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Franco said allegations against him are untrue but he supports women for speaking out, reported Variety.
"There were some things on Twitter, I haven't read them. I've heard about them," Franco said when asked about his response to the claims on Colbert's chat show.
"The things that I heard were on Twitter are not accurate, but I completely support people coming out and being able to have a voice because they didn't have a voice for so long. So I don't want to shut them down in any way, and I think it's a good thing and I support it," he told the 'Late Night' show host.
Actress Violet Paley accused Franco of attempting to force her to perform oral sex on him and telling a friend of hers to "come to (his) hotel when she was 17".
Another woman, Sarah Tither-Kaplan, accused "The Disaster Artist" actor of exploiting her in a film she made for him.
Franco also addressed a vague and now-deleted tweet from Ally Sheedy, who he directed in a 2014 Broadway play.
"I have no idea what I did to Ally Sheedy... I had nothing but a great time with her. I have total respect for her. I have no idea why she was upset. She took the tweet down... I can't speak for her," he said.
The New York Times cancelled a planned TimesTalk with Franco in the wake of the accusations.
Franco, like other artistes, wore a 'Time's Up' pin at the Globes red carpet and when Colbert questioned him on the current #MeToo and Time's Up campaigns, the actor said he fully supported them.
"First, I want to say that I do support it. Look, I was so excited to win but being in that room that night was incredible. It was powerful. I support change," he said.
The actor said he is someone who always takes responsibility for his actions.
"In my life, I pride myself in taking responsibility for things that I've done...
"I can't live if there's restitution to be made. If I've done something wrong, I will fix it. I have to. I don't know what else to do. As far as the bigger issue of how we do it, I really don't have the answers. I think the point of this whole thing is that we listen. I'm here to listen and learn and change my perspective where it's off. I'm completely willing and want to.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)