根據代理理論、資源依賴理論(resource dependence theory)、社會情感財富理論(socioemotional wealth theory)， 家族企業和非家族企業存在著不同的公司治理和企業文化， 因此家族企業與非家族企業間存在顯著的差異，目前台灣家族企業約占企業總家數 60%， 所以家族企業可說是台灣經濟不可或缺的核心之一。 近年來，人們開始發現男性和女性在職場上的表現是有所差異的，而董事會被視為公司內部治理機制之一。 因此， 本研究主要探討女性董事、家族企業與現金股利支付之關聯性， 以及女性董事是否影響家族企業與現金股利發放間之關係。 本研究以 2015 至 2020 年台灣上市櫃公司作為研究對象， 實證結果顯示女性董事對現金股利發放有顯著正向影響， 家族企業對現金股利發放有顯著負向影響， 以及女性董事對家族企業與現金股利發放間有正向調節影響。

Due to agency, resource dependence, and socioemotional wealth theories, it still exists the different corporate governance and corporate culture between family firms and non-family firms, thus, there are significant differences between family firms and non-family firms. The family firms in Taiwan currently have about 60% of total firms’ numbers. Family firms can be regarded as one of the indispensable core elements in Taiwan's economy. In recent years, people began to notice the job performance differences between men and women. The board of directors is regarded as one of the internal corporate governance mechanisms. Therefore, this study explores the relationships among female directors, family firms and cash dividends and further examine whether the incremental effect of female directors on the relation between family firms and cash dividends. This study includes all the listed and on-the-counter companies from 2015 to 2020 in the Taiwan stock market. The empirical results show that, first, the female directors of the company have a positive impact on the payment of cash dividends. Second, family firms have a negative impact on the payment of cash dividends. Finally, female directors have a positive moderating effect between family firms and cash dividends.

第一章 緒論 1

第二章 文獻回顧及假說發展 5

第三章 研究方法 14

第四章 實證結果與分析 22

第五章 結論與建議 43

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