銀行董事多元化對負面事件的影響

The Impact of Board Diversity on Negative Events in the Banking Industry

研究目的：探討銀行董事會多元化可否減少負面事件與股價跌幅。
研究設計／方法：就TEJ資料庫中之本國銀行資料，使用事件研究法、迴歸分析和解決內生性問題的計量方法。
研究結果：一、銀行董事會多元化可減少負面事件、減輕股價下跌，考慮多元董事會內生性後結論不變。二、低成長、民營及低ESG績效的銀行，多元董事會之增額監督效果較強。
研究限制／啟發：未評估銀行的作業風險實際計提資本額能否因應負面事件的衝擊，可為未來研究方向。
理論／實務／社會意涵：銀行採董事會多元化可增進公司治理，提升作業風險管理成效。投資人之股票投資組合擬定可評估銀行董事會多元程度，以提高投資績效。
創見／價值：除分析多元董事會抑制負面事件之作用外，也檢視銀行成長性、公民營、ESG績效及資本比率的調節效果。股價反應的衡量使用三種方法以強化實證結果穩健性。

Purpose–To investigate whether bank board diversity can reduce negative events and stock price declines.
Design/methodology/approach–Based on the domestic bank data of the TEJ database, event study method, regression analysis and econometric methods to address endogeneity problems are used.
Findings–1. Diversification of bank boards can reduce negative events and mitigate stock price declines. The conclusion remains unchanged after considering the endogeneity of board diversity. 2. For banks with low growth, private ownership and low ESG performance, the incremental oversight effect of a diversified board of directors is stronger.
Research limitations/implications–The paper does not assess whether the actual amount of capital provided for operational risk by banks can cope with the impact of negative events, which may be a direction for future research.
Practical implications/Social implications–Banks adopting diversified boards can enhance corporate governance and operational risk management effectiveness. Investors' stock portfolios can assess the diversity of bank boards to improve investment performance.
Originality/value–In addition to analyzing the role of board diverse in suppressing negative events, the paper also examines the moderating effects of bank growth, ownership, ESG performance, and capital ratio. The stock price reaction is measured using three methods to enhance the robustness of the empirical results.