Literature Review Women on boards and in TMTS and firm performance 149 The present dissertation focuses on selected cor porate governance and personnel management is sues of topical importance and offers an in depth analysis of capital market perceptions and associ ated effects on shareholder wealth The issues un der investigation are the role and effects of gender diversity on corporate boards female leadership CEO overconfidence and layoff decisions The promotion of increased female representation on corporate boards and of women in leadership positions are topics of current social and political relevance in Germany but also on the Europe an level today In German speaking Europe the promotion of women in such positions has been formalized as a recommendation in corporate go vernance codes and as a self imposed objective in voluntary commitments of the industry It is only recently that firms are obliged by law to have a certain share of female board members in the form of statutory gender quotas for supervisory boards The present dissertation offers valuable insights into the economic relevance of this often contro versially discussed topic The role of corporate governance for the manage ment of CEO overconfidence is an important re search subject as extreme overconfidence can have serious economic consequences for the firm when board vigilance is weak In the case of insolvency the shareholders may even face a total loss of the capital invested The recent case of CONERGY AG and its former CEO Hans Martin Rueter which is examined in this study shows that this is an issue of topical importance Finally the effects of corporate layoff decisions on shareholder wealth are a topic of current relevance as several industries experienced waves of layoffs in recent years in the wake of the global financial crisis The banking sector is naturally often at the center of corporate finance research but further more of high relevance as it was affected particu larly badly The examination of the capital market reactions to announcements of large scale layoffs by banks allows for conclusions to be drawn with respect to the economic advantageousness of this personnel measure for the banks shareholders By including the years preceding and following the crisis into the investigation the study controls for potential effect variations owed to the crisis Section 2 reviews the findings of 44 empirical studies published between 1996 and 2014 on the effects of increased female representation on cor porate boards and stronger participation of women in leadership positions on firm performance and shareholder wealth The guiding question of the review is if previous research does provide empiri cal evidence for economic benefits of increased fe male representation in top management positions The findings of almost 20 years of research on a direct link between the variables of interest are ambiguous Regression models in a great varie ty are the most frequently used methodologies followed by event study methodology and inter action analyses 15 studies find empirical evidence for a positive relationship between gender diversi ty and financial performance 13 studies report mi xed evidence regarding the relationship 14 studies cannot establish any link and five studies report evidence for a negative relationship Thus the re search question cannot be answered categorically Evidence suggests that the relationship between female representation in top management posi tions and financial firm performance or shareholder wealth appears to be more complex than originally assumed Rather certain boundary conditions and moderating factors have to be taken into conside ration 6 Concluding remarks Concluding remarks

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 149
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