Literature Review Women on boards and in TMTS and firm performance76 60 percent of participants responded to the questi on regarding assumed advantages of disclosing in ternal planning targets for women in management positions for companies which was worded as an open question and thus allowed multiple answers Table 3 9 shows what advantages and or disad vantages the respondents assume and how fre quently they are mentioned 38 percent of respon dents see benefits in the disclosure Around half of these believe in an improvement of the company s public perception supporting the findings of Bear et al 2010 and Brammer et al 2009 This re putation effect is assumed to work towards diffe rent stakeholders such as investors the media or potential employees Firms could position themsel ves as open and progressive and be a forerunner In compliance with generally accepted professional standards of investor relations transparency and liability towards stakeholders is considered to be a further advantage of disclosure Setting concre te objectives for gender diversity would enable a target actual comparison by external parties Mo reover conducted measures for promoting diversity could be evaluated The ensuing internal and exter nal pressure of expectation perceived as positive would increase the probability of success for ob jective achievement as well as for the company s credibility Furthermore IROs assume an increase in the attractiveness as an employer in general and for women in particular 23 percent of respondents however do not see any advantages to the company from the disclosu re of internal planning targets for female represen tation in executive positions Few IROs indicate that they disclose only for regulatory reasons which means to fulfill the requirements of the German Corporate Governance Code Others state it more sharply the publication of planning targets for an enhanced participation of women served the purpose of calming the waves The publicati on represented no benefit to firms companies bowed to the pressure imposed by interested parties Questioned on the drawbacks of disclosure 48 percent of respondents identify potential disadvantages The number is significantly hig her than the percentage of respondents that assumes benefits from disclosure Almost half of IROs surveyed seem to associate more detri ments than benefits with the disclosure of inter nally targeted aims Most frequently mentioned is the originating pressure of fulfillment of the company s own objectives here perceived as negative Non achievement of the self imposed targets would lead to pressure for justification and to unnecessary discussions Main criticism is that publication of such figures created an ad ditional pressure that was neither in the issuer s nor in the shareholders interest IROs surveyed also cite the risk of a reputational damage in case of non achievement of targets The possi bility of wrong personnel decisions follows close behind Respondents state that companies ran the risk of waiving to choose from the very best candidates when giving priority to a quo ta over qualification Moreover women who were appointed to a post according to a quota would become subject to stigmatization and be perceived as tokens Gender diversity on corporate boards and in TMTs in practice

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 76
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