本研究利用澳大利亞證券交易所（ASX）上市前150家公司的數據作為樣本，研究了董事會的性別多樣性表現可能對企業績效和企業風險產生何種影響。我們假設公司董事會的女性代表企業風險與績效之間存在著相關關係，同時計算了資產回報率（ROA）和托賓的Q(Tobin's Q)作為企業財務業績的衡量標準以此來證明我們的假設。當我們以會計為基礎的歷史導向作為企業績效的衡量方法，具有一定的企業風險水平時，表明績效與董事會的多樣性呈正相關，因為女性代表或性別多樣性通常被認為傾向於風險厭惡，從而緩解了過度採取風險，進而提高了企業的財務業績。儘管如此，相反的結果發生在我們以未來市場為導向的測量方法，這表明投資者可能會歧視女性坐在董事會上，也就是說現在大眾仍然普遍認為男性比較適合進入董事會。

Using data of the top 150 firms that listed on the Australian Securities Exchange (ASX) as a sample, this research investigates whether gender diversity representation on boards may have an influence on firm performance and firm risk. We hypothesise that female representation on corporate boards has a relationship between firm risk and performance accordingly calculating of Return on Asset (ROA) and Tobin's Q as the measurement for firm financial performance to bear testimony to our assumption. When we use accounting-based historical oriented as a measurement method of firm performance with a given level of firm risk, it indicates a positive association between performance and board diversity since greater female representation or gender diversity is generally considered more risk averse than those of lesser diversity, consequently alleviate taking risk excessively which in turn enhances the financial performance of firms. In spite of that, an opposite result happens when we use market-based future oriented as a measurement method, which indicates that investors might have discrimination of women sit on boards and nowadays still be conscious of merely male-gender should be the member of corporate boards.

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. doi:10.1016/j.jfineco.2008.10.007

Agrawal, A., & Knoeber, C. R. (1996). Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders. The Journal of Financial and Quantitative Analysis, 31(3), 377-397. doi:10.2307/2331397

Australian Institute of Company Directors 2013, ‘Board diversity – Think outside the square’, Media Release, 30 October

Australian Security Exchange Corporate Governance Council, 2014, Corporate Governance Principles and Recommendations, 3rd edn. with Amendments (Australian Security Exchange Corporate Council, Sydney, NSW).

Barber, B. M., & Lyon, J. D. (1996). Detecting abnormal operating performance: The empirical power and specification of test statistics. Journal of Financial Economics, 41(3), 359-399. doi:10.1016/0304-405x(96)84701-5

Bearle, A., & Means, G. (1932). The modern corporation and private property. New York: Macmillan

Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. Journal of Corporate Finance, 14(3), 257-273. doi:10.1016/j.jcorpfin.2008.03.006

Bilimoria, D., & Wheeler, J. V. (2000). Women Corporate Directors: Current Research and Future Directions. Women in Management: Current Research Issues Volume II, 138-163. doi:10.4135/9781446219775.n10

Black, B. S., Jang, H., & Kim, W. (2006). Does Corporate Governance Predict Firms' Market Values? Evidence from Korea. Journal of Law, Economics, and Organization, 22(2), 366-413. doi:10.1093/jleo/ewj018

Bohren, O., & Strom, R. O. (2010). Governance and Politics: Regulating Independence and Diversity in the Board Room. Journal of Business Finance & Accounting, 37(9-10), 1281-1308. doi:10.1111/j.1468-5957.2010.02222.x

Boubaker, S., Dang, R., & Nguyen, D. K. (2014). Does board gender diversity improve the performance of French listed firms? Gestion 2000, 31(1), 259. doi:10.3917/g2000.311.0259

Brooks, C. (2014). Introductory econometrics for finance. Cambridge: Cambridge University Press.

Campbell, K., & Mínguez-Vera, A. (2008). Gender Diversity in the Boardroom and Firm Financial Performance. Journal of Business Ethics, 83(3), 435-451. doi:10.1007/s10551-007-9630-y

Carr, L. L., 1997, Strategic determinants of executive compensation in small publicly traded firms, Journal of Small Business Management, 35, 1–12.

Carter, D. A., D'souza, F., Simkins, B. J., & Simpson, W. G. (2010). The Gender and Ethnic Diversity of US Boards and Board Committees and Firm Financial Performance. Corporate Governance: An International Review 18, 396–414.

Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate Governance, Board Diversity, and Firm Value. The Financial Review, 38(1), 33-53. doi:10.1111/1540-6288.00034

Casanovas, M. (2012). Risk in financial decisions and gender differences. African Journal of Business Management, 6(34). doi:10.5897/ajbm11.1244

Chapple, L., & Humphrey, J. E. (2014). Does Board Gender Diversity Have a Financial Impact? Evidence Using Stock Portfolio Performance. Journal of Business Ethics, 122(4), 709-723. doi:10.1007/s10551-013-1785-0

Christy, J. A., Matolcsy, Z. P., Wright, A., & Wyatt, A. (2013). Do Board Characteristics Influence the Shareholders' Assessment of Risk for Small and Large Firms? Abacus, 49(2), 161-196. doi:10.1111/abac.12005

Croson, R., & Gneezy, U. (2009). Gender Differences in Preferences. Journal of Economic Literature, 47(2), 448-474. doi:10.1257/jel.47.2.448

Dang, R.; Nguyen, D.K. (2016). Does Board Gender Diversity Make a Difference? New Evidence from Quantile Regression Analysis. Management international, 20(2), 95-106.

Eisenhardt, K. M. (1989). Agency Theory: An Assessment and Review. The Academy of Management Review, 14(1), 57-74. doi:10.2307/258191

Ellis, K., & Keys, P. (2003).Stock returns and the promotion of workforce diversity. Working Paper, University of Delaware.

Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of Director Diversity and Firm Financial Performance. Corporate Governance, 11(2), 102-111. doi:10.1111/1467-8683.00011

EY - Boardmatters: Diversity on boards: four ways to increase gender diversity. (n.d.). Retrieved from http://www.ey.com/au/en/issues/business-environment/ey-boardmatters-diversity-on-boards-four-ways-to-increase-gender-diversity

Faicd, J. H. (2013, October). Thinking outside the square-Initiatives to increase gender diversity on Australian boards. Retrieved from http://www.companydirectors.com.au/~/media/resources/director-resource-centre/governance-and-director-issues/board-diversity/board-diversity-pdf/04035-13-nat-board-diversity-booklet_november_a5-12pg_web.ashx 2013 Australian Institute of Company Directors

Fama, E. F., & Jensen, M. C. (1983). Separation of Ownership and Control. The Journal of Law and Economics, 26(2), 301-325. doi:10.1086/467037

Francoeur, C., Labelle, R., & Sinclair-Desgagné, B. (2008). Gender Diversity in Corporate Governance and Top Management. Journal of Business Ethics, 81(1), 83-95. doi:10.1007/s10551-007-9482-5

Gabrielsson, J., and M. Huse, 2004, Context, behavior, and evolution, International Studies of Management and Organizations, 34, 11–36. Governance: An International Review, 18(5), 396-414. doi:10.1111/j.1467-8683.2010.00809.x

Gregorič, A., Oxelheim, L., Randøy, T., & Thomsen, S. (2013). Changing the Corporate Elite? Not So Easy. Female ... Retrieved from http://www.ifn.se/wfiles/wp/wp978.pdf Research Institute of Industrial Economics

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. doi:10.1016/j.jacceco.2011.01.005

Haslam, S. A., Ryan, M. K., Kulich, C., Trojanowski, G., & Atkins, C. (2010). Investing with Prejudice: the Relationship Between Women's Presence on Company Boards and Objective and Subjective Measures of Company Performance. British Journal of Management. doi:10.1111/j.1467-8551.2009.00670.x

Helgesen, S. (1990). The Female Advantage: Women's Way of Leadership. Gaden City, NY: Doubleday

Hillman, A. J., Cannella, A. A., & Harris, I. C. (2002). Women and Racial Minorities in the Boardroom: How Do Directors Differ? Journal of Management, 28(6), 747-763. doi:10.1177/014920630202800603

Hillman, A. J., Cannella, A. A., & Paetzold, R. L. (2000). The Resource Dependence Role of Corporate Directors: Strategic Adaptation of Board Composition in Response to Environmental Change. Journal of Management Studies, 37(2), 235-256. doi:10.1111/1467-6486.00179

Hutchinson, M., Mack, J., & Plastow, K. (2014). Who selects the ‘right’ directors? An examination of the association between board selection, gender diversity and outcomes. Accounting & Finance, 55(4), 1071-1103. doi:10.1111/acfi.12082

Isidro, H., & Sobral, M. (2014). The Effects of Women on Corporate Boards on Firm Value, Financial Performance, and Ethical and Social Compliance. Journal of Business Ethics, 132(1), 1-19. doi:10.1007/s10551-014-2302-9

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. doi:10.1016/0304-405x(76)90026-x

Knight, D., Pearce, C. L., Smith, K. G., Olian, J. D., Sims, H. P., Smith, K. A., & Flood, P. (1999). Top management team diversity, group process, and strategic consensus. Strategic Management Journal, 20(5), 445-465. doi:10.1002/(sici)1097-0266(199905)20:5<445::aid-smj27>3.0.co;2-v

Mc Donald K S (1997), “No Guts, No Glory”, Working Women, Vol. 22, pp. 42-46.

