Literature Review Women on boards and in TMTS and firm performance74 Knowing and understanding the parameters for company valuation as well as underlying assump tions is essential for IROs Therefore I asked them to assess if gender diversity in leadership was a relevant parameter for company valuation by ca pital markets Figure 3 8 presents the distribution of responses with respect to the assumed impact on external valuation by capital market players Figure 3 8 Assumed impact of corporate initiatives to increase the share of women in leadership on company valuation by capital markets Three quarters of respondents believe that corpo rate initiatives to increase the ratio of women in executive positions do not impact company valua tion by capital market players Only about a tenth considers that a commitment to promote gender diversity in leadership has a positive impact on the valuation process With regard to rating agencies nearly two thirds believe that gender diversity pro motion programs do not affect a company s rating One respondent out of seven however assumes a positive influence This assessment may partly be fostered by the growth in importance of rating agencies that are specialists in sustainability A ne gative influence on the rating is expected by two IROs Results clearly refute my hypothesis that capital markets consider gender diversity in leadership positive impact no impact negative impact I do not know 73 11 14 2 positive impact no impact negative impact I do not know 61 13 24 2 as a relevant parameter for company valuation Results also falsify my hypothesis that gender diversity in leadership means a relevant para meter for the agencies rating process Figure 3 9 shows how IROs assess the impact of initia tives promoting female leadership on external valuation by rating agencies Figure 3 9 Assumed impact of corporate initiatives promoting female leadership on company valuation by rating agencies I hypothesized that companies comply with the German economy s self obligation and thus ex pected that firms have established internal plan ning targets for women in management positions Surprisingly this hypothesis cannot be confirmed Almost two thirds of all surveyed companies have not set any planning targets for the share of wo men in management positions Around 17 percent have defined objectives whereas 20 percent claim to have done so but would not disclose More than half of the firms surveyed have not set themsel ves goals for female representation on corporate boards Roughly a fifth of all companies has set tar gets for the share of women on supervisory boards but only three percent have formulated objecti ves for women on executive boards The following table 3 7 displays the distribution of responses in detail Gender diversity on corporate boards and in TMTs in practice

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 74
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