Literature Review Women on boards and in TMTS and firm performance60 ty Hockerts Moir 2004 Despite their different approaches the interests of mainstream investors and SRI may overlap They share a common ob jective to make investments in companies on the assumption that greater responsibility will result in higher value consistent with a best in class appro ach An economic justification is crucial to convince the broader investment community of CSR initia tives including diversity programs In 2006 equity analysts at the German Stock Ex change in Frankfurt covering DAX companies were interviewed regarding their CSR perception Fie seler 2011 The survey revealed that ESG issues were gaining in importance for mainstream invest ment analyses but that there were considerable weaknesses in investor relations communication IR should communicate the firm s CSR performance more actively to external capital markets players Indeed there has also been a proactive trend shift towards a stronger focus on CSR in corporate com munication Arvidsson 2010 Moreover IR should address CSR topics strategically Hoffmann Fie seler 2012 not only as a cost a constraint or a charitable deed In other words capital markets will consider CSR more relevant if companies de scribe it as a benefit to shareholders a source of opportunity risk prevention and competitive ad vantage Fieseler 2011 p 143 IR should thus frame ESG issues as integral element of a firm s strategy and equity story and elucidate the long term prospects that influenced the strategy behind investing in ESG activities Fieseler 2011 Com munication strategy for individual target groups should be to educate mainstream investors about the essentiality of CSR including diversity policies to interact with engagement funds on the topic in greater depth and to give feedback to rating agencies on the appropriateness of rating criteria and methodology Hockerts Moir 2004 IR must also transfer information to the company by educa ting the board about investor sentiment and by providing early warnings on reputational risks and emerging issues to corporate communication and specialized staff functions Hockerts Moir 2004 3 3 3 Shareholder reactions to women on boards and in TMTs Empirical evidence on the investor reaction to gen der diverse boards is ambiguous Schmid Dauth 2014 find no significant influence of gender on abnormal returns to appointments of internatio nal top managers Similarly Farrell and Hersch 2005 find only insignificant abnormal returns on the appointment of female board members Other studies prove a generally positive reaction to the announcement of a women added to the board Campbell et al 2010 Kang et al 2010 Campbell et al 2010 document positive capital markets reaction in the short term and in the long term suggesting that shareholders believe that women add value Investors openness is far less when respective directors occupy a CEO position Shareholders respond more negatively to announ cements of female CEO appointments than to male CEO appointments Kang et al 2010 Lee James 2007 Market reactions are less negative for wo men that are recruited from within the company than from outside and also less negative for ap pointments of women in top management posi tions other than the CEO role Lee James 2007 Shareholder reaction to the announcement of the law on a gender quota in Norway was negative particularly for firms that had no women on their boards at that time suggesting that the restrictions with regard to future composition of the board im posed by the quota were rated negatively Ahern Dittmar 2012 Gender diversity on corporate boards and in TMTs in practice

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 60
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