董事性別多元化、董監事責任保險與股價崩跌風險之關聯

The relationship between board gender diversity, D&O liability insurance and stock price crash risk

本研究以台灣2013年至2018年上市櫃公司為樣本，探討董事會中具備女性（獨立）董事是否影響公司未來股價崩跌之風險，並進一步探討若公司有董監事暨重要職員責任保險（簡稱D&O責任險）時，是否影響女性（獨立）董事於董事監督職能的發揮。實證結果顯示，董事會中具有女性（獨立）董事時可降低公司股價崩跌風險；然而，若公司有投保D&O責任險，將削弱女性董事降低股價崩跌風險之效果，此一現象亦同樣發生在女性擔任獨立董事時。本研究結果支持董事性別多元化對公司治理有正面影響之論點，同時亦支持投保D&O責任險的投機角色觀點，可為董事多元化議題提供一本土證據，亦可供管制單位於法規訂定時有所參考。

Using Taiwan-listed firms from 2013 to 2018 as a sample, this study explores whether and how gender diversity on boards affects the stock price crash risk. Additionally, it also examines whether the supervisory function of female (independent) directors is affected by firms’directors and officers (D&O) liability insurance. The study’s findings indicate that having female (independent) directors on boards helps reduce the risk of stock crashes. However, D&O insurance weakens this impact, which holds true even when female directors serve as independent directors. The findings support the argument that gender diversity among directors has a positive impact on corporate governance while also aligning with the perspective that D&O insurance plays an opportunistic role. This study provides local evidence on board gender diversity and D&O insurance policies, offering insights for regulatory authorities when formulating regulations.