本研究以 2016 年至 2023 年間台灣上市櫃公司為樣本，手動蒐集這段期間企業發生資訊安全事件的新聞，探討企業發生資訊安全事件與其財務績效之關聯性，並進一步分析女性董事比例是否具有調節效果。實證結果顯示，企業發生資訊安全事件對當年及次一年度財務績效（以 ROE 衡量）呈現顯著負向關係，且於非金融業影響較明顯，隱含不同產業資訊安全防護能力可能有所不同，因而對企業財務績效的影響有所差異；本研究也發現研究期間台灣上市櫃公司中，女性董事比例高低並不會改變資訊安全事件與企業財務績效的關聯。
本研究為企業制定資訊安全管理政策提供參考依據，並補充女性董事相關文獻，探討女性董事透過其特質，調節資訊安全事件對企業財務績效的影響，為董事會性別多樣性與公司治理提供新研究方向。

Using Taiwan's publicly listed companies from 2016 to 2023 and manually collecting news on corporate information security incidents during this period, this study investigates the relationship between information security incidents and financial performance. This study further analyzes whether the presence of female directors influences the association between information security incidents and financial performance. Our empirical findings reveal that information security incidents significantly negatively impact both the current and subsequent year's financial performance (measured by ROE), especially evident in non-financial sectors, indicating varying levels of cybersecurity preparedness across industries. Furthermore, the study finds no significant moderating effect of female board representation on the relationship between information security incidents and corporate financial performance among Taiwan's listed companies during the research period.

廖君捷 (2023)，以企業ESG表現與員工滿意度為中介探討女性董事對財務績效之影響，國立中央大學企業管理研究所，1-45
莊長晉 (2018)，資訊安全事件與公司長短期績效-以臺灣資訊安全事件為例，國立中央大學會計研究所
Acquisti, A., Friedman, A., & Telang, R. (2006). Is there a cost to privacy breaches? An event study. ICIS 2006 proceedings, 94.
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.
Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The quarterly journal of economics, 116(1), 261-292.
Bennouri, M., Chtioui, T., Nagati, H., & Nekhili, M. (2018). Female board directorship and firm performance: What really matters?. Journal of Banking & Finance, 88, 267-291.
Buachoom, W. W., Amornkitvikai, Y., Al Farooque, O., & Sun, L. (2023). Female ownership and female directors' moderating role as corporate governance monitoring mechanisms in increasing the value of Thai family-owned firms. Gender in Management: An International Journal, 38(8), 997-1013.
Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial review, 38(1), 33-53.
Cavusoglu, H., Mishra, B., & Raghunathan, S. (2004). The effect of internet security breach announcements on market value: Capital market reactions for breached firms and internet security developers. International Journal of Electronic Commerce, 9(1), 70-104.
Chen, Y., Huang, C., & Wu, H. (2020). The Impact of Cybersecurity Incidents on Financial Performance and Stock Prices: Evidence from Taiwan. Journal of Business Research, 115, 122-130.
Cumming, D., Leung, T. Y., & Rui, O. (2015). Gender diversity and securities fraud. Academy of management Journal, 58(5), 1572-1593.
Dalton, D. R., Daily, C. M., Johnson, J. L., & Ellstrand, A. E. (1999). Number of directors and financial performance: A meta-analysis. Academy of Management journal, 42(6), 674-686.
Đặng, R., Hikkerova, L., Simioni, M., & Sahut, J. M. (2023). How do women on corporate boards shape corporate social performance? Evidence drawn from semiparametric regression. Annals of Operations Research, 330(1), 361-388.
Dechow, P. M., Sloan, R. G., & Sweeney, A. P. (1996). Causes and consequences of earnings manipulation: An analysis of firms subject to enforcement actions by the SEC. Contemporary accounting research, 13(1), 1-36.
Dutta, S., Narasimhan, O., & Rajiv, S. (1999). Success in high-technology markets: Is marketing capability critical?. Marketing science, 18(4), 547-568.
Fama, E. F., & French, K. R. (1992). The cross‐section of expected stock returns. the Journal of Finance, 47(2), 427-465.
Francis, J. R., & Krishnan, J. (1999). Accounting accruals and auditor reporting conservatism. Contemporary accounting research, 16(1), 135-165.
Francoeur, C., Labelle, R., & Sinclair-Desgagné, B. (2008). Gender diversity in corporate governance and top management. Journal of business ethics, 81, 83-95.
Gatzert, N. (2015). The impact of corporate reputation and reputation damaging events on financial performance: Empirical evidence from the literature. European management journal, 33(6), 485-499.
Gordon, L. A., Loeb, M. P., & Zhou, L. (2011). The impact of information security breaches: Has there been a downward shift in costs? Journal of Computer Security, 19(1), 33-56.
Gul, F. A., Srinidhi, B., & Ng, A. C. (2011). Does board gender diversity improve the informativeness of stock prices?. Journal of Accounting and Economics, 51(3), 314-338.
Hall, B. H., & Oriani, R. (2006). Does the market value R&D investment by European firms? Evidence from a panel of manufacturing firms in France, Germany, and Italy. International Journal of Industrial Organization, 24(5), 971-993.