Mínguez-Vera, A., & Martin, A. (2011). Gender and management on Spanish SMEs: an empirical analysis. The International Journal of Human Resource Management, 22(14), 2852-2873. doi:10.1080/09585192.2011.599948

Mittal, M., & Vyas, R. K. (2011). A Study of Psychological Reasons for Gender Differences in Preferences for Risk and Investment Decision Making. The IUP Journal of Behavioral Finance, VIII(3), 45-60. Retrieved from http://search.proquest.com/openview/5cb4ff68a6656d1e90e10ab04c1a9cc4/1?pq-origsite=gscholar&cbl=54444

Nguyen, H., & Faff, R. 2012. Impact of board size and board diversity on firm value: Australian evidence. Corporate Ownership and Control,4:24–32

Nielsen, S., & Huse, M. (2010). The Contribution of Women on Boards of Directors: Going beyond the Surface. Corporate Governance: An International Review, 18(2), 136-148. doi:10.1111/j.1467-8683.2010.00784.x

O’Connell, V., & Cramer, N. (2010). The relationship between firm performance and board characteristics in Ireland. European Management Journal, 28(5), 387-399. doi:10.1016/j.emj.2009.11.002

Peterson, C. A., & Philpot, J. (2007). Women’s Roles on U.S. Fortune 500 Boards: Director Expertise and Committee Memberships. Journal of Business Ethics, 72(2), 177-196. doi:10.1007/s10551-006-9164-8

Pfeffer, J. & Salancik, G. R. 1978.The external control of organizations: a resource dependence perspective. New York: Harper & Row.

Rosenstein, S., & Wyatt, J. G. (1990). Outside directors, board independence, and shareholder wealth. Journal of Financial Economics, 26(2), 175-191. doi:10.1016/0304-405x(90)90002-h
Shrader, C. B., Blackburn, V. B., & Iles, P. 1997. Women in management and firm financial performance: An exploratory study. Journal of Managerial Issues, 9: 355–372.

Simons, T. and Pelled, L. (1999) Understanding Executive Diversity: More than Meets the Eye, Human Resource Planning, 22, 49–51.

Singh, V., Terjesen, S., & Vinnicombe, S. (2008). Newly appointed directors in the boardroom, European Management Journal, 26(1), 48-58. doi:10.1016/j.emj.2007.10.002

Singh, V., Vinnicombe, S., & Johnson, P. (2001). Women Directors on Top UK Boards. Corporate Governance, 9(3), 206-216. doi:10.1111/1467-8683.00248

Smith, N., Smith, V., & Verner, M. (2006). Do women in top management affect firm performance? A panel study of 2,500 Danish firms. International Journal of Productivity and Performance Management, 55(7), 569-593. doi:10.1108/17410400610702160

Tajfel, H., and J. Turner, 1986, The social identity of intergroup relations, in: S. Worchel, G. Austion, eds., Psychology of Intergroup Relations (Nelson-Hall, Chicago, IL), 7–24

Tarraf, H. (2012). Exploring the Relationship Among Corporate Governance, Risk Taking and Financial Performance During The 2007-2008 Financial Crisis: Evidence from U.S. Bank Holding Companies. ProQuest LLC. Helgesen S. 1990. The Female Advantage: Women’s Way of Leadership. New York, NY: Doubleday

Terjesen, S., Sealy, R., & Singh, V. (2009). Women Directors on Corporate Boards: A Review and Research Agenda. Corporate Governance: An International Review, 17(3), 320-337. doi:10.1111/j.1467-8683.2009.00742.x

THE PROFILE PROSPECTUS: AN ASSESSMENT BY MUTUAL FUND SHAREHOLDERS (Vol. 1, Rep.). (1996). Washington, DC: Report to the U.S. Securities and Exchange Commission by the Investment Company Institute. Retrieved from https://www.ici.org/pdf/rpt_profprspctus.pdf.

Travers, B., Bradley, S., Coughlan, L., & Tan, M. (2016, May). ASX Corporate Governance Council Principles and Recommendations on Diversity. Retrieved from http://www.asx.com.au/documents/asx-compliance/asx-corp-governance-kpmg-diversity-report.pdf KPMG
Wang, Y., and B. Clift, 2009, Is there a “business case” for board diversity?, Pacific Accounting Review, 21, 88–103.