本研究以2017年作為研究起始年度，蒐集所有2017年至2021年於台灣證券交易所之上市企業作為研究對象，並排除財務結構及行業性質較特殊之金融、證券、保險、金融控股等行業。ESG績效分數採用TEJ資料建置之TESG企業永續發展指標來衡量。並採用迴歸模型來進行實證分析，檢驗董事會女性董事比例以及企業聘任女性 獨立董事是否會對ESG有正向影響。實證結果顯示，董事會女性董事比例愈高，企業之ESG績效反而愈低;而企業聘任女性獨立董事對ESG績效有顯著正向影響。此外，將全部樣本區分為家族企業與非家族企業做額外測試，實證結果顯示，女性董事比例無法提升家族企業對環境、社會和公司治理投入之重視;而家族企業聘任女性獨立董事則能提升企業對環境、社會和公司治理投入之重視。

關鍵字:環境、社會與公司治理(ESG)、女性董事、女性獨立董事

This research takes 2017 as the starting year of the research, collects all listed companies on the Taiwan Stock Exchange from 2017 to 2021 as the research object, and excludes industries such as finance, securities, insurance, and financial holdings with special financial structures and industry characteristics. The ESG performance score is measured by the TESG corporate sustainable development index constructed by TEJ data. And use the regression model to conduct empirical analysis to test whether the proportion of female directors on the board of directors and the employment of female independent directors by enterprises will have a positive impact on ESG. The empirical results show that the higher the proportion of female directors on the board of directors, the lower the ESG performance of the company. The employment of female independent directors by enterprises has a significant positive impact on ESG performance. In addition, all samples were divided into family enterprises and non-family enterprises for additional tests. The empirical results show that the proportion of female directors cannot increase the importance of family enterprises' investment in environment, society and governance; while the employment of female independent directors in family enterprises can increase the importance of enterprises' investment in environment, society and governance.

Keywords: ESG, female directors, female independent directors

第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究方法 5
第四節 研究架構 6
第二章 文獻探討 9
第一節 環境、社會與公司治理(ESG)發展 9
第二節 董事成員性別多元化對企業的影響 14
第三節 假說推導 18
第三章 研究方法 23
第一節 樣本選取與資料來源 23
第二節 變數定義與衡量 24
第三節 實證模型 33
第四章 實證結果與分析 37
第一節 敘述性統計 37
第二節 相關係數分析 40
第三節 迴歸分析 45
第四節 額外測試 65
第五章 結論 71
第一節 研究結論 71
第二節 研究限制 73
第三節 研究貢獻及建議 74
參考文獻 75
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