近年來，性別平等與永續環境目標可協助企業採用創新綜合方法以執行氣候變遷行動、促進性別平等與強化包容和永續的經濟成長。目前全球企業致力於改善溫室氣體排放，以達到2050年零碳排的目標，當企業將永續發展目標納入公司策略後，公司在追求永續經營的情況下，可能會影響股東利益而產生代理問題。根據股利訊號理論，公司管理者可透過股利發放，傳遞公司未來前景，有助於降低代理問題。過去研究顯示若企業從事企業社會責任活動可能增加公司股利發放，惟鮮少探討企業社會責任之環境面對股利政策之影響。隨性別平權意識提升，研究顯示職場上性別多元化策略可能影響公司的股利發放。因此，本研究主要探討CEO性別、碳排放量與股利政策之關聯性，並檢測CEO性別對碳排放量與股利政策之間的影響。本研究以揭露碳排放量之台灣上市(櫃)公司為研究對象，樣本期間為2014年至2020年。實證結果顯示，公司碳排放量與現金股利發放有顯著負向關係；女性CEO與現金股利發放有正向關係；女性CEO對碳排放量與股利發放之間產生正向調節效果。

In recent years, gender equity and sustainable environment goals may assist firms to respond with an innovative, integrated approach to take actions on climate change, promote gender equity and strength inclusive and sustainable growth. The global companies are currently devoted to reducing greenhouse gas emissions to align with 2050 net zero emissions goal. After a firm incorporates sustainable development goals into its corporate strategy for ensuring its sustainable operations, it may affect shareholders’ wealth and cause agency problems. According to signaling theory, managers may effectively reduce agency problem through dividend payouts to signal future prospects. Prior studies indicate that firms may increase dividend payouts, if firms engaged in corporate social responsibility activities; however, most of studies seldom explore the relationship between a specific dimension of corporate social responsibility and dividend payouts. Due to the rising awareness of gender equality, prior research show that gender diversity strategies in the workplace may affect the firm’s dividend payouts. Therefore, this paper focus on relationship among CEO gender, carbon emissions and dividend policy and further examine the impact of CEO gender on carbon emissions and dividend policy. This paper investigated listed firms with carbon emission disclosures in Taiwan. and the sample years are from 2014 to 2020. The empirical results show a significantly negative relationship between carbon emissions and cash dividend payouts. There is positive relationship between female CEOs and cash dividend payouts. Female CEOs have a positive moderating effect between carbon emissions and dividend payouts.

第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 4
第二章 文獻回顧及假說發展 5
第一節 CEO性別相關研究 5
第二節 碳排放揭露現況 6
第三節 股利相關研究 7
第四節 碳排放量與股利之關聯性 8
第五節 CEO性別與股利之關聯性 10
第六節 CEO性別、碳排放量與股利發放之關聯性 12
第三章 研究方法與設計 15
第一節 實證模型與變數衡量 15
第二節 樣本選取與資料來源 20
第四章 實證結果與分析 23
第一節 敘述性統計 23
第二節 相關係數分析 26
第三節 迴歸分析 28
第四節 穩健性測試 32
第五章 研究結論與建議 41
第一節 研究結論 41
第二節 研究限制與建議 42
參考文獻 43

王泰昌、周泓宇與劉嘉雯 (2017)。董事會組成與溫室氣體排放資訊揭露之關聯性。中華會計學刊，12(S)，471-502。
吳宗諺 (2020)。產業特質與股利政策之關聯性研究。國立中山大學企業管理學系研究所碩士論文，高雄市。
林合瑋 (2018)。上市公司董事長、總經理之性別如何影響企業的風險性及股利政策。國立交通大學資訊管理與財務金融研究所碩士論文，新竹市。
林穎芬、黃麗津與陳思源 (2012)。經理人薪酬、公司治理與現金股利政策。中山管理評論，20(4)，1213-1251。
胡婷婷 (2021)。拉起氣候防線初探淨零排放。臺灣經濟研究月刊，44(11), 99-108。
