Literature Review Women on boards and in TMTS and firm performance62 practice of the initial public offering IPO process as well as Graham and Harvey s 2001 survey see king to compare theory and practice in the fields of cost of capital capital structure and capital bud geting The following pretest was done in several steps First I asked academics from corporate fi nance for a critical review of the questionnaire On the basis of their feedback on content and formu lation of questions I revised the questionnaire The second version was sent out for further test runs to selected professionals from business and banking In a last step I requested feedback from experts in marketing and sociology In several cases I chan ged formats and formulations of questions in order to avoid the different kinds of measurement error that may occur in surveys such as bias resulting from misleading wording or response tendencies These modifications were also intended to increase the response rate Moreover I had asked for docu mentation of the individual time required for pro cessing the questionnaire and obtained an average of eleven minutes The final version of the questionnaire contains 43 questions including six questions that followed previous filter questions 13 of these questions re fer to demographic features of the respondent and the relevant employer 23 questions have the form of a closed question eight thereof are questions of attitude Four questions are semi open and 16 questions are worded as open questions The sur vey includes questions of attitude as I am interes ted in the respondents personal view on the sub ject I use four point Likert scales for eight items Respondents rate whether they agree or disagree with a certain statement item by ticking numbers from 1 I fully agree to 4 I fully disagree I choose the 4 point instead of a 3 or 5 point scale with the objective of avoiding a tendency towards the center in the answers Questions of attitude appear randomized in order to minimize systematic cognitive bias in the form of a halo effect The survey was conducted in cooperation with DIRK German Investor Relations Association DIRK had 306 members at that time and according to its own statement represented around 85 percent of the capital listed on the stock exchange in Ger many 257 persons are corporate members 59 are individual members The majority of the corporate members are investor relations professionals 90 percent others belong to various fields of the fi nance department from the CFO s 5 percent to the treasurer s level Employees from staff units and corporate communications for a third group The individual members are predominantly inves tor relations professionals approx 50 percent or consultants approx 40 percent The remaining part of 10 percent is classified as others The survey was performed as an anonymous online survey during the period January 20 2015 to Fe bruary 10 2015 In Germany DIRK invited 1 055 addressees of its extended member distribution list members and newsletter subscribers to participa te in the survey I decided to remind addressees repeatedly at frequent intervals timing of fol low up appears to have no significant impact on the response rate Deutskens De Ruyter Wetzels Oosterveld 2004 After the expiry of a week on January 27 DIRK sent out a reminder On January 30 DIRK referred to the survey again in its regular newsletter The two leading industry associations from Austria and Switzerland contributed as well C I R A Cercle Investor Relations Austria sent out a first invitation to participate to 65 Austrian recipients on January 20 and a subsequent remin der to an extended number of 270 addressees on February 4 Swiss investor relations association IR club invited 60 members Gender diversity on corporate boards and in TMTs in practice

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 62
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