本研究分析董事會的女性成員比例對公司創新績效的影響，研究樣本涵蓋2004至2022年的數據，並將創新表現以專利發布日當天及隨後兩日的股價反應作為衡量專利市場價值的指標。實證結果顯示，公司董事會的女性比例與創新市場價值呈顯著正相關，代表性別較多元的董事會有更好的能力去整合創新策略，能有效傳遞創新成果訊息，提升投資人對創新價值的評價。此外，本研究也進一步探討年齡和國籍多樣性如何調節女性董事對創新表現的影響，研究指出年齡差異越大的董事會可能因代際差異而出現溝通困難，降低團隊協作效率與凝聚力，從而削弱女性董事的創新貢獻；而國籍多樣性則帶來國際市場洞察和全球資源，有效降低市場環境不確定性與潛在風險，女性董事更能有效揭露策略性創新訊息，提升專利成果的市場認可度。整體而言，本研究結果有利於提升公司治理效能，促進創新表現的提升。

This study examines the impact of female board representation on corporate innovation performance using data from 2004 to 2022. Innovation performance is measured through the stock market reaction during the three-day window surrounding the announcement of patent grants, serving as a proxy for market value of innovation. The empirical results show a statistically significant and positive association between women's representation on corporate boards and the market value of patents. This indicates that gender-diverse boards are more capable of integrating innovation strategies and effectively communicating innovation outcomes to investors, thereby enhancing the market's evaluation of firm innovation. Furthermore, this study also explores how age and nationality diversity moderate the relationship between female board representation and innovation performance. Results reveal that boards with greater age diversity may face intergenerational communication barriers, reducing team cohesion and limiting the innovation contribution of female directors. Conversely, nationality diversity provides international market insight and global resource access, which helps reduce environmental uncertainty and strategic risk. In such contexts, female directors are better able to formulate innovation disclosure strategies and enhance investor recognition of patent value. Overall, the findings of this study contribute to the optimization of corporate governance structures and the enhancement of innovation performance.

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