Literature Review Women on boards and in TMTS and firm performance50 One possible explanation for negative stock re turns to the presence of women in upper echelons is investor bias or sex role stereotyping Dobbin Jung 2011 Gregory Jeanes Tharyan Tonks 2014 Lee James 2007 Using pooled cross sec tional time series models with fixed firm and year effects Dobbin and Jung 2011 explore different effects of changes in the gender composition of boards Besides examining the effects on ROA and Tobin s Q they also investigate the effects on the equity positions of institutional investors and other investor groups including banks mutual funds and public pension funds Their findings indicate that female directors have negative effects on stock value and no effects on profits The results provi de support for the authors thesis that institutional investors sell shares of firms that previously ap pointed females to the board The reason for the sale is not a fall in profits but the investors bias against women Dobbin Jung 2011 Gregory et al 2014 analyze short term and long term stock returns to announcements of directors trades by males and females The price reaction to male di rectors buy trades is faster and larger than that for female directors However markets recognize in the long term that female executives trades are in fact informative about future corporate per formance The initially negative market reactions are indicators for the persistence of biased beliefs about the abilities of female managers Gregory et al 2014 Wolfers 2006 Hence the analysis of financial data can reveal discrimination A third group of twelve studies finds no relati onship at all neither positive nor negative Four of them were published quite recently Chapple Humphrey 2014 Dale Olsen Schøne Verner 2013 Gregory Smith et al 2014 Velte Eulerich van Uum 2014 The selected variables or research methods fail to account for the ambiguous results In contrast to other studies the result of a classic market model event study for 111 US firms is that no shareholder wealth effects are associated with the announcements of the addition of a women to the board Farrell Hersch 2005 Equally Carter et al 2010 replicating the 2003 analysis with a new sample of similar size find no significant relation between the women s ratio on the board and Tobin s Q or ROA 2 3 5 Intervening variables as moderators of the relationship Research reveals that the relationship between gender diversity on the board and firm perfor mance appears to be more complex One reason for the inconsistency of evidence could be the of ten one sided focus on a direct relation between gender diversity and firm performance instead of taking into account other board related intervening variables that may also influence this relationship Lucas Pérez et al 2015 It is more likely that boundary conditions and further variables mode rate this relationship Kroell et al 2014 Following this approach the effects of gender diversity in top management are conditional on certain organizati onal variables Several studies explore the effects of moderating variables by applying interaction analyses or group comparisons through regression analyses Smith Smith and Verner 2006 for instance use different independent variables and various de pendent variables A positive link can be found in dependence of the selected performance measure and in dependence of the women s education For instance the measure gross profit is affected more positively and more significantly than other mea sures such as net income after taxes Moreover performance effects are positive and stronger for female CEOs with a university degree whereas they Women on boards and in TMTs and firm performance

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 50
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