Tseng, Yi-Yuen_US
dc.creator (作者) 曾奕瑜zh_TW
dc.creator (作者) Tseng, Yi-Yuen_US
dc.date (日期) 2025en_US
dc.date.accessioned 4-Aug-2025 15:52:17 (UTC+8)-
dc.date.available 4-Aug-2025 15:52:17 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2025 15:52:17 (UTC+8)-
dc.identifier (Other Identifiers) G0112261015en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158794-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國家發展研究所zh_TW
dc.description (描述) 112261015zh_TW
dc.description.abstract (摘要) 本研究探討董事會性別多元化與企業環境、社會及公司治理（ESG）表現的關聯性，並以家族控制作為調節變數。基於 2016-2020 年台灣上市櫃公司（排除金融業）8,760 筆資料，結合台灣經濟新報（TEJ）與 TEJ ESG 資料庫，採用固定效應面板回歸進行分析。研究結果顯示，女性董事比例對 ESG 表現有顯著正面影響，特別是在社會與治理面向，但家族控制削弱此正面效果。董事長性別對 ESG 表現的影響較不顯著。家族企業因代理問題優先家族利益，導致ESG表現較低，反映治理挑戰。本研究支持台灣「公司治理 3.0 政策」，建議提高女性董事比例並改善家族企業治理以提升 ESG 表現。未來可探討疫情後的 ESG 動態或不同產業的異質性影響。zh_TW
dc.description.abstract (摘要) This study examines the relationship between board gender diversity and environmental, social, and governance (ESG) performance, with family control as a moderating variable. Using 8,760 observations from Taiwanese listed and OTC companies (non-financial) from 2016 to 2020, data from the Taiwan Economic Journal (TEJ) and TESG databases are analyzed via fixed-effects panel regression. Findings indicate that a higher female director ratio significantly improves ESG performance, particularly in social and governance dimensions, though family control weakens this effect. The impact of female chairs on ESG performance is limited. Family firms show lower ESG performance due to type II agency problems, highlighting governance challenges. This study supports Taiwan’s Corporate Governance 3.0 policy, recommending increased female board representation and enhanced governance in family businesses to improve ESG outcomes. Future research could explore post-pandemic ESG trends or industry-specific effects.en_US
dc.description.tableofcontents 誌謝 i 中文摘要 ii ABSTRACT iii 目錄 iv 表目錄 vi 圖目錄 vii 第一章 緒論 1 1.1 研究背景與動機 1 1.2 台灣情境與研究脈絡 3 1.3 研究目的與問題 5 第二章 文獻探討與回顧 7 2.1 ESG 發展與政策脈絡 7 2.2 董事會性別多元化與ESG表現 8 2.3 台灣情境下的性別多元化與 ESG 9 2.4 假說推導 10 第三章 研究方法 15 3.1 研究設計 15 3.2 資料收集 16 3.3 變數定義 18 3.3.1 應變數 18 3.3.2 自變數 19 3.3.3 調節變數 20 3.3.4 控制變數 20 3.4 研究模型 22 第四章 實證結果與分析 24 　　4.1 敘述性統計 24 　　4.2 相關性分析 25 　　4.3 單變量分析 26 　　4.4 董事會性別多元化對於 ESG 之回歸結果 28 　　4.5 ESG 分數各領域的迴歸分析 30 第五章 結論 33 參考文獻 35 變數表 51zh_TW
dc.format.extent 1044938 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112261015en_US
dc.subject (關鍵詞) 董事會性別多元化zh_TW
dc.subject (關鍵詞) ESG 表現zh_TW
dc.subject (關鍵詞) 家族企業zh_TW
dc.subject (關鍵詞) 台灣企業zh_TW
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) Board gender diversityen_US
dc.subject (關鍵詞) ESG performanceen_US
dc.subject (關鍵詞) Family businessesen_US
dc.subject (關鍵詞) Taiwanese enterprisesen_US
dc.subject (關鍵詞) Corporate governanceen_US
dc.title (題名) 董事會性別多元化與 ESG 之關聯性zh_TW
dc.title (題名) The correlation between board gender diversity and ESGen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 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. https://doi.org/10.1016/j.jfineco.2008.10.007 Ahern, K. R., & Dittmar, A. K. (2012). The changing of the boards: The impact on firm valuation of mandated female board representation. Quarterly Journal of Economics, 127(1), 137–197. https://doi.org/10.1093/qje/qjr049 Anderson, R. C., & Reeb, D. M. (2003). Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58(3), 1301–1328. https://doi.org/10.1111/1540-6261.00567 Atif, M., Liu, B., Malik, M. S., & Ahmed, H. (2021). Women on boards and corporate environmental performance: Evidence from a multi-method approach. Business Strategy and the Environment, 30(4), 2065–2081. https://doi.org/10.1002/bse.2743 Bear, S., Rahman, N., & Post, C. (2010). The impact of board diversity and gender composition on corporate social responsibility and firm reputation. Journal of Business Ethics, 97(2), 207–221. https://doi.org/10.1007/s10551-010-0505-2 Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164–181. https://doi.org/10.1016/j.jcorpfin.2014.03.008 Byron, K., & Post, C. (2016). Women on boards of directors and corporate social responsibility: A meta-analysis. Corporate Governance: An International Review, 24(4), 428–442. https://doi.org/10.1111/corg.12165 Carroll, A. B., & Shabana, K. M. (2010). The business case for corporate social responsibility: A review of concepts, research and practice. International Journal of Management Reviews, 12(1), 85–105. https://doi.org/10.1111/j.1468-2370.2009.00275.x Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial Review, 38(1), 33–53. https://doi.org/10.1111/1540-6288.00034 Chen, Y., Hung, M., & Wang, Y. (2020). The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China. Journal of Accounting and Economics, 65(1), 169–190. https://doi.org/10.1016/j.jacceco.2017.11.009 Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1–23. https://doi.org/10.1002/smj.2131 Croson, R., & Gneezy, U. (2009). Gender differences in preferences. Journal of Economic Literature, 47(2), 448–474. https://doi.org/10.1257/jel.47.2.448 Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011). Voluntary nonfinancial disclosure and the cost of equity capital: The initiation of corporate social responsibility reporting. The Accounting Review, 86(1), 59–100. https://doi.org/10.2308/accr.00000005 Eagly, A. H., & Carli, L. L. (2003). The female leadership advantage: An evaluation of the evidence. Leadership Quarterly, 14(6), 807–834. https://doi.org/10.1016/j.leaqua.2003.09.004 Eccles, R. G., Ioannou, I., & Serafeim, G. (2014). The impact of corporate sustainability on organizational processes and performance. Management Science, 60(11), 2835–2857. https://doi.org/10.1287/mnsc.2014.1984 Euronext. (2023). Gender diversity and ESG disclosure in European listed companies. Retrieved from https://www.euronext.com Freeman, R. E. (1984). Strategic management: A stakeholder approach. Pitman. Galbreath, J. (2018). Is board gender diversity linked to financial performance? The mediating mechanism of CSR. Business & Society, 57(5), 863–889. https://doi.org/10.1177/0007650316647967 Gomez-Mejia, L. R., Haynes, K. T., Núñez-Nickel, M., Jacobson, K. J., & Moyano-Fuentes, J. (2011). Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 56(1), 106–137. https://doi.org/10.1177/0001839211398908 Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206. https://doi.org/10.5465/amr.1984.4277628 Hart, S. L., & Ahuja, G. (1996). Does it pay to be green? An empirical examination of the relationship between emission reduction and firm performance. Business Strategy and the Environment, 5(1), 30–37. https://doi.org/10.1002/(SICI)1099-0836(199603)5:13.0.CO;2-Q Ho, S., & Wong, K. (2023). Gender bias in Confucian culture and its effect on female directors’ influence on ESG issues in family firms. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X Kanter, R. M. (1977). Some effects of proportions on group life: Skewed sex ratios and responses to token women. American Journal of Sociology, 82(5), 965–990. https://doi.org/10.1086/226425 Lin, C., & Ho, S. (2023). The impact of Confucian culture on gender roles in corporate governance: Constraints on female directors and chairpersons. Liu, Y., Wei, Z., & Xie, F. (2014). Do women directors improve firm performance in China? Journal of Corporate Finance, 28, 169–184. https://doi.org/10.1016/j.jcorpfin.2013.11.016 McGuinness, P. B., Vieito, J. P., & Wang, M. (2017). The role of board gender and foreign ownership in the CSR performance of Chinese listed firms. Journal of Corporate Finance, 42, 75–99. https://doi.org/10.1016/j.jcorpfin.2016.11.001 McKinsey & Company. (2020). Women in the workplace 2020. Retrieved from https://www.mckinsey.com McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: Correlation or misspecification? 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