Literature Review Women on boards and in TMTS and firm performance 55 3 1 Introduction In April 2015 the Hamburg Hanover stock exchan ge launched the German Gender Index comprised of 50 German stock listed companies with a balan ced ratio of women and men on their supervisory and executive boards Hamburg Hanover Stock Exchange 2015 In the same month Cologne ba sed fund provider Ampega introduced a special product that was a novelty on the German mar ket for funds The Ampega GenderPlus Equity Fund invests in corporations with a high percentage of women in executive positions and that are listed in the German Gender Index Ampega 2015 In an interview with Capital Ampega s managing di rector Koeberlein said that his fund was neither a marketing gag nor a passing fashion albeit the studies to date painted a mixed picture a ten dency towards a mixed gender better performance could be observed Groth 2015 Koeberlein was convinced that fund managers worldwide would consider the number of women in public company management more strongly as selection criterion in the future According to this argumentation in vestors choose the GenderPlus fund on the basis of higher return assumptions and thus fundamental economic reasons The growing relevance of corporate diversity for capital markets has also been encouraged by a se cond development the increasing importance of so called impact investing the idea behind im pact investing is that investors can pursue financial returns while also intentionally addressing social and environmental challenges Bugg Levine Emerson 2011 p 11 Investors have increasingly considered non financial assets such as corpo rate social responsibility CSR in their company valuation for many years Hockerts Moir 2004 Hoffmann Fieseler 2012 Rivoli 1995 From an investor s point of view diversity promotion pro grams can be one manifestation of corporate social responsibility3 From the company s perspective investors mean an important stakeholder group However there may be even more relevant stakeholder groups that push the issue forward Stakeholders include regulators politics the media the public emplo yees or lobby groups With respect to politics the German Federal Council Bundesrat in March 2015 approved the act on the equal participation of wo men and men in executive positions including a statutory gender quota for supervisory boards of large German listed companies It seems as if diversity and particularly gender di versity were becoming increasingly important is sues for capital markets But what are actually the major drivers behind the establishment of diversity programs in companies The programs to promote diversity could be the result of economic considera tions In this case the decision makers most likely expect economic benefits from increased diversity Initiatives could also be the result of ethical consi derations and the promotion of diversity might be a corporate guiding principle or a measure under the umbrella of the company s sustainability stra tegy Stock Homburg von Ahsen Wagner 2014 However it may as well be first and foremost re gulatory pressure that forces firms to develop and implement diversity measures The present study analyzes unique data from anonymous surveys of investor relations officers IROs in German speaking Europe to examine the drivers behind and the attitude towards diversity management as well as the implementation sta tus of regulatory requirements I aim at checking 3 Gender diversity on corporate boards and in TMTs in practice Evidence from stock listed companies in German speaking Europe2 2 This chapter is largely based on a joint working paper with Dirk Schiereck and Anette von Ahsen 3 See also Bear Rahman and Post 2010 Gender diversity on corporate boards and in TMTs in practice

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 55
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