Literature Review Women on boards and in TMTS and firm performance 59 Bundesverwaltung must set targets to increase the percentage of the underrepresented sex women or men A vigorous debate on women in top management positions is also held in Austria and Switzerland In 2011 the Austrian government within Council of Ministers obligated itself to meet a women s quota for supervisory boards Aufsichtsrat of in total 55 parastatal companies The law provided for two stages the objective of 25 percent until 2013 and the target of 35 percent until 2018 Gender equali ty in management positions although without any targets has been embodied in the law in 2010 Unternehmensgesetzbuch and 2012 Aktien gesetz as well as in the Austrian Corporate Go vernance Code Arbeiterkammer 2015 Female representation in Austria s 200 companies with the highest turnover increased from 7 7 percent in 2007 to 13 5 percent in 2013 and to 16 2 percent in 2015 Arbeiterkammer 2015 Changes in exe cutive management have been only marginal The percentage of women rose only slightly from 3 7 percent in 2006 to 5 6 percent in 2013 and 5 9 percent in 2015 In November 2014 the Swiss government declared that it planned the introduction of a binding wo men s quota for supervisory boards Verwaltungs rat of 30 percent Possibly fostered by the pub lic debate and the government s announcement every third vacancy on the supervisory boards of Switzerland s 90 largest firms was filled with a woman in 2014 Female representation on Swiss supervisory boards thus increased from ten percent in 2010 to 13 percent in 2013 and to 15 percent in 2015 Women in executive management of 120 companies surveyed accounted for four percent in 2006 Their share reached six percent in 2013 and remained unchanged since then also in 2015 Gui do Schilling AG 2015 3 3 L i terature review and hypotheses development 3 3 1 Diversity and gender diversity in the context of business I refer to the comprehensive literature review in section 2 of this dissertation There I discuss the impact of diversity policies for business in general I focus on gender diversity and set out empirical evidence on the link between female executives and firm performance I argue why there are good performance related reasons for increasing the ratio of women in management positions up to the board level I further provide governance re lated arguments why enhanced female repre sentation on executive levels is in the interest of shareholders and I show how capital markets react to increased gender diversity in top management teams and on corporate boards 3 3 2 Diversity CSR and the role of investor relations Following either the discrimination and fairness or the access and legitimacy paradigm diversity po licies can be included in the category of corporate social responsibility Bear et al 2010 Undoub tedly there is overlapping content Hansen 2014 Investors have increasingly considered CSR aspects in their valuation of companies in recent years Ho ckerts Moir 2004 Hoffmann Fieseler 2012 In the past however so called mainstream in vestors were interested solely in CSR measures if these impacted stated results or the cost of capi tal Similarly from equity analysts point of view environmental social and governance ESG issu es are always linked to economic responsibilities Fieseler 2011 By contrast specialized socially responsible investors SRI demonstrated sincere concern with the interactions of firms and socie Gender diversity on corporate boards and in TMTs in practice

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 59
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