女性董事與財務報表重編

Female Directors and Financial Restatements

本研究選取2006－2010年財務與董事會資料齊全的上市公司為觀察樣本。「實證結果發現女性參與董事會，不管採是否有女性董事的虛擬變數、女性董事比例、女性董事人數皆與財報重編呈負相關。在額外分析中，本研究採Heckman二階段程序與傾向分數配對程序（propensity-score matching procedure），控制內生性的潛在偏誤後，女性參與董事會仍可顯著降低財報重編。其次，將財報重編分別定義為調降原始報導盈餘之重編與證期局強制要求之重編，結果顯示女性參與董事會仍可顯著降低此兩種重大的財報重編。未來企業選任董事或可將性別多元化納入考量，以期適任女性代表的參與及人力資源的合理配置。 We examine data on the financial status and boards of directors of Taiwanese listed companies covering 2006 to 2010, finding significantly negative correlations between the presence, proportion, and number of female directors on boards and the likelihood or frequency of financial restatements. We further examine these relationships using Heckman two-stage procedures and propensity-score matching procedure for controlling the potential endogenous bias, finding that the female presence on boards still significantly lowers the likelihood of financial restatements. We then redefine restatements as original earnings being overstated and the mandatory restatements required by the regulators. Again, female board participation significantly lowers these two major restatement types. Business could possibly consider gender diversity in the future board directors' election so as to include more qualified female representation on boards and reach a better alignment of human resource.