Literature Review Women on boards and in TMTS and firm performance20 et al 1984 Joint characteristics of group mem bers tend to predict their similarity and frequency of communication and these in turn determine if there is rather cohesion or conflict Wagner et al 1984 Interestingly Katz 1982 notes that group longevity has a negative impact on internal and external communication of group members overall communication is reduced and thus the respective project groups become increasingly isolated from key information sources With regard to the present study s topic the follow ing part of the literature review will focus on stu dies that deal with gender diversity in the context of management and corporate governance 2 2 2 Gender diversity in the context of business Previous literature has provided evidence that wo men show relatively more risk aversion in financial decision making1 than men Bernasek Shwiff 2001 Eckel Grossman 2002 Jianakoplos Ber nasek 1998 Sunden Surette 1998 even irres pective of the level of task familiarity and framing of tasks costs or ambiguity Powell Ansic 1997 Risk aversion will likely lead to diligent action Stra tegic mistakes may be avoided However claimed female risk aversion may also be judged negatively as women might shy away from high risk decisions crucial for the firm s suc cess Schubert Brown Gysler Brachinger 1999 The fact that firms with female executives are less likely to make acquisitions Huang Kisgen 2013 could hence also mean that these companies pass up golden opportunities According to Schubert et al 1999 the stereo typing of women said to be risk averse may lead to statistical discrimination and reduces women s chances of success in financial and labor markets as the environment does not entrust them to make risky decisions necessary for the company It should be noted that gender specific risk behavior arises in abstract gambling experiments The authors be lieve that these experiments might be inadequate for the analysis of gender specific risk propensities as financial decisions have to be considered in bro ader context Contrary to other studies Schubert et al 1999 find no evidence for stereotypic risk attitudes They add a context scenario to the gam bling control scenario Measuring risk behavior in practice relevant contextual financial decisions in vestment and insurance decisions they note that women do not generally make less risky financial choices than men Rather the risk propensity of men versus women in financial decisions strongly depends on the decision frame Schubert et al 1999 Their results are consistent with other findings from the literature on gender differences in leadership styles Eagly Johannesen Schmidt 2001 con cluding that there are no fundamental differences in male and female behavior but differences de pendent on certain tasks and situations The gen der stereotypic expectation that women lead in an interpersonally oriented and men in a task ori ented style cannot be confirmed in organizational studies Rather male and female leaders do not differ in these two styles Eagly Johnson 1990 This difference however appears in laboratory ex periments and when assessing leadership styles of people that do not actually occupy a leadership role A gender difference that can be proven in all types of leadership studies is the female tendency to adopt a more democratic and less autocratic or directive style than men Eagly Johnson 1990 Nielsen and Huse 2010 show that women do not generally perform better or worse than men in operational tasks but bring specific advantages when it comes to tasks related to firm strategy According to the authors this could be explained 1 A literature review on gender differences in investing is provided by Bajtelsmit and Bernasek 1996 Women on boards and in TMTs and firm performance

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