Literature Review Women on boards and in TMTS and firm performance48 2 3 4 Empirical evidence on the diversity performance relationship The empirical evidence obtained to the present is inconsistent Different methods lead to ambi guous results but results are contradictory even within identical methodological approaches There is both evidence for a positive relation between female representation on boards and performance 15 studies and for a negative link 5 studies Numerous studies provide mixed evidence regar ding the relationship between women in top ma nagement positions and measures of performance 13 studies and a substantial number of studies cannot establish any link between gender diversity and financial performance 13 studies Carter et al 2003 were among the first to pre sent empirical evidence for a relationship between board diversity and improved financial value The authors examine the relationship between board diversity defined as the percentage of women Af rican Americans Asians Hispanics and other min orities on the board of directors and firm value for Fortune 1000 firms The approximation of Tobin s Q is used as the measure of firm value and regressed against the presence and percentage of women minorities on the board of directors as measures of board diversity Carter and colleagues find statistic ally significant positive relationships between the presence of women on the board and firm value firms with two or more women on board perform better in terms of Tobin s Q Thus female repre sentation on boards is associated with higher mar ket valuation They also perform better in terms of return on assets ROA An additional finding is that the fraction of women and minorities directors increases with firm size but decreases as the num ber of insiders increases The authors conclude that companies that increase the number of women on boards are likely to also have more minorities on their boards and vice versa Three studies in the investigation period confirm a positive and significant link between the women s ratio on the board and ROA Erhardt Werbel Shrader 2003 Liu et al 2014 Mahadeo Sooba royen Hanuman 2012 and two a positive link between the CEO being female and ROA Khan Vieito 2013 Strøm et al 2014 Krishnan and Park 2005 find a positive and significant relation be tween female representation in top management and ROA Positive effects of gender diversity on employee productivity are documented by Ali Ng and Kulik 2014 as well as for the presence of one or more female directors on ROE by Lückerath Ro vers 2013 With respect to market based mea sures of performance a positive relation between board gender diversity and Tobin s Q is also found by Campbell and Minguez Vera 2008 Moreover two studies using event study methodology show that the stock market responds with positive and significant abnormal returns to announcements of female top executive appointments Campbell Minguez Vera 2010 Kang Ding Charoenwong 2010 Huang and Kisgen 2013 find that investors appear to honor financial decisions of firms with female executives as announcement returns are higher around the respective companies acquisi tions and debt offerings Their research reveals sig nificant differences in firm behavior between firms with male executives versus those with female executives indicating that models of capital struc ture and acquisitions that concentrate solely on company features miss this essential factor Firms with female executives show slower growth are less likely to make acquisitions and are also less likely to issue debt than companies with male exe cutives By analogy value destroying acquisitions firms are rather executed by companies with male executives Thereby they provide evidence that male executives are overconfident relative to fe male executives Overconfidence is also expressed Women on boards and in TMTs and firm performance

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 48
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