隨著女權意識抬頭，女性參與公司治理與決策的機會逐漸增加，但過去文獻對於女性在董事會中的成效並無一致的結果。本研究以2002年至2019年臺灣上市櫃公司為研究對象，旨在探討董事會性別多樣性與公司績效間的關聯性，並且以家族企業特性作為調節變數，另外考量到模型中可能存在內生性問題，本研究進一步使用兩階段最小平方法(2SLS)進行分析。
實證結果顯示，在解決內生性問題後，董事會性別多樣性對於會計績效(ROA、ROE)大多有正向顯著的影響效果，但對於市場績效(Tobin’s Q)並不顯著。另一方面，家族企業特性可以強化董事會性別多樣性與ROA間的關係，但對於ROE與Tobin’s Q，家族企業所發揮的調節效果大多不具顯著性。
另外，針對臺灣現有的獨立董事規範來看，本研究發現在法規強制擴大獨立董事設置後，反而會削弱增設獨立董事的訊號效果，造成公司績效下降，若加入女性角色討論，本研究亦發現法律規範會弱化女性獨立董事與ROA、ROE的關係，但有助於強化公司市場價值Tobin’s Q。

Growing feminism consciousness has increased opportunities that female board members participate in corporate governance. However, the previous literature does not have consistent results on the effectiveness of gender differences in the boardroom. This study examines the effect of board gender diversity and firm performance by the sample of listed companies on Taiwan Stock Exchange (TWSE) over the period from 2002 to 2019. We then investigate whether family characteristics can moderate the effect of gender diversity on firm performance. Furthermore, taking account of the possible problems of endogeneity, we further use two-stage least squares (2SLS) method.
The empirical results find that after solving the endogeneity problems, board gender diversity mostly has a positive effect on accounting performance (ROA and ROE), but does not significantly affect market performance (Tobin’s Q). However, the relationship between board gender diversity and ROA is positively moderated by family business.
In addition, according to the existing independent director system in Taiwan, our study finds that the mandatory expansion of independent directors by regulations will significantly decrease firm performance. Meanwhile, the legal regulations will weaken the relationship between female independent directors and accounting performance (ROA and ROE), but will strengthen market performance (Tobin’s Q).

朱妮亞（2016）。董事會多元化對公司績效的影響 ──以大陸深、滬兩市上市公司為例［未出版之碩士論文］。國立中央大學人力資源管理研究所。
江承雯（2018）。華人家族女性成員家族角色與家族企業參與之研究［未出版之碩士論文］。國立臺灣師範大學全球經營與策略研究所。
周生春、徐萌娜（2009）。國外家族企業女性成員研究述評。浙江大學學報（人文社會科學版），39（2），74-81。
周采儀（2014）。公司設置女性董監事之因素暨女性董監事與公司績效及股利政策關聯性。國立臺灣大學財務金融學研究所。
周澤將、修宗峰（2014）。女性董事對企業經營績效影響的實證研究——基於2000～2009年中國證券市場a股上市公司樣本。財經理論與實踐，35（2），91-97。
林翠蓉、張力、侯啟娉、曾韻如、許雅棠（2011）。家族所有權、公司治理與公司績效關係之實證研究。績效與策略研究，8（1），61-79。
施柱竹（2015）。台灣獨立董事制度對公司績效的影響。國立中興大學財務金融學系所。
張易安（2014）。董事會性別多樣性與財務績效─以中國上市公司為例。淡江大學會計學系碩士班。
張娜（2013）。女性董事對企業績效影響的實證研究——來自中國973家上市公司的證據。婦女研究論叢（04），40-50。
粘季為、張元、許敏政（2017）。公司董事會多樣性是否有助於降低公司風險？。兩岸金融季刊，5（3），69-111。
陳姿郡（2011）。我國上市櫃公司女性董監事比例對投資決策與公司績效之影響［未出版之碩士論文］。國立臺北大學企業管理學系。
葉銀華、李存修、柯承恩（2002）。公司治理與評等系統。商智文化。
廖秀梅、李建然、吳祥華（2006）。董事會結構特性與公司績效關係之研究－兼論台灣家族企業因素的影響。東吳經濟商學學報（54），117-160。
臺灣女董協會（2020）。國內上市櫃公司－女性領導者分布概況白皮書。取自https://wob.tw/forum-2020/
蔡明宏、翁培師、王子綾、張航（2020）。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。管理學報，37（1），35-68。
鄧皓文（2019）。董事會性別多樣化與策略變革關聯性之分析［未出版之碩士論文］。國立中央大學人力資源管理研究所。
賴偉傑（2010）。女性董事、公司治理與財務績效─以台灣上市公司為例［未出版之碩士論文］。國立臺北大學合作經濟學系。
戴皖珍（2019）。女性管理者對公司績效之影響-以臺灣上市櫃公司為例［未出版之碩士論文］。國立臺灣師範大學高階經理人企業管理碩士在職專班(EMBA)。
魏瑛真（2013）。台灣上市公司女性董事對公司績效之影響［未出版之碩士論文］。國立屏東科技大學企業管理系所。
蘇裕惠、楊孟萍、許聖偉（2018）。公司增加獨立董事席次及設置審計委員會與盈餘品質之研究－法規擴大強制範圍之影響。當代會計，19（2），241-268。
Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94(2), 291-309.
