Literature Review Women on boards and in TMTS and firm performance10 1 Introduction 1 1 Motivation and Scope This dissertation deals with the influence of corpo rate governance and corporate strategic personnel management on shareholder wealth Factors that impact shareholder wealth are of particular interest for corporate finance research The shareholders suppliers of finance to the firm pursue the goal of value maximization The financiers the principals engage a person the agent to conduct and ma nage the business Jensen Meckling 1976 They delegate decision making authority The principals request but cannot fully ensure that the agent acts in their interest Possibly contrary interests of prin cipal and agent as well as asymmetric informati on may lead to agency problems Fama Jensen 1983 Jensen Meckling 1976 Corporate governance concerns with this agency problem the underlying question is how the sup pliers of finance can ensure that they earn a return on their financial investment Shleifer Vishny 1997 Corporate governance comprises several mechanisms processes and institutions One insti tution is monitoring of management by the board of directors Hermalin Weisbach 1991 Due to corporations great significance and influence in modern economies the costs of their agency prob lems are highly relevant Adams Hermalin Weis bach 2010 Corporate governance and the role of the board of directors are thus of fundamental importance in economies and for good reason it has become an active topic of research Adams Hermalin Weisbach 2010 The determinants of both board composition and the board s actions are in the focus of research interest With regard to board composition one focus is on the diversity of the members both from the executive and the supervisory board primarily with respect to age gender or ethnic background and potential effects resulting from this diversity The shareholder value principle places the interests and expectations of a company s shareholders at the center Management committed to the concept of shareholder value should strive to increase mar ket capitalization in the interest of the firm s finan ciers Major strategic and financial management decisions should be critically scrutinized by the firm s owners with regard to their value creation potential While the effects of financial decisions such as mergers and acquisitions or debt issues on firm value have been intensely investigated in corporate finance research the impact of strategic personnel management on shareholder wealth has not been studied to the same extent Personnel management policies comprise for instance identi fication and recruitment of talents engagement and dismissal of personnel staff development and diversity management Choice structuring and execution of related personnel measures may impact firm performance especially when large numbers of employees are affected The demands placed on personnel policy are particularly high in industries that heavily rely on their human capital typically the services industry The present disser tation aims at shedding light on selected aspects of personnel policy from the corporate finance perspective namely diversity promotion and dismissals The key research question of the present disserta tion is how governance and strategic personnel management impact firm value and thus sharehol der wealth This dissertation focuses on selected aspects of corporate governance and personnel management namely the role and effects of gen der diversity on corporate boards female leaders hip CEO overconfidence and layoff decisions The first paper reviews empirical evidence re garding the various effects of an increased fema le representation on corporate boards as well as Introduction

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 10
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