過去研究指出商業策略對避稅程度具顯著影響。本篇論文進一步測試女性董事在商業策略與避稅之間是否存在調節效果，並使用2010年至2018年非金融與非受管制之產業中已上市之美國公司作為樣本。本篇研究發現前瞻型企業相較防禦型企業更傾向避稅，而女性董事的調節效果在公司一般經營狀況下並不顯著。然而，在經濟困難的環境下，前瞻型企業中的女性董事會傾向避稅以減少現金流出，進而達到保護公司之目的。綜上所述，本研究發現商業策略可作為衡量避稅程度的指標，同時指出女性董事在企業面臨危急時扮演關鍵性的角色。本研究結合避稅、商業策略與女性董事以彌補過去文獻之不足，亦可作為董事會與投資者評估是否聘用女性董事為部份公司治理機制之參考。

This study examines the moderation effect of female directors on the association between business strategy and tax avoidance. Using U.S. listed firms in nonfinancial and unregulated industries during 2010 to 2018 as the sample, this research contributes to the literature by combining tax avoidance, business strategy and female board members, and examines whether the moderation effect of female directors exists. Additionally, this research provides important implications for investors and board of directors to evaluate whether they should hire female board members as a part of their whole corporate governance system. Consistent with prior studies, I find that prospector firms tend to engage in tax avoidance activities, compared with defenders. The moderation effect of female board members in common situation is insignificant in this research. However, female directors in prospectors encourage tax avoidance in order to prevent excessive cash outflow form income tax when encountering a difficult economic environment. My findings indicate that business strategy is a useful indicator for evaluating firms’ level of tax avoidance, and the critical role female board members act as during extreme environment.

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