張育琳 (2016)。碳排放量、綠化投資策略與公司績效。管理與系統，23(2)，197- 222。
張彥文 (2021)。全台最佳女CEO調查／上市櫃女董事長20強，展現「低調優雅」領導力。哈佛商業評論。https://www.hbrtaiwan.com/article_content_AR0010790.html
張書瑋 (2021)。ESG企業永續報告書準備好了嗎？會計研究月刊，422，66-74。
陳清祥 (2021)。ESG當道董事會的策略與風險議題。會計研究月刊，423，62-67。
黃美祝、李映茹 (2009)。最低稅負制對企業租稅負擔影響之研究－高科技產業與傳統產業之比較。當代會計，10(2)，189-224。
鄒敏惠 (2018)。國際級報告：暖化守住1.5°C有可能但須「前所未有的努力」，環境資訊中心。https://e-info.org.tw/node/214376。
蔡明宏、翁培師、王子綾與張航 (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。
謝依紋 (2020)。公司治理再進化「公司治理3.0－永續發展藍圖」。證券服務，679，14-22。
謝依紋 (2021)。「公司治理3.0－永續發展藍圖」擘劃企業未來永續發展。內部稽核，112，4-11。
顏君聿 (2021)。國際綠色復甦行動對我國永續能源轉型之啟示。臺灣經濟研究月刊，44 (5)，22-29。
行政院環境保護署氣候變遷辦公室(2022)。作好淨零基本功環保署公布「溫室氣體排放量盤查作業指引」協助企業進行盤查。https://enews.epa.gov.tw/Page/3B3C62C78849F32F/6d3918f0-d611-48d1-819c-c3249ba5d970
Adams, R. B., & Funk, P. (2012). Beyond the glass ceiling: Does gender matter? Management Science, 58(2), 219-235.
Adhikari, B. K. (2017). Female executives and corporate cash holdings. Applied Economics Letters, 25(13), 958-963.
Asquith, P., & Mullins, D. W. (1983).The impact of initiating dividend payments on shareholders wealth. The Journal of Business,56(1), 77-96.
Bae, K. H., El Ghoul, S., Guedhami, O., & Zheng, X. (2021). Board reforms and dividend policy: International evidence. Journal of Financial and Quantitative Analysis,56(4), 1296-1320.
Balachandran, B., & Nguyen, J. H. (2018). Does carbon risk matter in firm dividend policy? Evidence from a quasi-natural experiment in an imputation environment. Journal of Banking & Finance, 96, 249-267.
Barnea, A., & Rubin, A. (2010). Corporate social responsibility as a conflict between shareholders. Journal of business ethics,97(1), 71-86.
Benlemlih, M. (2019). Corporate social responsibility and dividend policy. Research in International Business and Finance. 47, 114-138.
Bernea Post, C., Rahman, N., & Rubow, E. (2011). Green governance: Boards of directors' composition and environmental corporate social responsibility. Business & Society, 50(1), 189-223.
Borghesi, R., Houston, J. F., & Naranjo, A. (2014). Corporate socially responsible investments: CEO altruism, reputation, and shareholder interests. Journal of Corporate Finance, 26, 164-181.
Brav, A., Graham, J. R., Harvey, C. R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483-527.
Carpenter, M. A., Geletkanycz, M. A., & Sanders, W. G. (2004). Upper echelons research revisited: Antecedents, elements, and consequences of top management team composition. Journal of management, 30(6), 749-778.
Chapple, L., Clarkson, P. M., & Gold, D. L. (2013). The cost of carbon: Capital market effects of the proposed emission trading scheme (ETS). A Journal of Accounting Finance and Business Studies,49(1), 1-33.
Chay, J. B., & Suh, J. (2009). Payout policy and cash-flow uncertainty. Journal of Financial Economics,93(1), 88-107.
