本文旨在研究女性董事對企業違法情形及違法事件後ESG表現的影響，因此將女性董事比例設為主測變數，檢測女性董事是否因較注重利害關係人利益及較具道德感而減少違法情形，並觀察在違法事件發生後，女性董事比例較高企業是否會因危害到利害關係人利益而藉長期ESG策略挽回其信心。另將女性董事比例設為調節變數，檢測違法後持續維持ESG分數且女性董事比例較高的企業是否較受投資人青睞而得到正向報酬。本研究之ESG分數、企業違法情形及女性董事比例數據皆來自台灣經濟新報(TEJ)資料庫中，樣本選取時間從2014年至2021年。實證結果顯示，女性董事比例較高之企業在違法後會實行長期ESG策略，以挽回利害關係人及投資人的信任。而當投資人見到企業在違法事件後第三年仍維持ESG表現且女性董事比例較高後，會給予正向股價回饋。另外，在企業違法後第二年，若女性董事年資皆大於三年，市場會減少對社會構面分數且女性董事比例較高企業之投資。最後，本研究發現女性董事比例並無顯著影響企業違法情形。

This study aims to investigate the influence of female directors on corporate illegality and post-illegality ESG performance. The proportion of female directors is used as the main independent variable to examine whether female directors, due to their greater focus on stakeholder interests and higher ethical sensitivity, contribute to a reduction in instances of corporate illegality. Additionally, the study observes whether companies with a higher proportion of female directors wiould adopt long-term ESG strategies to regain stakeholder confidence after facing illegality events that may harm stakeholder interests. Furthermore, the proportion of female directors is considered as a moderating variable to test whether companies that maintain high ESG scores after illegality and have a higher proportion of female directors receive more favorable returns from investors. The data for ESG scores, corporate illegality, and female director proportions are sourced from the Taiwan Economic Journal (TEJ) database for the period from 2014 to 2021.The empirical results indicate that companies with a higher proportion of female directors in order to regain the trust of stakeholders and investors, would tend to implement long-term ESG strategies after instances of illegality. Moreover, investors react positively when they observe sustained ESG performance with a higher proportion of female directors three years after the illegality event. Additionally, in the second year after the illegality, if the tenure of female directors is greater than three years, the market tends to reduce investment in companies with higher female director proportions in the social dimension score. Finally, the study finds no significant impact of the proportion of female directors on instances of corporate illegality.

1. 林琨崧(2022)。企業違法遭裁罰對企業社會責任的影響―家族企業之調節效果。﹝碩士論文。國立中央大學﹞臺灣博碩士論文知識加值系統。 https://hdl.handle.net/11296/78hq27。
2. 楊壽麟(2014)。負面事件傳染效果對企業社會責任類保險效果的影響。﹝博士論文。國立成功大學﹞臺灣博碩士論文知識加值系統。 https://hdl.handle.net/11296/g42y6p
3. 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.
4. Albuquerque, R., Koskinen, Y., Yang, S., & Zhang, C. (2020). Resiliency of environmental and social stocks: An analysis of the exogenous COVID-19 market crash. The Review of Corporate Finance Studies, 9(3), 593-621.
5. Barako, D. G., & Brown, A. M. (2008). Corporate social reporting and board representation: evidence from the Kenyan banking sector. Journal of management & governance, 12, 309-324.
6. Bernardi, R. A., Bosco, S. M., & Columb, V. L. (2009). Does female representation on boards of directors associate with the ‘most ethical companies’ list?. Corporate Reputation Review, 12, 270-280.
7. Bernardi, R. A., Bosco, S. M., & Vassill, K. M. (2006). Does female representation on boards of directors associate with Fortune's “100 best companies to work for” list?. Business & Society, 45(2), 235-248.
8. Bilimoria, D. (2006). The relationship between women corporate directors and women corporate officers. Journal of Managerial Issues, 47-61.
9. Boulouta, I. (2013). Hidden connections: The link between board gender diversity and corporate social performance. Journal of business ethics, 113(2), 185-197.
10. Braga, S., Martínez, M. P., Correa, C. M., Moura-Leite, R. C., & Da Silva, D. (2019). Greenwashing effect, attitudes, and beliefs in green consumption. RAUSP Management Journal, 54, 226-241.
