本篇研究為探討女性獨立董事在新冠疫情期間對於公司績效表現之影響，以 美國上市公司作為觀察樣本，排除金融業和公用事業，樣本期間為 2019-2020 年， 以股價報酬率、財務績效及營運效率作為衡量公司績效表現之指標，包含買進持 有報酬率、超額股票報酬率、資產報酬率、淨利率、Tobin’s Q、毛利率、營業費 用率之應變數，並以女性獨立董事佔獨立董事會成員比例作為自變數，以建立多 元複迴歸模型，研究結果顯示女性獨立董事與股票報酬率、財務績效及營運效率 等三大面向之公司績效皆呈現顯著正相關，表示在新冠疫情爆發期間，女性獨立 董事透過發揮其監督功能和風險趨避之特質，進而促使公司產生較佳的財務績效 表現，且本結果亦指出女性獨董比例愈高之公司，公司績效表現愈佳。

This study shows the impact of female independent directors on corporate performance during the COVID-19 period, takes publicly traded U.S. companies as an observation sample, excluding financial industry and public utilities, and the sample period is 2019-2020. By using stock return, financial performance, and operating efficiency as indicators to measure the corporate performance. Dependent variables include buy-andhold return, excess stock return, return on assets, net profit margin, Tobin's Q, gross profit margin, and operating expense ratio. The percentage of board members is used as an independent variable to establish a multiple regression model. The empirical results show that female independent directors are significantly positively correlated with stock return, financial performance, and operating efficiency. The empirical results show that during the outbreak of COVID-19, female independent directors have
monitoring function and risk-averse characteristics, thereby promoting the company to produce better financial performance. Our empirical findings indicate that the firm with higher percentage of female independent directors have better corporate performance during the COVID-19 period.

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