Social aspects like gender diversity in the boardroom are becoming increasingly relevant and are a popular topic of public debate in the context of gender equality in business. However, there is little clarity about the potential spill-over effects of gender diversity. Both theory and empirical results have led to ambiguous conclusions with respect to the effect of gender diversity in the supervisory board on gender diversity in the management board. In addition, it is not clear whether the German gender quota legislation positively affects this relationship. This study analyses whether gender diversity in the supervisory board supports the gender diversity of the management board, and whether this relationship is affected by the gender quota legislation, focusing on the unique case of Germany. To cope with endogeneity concerns, this study employs a cross-lagged panel model with fixed effects using maximum likelihood structural equation modelling. The results of the analysis of the impact of the number of female supervisory board members on the number of female management board members do not support the view of positive spill-over effects of gender diversity in the environment of the German two-tier corporate governance system. Furthermore, this study finds no evidence of an effect of the German gender quota on this relationship.

JEL Codes

G38, M12, M14, M51

董事会中的性别多样性等社会问题变得越来越重要，并且在企业中性别平等的背景下成为公共辩论的热门话题。但是，关于性别多样性的潜在溢出效应尚不清楚。理论和实证结果都得出了关于监事会中性别多样性对管理委员会中性别多样性影响的模棱两可的结论。此外，尚不清楚德国的性别配额立法是否会对这种关系产生积极影响。这项研究主要针对德国的独特情况，分析了监事会中的性别多样性是否支持管理委员会的性别多样性，以及这种关系是否受到性别配额立法的影响。为了解决内生性问题，本研究采用具有最大似然结构方程模型的固定效应的交叉滞后面板模型。女监事会成员数量对女监事会成员数量影响的分析结果不支持德国两级公司治理体系环境中性别多样性的积极溢出效应的观点。此外，这项研究没有发现德国性别配额对这种关系有影响的证据。女监事会成员数量对女监事会成员数量影响的分析结果不支持德国两级公司治理体系环境中性别多样性的积极溢出效应的观点。此外，这项研究没有发现德国性别配额对这种关系有影响的证据。女监事会成员数量对女监事会成员数量影响的分析结果不支持德国两级公司治理体系环境中性别多样性的积极溢出效应的观点。此外，这项研究没有发现德国性别配额对这种关系有影响的证据。

JEL代码

G38，M12，M14，M51