本研究旨在探討董事會多樣性與綠色併購之關聯性，研究2011~2021年Boardex北美資料庫中所有公司之董事會多樣性是否影響企業執行綠色併購活動。參照Chen, Lin, Lo, and Chen (2023)，選擇性別、國籍、年齡、教育及行業知識作為董事會多樣性之特徵，並綜合多樣性特徵建立固有性董事會多樣性、獲得性董事會多樣性及整體董事會多樣性。實證結果顯示，就董事會個別多樣性層面，性別多樣性、年齡多樣性及行業知識多樣性與綠色併購呈顯著正相關，國籍多樣性與教育多樣性則相反，而就董事會綜合多樣性層面，獲得性董事會多樣性與整體董事會多樣性皆與綠色併購呈現顯著正向關係。此外，在測試董事會多樣性之長期影響、採主成分因子分析重新衡量綜合多樣性之後皆得出一致之結果，研究結論支持多樣性除了為董事會帶來豐富的資源，董事會亦同時考量永續經營對企業之長遠影響，有效監督管理階層採取綠色投資決策，滿足廣泛的利益相關者需求。本研究為現有文獻提供貢獻之處，除了補充既有文獻對多樣性之不同見解，也證實董事會多樣性確實會影響企業內部考慮長期投資決策之動機，有助於了解董事會之潛在價值，以利企業在組織董事會或主管機關推行公司治理相關守則時，能夠加以考量多樣性對董事會之實質影響。

This study aims to investigate the relationship between board diversity and green mergers and acquisitions (green M&As), examining whether the diversity of boards of directors in companies from the Boardex North America database from 2011 to 2021 influences corporate engagement in green M&A activities. Referring to Chen et al. (2023), gender, nationality, age, education, and industry knowledge were selected as the characteristics of board diversity. Additionally, comprehensive diversity characteristics were used to establish inherent board diversity, acquired board diversity, and aggregated board diversity. The empirical results indicate that, at the individual dimensions of board diversity, gender diversity, age diversity, and industry knowledge diversity are significantly positively correlated with green M&As, whereas nationality diversity and educational diversity are negatively correlated. At the comprehensive dimensions of board diversity, both acquired board diversity and aggregated board diversity are significantly positively related to green M&As. Furthermore, consistent results were obtained when testing the long-term effects of board diversity and re-evaluating comprehensive diversity using principal component factor analysis. The findings support the conclusion that diversity brings a wealth of resources to the board. Additionally, the board considers the long-term impacts of sustainable operations on the company, effectively supervises management in making green investment decisions, and meets the needs of a broad range of stakeholders. This study contributes to the existing literature by supplementing the diverse perspectives on diversity and confirming that board diversity indeed influences the motivation for considering long-term investment decisions within firms. The results help elucidate the potential value of diverse boards, aiding firms in organizing their boards and regulatory authorities in implementing corporate governance codes by considering the substantive impact of diversity on board performance.

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資誠聯合會計師事務所，2023，2023台灣併購白皮書，網址：https://www.pwc.tw/zh/publications/topic-invest/2023-taiwan-mna.html，搜尋日期：2023年10月22日。
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