女性高階主管能否創造股東財富價值？ 台灣營建公司新推建案宣告之實證Can Female Top Executives Create Shareholder Wealth Value? Evidence from Taiwanese Construction Companies’ Announcements of New Construction Projects

本文探討女性高階主管如何影響營建公司新推建案宣告期間股東財富效果。研究發現 當具有較高比例的女性高階主管的公司，在宣告期間報酬率相對較高，結果支持公司治理 假說，由於女性高階主管具有高道德標準與勤於自我監督，有助於提升公司治理成效。且女 性高階主管對於宣告期間股東財富的正向解釋力更顯見於高融資限制公司及房地合一稅政策 推行後期間。再者，較高女性高階主管比例的公司，在新建案宣告後一年的股票報酬相對較 高。本文為首篇驗證女性高階主管在營建產業公司治理成效之研究，有助於促進台灣營建公 司在性別平等議題的關注發展。

關鍵詞：女性高階主管、新推建案宣告、公司治理、融資限制、房地合一稅

This study investigates the impact of female top executives of Taiwanese construction companies on shareholder wealth value during announcements of new construction projects. Our findings demonstrate that companies with a high proportion of female top executives tend to experience higher returns during the announcement period. This result supports the corporate governance hypothesis, which suggests that female top executives have high moral standards and self-monitoring, contributing to improved effectiveness of corporate governance. Furthermore, the positive influence of female top executives on announcementperiod shareholder wealth is more pronounced after the implementation of the “Income Tax on House and Land Transactions” policy and in companies facing higher financial constraints. Additionally, companies with a high proportion of female top executives tend to achieve higher stock performance in the year following the announcement of new construction projects. This study represents the first comprehensive examination of the superiority of female top executives in corporate governance within the construction industry. Our conclusions promote awareness regarding gender equality within Taiwanese construction companies.

Key words: Female Top Executives, Announcements of New Construction Projects, Corporate Governance, Financial Constraints, Income Tax on House and Land Transactions