We use a unique panel data set of private German firms to analyze the relation between managerial overconfidence and investment policy in small and medium-sized firms. We find that overconfident managers invest more, and that this relation is driven by expansion investments. When considering the...

The upward trend in women's representation on executive and supervisory boards of major companies in Germany continued in 2022, although the overall momentum has slowed yet again. Growth on executive boards in particular has slowed, as the most recent DIW Berlin Women Executives Barometer shows:...

Many companies in Germany must provide information beyond financial figures in their annual reports. For some years now, legislators have increasingly required information on non-financial aspects, such as the shares of women in leadership positions. Using a quantitative text analysis of annual...

In den Vorständen und Aufsichtsräten großer Unternehmen in Deutschland waren im vergangenen Jahr erneut mehr Frauen vertreten als zuvor. Gleichwohl ließ die Dynamik insgesamt wieder nach. Das gilt insbesondere für die Vorstände, wie das neueste DIW Managerinnen-Barometer zeigt. Nachdem es...

Im Rahmen ihrer Jahresabschlüsse müssen viele Unternehmen in Deutschland nicht nur über ihre finanziellen Kennzahlen berichten. Seit einigen Jahren verlangt der Gesetzgeber vermehrt auch Auskünfte zu nichtfinanziellen Aspekten wie der Beteiligung von Frauen an Führungspositionen. Dieser...

This concept paper synthesises the special issue with an integrated discussion of all four papers published therein, from the viewpoint of the theme of this special issue: opportunities and challenges for future empirical research in corporate finance. The four papers highlight that future...

The number of women serving on the executive boards of large companies in Germany once again increased in 2023: Around 18 percent (153 of 875) of executive board members at the 200 largest companies were women as of late fall 2023, two percentage points higher than in 2022. Thus, growth has...