Chen, J., Leung, W. S.,&Goergen, M. (2017).The impact of board gender composition on dividend payouts. Journal of Corporate Finance, 43, 86-105.
Cheung, A., Hu, M., &Schwiebert, J. (2018). Corporate social responsibility and dividend policy. Accounting & Finance,58(3), 787-816.
Claessens, S., Djankov, S., & Lang, L. H. P. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(1-2), 81-112.
Cole, N.D. (2004). Gender differences in perceived disciplinary fairness. Gender, Work and Organization, 11(3), 254-279.
Croson, R., & Gneezy, U. (2009). Gender differences in preferences. Journal of Economic Literature, 47(2), 448-474.
Datta, D. K., & Rajagopalan, N. (1998). Industry structure and CEO characteristics: an empirical study of succession events. Strategic Management Journal,19(9), 833–852.
David, K., Paul, M., Ongeti, W., Nicholas, L., & Evans, A. (2012). Upper echelons theory and research: A review of theory and empirical literature 28 years later. Prime Journals of Business Administration and Management, 2(10), 697-703.
DeAngelo, H., & DeAngelo, L. (2006). Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics,81(2), 227-254.
Deng, X., Kang, J., & Low, B. (2013). Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110, 87-109.
Denis, D. J., & Osobov, I. (2008). Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial Economics, 89(1), 62-82.
Dezso, C. L., & Ross, D. G. (2012). Does female representation in top management improve firm performance? A panel data investigation. Strategic Management Journal,33(9), 1072–1089.
Eagly, A. H., & Carli, L. L. (2003). The female leadership advantage: an evaluation of the evidence. The Leadership Quarterly, 14(6), 807–834.
Easterbrook, F. H. (1984). Two agency-Cost explanations of dividends. American Economic Review, 74(4), 650-659.
Ellili, N. O. D. (2022). Impact of environmental, social and governance disclosure on dividend policy: What is the role of corporate governance? Evidence from an emerging market. Corporate Social Responsibility and Environmental Management,1–18. https://doi.org/10.1002/csr.2277
Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate Governance: An International Review, 11(2), 102-111.
Faccio, M., Marchica, M. T., &Mura, R. (2016). CEO gender, corporate risk-taking, and the efficiency of capital allocation. Journal of Corporate Finance, 39, 193–209.
Fama, E. F. (1980). Agency Problems and the theory of the firm. Journal of Political Economy, 88(2), 288-307.
Fama, E. F., & French, K. R. (2001). Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal of Financial Economics,60(1), 3-43.
Fama, E. F., & Jensen, M. C. (1983). Agency problems and residual claims. The Journal of Law and Economics, 26(2), 327-349.
Francoeur, C., Labelle, R., & Sinclair-Desgagne, B. (2008). Gender diversity in corporate governance and top management. Journal of Business Ethics, 81(1), 83-95.
García Martín, C. J., & Herrero, B. (2020). Do board characteristics affect environmental performance? A study of EU firms. Corporate Social Responsibility and Environmental Management, 27(1), 74-94.
Guay, W., & Harford, J. (2000). The cash-flow permanence and information content of dividend increases versus repurchases. Journal of Financial Economics, 57, 385-415.
Gul, F. (1999). Growth opportunities, capital structure and dividend policies in Japan. Journal of Corporate Finance, 5(2), 141-168.
Hambrick, D. C. (2007). Upper echelons theory: an update. Academy of Management Review,32(2), 334-343.
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: the organization as a reflection of its top managers. Academy of Management Review, 9(2), 193-206.
Haque, F. (2017). The effects of board characteristics and sustainable compensation policy on carbon performance of UK firms. The British Accounting Review, 49(3), 347-364.
Heal, G. (2005.) Corporate social responsibility: an economic and financial framework. The Geneva Papers,30(3), 387-409.
Hemingway, C., & Maclagan, P. (2004). Managers’ personal values as drivers of corporate social responsibility. Journal of Business Ethics, 50, 33-44.