Anderson, R. C., & Reeb, D. M. (2003). Founding-Family Ownership and Firm Performance: Evidence from the S&P 500. The Journal of Finance, 58(3), 1301-1328.
Baumgärtner, S. (2006). Measuring the Diversity of What? And for What Purpose? A Conceptual Comparison of Ecological and Economic Biodiversity Indices. SSRN Electronic Journal.
Bernile, G., Bhagwat, V., & Yonker, S. (2018). Board diversity, firm risk, and corporate policies. Journal of Financial Economics, 127(3), 588-612.
Blau, P. M. (1977). Inequality and heterogeneity: A primitive theory of social structure (Vol. 7). Free Press New York.
Campbell, K., & Mínguez-Vera, A. (2008). Gender Diversity in the Boardroom and Firm Financial Performance. Journal of Business Ethics, 83(3), 435-451.
Chen, C.-W., Yi, B., & Lin, B. (2013). Does Adoption of Compensation Committee Benefit Shareholders? Evidence from Taiwan. SSRN.
Earley, P. C., & Mosakowski, E. (2000). Creating Hybrid Team Cultures: An Empirical Test of Transnational Team Functioning. The Academy of Management Journal, 43(1), 26-49.
Guest, P. M. (2009). The impact of board size on firm performance: evidence from the UK. The European Journal of Finance, 15(4), 385-404.
Hamilton, A. J. (2005). Species diversity or biodiversity? Journal of Environmental Management, 75(1), 89-92.
Harrison, D., & Klein, K. (2007). What's the Difference? Diversity Constructs as Separation, Variety, or Disparity in Organizations. Academy of Management Review, 32.
Haslam, S. A., Ryan, M. K., Kulich, C., Trojanowski, G., & Atkins, C. (2010). Investing with Prejudice: the Relationship Between Women's Presence on Company Boards and Objective and Subjective Measures of Company Performance. British Journal of Management, 21(2), 484-497.
Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1), 405-440.
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
Jensen, M. C., & Ruback, R. S. (1983). The market for corporate control: The scientific evidence. Journal of Financial Economics, 11(1), 5-50.
Li, H., & Chen, P. (2018). Board gender diversity and firm performance: The moderating role of firm size. Business Ethics: A European Review, 27(4), 294-308.
Liu, Y., Wei, Z., & Xie, F. (2014). Do women directors improve firm performance in China? Journal of Corporate Finance, 28, 169-184.
Luan, C.-J., & Tang, M.-J. (2007). Where is Independent Director Efficacy? Corporate Governance: An International Review, 15(4), 636-643.
Miller, T., & Triana, M. (2009). Demographic Diversity in the Boardroom: Mediators of the Board Diversity - Firm Performance Relationship. Journal of Management Studies, 46.
Morck, R., Shleifer, A., & Vishny, R. W. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293-315.
Moreno-Gómez, J., Lafuente, E., & Vaillant, Y. (2018). Gender diversity in the board, women’s leadership and business performance. Gender in Management: An International Journal, 33(2), 104-122.
Nyeadi, J. D., Kamasa, K., & Kpinpuo, S. (2021). Female in top management and firm performance nexus: Empirical evidence from Ghana. Cogent Economics & Finance, 9(1), 1921323.
Reguera-Alvarado, N., de Fuentes, P., & Laffarga, J. (2017). Does Board Gender Diversity Influence Financial Performance? Evidence from Spain. Journal of Business Ethics, 141(2), 337-350.
Richard, O. C., Barnett, T., Dwyer, S., & Chadwick, K. (2004). Cultural Diversity in Management, Firm Performance, and the Moderating Role of Entrepreneurial Orientation Dimensions. The Academy of Management Journal, 47(2), 255-266.
Rose, C. (2007). Does female board representation influence firm performance? The Danish evidence. Corporate Governance: An International Review, 15, 404-413. Corporate Governance: An International Review, 15, 404-413.
Sarkar, J., & Selarka, E. (2021). Women on board and performance of family firms: Evidence from India. Emerging Markets Review, 46, 100770.
Sekaran, U., & Bougie, R. (2003). Research methods for business: A skill building approach. John Wiley & Sons.
Shannon, C. E. (1948). A Mathematical Theory of Communication. Bell System Technical Journal, 27(3), 379-423.
Shefer, D., & Frenkel, A. (2005). R&D, firm size and innovation: an empirical analysis. Technovation, 25(1), 25-32.
Simpson, E. H. (1949). Measurement of Diversity. Nature, 163(4148), 688-688.
Smith, N. (2014). Gender quotas on boards of directors. IZA World of Labor.
Srinidhi, B., Sun, Y., Zhang, H., & Chen, S. (2020). How do female directors improve board governance? A mechanism based on norm changes. Journal of Contemporary Accounting & Economics, 16(1), 100181.
Stirling, A. (1998). On the economics and analysis of diversity.
Stock, J. H., & Watson, M. W. (2007). Introduction to Econometrics. Pearson International Edition.
Van Knippenberg, D., De Dreu, C. K. W., & Homan, A. C. (2004). Work Group Diversity and Group Performance: An Integrative Model and Research Agenda. Journal of Applied Psychology, 89(6), 1008-1022.
Zalata, A. M., Ntim, C. G., Alsohagy, M. H., & Malagila, J. (2021). Gender diversity and earnings management: the case of female directors with financial background. Review of Quantitative Finance and Accounting.