臺灣博碩士論文加值系統

本篇論文主要探討董事會的性別對於投資及股利政策的影響。我們從風險的角度去討論投資和股利政策。根據相關文獻顯示，女性相較於男性在投資上更加保守且較風險趨避，會相對減少投資,使現金持有上升並增加股利發放來避免現金持有增加所導致的代理問題及現金流量問題。因此我們假設有女性董事會或是女性在董事會成員中比例較高的公司會投資比較少並發放比較多的股利，結論我們發現有女性董事會或是女性在董事會成員中比例較高的公司有較少的投資和發放較多的股利。

In this paper, we investigate the relation between director gender on the board and investment, and payout policy. Different from previous literatures, we discuss how the risks influence the investments and payout policy. According to previous studies, female is more risk averse than male, so we hypothesize that if firms with female director or greater proportion of female directors on the board, the firms would invest less, and payout more. Our results suggest that firms with female director or greater proportion of female directors on board have lower investments and payout more than firms without female director and with lower proportion of female directors on board.

Title Page ………………………………………………………………………………i
Letter of Approval………………………………………………………………………
Letter of Authority………………………………………………………………………
Abstract in Chinese…………………………………………………………………....ii
Abstract……………………………………………………………………………….iii
Acknowledgements…………………………………………………………………...iv
Contents……………………………………………………………………………......v
Contents of Table……………………………………………………………………...vi
Chapter 1 Introduction………………………………………………………………....1
Chapter 2 Literatures Review and Hypothesis Development…………………………3
2.1 Board and Payout……………………………………………………...3
2.1.1 Director gender and risk …………………………….…………………4
2.2 Risk and Payout……………………………………….………………5
2.2.1 Risk of Repurchase…………………………………………………….5
2.2.2 Risk of Dividend……………………………………………………….6
Chapter 3……Sample and Data……………………………………………………….8
3.1 Risk preference variables……………………………… ……………..8
3.2 Payout variables…………………………………………………….....9
3.3 Investment variables…………………………………………………..9
Chapter 4 Methodology………………………………………………………….....9
Chapter 5 Empirical Results……………………………………………………... 13
5.1 Summary statistic……………………………… ……………………13
5.2 Director gender and total investment………………………………...15
5.3 Director gender and total Payout……………………………….……16
5.4 Director gender and dividend payout and repurchases payout………17
Chapter 6 Conclusion……..……………………………………………………... 19
References …………………………………………………………………………...21
Appendix ...…………………………………………………………………………..25

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