本研究以2014至2022年間台灣上市櫃公司為樣本，探討董事會特性對投資無效率的影響。實證結果顯示，性別多樣性與專業背景比例顯著改善投資無效率問題，彰顯多樣性在提升資本配置效率方面的積極作用；相反地，平均任期與教育背景程度顯著增加投資無效率的情況，反映穩定性與內部分歧可能對決策效率造成挑戰。獨立董事比例對投資無效率則為不顯著效果。
本研究進一步建構涵蓋性別比例、平均任期、教育程度程度、專業背景比例及獨立董事比例五個維度，建立董事會多元化綜合指標，實證結果顯示該指標對投資無效率的影響並不顯著。此外，單變量分析發現，家族企業與非家族企業在董事會特性上存在顯著差異，家族企業的董事會多元性指標顯著較低，且投資無效率亦顯著低於非家族企業，特別是在降低過度投資方面具顯著效果，惟在投資不足方面則偏高。進一步分析一發現，在家族企業中，董事會多元性對投資無效率的抑制效果可能被削弱，甚至呈現負面效果，尤其當董事任期較長或學歷較高時，投資無效率更加明顯。

This study investigates the impact of board characteristics on investment inefficiency using a sample of listed companies in Taiwan from 2014 to 2022. The empirical results indicate that gender diversity and the proportion of directors with professional backgrounds significantly reduce investment inefficiency, highlighting the positive role of diversity in enhancing capital allocation efficiency. In contrast, longer average tenure and higher educational attainment among board members are associated with increased investment inefficiency, suggesting that excessive stability and internal divergence may pose challenges to decision-making efficiency. The proportion of independent directors, however, does not show a significant effect on investment inefficiency.
Furthermore, this study constructs a composite board diversity index incorporating five dimensions: gender ratio, average tenure, education level, professional background, and proportion of independent directors. The empirical results reveal that this composite index does not have a significant impact on investment inefficiency. In addition, univariate analysis shows that family firms and non-family firms exhibit significant differences in board characteristics. Family firms tend to have lower board diversity scores and significantly lower investment inefficiency, particularly in mitigating overinvestment, although they show a higher tendency toward underinvestment. Further analysis suggests that the mitigating effect of board diversity on investment inefficiency in family firms may be weakened or even reversed, especially when board members have longer tenures or higher educational backgrounds, resulting in more pronounced inefficiency.

目錄
論文審定書i
摘要ii
Abstractiii
誌謝iv
目錄v
表次vi
第一章 緒論1
第二章 文獻探討與假說4
第一節 董事會特性5
第二節 董事會特性與投資無效率6
第三節 家族企業之董事會特性對投資行為的影響12
第三章 研究方法14
第一節 樣本選取與資料來源14
第二節 變數定義15
第三節 模型設計20
第四章 實證研究21
第一節 敘述統計與產業分布21
第二節 相關係數分析26
第三節 實證結果28
第四節 穩健性測試41
第五章 結論47
參考文獻48

參考文獻
粘季為, 張元, & 許敏政. (2017). 公司董事會多樣性是否有助於降低公司風險?. 兩岸金融季刊, 5(3), 69-111.
Adams, R. B., & Ferreira, D. (2007). A theory of friendly boards. The Journal of Finance, 62(1), 217–250.
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.
Almeida, H., & Campello, M. (2007). Financial constraints, asset tangibility, and corporate investment. The Review of Financial Studies, 20(5), 1429-1460.
Anderson, R. C., & Reeb, D. M. (2004). Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49(2), 209–237.
Arnegger, M., Hofmann, C., Pull, K., & Vetter, K. (2014). Firm size and board diversity. Journal of Management & Governance, 18, 1109–1135.
Balsmeier, B., Fleming, L., & Manso, G. (2017). Independent boards and innovation. Journal of Financial Economics, 123(3), 536-557.
Bathala, C. T., & Rao, R. P. (1995). The determinants of board composition: An agency theory perspective. Managerial and Decision Economics, 16(1), 59–69.
Ben‐Amar, W., Francoeur, C., Hafsi, T., & Labelle, R. (2013). What makes better boards? A closer look at diversity and ownership. British Journal of Management, 24(1), 85–101.
