Literature Review Women on boards and in TMTS and firm performance150 To begin with performance effects vary between different business sectors Firms which benefit from increased female representation with res pect to performance are from the technology or telecommunications sectors or generally operating in complex business environments Furthermo re organizational strategic orientation is of vital importance A strategic focus on innovation or a strong growth orientation are most advantageous Another relevant factor is the degree of women s education with positive and stronger performance effects for female CEOs with a university degree Moreover the quality of corporate governance is decisive Gender diversity on the board has a positive impact on the performance of firms that otherwise have weak governance and shareholder rights as intensified monitoring can enhance firm value Finally according to critical mass theory it needs a critical mass of women between 30 and 40 percent to realize the potential benefits from in creased gender diversity The relationship between gender diversity and firm performance appears to be curvilinear instead of simple and linear This evidence could be one explanation for the ambi guous findings in previous research Critical mass theory also gives an indication for the right level of gender diversity and lends support to the statu tory gender quotas for supervisory boards at levels between 30 and 40 percent Against the background of the statutory gender quotas for supervisory boards section 3 analyzes the acceptance level of the quota in firms in Ger man speaking Europe It further examines compli ance with corporate governance codes recommen dations and industry s objectives for the promotion of female leadership Areas under investigation also include capital markets perception of corpo rate gender diversity initiatives the major drivers for the development of programs and the perspec tive on the subject of diversity For this purpose an anonymous survey among investor relations professionals in Germany Switzerland and Austria is conducted which yields almost 100 analyzable data sets Findings suggest that staff diversity re mains a niche topic for capital markets Primarily specialized investors and rating agencies with a focus on sustainability CSR or ESG make inquiries relating to workforce diversity Accordingly corpo rate initiatives for increased gender diversity in executive positions are believed to have no impact on external company valuation by capital market participants The vast majority of companies does not consider diversity issues under economic as pects but predominantly under aspects of fairness and equality Most influential external stakeholders driving diversity initiatives are government autho rities and regulators women s and interest asso ciations and the media The general acceptance of the quota from investor relations is rather low Half of the companies have not implemented specific promotion programs for women in leadership and almost two thirds of all surveyed companies have not set any planning targets Section 4 shows the potential adverse effects of failures in corporate governance by the example of CEO overconfidence Within the scope of a case study it traces the development of male over confidence on the part of CEO Hans Martin Rueter with fatal consequences for the firm CONERGY AG eventually leading to its insolvency The compre hensive content analysis of press reports official company documents and analyst reports yields several indicators of optimism and overconfiden ce The content analysis of press reports clearly shows that Rueter is portrayed as optimistic and confident Furthermore he is described as charis matic eloquent and persuasive while credible and trustworthy at the same time Media praise both Concluding remarks

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 150
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