Women’s Presence on European Boards and The Performance Cycle of Value Creation as an Instrument to Achieve the Gender Quotas


  • BETTINA C.K. BINDER Pforzheim University, Germany




Value creation is a major claim of most companies. Mahajan (2017) argues that “value and value creation are natural to and basic in human behaviour and endeavour”, nevertheless women are often marginalized and impeded in their advancement towards leadership positions, where they could shape and influence the process of value creation. Many large companies in Europe include mainly men in supervisory boards and the women quota is often lower than 20 %. We offer an overview of the women’s presence on the boards of the EURO STOXX 50 companies and we develop a model, which presents eight steps in a strategic performance cycle showing how more women can be integrated in supervisory and management boards so that they can contribute to a better company value in general. The main contribution consists in offering companies a strategic instrument and concrete advices on how the women presence can be increased company-wide and the gender quota on boards can be achieved.

Author Biography

BETTINA C.K. BINDER, Pforzheim University, Germany

Full Professor, Department of Economics, Society and Politics (DESP)


Airbus Group (2015). Flying Ahead. Annual report 2015. Retrieved from https://www.airbus.com/content/dam/corporate-topics/financial-and-company-information/airbus-ra-2015-en-03.pdf

BASF (2015). BASF Report 2015. Economic, Environmental, and Social Performance. Retrieved from https://report.basf.com/2015/en/servicepages/downloads/files/BASF_Report_2015.pdf

Bayer (2015). Annual Report 2015. Augmented Version. Retrieved from: https://www.investor.bayer.de/en/reports/annual-reports/overview/

BMW (2015). Annual Report. Retrieved from https://www.bmwgroup.com/content/da-m/grpw/websites/bmwgroup_com/ir/downloads/en/2016/hv/2015-BMW-Group-Annual-Report.pdf

Buchwald, A., & Hottenrott, H. (2015). Women on the Board and Executive Duration – Evidence for European Listed Firms, Düsseldorf Institute for Competition Economics, Discussion Paper 178, 1-40.

Burkert, M., & Lueg, R. (2013). Differences in the Sophistication of Value-Based Management. The Role of Top Executives. Management Accounting Research, 24(1), 3-22.

Corkery, J.F., & Taylor, M. (2012). The gender gap: A quota for women on the board Retrieved from https://pdfs.semanticscholar.org/fe63/02c542c140d97a08677d420.pdf

Daimler (2015). Annual Report. Retrieved from https://www.daimler.com/docu-ments/investors/berichte/geschaeftsberichte/daimler/daimler-ir-annual-report-2015.pdf

Deutsche Telekom (2015). Annual Report. Retrieved from https://www.telekom.com/-en/investor-relations/service/financial-calendar/details/annual-report-2015-420018

Dick, A. (2015). Female directors on German supervisory boards and firms’ financial performance. Retrieved from http://essay.utwente.nl/67308/1/DICK_BA_IBA.pdf

Dizik, A. (2015). Do quotas for corporate boards help women advance: Retrieved from http://review.chicagobooth.edu/magazine/spring-2015/do-quotas-for-corporate-boards-help-women-advance

European Commission (2017). Special Eurobarometer 465 Gender Equality 2017. Luxembourg: Publication office of the European Union. Retrieved from http://ibdigital.uib.es/greenstone/collect/portal_social/index/assoc/coeuro01/47.dir/coeuro0147.pdf

European Commission (2019). 2019 Report on equality between women and men in the EU. Luxembourg: Publication office of the European Union. Retrieved from https://ec.europa.eu/info/sites/info/files/aid_development_cooperation_fundamental_rights/annual_report_ge_2019_en.pdf

Firk, S., Schrapp, S., & Wolff, K. (2016). Drivers of Value Creation – The Role of Value-Based Management and Underlying Institutions. Management Accounting Research, 33, 42-60.

Ferreira, D. (2014). Board Diversity: Should We Trust Research to Inform Policy? Corporate Governance: An International Review, 23(2), 108-111.

Fresenius (2015). Annual Report. Retrieved from https://www.fresenius.com/finan-cial_reporting/Fresenius_GB_US_GAAP_2015_englisch.pdf

Haspeslagh, P., Noda, T., & Boulos, F. (2001). It’s Not Just About the Numbers. [Online] Harvard Business Review. Retrieved from https://hbr.org/2001/07/its-not-just-about-the-numbers

International Labour Organisation (2015). Women in Business and Management. Gaining Momentum. Geneva: International Labour Office. Retrieved from http://www.ilo.org/wc-msp5/groups/public/dgreports/dcomm/publ/documents/publication/wcms_334882.pdf

Jacquot, S. (2017). European Union Gender Equality Policies since 1957. Retrieved from http://ehne.fr/en/node/1125

Lepak, D. P., Smith, K. G., & Taylor, S. M. (2007). Value Creation and Value Capture: A Multilevel Perspective. Academy of Management Review, 32(1), 180-194.

Mahajan, G. (2016). Value Creation: The definitive Guide for business leaders. New Delhi: SAGE.

Mahajan, G. (2017). Value dominant Logic. Journal of Creating Value, 3(2), 217-235.

Marinova, S., Larimo, J., & Nummela, N. (Eds.) (2017). Value Creation in International Business. Volume 1: An MNC Perspective. Cham: Palgrave Macmillan.

McKinsey (2007). Women Matter: Gender Diversity, a Corporate Performance Driver. Retrieved from https://www.raeng.org.uk/publications/other/women-matter-oct-2007

Nokia (2015). Innovation and Possibilities. Annual Report. Retrieved from https://www.annualreportowl.com/Nokia/2015/Annual%20Report

OECD (2016). OECD Report to G7 Leaders on Women and Entrepreneurship. A summary of recent data and policy developments in G7 countries. [online] Retrieved from https://www.oecd.org/gender/OECD-Report%20-to-G7-Leaders-on-Women-and-Entrepreneurship.pdf

SAP (2015). Annual Report. Reimagine your Business. Retrieved from https://www.sap.com/docs/download/investors/2015/sap-2015-annual-report.pdf

Simms, J. (2001). Marketing for value. Marketing. Retrieved from https://www.questia.com/magazine/1G1-76914287/marketing-for-value

STOXX, (2017). EURO STOXX 50. Retrieved from https://www.stoxx.com/index-details?symbol=SX5E.

Sullivan, R. (2015). Can Gender Quotas get more Women into Boardrooms? Bloomberg, Retrieved from https://www.bloomberg.com/news/articles/2015-07-01/can-gender-quotas-get-more-women-into-boardrooms-

Terjesen, S., Aguilera, R. V., & Lorenz, R. (2015). Legislating a Woman’s Seat on the Board: Institutional Factors Driving Gender Quotas for Boards of Directors. Journal of Business Ethics, 128(2), 233-251.

Unicredit (2015). Inside Real Life. A 3600 View. UniCredit S.p.A. 2015 Reports and Accounts. Retrieved from https://www.unicreditgroup.eu/content/dam/unicreditgroup-eu/documents/en/investors/financial-reports/2015/4Q15/UniCredit-SpA-2015-Reports-and-Accounts.pdf

Zanoni, P., Janssens, M., Benschop, Y., & Nkomo, S. (2010). Guest Editorial: Unpacking Diversity, Grasping Inequality: Rethinking Difference Through Critical Perspectives. Organization, 17(1), 9-29.