Bernile, G., Bhagwat, V., & Yonker, S. (2018). Board diversity, firm risk, and corporate policies. Journal of Financial Economics, 127(3), 588–612.
Bezrukova, K., Jehn, K. A., Zanutto, E. L., & Thatcher, S. M. (2009). Do workgroup faultlines help or hurt? A moderated model of faultlines, team identification, and group performance. Organization Science, 20(1), 35–50.
Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency?. Journal of accounting and economics, 48(2-3), 112-131.
Broome, L. L., Conley, J. M., & Krawiec, K. D. (2010). Dangerous categories: Narratives of corporate board diversity. North Carolina Law Review, 89, 759–800.
Brunninge, O., & Nordqvist, M. (2004). Ownership structure, board composition and entrepreneurship: evidence from family firms and venture‐capital‐backed firms. International Journal of Entrepreneurial Behavior & Research, 10(1/2), 85-105.
Buse, K., Bernstein, R. S., & Bilimoria, D. (2016). The influence of board diversity, board diversity policies and practices, and board inclusion behaviors on nonprofit governance practices. Journal of Business Ethics, 133, 179–191.
Bushman, R. M., & Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of accounting and Economics, 32(1-3), 237-333.
Carter, D. A., Simkins, B. J., & Simpson, W. G. (2003). Corporate governance, board diversity, and firm value. Financial Review, 38(1), 33–53.
Celikyurt, U., Sevilir, M., & Shivdasani, A. (2014). Venture capitalists on boards of mature public firms. The Review of Financial Studies, 27(1), 56-101.
Çerez, S., Merter, A. K., Balcıoğlu, Y. S., & Özer, G. (2023, October). The Impact of Board Characteristics on R&D Investments: The Role of Education Level and Age. In International Conference on Banking and Finance Perspectives (pp. 199-212). Cham: Springer Nature Switzerland.
Chen, F., Hope, O. K., Li, Q., & Wang, X. (2011). Financial reporting quality and investment efficiency of private firms in emerging markets. The accounting review, 86(4), 1255-1288.
Erhardt, N. L., Werbel, J. D., & Shrader, C. B. (2003). Board of director diversity and firm financial performance. Corporate governance: An international review, 11(2), 102-111.
Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. The journal of law and Economics, 26(2), 301-325.
Fanto, J. A., Solan, L. M., & Darley, J. M. (2010). Justifying board diversity. North Carolina Law Review, 89, 901–954.
Fazzari, S., Hubbard, R. G., & Petersen, B. (1988). Investment, financing decisions, and tax policy. The American economic review, 78(2), 200-205.
Fernández-Temprano, M. A., & Tejerina-Gaite, F. (2020). Types of director, board diversity and firm performance. Corporate Governance: The International Journal of Business in Society, 20(2), 324–342.
Ferreira, D. (2010). Board diversity. In Corporate governance: A synthesis of theory, research, and practice (pp. 225–242). Wiley.
Galia, F., & Zenou, E. (2012). Board composition and forms of innovation: Does diversity make a difference?. European Journal of International Management, 6(6), 630–650.
Gao, R., & Yu, X. (2020). How to measure capital investment efficiency: A literature synthesis. Accounting & Finance, 60(1), 299–334.
Genin, A., Ma, W., Bhagwat, V., & Bernile, G. (2023). Board experiential diversity and corporate radical innovation. Strategic Management Journal, 44(11), 2634–2657.
Gîrbină, M. M., Albu, C. N., & Albu, N. (2012). Board members’ financial education and firms’ performance: Empirical evidence for bucharest stock exchange companies. International Journal of Economics and Management Engineering, 6(9), 2343-2347.
Gonzales-Bustos, J. P., Hernández-Lara, A. B., & Li, X. (2017). Board composition in family and non-family innovative businesses. Corporate Ownership and Control, 15(1-2), 459-466.
Gregor, M., & Michaeli, B. (2024). Board bias, information, and investment efficiency. Review of Accounting Studies, 1-31.
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.
Harjoto, M. A., Laksmana, I., & Yang, Y. W. (2018). Board diversity and corporate investment oversight. Journal of Business Research, 90, 40–47.
Harjoto, M., Laksmana, I., & Lee, R. (2015). Board diversity and corporate social responsibility. Journal of Business Ethics, 132(4), 641–660.
Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management review, 28(3), 383-396.
