Literature Review Women on boards and in TMTS and firm performance 103 and USA and one in the area of small wind turbi nes Germany It is unclear whether targets were unattractive to other potential bidders In additi on Rueter founded eleven subsidiaries in Germa ny and abroad in 2005 and was now also present in Italy Portugal Mexico Australia India and the United States claiming to pursue the 50 50 08 strategy The CONERGY Group counted 15 national and 23 international subsidiaries at the end of the year As a consequence the number of employees had more than doubled to over 700 worldwide The rapid growth also meant a substantial increa se in complexity as staff was employed at the headquarters in Hamburg but also at 38 subsidia ries scattered in different regions and countries Besides facing the challenge to harmonize diffe rent nationalities CONERGY s management had to integrate varying corporate cultures into one since the company had substantially grown through ac quisitions Although differences in corporate cul ture generally conceal significant synergy potenti al a carefully conducted and adequate integration must be guaranteed Finally the new businesses had to be integrated in the Group s existing IT controlling and accounting systems Figure 4 3 il lustrates the growth in the number of subsidiaries Figure 4 3 Evolution of the number of CONERGY s fully consolidated subsidiaries Source CONERGY AG Annual Reports 2002 2010 80 90 70 60 50 40 30 20 10 31 1 2 20 03 20 07 re sta te d 31 1 2 20 06 31 1 2 20 09 31 1 2 20 04 31 1 2 20 08 20 06 re sta te d 31 1 2 20 10 31 1 2 20 05 20 08 re sta te d 31 1 2 20 07 0 International subsidiaries National subsidiaries 12 9 12 10 15 23 22 55 22 46 29 54 27 56 23 44 23 44 12 32 10 22 CEO optimism and overconfidence

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 103
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