本研究主要的目的為探討管理者性別對企業財務決策是否有顯著影響，並延伸至管理者性別是否會影響股東權益。藉由分別檢視管理者性別變數與五項財務決策變數(資產成長率、購併頻率、負債比、負債及權益發行)之間的關係探討管理者性別對企業財務決策是否有顯著影響。根據研究結果，負債比以及權益發行與女性管理者有顯著負相關；其餘三項變數則不顯著。延伸探討的部分，藉由檢視管理者性別變數與三項市場反應變數之間的關係探討管理者性別是否會影響股東權益。研究結果顯示，三項市場反應變數與管理者性別變數無顯著關係，代表管理者性別對股東權益影響不顯著。

The main purposes of this paper are to examine whether managerial gender has influences on corporate financial decisions and investigate whether managerial gender has influences on shareholder value. I investigate the relation between managerial gender and five corporate financial decisions including asset growth, acquisition, leverage, debt issuance, and equity issuance. I find that leverage and equity issuance are negatively related to female manager. However, I find that asset growth, acquisition, and debt issuance are not. Furthermore I find no significant relations between managerial gender and shareholder value.

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