Jaskiewicz, P., & Klein, S. (2007). The impact of goal alignment on board composition and board size in family businesses. Journal of Business Research, 60(10), 1080–1089.
Jehn, K. A., Northcraft, G. B., & Neale, M. A. (1999). Why differences make a difference: A field study of diversity, conflict and performance in workgroups. Administrative Science Quarterly, 44(4), 741–763.
Jhunjhunwala, S., & Mishra, R. K. (2012). Board diversity and corporate performance: The Indian evidence. IUP Journal of Corporate Governance, 11(3), 71–93.
Jin, L., Liu, M., Wu, Z., & Zhang, Z. (2023). The difference of investment efficiency between family and non-family firms: An international scope. Journal of International Financial Markets, Institutions and Money, 88, 101839.
Kang, J. K., Liu, W. L., Low, A., & Zhang, L. (2018). Friendly boards and innovation. Journal of Empirical Finance, 45, 1–25.
Knyazeva, A., Knyazeva, D., & Naveen, L. (2021). Diversity on corporate boards. Annual Review of Financial Economics, 13(1), 301–320.
Lai, S. M., & Liu, C. L. (2018). Management characteristics and corporate investment efficiency. Asia-Pacific Journal of Accounting & Economics, 25(3–4), 295–312.
Lau, D. C., & Murnighan, J. K. (2005). Interactions within groups and subgroups: The effects of demographic faultlines. Academy of Management Journal, 48(4), 645–659.
Lin, C. J., Wang, T., & Pan, C. J. (2016). Financial reporting quality and investment decisions for family firms. Asia Pacific Journal of Management, 33(2), 499-532.
Lopes, I. T., Ferraz, D. P., & Martins, M. M. (2016). The influence of diversity on boards on profitability: An overview across Iberian listed companies. Corporate Ownership and Control, 14(2-Continued 2), 454–460.
Lu, J., & Wang, W. (2015). Board independence and corporate investments. Review of Financial Economics, 24, 52-64.
Makkonen, T. (2022). Board diversity and firm innovation: A meta-analysis. European Journal of Innovation Management, 25(6), 941–960.
Meckling, W. H., & Jensen, M. C. (1976). Theory of the Firm. Managerial behavior, agency costs and ownership structure, 3(4), 305-360.
Midavaine, J., Dolfsma, W., & Aalbers, R. (2016). Board diversity and R&D investment. Management Decision, 54(3), 558–569.
Milliken, F. J., & Martins, L. L. (1996). Searching for common threads: Understanding the multiple effects of diversity in organizational groups. Academy of Management Review, 21(2), 402–433.
Pfeffer, J., & Salancik, G. (2015). External control of organizations—Resource dependence perspective. In Organizational behavior 2 (pp. 355-370). Routledge.
Pindado, J., Requejo, I., & De la Torre, C. (2011). Family control and investment–cash flow sensitivity: Empirical evidence from the Euro zone. Journal of Corporate Finance, 17(5), 1389-1409.
Richardson, S. (2006). Over-investment of free cash flow. Review of accounting studies, 11, 159-189.
Rubino, F. E., Tenuta, P., & Cambrea, D. R. (2017). Board characteristics effects on performance in family and non-family business: A multi-theoretical approach. Journal of Management & Governance, 21, 623–658.
Sur, S., Lvina, E., & Magnan, M. (2013). Why do boards differ? Because owners do: Assessing ownership impact on board composition. Corporate Governance: An International Review, 21(4), 373–389.
Veltrop, D., Hermes, C., Postma, T., & De Haan, J. (2015). A tale of two factions: Why and when factional demographic faultlines hurt board performance. Corporate Governance-An International Review, 23(2), 145-160.
Vieira, E. S. (2018). Board of directors characteristics and performance in family firms and under the crisis. Corporate Governance: The International Journal of Business in Society, 18(1), 119–142.
Werner, A., Schröder, C., & Chlosta, S. (2018). Driving factors of innovation in family and non-family SMEs. Small Business Economics, 50(1), 201-218.
Williams, K. Y., & O'Reilly III, C. A. (1998). Demography and diversity in organizations. Research in Organizational Behavior, 20, 77–140.
Yu, C. (2023). Board gender diversity and investment inefficiency. Journal of Economics and Business, 124, 106107.