臺灣博碩士論文加值系統

台灣是一個在性別多元化方面沒有具有約束力的法律的國家。然而，自願董事會組成多元化的做法非常普遍。本研究旨在調查台灣自願性別包容政策的影響。本文使用 ROA 和 ROE 作為公司績效衡量指標，以確定董事會性別多元化與公司績效之間的關係。它也從全球角度更多地揭示了性別多樣性倡導和促進的歷史背景和興起。本研究旨在透過結合相關文獻的簡潔回顧並使用台灣股票上市公司的數據進行實證分析，為公司治理、性別多元化、配額法和公司績效做出貢獻。使用 655 家台灣證券交易所 (TWSE) 上市公司的樣本，對 2020 年至 2022 年期間的公司年度進行觀察。本研究的獨立變項是董事會性別多樣性。因變數是公司業績，使用股本回報率（ROE）和資產回報率（ROA）來衡量公司業績。此外，本研究還包括三個可控制變數：公司規模、董事會（BoD）和槓桿率。本研究的假設發展以臨界質量理論（CMT）為基礎。小假設應基於研究的調節變項。這項研究還將用異常值測試 CMT，並確定性別多樣性為零的董事會在過去幾年中是否難以提高績效。本研究也將使用台灣證券交易所上市公司來檢驗相同的假設，並確定1 至2 名女性加入公司董事會是否對2020 年至2022 年期間公司的業績沒有影響。內容的發展，可能會進一步建立一個實用的框架，支持和加強董事會性別多元化和公司治理機制，這不僅可以保護股東利益，還可以提供反映公司可以在多大程度上戰略性地影響公司業績改善的工具.

關鍵字：董事會性別多元化、性別配額法、公司績效

Taiwan is a nation with no binding laws on board gender diversity. However, there is a high practice of voluntary board composition diversity. This study aims to investigate the impact of voluntary gender inclusion policies in Taiwan. This thesis determines the relationship between board gender diversity and company performance, using ROA and ROE as company performance measures. It also sheds more light on the historical background and the rise of gender diversity advocacy and promotion from a global perspective. This research aims to contribute to corporate governance, gender diversity, quota laws, and company performance by combining succinct reviews of the relevant literature and conducting empirical analysis using data taken from Taiwan stock-listed companies. Using a sample of 655 Taiwan Stock Exchange (TWSE)--listed firms with firm-year observations between 2020 and 2022. This paper employs Correlation coefficient, regression and descriptive analysis with TWSE and Taiwan Economic Journal (TEJ) data. The independent variable of this research is board gender diversity. The dependent variable is company performance, measuring company performance using Return on Equity (ROE) and Return on Assets (ROA). In addition, three controllable variables are included in this study: company size, Board Size, and leverage. The hypothesis development of this study is underpinned by the Board Gender Diversity Layers (BGD Layers). The minor hypothesis shall be based on the study’s moderating variables. This study will also test the CMT with outliers and determine if the performance of boards with zero gender diversity struggles to have improved performance over the years under review. This study will also test the same hypothesis using firms listed on the TWSE and determine if 1 to 2 women's inclusion in corporate boards has no impact on the firm’s performance in the years between 2020-2022. The results of this study may serve as a substance for policy development, which may further assemble a practical framework that can support and strengthen board gender diversity and corporate governance mechanisms, which will not only protect shareholder interests but also provide instruments that reflect the extent to which companies can strategically influence improved company performance.

Keywords: Board gender diversity, gender quota law, company performance

Abstract i
Abstract in Chinese ii
Table of Contents iii
List of tables vii
List of Figures viii
CHAPTER 1 – INTRODUCTION 1
1.1 Introduction 1
1.2 Research Background 2
1.3 Female Board and Firm Performance 4
1.4 Female board of directors, board gender quotas, and firm performance 4
1.5 Research Objectives and Research Questions 6
1.6 Research Structural Outline 7
CHAPTER 2 – LITERATURE REVIEW 8
2.1 Introduction 8
2.2 Board diversity 8
2.3 Global gender diversity initiatives and progression 8
2.3.1 Early initiatives and advocacy 8
2.3.2 Achieving gender diversity through voluntary appointments 9
2.4 Gender Quotas laws 10
2.4.1 Global Boards Gender Quotas 12
2.5 The Taiwanese context 15
2.6 Impact of gender diversity on company performance 16
2.7 Impact on ROE 17
2.7.1 Positive impact 17
2.7.2 Negative impact 21
2.7.3 Insignificant impact 23
2.8 Impact on ROA 24
2.8.1 Positive impact 24
2.8.2 Negative impact 25
2.9 Insignificant impact 26
2.10 Effect of gender quota laws on performance 28
2.11 Variables 29
2.11.1 Independent variable – Board gender diversity 29
2.11.2 Control variables 30
2.12 Theories of Board Gender Diversity 30
2.12.1 Resource Dependence Theory 31
2.12.2 Human Capital 31
2.12.3 Institutional Theory 32
2.12.4 The Agency theory 32
2.12.5 The Critical Mass theory 33
2.12.6 Critical mass theory layers 35
CHAPTER 3 - METHODOLOGY 38
3.0 Introduction 38
3.1 Design of the study 38
3.2 Theoretical and Empirical Mode 39
3.2.1 Theoretical Framework: 39
3.3 Definition and justification of variables in the model 40
3.3.1 Independent Variables 42
3.3.2. Dependent Variables 42
3.4 Measures of company performance 42
3.4.1 Return on Equity (ROE) 42
3.4.2 Return on Assets (ROA) 43
3.4.3 Control Variables 43
3.4.4 Firm Size 43
3.4.5 Leverage 44
3.5 Estimation procedures: 44
3.5.1 Pearson Correlation Coefficient 44
3.5.2 Descriptive analysis 45
3.5.3 Simple Regression Analysis 45
3.5.4 Normality Test 46
3.6 Data population and sampling 46
3.7 Conceptual Framework 47
CHAPTER 4: DATA ANALYSIS AND DISCUSSIONS 48
4.1 Introduction 48
4.1.1 Sample demographic description 48
4.2 Findings 50
4.2.1 Descriptive analysis 50
4.2.2 Statistical analyses 50
4.2.3 Impact of control variables 62
4.3 Discussion 65
CHAPTER 5: SUMMARY, CONCLUSIONS AND RECOMMENDATIONS 67
5.1 Introduction 67
5.2 Purposes and objectives of the study 67
5.3 Summary of findings 68
5.4 Conclusion 68
5.5 Recommendations for action 69
5.6 Recommendations for further research 70
Bibliography 71

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