本研究以 2020 至 2024 年台灣上市櫃公司為樣本（排除金融與保險業），探討女性董事與 CEO 薪酬比率之關聯性。研究方法採用固定效果迴歸模型，並控制公司規模、財務結構、獲利能力、ESG 評分及董事會特徵。應變數定義為 CEO 與員工平均薪資比率之對數反向值，並以員工薪資中位數進行穩健性檢驗。實證結果顯示，女性董事的存在與較小的薪酬差距具顯著正向關聯，支持性別多元化在薪酬監督上的治理效果。然而，公司規模較大、獲利能力及 ESG 評分較高者，則傾向出現更大的薪酬差距。本研究不僅補充台灣市場相關文獻的不足，亦提供性別多元化在公司治理與薪酬公平性議題上的實證證據。

This study investigates the relationship between female directors and CEO-to-employee pay ratios in Taiwan’s listed companies from 2020 to 2024, excluding the financial and insurance sectors. Using a fixed-effects regression model, the analysis controls for firm size, financial structure, profitability, ESG scores, and board characteristics. The dependent variable is defined as the logarithmic inverse of the CEO-to-average-employee pay ratio, with robustness checks using median employee salary. Results show that the presence of female directors is significantly associated with smaller pay disparities, supporting the governance role of gender diversity in monitoring executive compensation. However, larger firms with higher profitability and ESG scores tend to exhibit wider pay gaps. This research enriches Taiwan’s corporate governance literature and provides empirical evidence on the impact of gender diversity on compensation fairness and sustainability.

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