11. Broadstock, D. C., Chan, K., Cheng, L. T., & Wang, X. (2021). The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China. Finance research letters, 38, 101716.
12. Calantone, R. J., Cavusgil, S. T., & Zhao, Y. (2002). Learning orientation, firm innovation capability, and firm performance. Industrial marketing management, 31(6), 515-524.
13. Campbell, K., & Mínguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of business ethics, 83, 435-451.
14. Carnini Pulino, S., Ciaburri, M., Magnanelli, B. S., & Nasta, L. (2022). Does ESG disclosure influence firm performance?. Sustainability, 14(13), 7595.
15. Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial review, 38(1), 33-53.
16. Chang, X., Dasgupta, S., & Hilary, G. (2006). Analyst coverage and financing decisions. The Journal of Finance, 61(6), 3009-3048.
17. Chapple, L., & Humphrey, J. E. (2014). Does board gender diversity have a financial impact? Evidence using stock portfolio performance. Journal of business ethics, 122, 709-723.
18. Charlo, M. J., Moya, I., & Muñoz, A. M. (2015). Sustainable development and corporate financial performance: A study based on the FTSE4Good IBEX Index. Business Strategy and the Environment, 24(4), 277-288.
19. Churet, C., & Eccles, R. G. (2014). Integrated reporting, quality of management, and financial performance. Journal of Applied Corporate Finance, 26(1), 56-64.
20. Daily, C. M., & Dalton, D. R. (2003). Women in the boardroom: A business imperative. Journal of Business strategy, 24(5).
21. DAMIANO‐TEIXEIRA, K. M., & Pompermayer, M. M. (2007). Corporate social responsibility: Profile and diagnosis of 797 programs developed in Brazil. Business and Society Review, 112(3), 343-367.
22. de Freitas Netto, S. V., Sobral, M. F. F., Ribeiro, A. R. B., & Soares, G. R. D. L. (2020). Concepts and forms of greenwashing: A systematic review. Environmental Sciences Europe, 32(1), 1-12.
23. de Vincentiis, P. (2022). Do international investors care about ESG news? Qualitative Research in Financial Markets, (ahead-of-print).
24. Delmas, M. A., & Burbano, V. C. (2011). The drivers of greenwashing. California management review, 54(1), 64-87.
25. Delmas, M., Montes‐Sancho, M. J., & Shimshack, J. P. (2010). Information disclosure policies: Evidence from the electricity industry. Economic Inquiry, 48(2), 483-498.
26. Díaz-Castrillón, F. J., & Toro-Montoya, A. I. (2021). SARS-CoV-2/COVID-19: el virus, la enfermedad y la pandemia. Medicina & laboratorio, 24(3), 183-205.
27. Dickson, M. W., Smith, D. B., Grojean, M. W., & Ehrhart, M. (2001). An organizational climate regarding ethics: The outcome of leader values and the practices that reflect them. The leadership quarterly, 12(2), 197-217.
28. Duflo, E. (2012). Women empowerment and economic development. Journal of Economic literature, 50(4), 1051-1079.
29. Eagly, A. H., & Carli, L. L. (2003). The female leadership advantage: An evaluation of the evidence. The leadership quarterly, 14(6), 807-834.
30. Ellis, K. M., & Keys, P. Y. (2003). Stock returns and the promotion of workforce diversity. Journal of Financial Economics.
31. Elving, W. J., Golob, U., Podnar, K., Ellerup-Nielsen, A., & Thomson, C. (2015). The bad, the ugly and the good: new challenges for CSR communication. Corporate Communications: An International Journal, 20(2), 118-127.
32. 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.
33. Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The journal of law and Economics, 26(2), 301-325.
34. Francoeur, C., Labelle, R., & Sinclair-Desgagné, B. (2008). Gender diversity in corporate governance and top management. Journal of business ethics, 81, 83-95.
35. Gallego‐Álvarez, I., Manuel Prado‐Lorenzo, J., & García‐Sánchez, I. M. (2011). Corporate social responsibility and innovation: A resource‐based theory. Management decision, 49(10), 1709-1727.
