Literature Review Women on boards and in TMTS and firm performance82 Gender specific differences also become apparent in answers on the item relating to the cost effecti veness ratio of diversity initiatives The mean value for the combined groups of 2 34 indicates that IROs surveyed do apply an economic perspective on the issue of diversity However this mean value is dri ven by men s ratings From the male perspective economic benefit should be prerequisite for under taking diversity initiatives Men rather agree that if costs exceed benefits companies should refrain from diversity activities The female view differs significantly expressing rather disagreement and indicating that women view diversity initiatives not solely under economic aspects 3 6 Summary and conclusion This study pursued three key objectives First it aimed at determining the significance of workforce diversity from the capital markets perspective and at clarifying the question whether particularly gen der diversity in leadership means a relevant pa rameter for external company valuation Results suggest that staff diversity remains a niche topic for capital markets Mainly specialized investors and rating agencies with a focus on sustainability CSR and ESG respectively make inquiries relating to workforce diversity So called mainstream invest ors who represent the majority show little inte rest in the topic Consequently roughly two thirds of IROs surveyed believe that corporate initiatives for increased gender diversity in executive posi tions have no impact on external company valua tion by capital market participants including rating agencies However investors with an interest in diversity call for specific targets and strategies as well as for reliable key figures for measurability and evaluation Second I investigated whether the questioned lis ted companies employ an economic perspective on the topic of diversity and which internal and external stakeholders drive development and im plementation of corporate diversity programs My findings indicate that the vast majority of compa nies in German speaking Europe does not consider diversity issues under economic aspects but pre dominantly under aspects of fairness and equali ty Internal stakeholders pushing ahead diversity promotion albeit of less importance are emplo yees explicitly named homosexual employees and management Most influential external stakehol ders driving diversity initiatives are in this priority sequence government authorities and regulators women s and interest associations and the media Third I intended to gain an insight into strategy and progress regarding a stronger participation of women in executive positions I investigated whether companies have implemented specific promotion programs for women in leadership and whether they have created an appropriate inf rastructure for reconciling career and family life Unexpectedly half of the companies in my sam ple have not implemented specific promotion pro grams for women in leadership Furthermore only very few companies have launched specific measu res targeted at female leaders to enable reconcilia tion of career and family life Firms primarily offer flexible working hours and the opportunity to work from home The survey also evaluated the status quo for internal planning targets for female repre sentation in management positions Almost two thirds of all surveyed companies have not set any planning targets around a quarter has defined ob jectives whereas a fifth claims to have done so but would not disclose A positive reputational effect as well as transparency and liability towards stake holders are the mostly mentioned assumed advan tages of disclosure whereas pressure of fulfillment of own objectives and for justification and the risk Gender diversity on corporate boards and in TMTs in practice

Vorschau DIRK-Forschungsreihe Band 21 Workforce diversity and personal policies Seite 82
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