Does gender diversity foster innovation? An analysis on the Corporate Governance Level

This dissertation provides new insights on the competitive advantages of gender diverse board rooms in Germany. In international comparison, German corporations are developing slowly towards gender balanced executive boards. Growing pressures from activist investors and legislative efforts are forcing corporations to appoint female directors. Using annual panel data for the thirty largest listed German corporations over the period 2015-2020, the effects of gender diverse boards on corporate performance is investigated. Corporate performance in this dissertation is measured by average market capitalization and book value. The results found are mixed: gender diverse boards signal competency to investors but an increased financial performance could not be found.