Literature Review Women on boards and in TMTS and firm performance 17 of gender diversity on corporate boards indirectly linked to firm performance Section 2 3 the core of my study presents research on the direct link bet ween female representation and accounting based as well as market based measures for firm per formance Finally section 2 4 points out unsettled issues and concludes 2 2 Theoretical background 2 2 1 Workforce diversity in organizations The topic diversity in business can be addres sed from several sides Taking an optimistic view diversity of a company s workforce promises a great variety of beliefs attitudes and capabilities Differing perspectives and approaches to prob lems as well as openness to exchange of ideas and knowledge will most likely lead to increased creativity and better team performance Mannix Neale 2005 From an ethical point of view it could be argued that the thriving diversity of the population should be reflected in the diversity of a company s workforce Securing equal rights equal responsibilities and equal opportunities for all cur rent and possible future employees regardless of origin nationality religion race gender or age should then be a desirable objective This maxim should apply to all areas of human resource ma nagement the recruitment process the allocation of duties to promotion procedures and the compo sition of teams up to the highest levels While the moral arguments in favor of diversity may be reasonable and widely accepted other perspectives provide a mixed picture The soci al psychological perspective probably fosters a rather pessimistic view Mannix Neale 2005 When striving to understand the effects of diver sity social psychology provides three major the oretical approaches information processing the similarity attraction and the self and social cate gorization paradigm Mannix Neale 2005 The information processing paradigm confirms the op timistic assessment by arguing that a group bene fits from its diversity as each member has access to a wide range of knowledge information and skills This increased information may also increase group performance By contrast the similarity at traction paradigm part of interpersonal attraction theory Berscheid 1985 implies the principle that people are attracted by similarity rather than by diversity Similarly the self social categorization paradigm part of social identity theory Tajfel Turner 1986 argues that individuals intuitively seek for categorizing themselves and others into groups Criteria such as age nationality race gen der or values serve as determinants for similarity in group members respectively as means for dis tinction out group members on the social level According to the so called in group bias there is a clear tendency to favor in group members over out group members This preference applies to se veral dimensions such as the assessment of peop le social interaction or the allocation of resources Tajfel Turner 1986 In reverse this means that individuals will experience more cohesion and social integration in homogeneous groups Man nix Neale 2005 weighty arguments against diversity Similarly the economical perspective provides ar guments both for and against diversity At least since the early 1990s proponents of diversity have suggested a direct and positive impact on business performance and firm value Cox and Blake 1991 review research data supporting the existence of a link between managing diversity and organizatio nal competitiveness They state that solid diversity management can create a competitive advantage Women on boards and in TMTs and firm performance

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 17
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