Literature Review Women on boards and in TMTS and firm performance152 are considered as positive by capital markets most likely owed to the associated reduction of risks and the substantial cost savings due to the high salari es in this division Furthermore the negative share price reaction is less pronounced if the planned lay offs are perceived as a proactive measure aiming at reducing costs or increasing efficiency but more pronounced if they are perceived as reactive to adverse market conditions or poor past financial performance In summary the results suggest that layoff announcements by banks generally have a decreasing effect on shareholder value Hence the owners of the firm in the short term do not benefit from collective dismissals at the expense of employees In summary corporate governance and strategic personnel management can impact firm value sub stantially This is supported by the evidence pro vided across the four sections of this dissertation The effects can be positive or negative This dis sertation shows under which boundary conditions increased gender diversity on corporate boards and in top management teams can but does not neces sarily have positive effects on firm value It also outlines associated potentials for improvement of quality and effectiveness of corporate governance through In contrast the present work discusses the risks of weak board vigilance thereby empha sizing the relevance of corporate governance Fai lures in monitoring and control through the super visory board can severely affect firm value Finally this dissertation focuses on the personnel measure of layoffs and provides evidence for negative ef fects on firm value and thus shareholder wealth I recommend several areas for future research Additional research is required regarding the boundary conditions and moderating variables that influence the relationship between increased gender diversity on corporate boards and firm per formance This includes research with respect to the critical mass approach and the assumption of a curvilinear relationship From the academic as pect a thorough understanding of this complex relationship is mandatory prerequisite for resol ving evidence contradictions for drawing correct conclusions and also for issuing recommendations for action to policy makers In practical terms it is highly relevant for the development and design of appropriate measures for the promotion of gender diversity by companies With respect to the survey on the status quo of and the attitudes towards diversity promotion in firms further research efforts may be invested in surveying other target groups The survey presen ted in this dissertation was directed at investor re lations professionals They were asked for their ex periences and estimations how diversity issues are perceived by investors research analysts and rating agencies Scholars of finance or related disciplines could consult capital market participants directly and survey them regarding their valuation of di versity promotion initiatives in general and women on boards and in leadership positions in particular Scholars might also investigate on possible chan ges in the assessment in the recent past in view of the increased awareness of the topic Qualitative individual interviews instead of or supplementing an online survey would enable direct communi cation and open ended questioning This format would also allow for adjustments or intervention by the interviewer Thereby greater depth may be achieved A comparison of these results with those of the present dissertation would be insightful A third starting point for future research is the event study methodology applied in this disser tation The method could be advanced in several respects First the sample size could be extended by integrating Asian South American and Eastern Concluding remarks

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 152
Hinweis: Dies ist eine maschinenlesbare No-Flash Ansicht.
Klicken Sie hier um zur Online-Version zu gelangen.