Literature Review Women on boards and in TMTS and firm performance12 introduced such a quota for its parastatal compa nies back in 2011 The survey investigates whether companies concerned are prepared or have taken measures to fulfill the forthcoming binding gen der quota for supervisory boards and analyzes the acceptance level of the quota Section 4 of this dissertation is a case study It describes the rise and fall of Germany based CONERGY AG an integrated systems supplier in the field of renewable energies during the years 1998 to 2007 I argue that the main reason for CONERGY s distress that finally led to its insolvency was exces sive expansion into international markets and new business sectors within very few years The responsibility lies primarily with CONERGY s foun der and Chief Executive Officer CEO Hans Martin Rueter but also with a weak supervisory board which failed in its monitoring and control function and whose Chairman was far from independent being Rueter s uncle and founding partner Refer ring to important insights of behavioral finance I identify indicators for the presence of CEO over optimism and overconfidence I explain why they can provide an explanation for CONERGY s aggressive expansion strategy and I show how this development was further fueled by factors such as the state funded boom of the renewable ener gies sector and the availability of abundant internal resources Section 5 concentrates on the personnel measure of large scale workforce reductions I investigate whether large scale layoffs are really in the inte rest of the company s shareholders Applying event study methodology I examine the stock price re actions to layoff announcements by 49 different banks headquartered in Western Europe and the United States between 2004 and 2014 covering the period of the global financial crisis The ban king sector is particularly interesting because it Austria was conducted in cooperation with the German Investor Relations Association DIRK in early 2015 Nearly 100 analyzable data sets were compiled The survey pursues three main objectives The first objective is to determine the significance of work force diversity from the company s but also the capital markets perspective including the ques tion whether diversity is a relevant parameter for external company valuation The second objective is to examine if companies employ an economic perspective on the topic of diversity Research inte rests involve the true attitude towards the topic of diversity possibly different than the published attitude that can be found in the official company documents and major internal and external dri vers for the development and implementation of diversity initiatives With respect to the third ob jective the focus is set on gender diversity and female leadership The survey gains insight into strategy and progress regarding a stronger parti cipation of women in executive positions In this context my research concerns the presence of planning objectives for women in management positions of concrete measures to promote female leadership and of incentive measures to reconcile work and family life for both mothers and fathers There are two major reasons for the thematic focus on gender diversity in management at that particu lar time First vigorous debates on women in top management positions have been held for decades in Germany and also in Austria and Switzerland The German industry for instance obliged itself to promote equal participation of women and men in the private business sector 15 years ago I examine what progress has been made until today Second the introduction of a women s quota for superviso ry boards was imminent in Germany and in Swit zerland at the time of the survey Austria already Introduction

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 12
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