女性董事會成員比例對於企業 ESG 績效之影響

本研究以 2018 年至 2022 年台灣上市公司為研究對象，主要探討女性董事會成員比例對於企業 ESG 績效的影響。本研究所指之解釋變數為女性董事成員，分別為女性董事、女性獨立董事及女性董事長；被解釋變數為企業 ESG 績效，分別為ESG總分、環境（Environmental）、社會（Social）、公司治理（Governance）個別分數；控制變數分別為負債比率、研究費用率、公司規模、企業成長率、資產報酬率、董事會規模、及獨立董事比例。本研究採用 OLS（普通最小平方法）迴歸模型來進行實證，探討女性董事比例對企業 ESG 績效的影響。本研究發現，女性董事比例對於整體企業 ESG、環境與社會分數皆為負向影響；女性獨立董事對企業整體 ESG績效與公司治理分數為正向影響；女性董事長對於企業 ESG整體績效方面與社會分數為負向影響。

關鍵字

董事會； ESG 績效；女性董事

並列摘要

This study examines the impact of female board representation on corporate Environmental, Social, and Governance (ESG) performance using Ordinary Least Squares (OLS) regression model. The research period spans from 2018 to 2022, focusing on Taiwanese listed companies. The study investigates the relationship between the proportion of female board members (comprising female directors, female independent directors, and female board chairs) and corporate ESG performance, with specific ESG metrics including Total ESG score, Environmental (E), Social (S), and Governance (G) scores. Control variables encompass leverage ratio, research expenditure ratio, firm size, firm growth rate, return on assets, board size, and independent director ratio. Findings reveal a negative impact between the proportion of female board members and overall corporate ESG performance, environmental performance, and social performance. However, female independent directors exhibit a positive impact with overall corporate ESG performance and governance performance. Conversely, the presence of female board chairs demonstrates a negative impact with overall ESG performance and social performance.