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題名 女性董事如何影響公司價值？
How Do Female Directors Affect Firm Value?作者 陳彥伶
Chen, Yen Ling貢獻者 湛可南
Chan, Konan
陳彥伶
Chen, Yen Ling關鍵詞 女性董事
公司價值
監督
風險管理
沙賓法案
金融危機
Female directors
Firm value
Monitoring
Risk management
SOX
Crisis日期 2014 上傳時間 1-Jul-2015 14:44:01 (UTC+8) 摘要 We employ S&P 1500 firms from 2000 to 2013 to investigate how female directors affect firm value. We explore two possible channels, the monitoring effect and the risk management effect, through which female directors can have material effect on firms. While the prior research shows a negative relation between female directors and firm value, we find that such a relation diminishes in the post-SOX period (2004 to 2007). More importantly, female directors enhance firm value in the crisis period (2008 to 2013). Our findings suggest that the way female directors affect firm value changes depending on the external environment. Female directors benefit firms mainly by monitoring in the post-SOX period but by risk management in the crisis period. 參考文獻 Adams, R. B., Ferreira, D. (2009). Women in the board room and their impact on governance and performance. Journal of Financial Economics, 94(2), 291-309. Ahern, K. R., Dittmar, A. K. (2012). The changing of the boards: The impact on firm valuation of mandated female board. The Quarterly Journal of Economics, 127(1), 137-197. Barber, B. M., Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The Quarterly Journal of Economics, 116(1), 261-292. Carter, D. A., Simkins, B. J., Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. The Financial Review, 38, 33-53. Catalyst. (2013). 2013 Catalyst Census: Fortune 500 Women Board Directors. Catalyst. Chen, Q., Goldstein, I., Jiang, W. (2007). Price informativeness and investment sensitivity to stock price. The Review of Financial Studies, 20(3), 619-650. Erhardt, N. L., Werbel, J. D., Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2), 102–111. Fama, E. F., Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301-325. Farrell, K. A., Hersch, P. L. (2005). Additions to corporate boards: The effect of gender. Journal of Corporate Finance, 11(1-2), 85–106. Fazzari, S. M., Hubbard, R. G., Petersen, B. C. (1988). Financing constraints and corporate investment. Brookings Papers on Economic Activity, 1988(1), 141-206. Francis, B. B., Hasan, I., Wu, Q. (2012). Do corporate boards affect firm performance? New evidence from the financial crisis. SSRN Working Paper. García-Meca, E., García-Sánchez, I.-M., Martínez-Ferrero, J. (2015). Board diversity and its effects on bank performance: An international analysis. Journal of Banking & Finance, 53, 202–214. Gompers, P., Ishii, J., Metrick, A. (2003). Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107-156. Gul, F. A., Srinidhi, B., Ng, A. C. (2011). Does board gender diversity improve the informativeness of stock prices? Journal of Accounting and Economics, 51(3), 314-338. Gul, F. A., Srinidhi, B., Tsui, J. S. L. (2008). Board diversity and the demand for higher audit effort. SSRN Working Paper. Huang, J., Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of Financial Economics, 108(3), 822–839. Levi, M., Li, K., Zhang, F. (2014). Director gender and mergers and acquisitions. Journal of Corporate Finance, 28, 185–200. Liu, Y., Wei, Z., Xie, F. (2014). Do women directors improve firm performance in China? Journal of Corporate Finance, 28, 169–184. Pathan, S., Faff, R. (2013). Does board structure in banks really affect their performance? Journal of Banking & Finance, 37(5), 1573–1589. Smith, N. (2014). Gender quotas on boards of directors. IZA World of Labor. 描述 碩士
國立政治大學
財務管理研究所
102357021
103資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102357021 資料類型 thesis dc.contributor.advisor 湛可南 zh_TW dc.contributor.advisor Chan, Konan en_US dc.contributor.author (Authors) 陳彥伶 zh_TW dc.contributor.author (Authors) Chen, Yen Ling en_US dc.creator (作者) 陳彥伶 zh_TW dc.creator (作者) Chen, Yen Ling en_US dc.date (日期) 2014 en_US dc.date.accessioned 1-Jul-2015 14:44:01 (UTC+8) - dc.date.available 1-Jul-2015 14:44:01 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2015 14:44:01 (UTC+8) - dc.identifier (Other Identifiers) G0102357021 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/76163 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理研究所 zh_TW dc.description (描述) 102357021 zh_TW dc.description (描述) 103 zh_TW dc.description.abstract (摘要) We employ S&P 1500 firms from 2000 to 2013 to