Literature Review Women on boards and in TMTS and firm performance26 However methodological weaknesses might affect the quality of the results Lückerath Rovers 2013 McKinsey selects the companies for its sample on subjective criteria and fails to clarify the criterion specific attention to diversity in the annual re port Both studies compare means of financial ratios although a comparison of medians would be more suitable as financial ratios often do not follow a normal distribution Furthermore there is a lack of evidence proving the statistical significan ce of McKinsey s as well as Catalyst s 2007 results Lückerath Rovers 2013 Furthermore the present literature review primarily considers academic li terature I thus exclude McKinsey s and Catalyst s studies I identify 44 relevant studies published during the period 1996 2014 The fact that more than half of the papers 26 presented in this survey were published between 2010 and 2014 under lines the increasing awareness of and interest in female representation in upper echelons and its associated effects The topic receives attention in the Academy of Management Journal the Strategic Management Journal and the Journal of Corporate Finance and is of relevance for journals covering the field of corporate governance Most studies 5 were published in the Journal of Business Ethics four in the Journal of Business Research The samp le size in the studies under review varies consider ably Analyses in the first decade of empirical rese arch focus on the United States only It is only since 2006 that the interest of research concentrates also on other countries In total 21 studies were con ducted in the United States six in Scandinavian countries four in the UK two each in Spain and in Germany and nine in other countries The papers reviewed cover the investigation period 1989 to 2011 The following table 2 1 gives an overview of the relevant literature on the link between fe male representation on corporate boards or in top management teams and firm performance or firm value respectively Women on boards and in TMTs and firm performance

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 26
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