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...

Applying a mixed theoretical approach, this paper addresses the causal relationship between the presence of women on steering committees (SC) and in senior management positions and the firm's stock return, measured through the price-earnings ratio (P/E). To do so, we disaggregate the composition...