investigate how female directors affect firm value. We explore two possible channels, the monitoring effect and the risk management effect, through which female directors can have material effect on firms. While the prior research shows a negative relation between female directors and firm value, we find that such a relation diminishes in the post-SOX period (2004 to 2007). More importantly, female directors enhance firm value in the crisis period (2008 to 2013). Our findings suggest that the way female directors affect firm value changes depending on the external environment. Female directors benefit firms mainly by monitoring in the post-SOX period but by risk management in the crisis period. en_US dc.description.tableofcontents 1. Introduction 6 2. Sample and methodology 12 2.1 Sample selection 12 2.2 Variable definitions 13 2.3 Descriptive statistics 14 2.4 Methodology 15 3. Empirical results 17 3.1 Female directors and firm value in the post-SOX period 17 3.2 Female directors and firm value in the crisis period 18 4. Additional analyses 18 4.1 The role of female directors in the post-SOX period 19 4.2 The role of female directors in the crisis period 20 4.3 The role of female directors and financial constraints 20 5. Conclusion 21 References 23 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102357021 en_US dc.subject (關鍵詞) 女性董事 zh_TW dc.subject (關鍵詞) 公司價值 zh_TW dc.subject (關鍵詞) 監督 zh_TW dc.subject (關鍵詞) 風險管理 zh_TW dc.subject (關鍵詞) 沙賓法案 zh_TW dc.subject (關鍵詞) 金融危機 zh_TW dc.subject (關鍵詞) Female directors en_US dc.subject (關鍵詞) Firm value en_US dc.subject (關鍵詞) Monitoring en_US dc.subject (關鍵詞) Risk management en_US dc.subject (關鍵詞) SOX en_US dc.subject (關鍵詞) Crisis en_US dc.title (題名) 女性董事如何影響公司價值？ zh_TW dc.title (題名) How Do Female Directors Affect Firm Value? en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) Adams, R. B., Ferreira, D. (2009). Women in the board room and their impact on governance and performance. Journal of Financial Economics, 94(2), 291-309. Ahern, K. R., Dittmar, A. K. (2012). The changing of the boards: The impact on firm valuation of mandated female board. The Quarterly Journal of Economics, 127(1), 137-197. Barber, B. M., Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The Quarterly Journal of Economics, 116(1), 261-292. Carter, D. A., Simkins, B. J., Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. The Financial Review, 38, 33-53. Catalyst. (2013). 2013 Catalyst Census: Fortune 500 Women Board Directors. Catalyst. Chen, Q., Goldstein, I., Jiang, W. (2007). Price informativeness and investment sensitivity to stock price. The Review of Financial Studies, 20(3), 619-650. Erhardt, N. L., Werbel, J. D., Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2), 102–111. Fama, E. F., Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 301-325. Farrell, K. A., Hersch, P. L. (2005). Additions to corporate boards: The effect of gender. Journal of Corporate Finance, 11(1-2), 85–106. Fazzari, S. M., Hubbard, R. G., Petersen, B. C. (1988). Financing constraints and corporate investment. Brookings Papers on Economic Activity, 1988(1), 141-206. Francis, B. B., Hasan, I., Wu, Q. (2012). Do corporate boards affect firm performance? New evidence from the financial crisis. SSRN Working Paper. García-Meca, E., García-Sánchez, I.-M., Martínez-Ferrero, J. (2015). Board diversity and its effects on bank performance: An international analysis. Journal of Banking & Finance, 53, 202–214. Gompers, P., Ishii, J., Metrick, A. (2003). Corporate governance and equity prices. The Quarterly Journal of Economics, 118(1), 107-156. Gul, F. A., Srinidhi, B., Ng, A. C. (2011). Does board gender diversity improve the informativeness of stock prices? Journal of Accounting and Economics, 51(3), 314-338. Gul, F. A., Srinidhi, B., Tsui, J. S. L. (2008). Board diversity and the demand for higher audit effort. SSRN Working Paper. Huang, J., Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives? Journal of Financial Economics, 108(3), 822–839. Levi, M., Li, K., Zhang, F. (2014). Director gender and mergers and acquisitions. Journal of Corporate Finance, 28, 185–200. Liu, Y., Wei, Z., Xie, F. (2014). Do women directors improve firm performance in China? Journal of Corporate Finance, 28, 169–184. Pathan, S., Faff, R. (2013). Does board structure in banks really affect their performance? Journal of Banking & Finance, 37(5), 1573–1589. Smith, N. (2014). Gender quotas on boards of directors. IZA World of Labor. zh_TW
