女性董事、企業社會責任成效與公司價值之關聯性

企業社會責任(CSR)之相關議題與女性在職場上的角色在近年來備受討論，故本研究探討女性董事及CSR成效與公司價值之關聯，以2015年至2020年有發布CSR報告書之上市櫃公司為研究對象。CSR成效以報告書中GRI準則揭露項目總數及比例、天下雜誌、遠見雜誌以及美國道瓊永續指數（DJSI）之CSR得獎總數作為衡量標準，女性董事以總人數及占比作為衡量標準，公司價值則以Tobin’s Q衡量。研究結果發現，董事會中女性董事之多寡與企業發布之永續報告書中GRI準則揭露項目數無顯著關聯，且與企業在CSR之得獎數無顯著關係；在CSR成效中，報告書之GRI準則揭露項目數與公司價值無顯著相關，而CSR得獎數與公司價值呈顯著正相關，亦即在CSR得獎數愈多之企業，其市場績效反應愈佳。

關鍵字

女性董事；企業社會責任；公司價值

並列摘要

Issues related to corporate social responsibility(CSR) and the role of women in the workplace have been discussed in recent years. Therefore, this study explores the relationship between female directors and the effectiveness of CSR and firm value, takes the listed OTC companies that have issued CSR from 2015 to 2020 as the research object. The effectiveness of CSR is measured by the total number and proportion of projects disclosed in the GRI standard in the report and the total number of CSR awards from Common Wealth Magazine, Foresight Magazine, and the Dow Jones Sustainability Index (DJSI), female directors are measured by total number and proportion, Tobin’s Q measures firm value. The study results found that the number of female directors on the board of directors has no significant relationship with the number of projects disclosed in the GRI standard in the sustainability report issued by the company and has no meaningful relationship with the number of CSR awards the company has won. In the performance of CSR, the number of projects disclosed in the GRI standard in the report has no significant correlation with firm value. In contrast, the number of CSR awards has a significant positive correlation with firm value; for companies with more CSR awards, their market performance reflects the better.