Harris, M., & Raviv, A. (1991). The theory of capital structure. The Journal of Finance, 46(1), 297-355.
Huang, P., Wen, Y. C., & Zhang, Y. (2020). Does the monitoring effect of Big 4 audit firms really prevail? Evidence from managerial expropriation of cash assets. Review of quantitative finance and accounting, 55, 739-768.
Huang, J., & Kisgen, D. J. (2013). Gender and corporate finance: Are male executives overconfident relative to female executives?. Journal of financial Economics, 108(3), 822-839.
Hussain, S. M., Ahmad, N., Fazal, F., & Menegaki, A. N. (2024). The impact of female directorship on firm performance: a systematic literature review. Review of Managerial Science, 18(3), 913-939.
Kannan, K., Rees, J., & Sridhar, S. (2007). Market reactions to information security breach announcements: An empirical analysis. International Journal of Electronic Commerce, 12(1), 69-91.
Ko, M., & Dorantes, C. (2006). The impact of information security breaches on financial performance of the breached firms: an empirical investigation. Journal of Information Technology Management, 17(2), 13-22.
Ko, M., & Luo, X. (2020). The Market Value Impact of Data Breach Announcements on Stocks: A Meta-Analysis. Journal of Computer Information Systems, 60(4), 369-376.
Lang, L. H., & Stulz, R. M. (1994). Tobin's q, corporate diversification, and firm performance. Journal of political economy, 102(6), 1248-1280.
Liao, L., Luo, L., & Tang, Q. (2015). Gender diversity, board independence, environmental committee and greenhouse gas disclosure. The British accounting review, 47(4), 409-424.
Liu, P. Y., Chen, C. H., & Liu, M. Y. (2023). 董事性別多元化, 董監事責任保險與股價崩跌風險之關聯. 中華會計學刊, 19(2), 327-374.
Liu, Y., Wei, Z., & Xie, F. (2014). Do women directors improve firm performance in China?. Journal of corporate finance, 28, 169-184.
Loderer, C. F., & Waelchli, U. (2010). Firm age and performance. Available at SSRN 1342248.
Long, X., Bu, X., Xie, P., & Shao, Y. (2024). Woman on board, corporate social responsibility and financial performance: new evidence from China. Humanities and Social Sciences Communications, 11(1), 1-12.
Mensah, E., & Boachie, C. (2023). Corporate governance mechanisms and earnings management: The moderating role of female directors. Cogent Business & Management, 10(1), 2167290.
Merzki, N., & Ben Rejeb, M. (2023). Bank diversification and earnings management: the moderating effect of female directors. Review of Accounting and Finance, 22(4), 425-448.
Miller, T., & del Carmen Triana, M. (2009). Demographic diversity in the boardroom: Mediators of the board diversity–firm performance relationship. Journal of Management Studies, 46(5), 755-786.
Murphy, D. L., Shrieves, R. E., & Tibbs, S. L. (2009). Understanding the penalties associated with corporate misconduct: An empirical examination of earnings and risk. Journal of Financial and Quantitative Analysis, 44(1), 55-83.
Peni, E., & Vähämaa, S. (2010). Female executives and earnings management. Managerial finance, 36(7), 629-645.
Romanosky, S., Hoffman, D., & Acquisti, A. (2014). Empirical analysis of data breach litigation. Journal of Empirical Legal Studies, 11(1), 74-104.
Post, C., & Byron, K. (2015). Women on boards and firm financial performance: A meta-analysis. Academy of management Journal, 58(5), 1546-1571.
Wang, J., Chen, L., & Yu, X. (2022). Board Diversity and ESG Performance: The Moderating Role of Female Directors in Cybersecurity Governance. Corporate Governance: An International Review, 30(1), 103-120.
Wei, F., Ding, B., & Kong, Y. (2017). Female directors and corporate social responsibility: Evidence from the environmental investment of Chinese listed companies. Sustainability, 9(12), 2292.
Zhang, D., & Lucey, B. M. (2022). Sustainable behaviors and firm performance: The role of financial constraints' alleviation. Economic Analysis and Policy, 74, 220-233.
PWC《2025全球數位信任洞察報告》https://www.pwc.com/us/en/services/consulting/cybersecurity-risk regulatory/library/global-digital-trust-insights.html
曾三天痛失 25.9 億台幣台積電的資安攻防戰，如何順便催生全球首個半導體資安標準？ https://buzzorange.com/techorange/2024/03/19/tsmc-and-semi-e187/
ATM盜領案是一銀的危機，卻也是轉機 https://www.ithome.com.tw/people/150681
政府單位引進 Acronis Cyber Protect Cloud 強化資安、法規遵循一次達成
台灣網路攻擊數據驚人Check Point揭示全球資安新趨勢 https://www.limedia.tw/comm/57383/
每秒1.5萬次網路攻擊，台灣慘當亞太之冠！資安該注意什麼？5大趨勢一次看 https://www.bnext.com.tw/article/76402/fortinet-information-security-2023-a-semiannual-report
勒索軟體進擊 台灣災情頻發 https://www.ctee.com.tw/news/20250331700096-439901