Literature Review Women on boards and in TMTS and firm performance 61 3 3 4 Contributions to literature and hypotheses My ambition is to contribute to existing literature in two ways First I extend the extant literature on diversity and firm performance by providing an analysis of the current practice of diversity management in stock listed enterprises in Ger man speaking Europe By conducting an anony mous web survey I gain insight into attitudes towards diversity policies and determine the rele vance of diversity for firm performance from both the company and the capital markets perspective Second I show to what extent companies com ply with self regulatory requirements regarding women s participation in leadership and whether firms are prepared for coming regulatory changes Since more than ten years have elapsed since Hockerts and Moir s 2004 and Fieseler s 2011 analyses I hypothesize that now mainstream in vestors are aware of the potential benefits of di versity and thus constitute a driving force for de velopment and advancement of corporate diversity policies I assume that mainstream investors simil arly to SRI and specialized investors express deeper interest in diversity and request information on status quo and progress of diversity initiatives I expect that capital market participants are aware of the various potential benefits of gender diversity in leadership and consequently consider it as a re levant parameter for company valuation The same holds true for rating agencies I expect that rating agencies do consider gender diversity in leadership as a factor of relevance for the rating process I further hypothesize that companies interviewed do generally not employ an economic perspective on the topic of diversity Since the ongoing debate on diversity has until now mainly been a debate on equal rights and equal treatment I assume that empirical findings on the economic benefits of staff diversity have not found their way into practice yet I presume that the companies primarily pursue internal ethical and moral objectives following the discrimination and fairness paradigm I hypothesi ze that external regulatory requirements gave cau se to develop and implement diversity initiatives within organizations in many cases Accordingly I expect that regulators are perceived as a major driving force over all other external stakeholders At the time of the survey the great coalition had already agreed on the introduction of a gender quota for supervisory boards With regard to issu ers preparation for the coming binding quota I ex pect that companies concerned have taken specific measures to identify and win qualified female can didates for positions on corporate boards German industry initiatives have clearly demonstrated their opposition against a statutory quota for more than two decades and favored a voluntary self obligati on to increase the percentage of women in execu tive positions instead I thus expect the acceptance level of the quota to be low However I hypothesize that companies comply with the German economy s self obligation I thus expect that firms have established internal plan ning targets for women in management positions I further assume that companies have implemen ted measures to identify and promote current and potential female managers internally 3 4 Research Methodology 3 4 1 Survey methodology and data sources I developed a preliminary version of the questi onnaire in consideration of general principles for constructing web surveys using the Tailored De sign Method Dillman 2000 With respect to sur vey design and process I have been also guided by Brau and Fawcett s 2006 survey of chief financial officers CFOs aiming at comparing theory and Gender diversity on corporate boards and in TMTs in practice

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 61
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