Hillman, A. J., Cannella, A. A., & Harris, I. C. (2002). Women and racial minorities in the boardroom: how do directors differ？Journal of Management, 28(6), 747-763.
Hinchliffe, E. (2021). The female CEOs on this year’s Fortune 500 just broke three all-time records. Fortune. https://fortune.com/2021/06/02/female-ceos-fortune-500-2021-women-ceo-list-roz-brewer-walgreens-karen-lynch-cvs-thasunda-brown-duckett-tiaa/
Hu, A., & Kumar, P. (2004). Managerial entrenchment and payout policy.Journal of Financial and Quantitative Analysis,39(4), 759-790.
Huang, S. K. (2013). The impact of CEO characteristics on corporate sustainable development. Corporate Social Responsibility and Environmental Management, 20(4), 234-244.
Jensen, G. R., Solberg, D. P., & Zorn, T. S. (1992). Simultaneous determination of insider ownership, debt, and dividend policies. Journal of Financial and Quantitative Analysis, 27(2), 247-263.
Jensen, M. C. (1986). Agency cost of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 333-329.
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.
Jiao, Y. (2010). Stakeholder welfare and firm value. Journal of Banking & Finance, 34, 2549-2561.
Johnson, B. T., & Eagly, A. H. (1990). Involvement and persuasion: types, traditions, and the evidence. Psychological Bulletin, 107(3), 375-384.
Jurkus, A. F., Park, J. C., & Woodard, L. S. (2011). Women in top management and agency costs. Journal of Business Research, 64(2), 180-186.
Koch, P. D., & Shenoy, C. (1999). The information content of dividend and capital structure policies. Financial Management,28(4), 16-35.
Koo, D. S., Ramalingegowda, S., & Yu, Y. (2017). The effect of financial reporting quality on corporate dividend policy. Review of Accounting Studies, 22(2), 753-790.
Kotiranta, A., Kovalainen, A., & Rouvinen, P. (2007). Female leadership and firm profitability. EVA Analysis, 3. https://www.eva.fi/wp-content/uploads/files/2133_Analyysi_no_003_eng_FemaleLeadership.pdf.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., &Vishny, R. W. (2000). Agency problems and dividend policies around the world. Journal of Finance,55(1), 1-33.
Liang, S. H., Hsieh, Y. T., Lin, H. C., & Chi, P. W. (2018). The effect of CEO gender on corporate cash holdings and over-investment problems - evidence from Taiwan. Advances in Economics and Business, 6(1), 26-35.
Lim, M. H., & Chung, J. Y. (2021). The effects of female chief executive officers on corporate social responsibility. Managerial and Decision Economics, 42(5), 1235-1247.
Liu, C. (2018). Are women greener? Corporate gender diversity and environmental violations. Journal of Corporate Finance, 52, 118-142.
Liu, Wei Y. Z., &Xie, F. (2016). CFO gender and earnings management: evidence from China. Review of Quantitative Finance and Accounting,46, 881-905.
Manner, M. H. (2010). The impact of CEO characteristics on corporate social performance. Journal of Business Ethics,93(1), 53-72.
Masulis, R. W., Wang, C., & Xie, F. (2009). Agency problems at dual-class companies. The Journal of Finance, 64(4), 1697-1727.
Matsumura, E. M., Prakash, R., & Vera-Munoz, S.C. (2014). Firm-value effects of carbon emissions and carbon disclosures. Accounting Review, 89(2), 695-724.
McGuinness, P. B., Lam, K. C. K., & Vieito, J. P. (2015). Gender and other major board characteristics in China: Explaining corporate dividend policy and governance. Asia Pacific Journal of Management, 32(4), 989-1038.
Melero, E. (2011). Are workplaces with many women in management run differently? Journal of Business Research, 64(4), 385-393.
Michaely, R., & Roberts, M. (2012). Corporate dividend policies; Lessons from private firms. Review of Financial Studies, 25(3), 711-746.