36. Gatti, L., Seele, P., & Rademacher, L. (2019). Grey zone in–greenwash out. A review of greenwashing research and implications for the voluntary-mandatory transition of CSR. International Journal of Corporate Social Responsibility, 4(1), 1-15.
37. Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, 101889.
38. Hafsi, T., & Turgut, G. (2013). Boardroom diversity and its effect on social performance: Conceptualization and empirical evidence. Journal of business ethics, 112, 463-479.
39. Hillman, A. J., Shropshire, C., & Cannella Jr, A. A. (2007). Organizational predictors of women on corporate boards. Academy of management journal, 50(4), 941-952.
40. Isidro, H., & Sobral, M. (2015). The effects of women on corporate boards on firm value, financial performance, and ethical and social compliance. Journal of business ethics, 132, 1-19.
41. Islam, M. A., Hack-Polay, D., Rahman, M., Jantan, A. H., Dal Mas, F., & Kordowicz, M. (2023). Gender and leadership in public higher education in South Asia: examining the individual, socio-cultural and organizational barriers to female inclusion. Studies in Higher Education, 1-19.
42. Jaffee, S., & Hyde, J. S. (2000). Gender differences in moral orientation: a meta-analysis. Psychological bulletin, 126(5), 703.
43. 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.
44. Joecks, J., Pull, K., & Vetter, K. (2013). Gender diversity in the boardroom and firm performance: What exactly constitutes a “critical mass?”. Journal of business ethics, 118, 61-72.
45. Johnson, S. G., Schnatterly, K., & Hill, A. D. (2013). Board composition beyond independence: Social capital, human capital, and demographics. Journal of management, 39(1), 232-262.
46. Kakabadse, N. K., Figueira, C., Nicolopoulou, K., Hong Yang, J., Kakabadse, A. P., & Özbilgin, M. F. (2015). Gender diversity and board performance: Women's experiences and perspectives. Human Resource Management, 54(2), 265-281.
47. Kang, C., Germann, F., & Grewal, R. (2016). Washing away your sins? Corporate social responsibility, corporate social irresponsibility, and firm performance. Journal of Marketing, 80(2), 59-79.
48. Kitzmueller, M., & Shimshack, J. (2012). Economic perspectives on corporate social responsibility. Journal of economic literature, 50(1), 51-84.
49. Kochan, T., Bezrukova, K., Ely, R., Jackson, S., Joshi, A., Jehn, K., ... & Thomas, D. (2003). The effects of diversity on business performance: Report of the diversity research network. Human Resource Management: Published in Cooperation with the School of Business Administration, The University of Michigan and in alliance with the Society of Human Resources Management, 42(1), 3-21.
50. Kotchen, M., & Moon, J. J. (2012). Corporate social responsibility for irresponsibility. The BE Journal of Economic Analysis & Policy, 12(1).
51. Labelle, R., Makni Gargouri, R., & Francoeur, C. (2010). Ethics, diversity management, and financial reporting quality. Journal of business ethics, 93, 335-353.
52. Li, Z., Feng, L., Pan, Z., & Sohail, H. M. (2022). ESG performance and stock prices: evidence from the COVID-19 outbreak in China. Humanities and Social Sciences Communications, 9(1), 1-10.
53. Liu, C. (2018). Are women greener? Corporate gender diversity and environmental violations. Journal of Corporate Finance, 52, 118-142.
54. Lyon, T. P., & Maxwell, J. W. (2011). Greenwash: Corporate environmental disclosure under threat of audit. Journal of economics & management strategy, 20(1), 3-41.
55. Lyon, T. P., & Montgomery, A. W. (2015). The means and end of greenwash. Organization & Environment, 28(2), 223-249.
56. Matsa, D. A., & Miller, A. R. (2011). Chipping away at the glass ceiling: Gender spillovers in corporate leadership. American Economic Review, 101(3), 635-639.
57. McCabe, A. C., Ingram, R., & Dato-On, M. C. (2006). The business of ethics and gender. Journal of business ethics, 64, 101-116.
