女性董事比例與永續績效對企業財務表現之影響：交互作用與因果推論分析

The Impact of Female Board Representation and ESG Performance on Corporate Financial Outcomes: An Analysis of Interaction Effects and Causal Inference

本研究旨在探討女性董事比例與企業ESG（環境丶社會與公司治理）表現對財務續效之影響，並進一步分析其交互效果與潛在中介機制。本文以2017至2023年臺灣上市公司為實證樣本，透過固定效果與隨機效果模型、結構方程模型(SEM)、調節效果迴歸及工具變數法(2SLS)進行多元實證分析。結果發現，女性董事比例對會計型績效(ROA、ROE)具顯著正向影響，但對市場型績效(Tobin's Q)則呈負向效果，顯示市場對性別多元化尚存疑慮。ESG績效則未能顯著作為中介女性董事與財務續效間關係，惟在Tobin's Q模型中對企業價值具顯著正向貢獻。
進一步的交互效果分析指出，ESG分數對女性董事比例與ROA、ROE之關係具顯著負向調節作用，顯示當企業ESG投入越多時，女性董事對會計績效正面效果反而減弱。接著使用ESG總分的一期落後值作為工具變數進行內生性修正後，女性董事比例對所有績效指標皆呈負向且顯著影響，顯示在臺灣市場中，性別多元化策略雖具長期潛力，短期內仍需克服治理文化丶資源配置與市場認知等挑戰。
本研究建議，政策制定應避免僅以性別比例為目標，應重視女性董事專業素養與建構ESG能力。企業亦應審慎評估ESG與性別多元之整合策略對短期績效與市場反應之影響，方能兼顧治理品質與永續績效，創造並實踐整體價值。

This study investigates the relationship between the proportion of female board members and corporate ESG (Environmental, Social, and Governance) performance on firm outcomes, using a panel of listed firms in Taiwan from 2017 to 2023. Applying fixed and random effects regressions, structural equation modeling (SEM), moderation analysis, and two-stage least squares (2SLS), we explore both direct and interactive effects on accounting-based performance (ROA, ROE) and market-based valuation (Tobin’s Q).
Empirical findings show that female board representation significantly enhances ROA and ROE but negatively correlates with Tobin’s Q, suggesting persistent skepticism in the capital market regarding gender diversity. ESG performance does not mediate the relationship between board gender diversity and firm performance, although it positively influences Tobin’s Q. Moderation analysis reveals a significant negative interaction between ESG and female board ratio on ROA and ROE, indicating diminishing marginal returns from board diversity when ESG investment increases. After correcting for endogeneity using lagged ESG scores as instruments, female board ratio exhibits significant negative effects across all performance metrics.
These results highlight that while gender diversity may hold long-term governance potential, its short-term impact in the Taiwanese context is shaped by institutional readiness, market perceptions, and governance capacity. Policy frameworks should move beyond quota mandates and prioritize ESG literacy and board competency. Firms are advised to evaluate gender-ESG synergies cautiously to balance performance, market expectations, and sustainable value creation.