本研究旨在探討女性董事與費用細項揭露程度之關聯性。美國財務會計準則委員會(FASB)於 2025 年 1 月公告 ASU 2025-01。ASU 2025-01 要求美國公開發行公司須將銷貨成本(COGS)與銷售、一般及行政費用(SG&A)所包含的費用細項，依性質揭露於附註中。過去研究發現，女性董事具有風險趨避和利他精神，這些特質使她們傾向提升公司財務報表的透明度和資訊價值。有鑑於此，本研究認為女性董事傾向更詳細的費用細部揭露，俾提升財務資訊透明度。本研究以2013 年至2023 年美國公開發行公司為樣本進行實證分析，研究結果發現女性董事與費用細項揭露程度呈顯著正相關，意即女性董事比例較高的公司，其費用細項揭露程度較高。於額外分析中發現，女性董事推動費用細項揭露程度之功能僅內部干預程度較小、財務穩健的企業中能有效發揮。本研究之發現可提供監管機構、投資者及企業作為決策之輔助依據，並強調董事會性別多元化在促進財務資訊透明度的重要性。

In 2025, the Financial Accounting Standards Board (FASB) mandated that U.S. public companies disclose key components of cost of goods sold (COGS) and selling, general, and administrative (SG&A) expenses to enhance financial transparency. Using a sample of U.S. listed firms from 2013 to 2023, this study investigates the relationship between female directors and expense disaggregation. Furthermore, we perform cross-sectional analyses across four dimensions: bankruptcy risk, financing constraints, managerial incentive compensation, and earnings management. The results indicate that female director representation is positively associated with expense disaggregation, with the effect most pronounced among financially healthy firms, those with low incentive pay, and firms with low earnings management. Additionally, in financial constrained firms, female directors appear to promote greater expense disaggregation to build creditor trust. These results suggest that female directors enhance disclosure transparency, but their influence is conditioned by governance and financial environments. This study contributes to the literature on gender-diverse boards and provides implications for regulators, investors, and creditors regarding the role of female directors in advancing transparency in financial reporting.

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