58. McGuire, J. B., Sundgren, A., & Schneeweis, T. (1988). Corporate social responsibility and firm financial performance. Academy of management Journal, 31(4), 854-872.
59. McWilliams, A., & Siegel, D. (2000). Corporate social responsibility and financial performance: correlation or misspecification?. Strategic management journal, 21(5), 603-609.
60. Molloy, L., Erekson, H., & Gorman, R. (2002, October). Exploring the relationship between environmental and financial performance. In Proceedings of the Workshop on Capital Markets and Environmental Performance (pp. 1-55). Laguna Beach: US Environmental Protection Agency.
61. Nekhili, M., & Gatfaoui, H. (2013). Are demographic attributes and firm characteristics drivers of gender diversity? Investigating women’s positions on French boards of directors. Journal of business ethics, 118, 227-249.
62. Neville, F., Byron, K., Post, C., & Ward, A. (2019). Board independence and corporate misconduct: A cross-national meta-analysis. Journal of Management, 45(6), 2538-2569.
63. Nielsen, S., & Huse, M. (2010). Women directors' contribution to board decision‐making and strategic involvement: The role of equality perception. European Management Review, 7(1), 16-29.
64. Przychodzeń, W. (2013). Greenwashing–Myth or Reality in the World of Business?. Management and Business Administration. Central Europe, 123(4), 132-138.
65. Qureshi, M. A., Kirkerud, S., Theresa, K., & Ahsan, T. (2020). The impact of sustainability (environmental, social, and governance) disclosure and board diversity on firm value: The moderating role of industry sensitivity. Business Strategy and the Environment, 29(3), 1199-1214.
66. Ramirez, H. N. R. (2003). " That's my place!": negotiating racial, sexual, and gender politics in San Francisco's Gay Latino Alliance, 1975-1983. Journal of the History of Sexuality, 224-258.
67. Richard, O. C., Triana, M. D. C., & Li, M. (2021). The effects of racial diversity congruence between upper management and lower management on firm productivity. Academy of Management Journal, 64(5), 1355-1382.
68. Rodríguez-Ariza, L., Garcia-Sanchez, I. M., & Frias-Aceituno, J. V. (2012). The role of the board in achieving integrated financial and sustainability reporting. XV Encuentro AECA.
69. Romano, M., Cirillo, A., Favino, C., & Netti, A. (2020). ESG (Environmental, Social and Governance) performance and board gender diversity: The moderating role of CEO duality. Sustainability, 12(21), 9298.
70. Rose, C. (2007). Does female board representation influence firm performance? The Danish evidence. Corporate governance: An international review, 15(2), 404-413.
71. Sen, S., Bhattacharya, C. B., & Korschun, D. (2006). The role of corporate social responsibility in strengthening multiple stakeholder relationships: A field experiment. Journal of the Academy of Marketing science, 34(2), 158-166.
72. Shakil, M. H., Tasnia, M., & Mostafiz, M. I. (2021). Board gender diversity and environmental, social and governance performance of US banks: Moderating role of environmental, social and corporate governance controversies. International Journal of Bank Marketing, 39(4), 661-677.
73. Shiu, Y. M., & Yang, S. L. (2017). Does engagement in corporate social responsibility provide strategic insurance‐like effects?. Strategic Management Journal, 38(2), 455-470.
74. Su, L., Swanson, S. R., Hsu, M., & Chen, X. (2017). How does perceived corporate social responsibility contribute to green consumer behavior of Chinese tourists: A hotel context. International Journal of Contemporary Hospitality Management.
75. Terjesen, S., & Singh, V. (2008). Female presence on corporate boards: A multi-country study of environmental context. Journal of business ethics, 83, 55-63.
76. Terjesen, S., Couto, E. B., & Francisco, P. M. (2016). Does the presence of independent and female directors impact firm performance? A multi-country study of board diversity. Journal of Management & Governance, 20, 447-483.
77. Yu, E. P. Y., Van Luu, B., & Chen, C. H. (2020). Greenwashing in environmental, social and governance disclosures. Research in International Business and Finance, 52, 101192.
78. Zahra, S. A., & Stanton, W. W. (1988). The implications of board of directors composition for corporate strategy and performance. International journal of management, 5(2), 229-236.