家族企業與集團企業中董事會性別組成對公司的影響：績效、研發投資以及現金持有

Does the Gender Composition of the Board affect Corporate Performance and Decisions? Evidence from Family Firms and Conglomerates

本研究以2000年至2016年間台灣上市公司為研究對象，探討董事會性別多元化對於公司績效、研發投資與現金持有策略所造成的影響。我們發現女性董監事比例與公司績效以及現金持有率之間皆有正向的關聯性，但與研發投資水準則呈現負向關係。再分別藉由工具變數法與結構方程式估計法處理潛在的內生性問題與交互影響效果後，我們仍發現相同的結果。此外經由進一步樣本分群分析，我們發現上述公司績效（研發投資水準）之結果在家族（非家族）企業與非大型集團企業更為明顯。另一方面，相較於非家族企業與非大型集團企業而言，家族與大型集團公司女性董監事比例的增加更能夠對於現金持有率有正向的影響。整體實證結果顯示，平均而言公司若提高女性董事會成員之比例將有助於提升經營績效、並降低研發投資活動與資金流動性風險，但這些效果隨著企業的控股型態而有所不同。

By the sample of all public-listed companies on the Taiwan stock market over the period from 2000 to 2016, our study examines the effect of board gender diversity on firm performance, R&D investments and cash holding. Our findings appear a positive relationship between the proportions of female board members and firm performance, and the percentage of cash holding, respectively. Also, we show a negative relationship between the proportions of female board members and R&D investments. After addressing the potential endogeneity and casual relationships by instrumental variables and structural equation estimation, respectively, the documented relations remain. Moreover, by clustering the sample into family, non-family firms, conglomerates and non-conglomerates, we find that the positive (negative) relationship between the proportions of female board members and firm performance (R&D investments) is stronger in family (non-family) firms and non-conglomerates. Meanwhile, the proportions of female board members have a more significantly positive relationship with the percentage of cash holding in family firms and conglomerates. Overall our findings indicate that firms with more gender-diverse boards have better operational performance, engage in fewer R&D activities, and face a lower risk of capital need; these effects, however, vary among different holding company structures.