Literature Review Women on boards and in TMTS and firm performance 51 are much smaller or insignificant for female CEOs without such a degree Smith et al 2006 Francoeur et al 2008 point out that one boundary condition seems to be if the company is operating in a complex environment If this is the case firms with a high proportion of female officers experience positive and significant monthly abnormal returns Deszö and Ross 2012 provide empirical evidence for the moderating influence of the variable strategic focus on innovation in tensity While the simple effect of female repre sentation in top management on performance is insignificant the effects are positive and highly significant for all measures only when moderated by innovation intensity The relationship is charac terized as follows the more a firm s strategy is focused on innovation the more female represen tation in top management improves firm perfor mance p 1081 The authors note that within the context of innovation the informational and social benefits of gender diversity and the specific female managers behavior are likely to play a crucial role for managerial task performance Deszö Ross 2012 These findings support the theory that in creased diversity enhances creativity and prob lem solving capabilities Cox Blake 1991 and that heterogeneous teams may be more success ful than homogeneous groups in solving the most contentious problems Lucas Pérez et al 2015 The role of the firm s strategic orientation its organizational culture and the multivariate in teraction among these variables is examined by Dwyer Richard and Chadwick 2003 With respect to growth orientation they show that firms with high levels of gender diversity and growth have the highest productivity With regard to ROE the interaction is significant at only a level of P 10 Furthermore the presence of an adhocracy cul ture a democratic form of organization that fos ters flexibility individuality and spontaneity and which stands in contrast to bureaucracy culture is identified as a factor that significantly mode rates gender diversity s effects on performance However the observed association between the gender diversity and adhocracy variable and ROE is negative contrary to that hypothesized The ex planation offered by the authors is that the ad hocracy culture type has an external rather than an internal employee focused orientation it is results oriented and emphasizes competition Dywer et al 2003 point out that prior studies have shown that women are more cooperative encourage participation and rather avoid competi tion Thus the specific benefits of female leadership might not unfold within an adhocracy culture The sector in which a company is operating in ap pears to be a further moderator of the relationship between female representation in top manage ment and firm performance Rodríguez Domínguez García Sánchez and Gallego Álvarez 2010 find that performance variables are positively affected by female directors employed in companies that are active in the areas of technology and telecom munications Performance is negatively affected by female directors in companies operating in the ser vices sector Ali Kulik and Metz 2011 in contrast show that the positive effects of gender diversity are stronger in the services than in the manufac turing industry They argue that the services sec tor was in the best position to realize the bene fits stemming from gender diversity because the higher importance attached to market insight as well as greater interaction among employees and between employees and customers This finding fits well with previous studies showing that female directors are rather found in the services and retail sectors with close proximity to end customers Moreover the firm specific quality of corporate Women on boards and in TMTs and firm performance

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 51
Hinweis: Dies ist eine maschinenlesbare No-Flash Ansicht.
Klicken Sie hier um zur Online-Version zu gelangen.