Miller, M. H., & Rock K. (1985). Dividend policy under asymmetric information. The Journal of Finance, 40(4), 1031-1051.
Nuber, C., & Velte, P. (2021). Board gender diversity and carbon emissions: European evidence on curvilinear relationships and critical mass. Business Strategy and the Environment,30(4), 1958-1992.
Officer, M. S. (2006). Dividend policy, dividend initiations, and governance. Unpublished working paper, University of Southern California.
Officer, M. S. (2011). Overinvestment, corporate governance, and dividend initiations. Journal of Corporate Finance,17(3), 710-724.
Olsen, R. A., & Cox, C. M. (2001). The influence of gender on the perception and response to investment risk: the case of professional investors. Journal of Psychology and Financial Markets, 2(1), 29-36.
Organisation for Economic Cooperation and Development (OECD). (2022). The road to a sustainable tomorrow: Tracking a COVID-19 gender-sensitive and green recovery. OECD Environment Focus. https://oecd-environment-focus.blog/2022/03/08/the-road-to-a-sustainable-tomorrow-tracking-a-covid-19-gender-sensitive-and-green-recovery/
Organisation for Economic Cooperation and Development (OECD). (2021), Gender and the Environment: Building Evidence and Policies to Achieve the SDGs, OECD Publishing, Paris, https://doi.org/10.1787/3d32ca39-en
Post, C., Rahman, N., & Rubow, E. (2011). Green governance: Boards of directors' composition and environmental corporate social responsibility. Business & Society, 50(1), 189-223.
Pucheta-Martinez, M. C., & Bel-Oms, I. (2016). The board of directors and dividend policy: The effect of gender diversity. Industrial and Corporate Change, 25(3), 523-547.
Rosenbaum, P. R., & Rubin, D. B. (1983). The central role of the propensity score in observational studies for causal effects. Biometrika, 70(1), 41-55.
Rozeff, M.S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Finance, 24(3), 249-259.
Shen, Y., Wallace, D., Reddy, K., &Ramiah, V. (2021). An investigation of CEO characteristics on firm performance. Accounting & Finance, https://doi.org/10.1111/acfi.12896.
Smith Jr, C. W., & Watts, R. L. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of financial Economics, 32(3), 263-292.
Statman, M. (2000). Socially responsible mutual funds. Financial Analysts Journal, 56, 30-39.
Sumarta, N. H., Prabowo, M. A., Amidjaya, P. G., Supriyono, E., & Prameswari, A. P. (2021). CEO Characteristics and Environmental Performance: Evidence from Indonesian Banks. International Journal of Business and Society, 22(2), 1015-1033.
Trinh, V. Q., Cao, N. D., Dinh, L. H., & Nguyen, H. N. (2020). Boardroom gender diversity and dividend payout strategies: Effects of mergers deals. International Journal of Finance & Economics,26(4), 6014-6035.
Verga Matos, P., Barros, V., Miranda Sarmento, J. (2020). Does ESG affect the stability of dividend policies in Europe? Sustainability, 12(21), 8804. https://doi.org/10.3390/su12218804
Vo, L. V.,Nguyen, H. T. H., &Le, H. T. T. (2021). Do female CEOs make a difference in firm operations? Evidence from Vietnam. Accounting & Finance, 61, 1489-1516.
World Economic Forum (2021). Net-Zero Challenge : The supply chain opportunity. https://www.weforum.org/reports/net-zero-challenge-the-supply-chain-opportuni ty/
Ye, D. Z., Deng, J., Liu, Y., Szewczy, S. H., & Chen, X. (2019). Does board gender diversity increase dividend payouts? Analysis of global evidence. Journal of Corporate Finance, 58, 1-26.
Zeng, S., & Wang, L. (2015). CEO gender and corporate cash holdings: are female CEOs more conservative? Asia-Pacific Journal of Accounting and Economics, 22(4), 449-474.