Literature Review Women on boards and in TMTS and firm performance56 for discrepancies between aspirations and reality The survey pursues three essential objectives First I strive to determine the significance of workforce diversity from the capital markets perspective Linked to this is the question whether diversity is a relevant parameter for external company valua tion The investor relations officer is the interface between the listed company and the capital mar ket and thus in a position to give an assessment of the attitude on both sides towards diversity in general and gender diversity in top echelons in particular Second I investigate whether the questioned listed companies employ an economic perspective on the topic of diversity Closely related to the foregoing is the question of motivation I aim at identifying in ternal and external drivers other than capital mar kets behind the development and implementation of corporate diversity programs Third I intend to gain an insight into strategy and progress regarding a stronger participation of wo men in executive positions within listed companies in Germany Austria and Switzerland Referring to voluntary commitments of the industry as well as corporate governance codes recommendations I investigate whether companies have implemen ted specific promotion programs for women in leadership and whether they have created an appropriate infrastructure for reconciling career and family life The survey also evaluates the status quo for internal planning targets for fe male representation in management positions In this context I are particularly interested to learn more about the reasons why many firms do not disclose these planning targets Moreo ver the survey examines whether companies concerned are prepared or have taken measu res to fulfill the coming binding gender quo ta for supervisory boards and analyzes the acceptance level of the quota beyond the official statements in the financial reports This chapter proceeds as follows An overview of the regulatory background regarding the equal participation of women and men in working life the promotion of female leadership and increased female representation on corporate boards is gi ven in section 3 2 For a comprehensive review of the existing literature on diversity in general and gender diversity in particular I refer to section 2 of this dissertation In section 3 3 two supplementary subsections present empirical evidence of special relevance for the present survey In section 3 3 2 I discuss the link between diversity and CSR as well as the role of investor relations within this context In section 3 3 3 I give a short recap on the inves tor reaction to female representation on corporate boards and in top management as it is of vital im portance when surveying investor relations profes sionals on this topic Based on the prior systematic stocktaking of relevant literature and in light of the introduction of a gender quota for supervisory boards in Germany I develop my central hypothe ses for my survey results in subsection 3 3 4 I also point out how I contribute to the existing literature Subsequently the sample data and the survey me thodology section 3 4 1 are described as well as limitations of the survey method section 3 4 2 Descriptive statistics and the results are presented in section 3 5 before section 3 6 summarizes the findings and concludes 3 2 Regulatory background A greater participation of women in traditionally male dominated top management and control levels has been under discussion in Germany for more than three decades The German industry has always been opposed to any regulatory constraints and takes a stand against a statutory women s Gender diversity on corporate boards and in TMTs in practice

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 56
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