本研究旨在探討企業社會責任、公司績效與女性董事的關係，以台灣2007-2018年間上市櫃的金融控股公司作為樣本，使用企業公民獎得獎與否並參考過去文獻衡量企業社會責任績效，探討企業社會責任與公司績效之關聯，並進一步觀察女性董事比例變數在上述關係中的調節效果。實證研究結果顯示企業社會責任與公司績效呈顯著正相關，且有部分證據支持當女性董事比例越高，有助於企業投入企業社會責任活動，進而為企業帶來更高的收益。

This study investigates the relationship between corporate social responsibility (CSR) performance, financial performance and female directors of Taiwan financial holding companies. We use 2007-2018 data collected from the Taiwan Economic Journal (TEJ) database and the Excellence in Corporate Social Responsibility Award to test whether CSR performance is associated with financial performance. We further examine the moderating effect of female directors on the relationship between CSR and financial performance. The results show a significant positive correlation between CSR performance and financial performance, suggesting that the higher degree of CSR performance, the better the financial performance. Furthermore, we also provide some evidences that such positive correlation between CSR performance and financial performance might increase if the proportion of female directors is higher.

王言，張阜民，呂芝倚與柯俊禎，2016，探討企業社會責任執行與公司營運績效之相關研究-以資訊通訊產業(ICT)為例，財金論文叢刊，25：62-80。

沈中華與張元，2008，企業的社會責任為可以改善財務績效嗎?-以英國 FTSE 社會責任指數為例，經濟論文，36(3)：339-385。

陳昊陽與田翠香，2020，企業社會責任、高管特徵與經營績效研究[J]，現代管理，10(3)：329-340.

Adams, R. B., J. Haan, S. Terjesen and H. Ees. 2015. Board diversity: Moving the field forward. Corporate Governance: An International Review, 23: 77–82.

Ali, R., Sial, M. S., Brugni, T. V., Hwang, J., Khuong, N. V., & Khanh, T. H. T. 2020. Does CSR Moderate the Relationship between Corporate Governance and Chinese Firm’s Financial Performance? Evidence from the Shanghai Stock Exchange (SSE) Firms. Sustainability, 12(1): 149.

Ashraf, M., Khan, B., & Tariq, R. 2017. Corporate social responsibility impact on financial performance of bank’s: Evidence from Asian countries. International Journal of Academic Research in Business and Social Sciences, 7(4): 618-632.

Bagh, T., Khan, M. A., Azad, T., Saddique, S., & Khan, M. A. 2017. The corporate social responsibility and firms’ financial performance: evidence from financial sector of pakistan. International Journal of Economics and Financial Issues, 7(2): 301.

Cabeza‐García, L., Fernández‐Gago, R., & Nieto, M. (2018). Do board gender diversity and director typology impact CSR reporting?. European Management Review, 15(4):

Caroline Flammer.2015. Does Corporate Social Responsibility Lead to Superior Financial Performance? A Regression Discontinuity Approach. Management Science, 61(11):2549–2568.

Dezsö, C. L., & Ross, D. G. 2012. Does female representation in top management improve firm performance? A panel data investigation. Strategic management journal, 33(9):1072-1089.

Diego Prior, Jordi Surroca, Josep A. Tribó.2008. Are Socially Responsible Managers Really Ethical? Exploring the Relationship Between Earnings Management and Corporate Governance, 16(3): 160-177.

Eagly, A. H., & Johnson, B. T.1990. Gender and leadership style: A meta-analysis. Psychological Bulletin, 108(2): 233–256.

Faccio M, Marchica M T and Mura R. 2016. CEO Gender, Corporate Risk-Taking, and the Efficiency of Capital Allocation. Journal of Corporate Finance, 39(10): 193-209.

Ferdinand A. Gul, Marion Hutchinson, Karen M. Y. Lai. 2013. Gender-Diverse Boards and Properties of Analyst Earnings Forecasts. Accounting Horizons, 27(3): 511–538.

Fijałkowska, J., Zyznarska-Dworczak, B., & Garsztka, P. 2018. Corporate social-environmental performance versus financial performance of banks in Central and Eastern European countries. Sustainability, 10(3): 772.

Francis B, Hasan I, Park J C and Wu Q. 2015. Gender Differences in Financial Reporting Decision-Making: Evidence from Accounting Conservatism. Contemporary Accounting Research, 32(3): 1285-1318.

Freeman, R. E., Wicks, A. C., & Parmar, B. 2004. Stakeholder theory and “the corporate Organization science, 15(3): 364-369.Corporate Objective Revisited”

Harjoto, M., Laksmana, I. & Lee, R. 2015. Board Diversity and Corporate Social Responsibility. J Bus Ethics, 132: 641–660.

Henrik Cronqvist, Fredrik Heyman, Mattias Nilsson, Helena Svaleryd, Jonas Vlachos.2009. Do Entrenched Managers Pay Their Workers More? The Journal of Finance, 64(1): 309-339.

Ho, S. S., Li, A. Y., Tam, K., & Zhang, F. 2015. CEO gender, ethical leadership, and accounting conservatism. Journal of Business Ethics,127(2): 351-370.

Liu, Y., Lei, L., & Buttner, E. H. 2020. Establishing the boundary conditions for female board directors’ influence on firm performance through CSR. Journal of Business Research, 121: 112-120.

Maqbool, S., & Zameer, M. N. 2018. Corporate social responsibility and financial performance: An empirical analysis of Indian banks. Future Business Journal, 4(1): 84-93.

Memon, S., Sethar, W., Pitafi, A., & Uddin, W. 2019. Impact of CSR on Financial Performance of Banks: A Case Study. Journal of Accounting and Finance in Emerging Economies, 5(1): 129-140.

Owen, A. L., & Temesvary, J. 2018. The performance effects of gender diversity on bank boards. Journal of Banking & Finance, 90: 50-63.

Platonova, E., Asutay, M., Dixon, R., & Mohammad, S. 2018. The impact of corporate social responsibility disclosure on financial performance: Evidence from the GCC Islamic banking sector. Journal of Business Ethics, 151(2): 451-471.

Porter ME, Kramer MR.2011. The big idea: Creating shared value. Harvard Bus. Rev. 89(1–2): 62–77.

Rosette, A. S., & Tost, L. P. 2010. Agentic women and communal leadership: How role prescriptions confer advantage to top women leaders. Journal of Applied Psychology, 95(2): 221–235.

Udayan Karnatak. 2019. The Relationship Between Gender Diversity on Bank Boards and Bank Performance: A Review. IUP Journal of Corporate Governance,18(3): 20-32.

Xin Denga, Jun-kooKang, Buen Sin Low.2013. Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics, 110(1): 87-109.

Yaseen, H., Iskandrani, M., Ajina, A., & Hamad, A. 2019. Investigating the relationship between board diversity & corporate social responsibility (CSR) Performance: Evidence from France. Academy of Accounting and Financial Studies Journal, 23(4): 1-11.

Yongtae Kim, Haidan Li, Siqi Li.2014. Corporate social responsibility and stock price crash risk. Journal of Banking & Finance, 43: 1-13.

Zhang, J. Q., H. Zhu and H. Ding. 2013. Board composition and corporate social responsibility: An empirical investigation in the post Sarbanes–Oxley era. Journal of Business Ethics, 114: 381–392.