Literature Review Women on boards and in TMTS and firm performance 53 effects of moderate diversity may create benefits in a high risk context Further increasing diversity may in turn lead to cognitive biasing communica tion problems and conflicts 2 4 Summary and conclusion No uniform picture emerges from almost 20 years of research on the relationship between gender diversity on corporate boards and on TMTs and firm performance There is no clear trend towards a general economic advantageousness of increased female leadership and performance the findings are ambiguous While 15 studies find empirical evidence for a positive relationship five studies report a negative relationship Several studies re port mixed evidence regarding the relationship 13 studies and a substantial number of studies cannot establish any link between gender diversi ty and financial performance 14 studies A wide variety of different regression models is applied furthermore events study methodology or inter action analysis The independent variable female representation gender diversity in upper echelons is in most cases operationalized by more than one indicator The percentage of women on corporate boards executive boards top management teams is used as independent variable in two thirds of the studies surveyed Dummy variables for the presen ce of one or more women on the board women on the executive board a female CEO or women in top management are applied in a third of the analyses under review Numerous studies make use of the heterogeneity index developed by Blau 1977 one additionally of the Shannon 1948 in dex Most studies apply a combination of different performance measures for operationalization of the dependent variable Accounting based performan ce measures are ROA ROE ROS and employee pro ductivity whereas Tobin s Q TSR and cumulative abnormal stock returns are used as market based performance measures Findings suggest that the relationship between female representation in top management posi tions and financial firm performance appears to be more complex than originally assumed The ans wer to my research question is thus it depends Certain boundary conditions and moderating fac tors appear to influence the relationship First per formance effects vary between different business sectors Female representation in top management is associated with better performance if the firm is operating in a complex business environment Positive effects are observed in particular in the areas of technology and telecommunications Second the firm s strategic orientation is a deci sive factor Firms with a strategic focus on inno vation benefit from increased gender diversity in TMTs with regard to performance and firms with a strong growth orientation benefit with respect to productivity Third women s education is a factor of relevance Performance effects are positive and stronger for female CEOs with a university degree Fourth performance effects depend on the quality of a firm s corporate governance Gender diversity on the board has a positive impact on the perfor mance of firms that otherwise have weak gover nance and shareholder rights as intensified mo nitoring could enhance firm value Fifth it needs a critical mass of women in order to realize the potential benefits from increased gender diversity There is evidence for a curvilinear instead of a sim ple linear relationship between gender diversity and firm performance To sum up the impact of gender diversity on finan cial firm performance is not as clearly positive as the proponents claim it to be Even when taking a broader view on business performance the bu siness case for gender diversity is not fully clear Women on boards and in TMTs and firm performance

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 53
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