Vooronderzoek benchmark diversiteitClaartje Vinkenburg & Suzanne Bouma

2

Opdrachtformulering

• In de kamerbrief d.d. 6 maart 2018 constateert de minister van OCW dat het aandeel

vrouwen aan de top van het bedrijfsleven maar mondjesmaat toeneemt.

• Eén van de aangekondigde maatregelen betreft het nagaan of een (sectorale)

benchmark de meerwaarde van diversiteit beter zichtbaar maakt.

• De directie Emancipatie van OCW heeft Atria opdracht gegeven een voorstudie uit te

voeren naar de (on)mogelijkheden van het uitvoeren van een benchmark naar de

meerwaarde van diversiteit.

• Atria voert deze opdracht samen met Claartje Vinkenburg uit.

• Atria & Vinkenburg analyseren wetenschappelijk onderzoek en recente rapporten over

de meerwaarde van diversiteit en inventariseren (inter)nationale benchmarks.

• Het onderzoek resulteert in een document op hoofdlijnen (incl. schema’s, tabellen en

literatuurlijst) dat input geeft aan een co-creatiesessie (7 september 2018).

3

Visie op de vraagstelling (1)

Atria & Vinkenburg kiezen voor de rol van “honest broker” (Eagly, 2016). Vanuit die rol steunen wij het beleid voor meer diversiteit aan de top en dragen daar aan bij door a) onderzoek in kaart te brengen dat laat zien onder welke

omstandigheden diversiteit positieve resultaten oplevert, door te kijken naar mogelijke significante moderatoren en mediatoren;

b) een verbreding voor te stellen van de mogelijke positieve resultaten van diversiteit naast winst en productiviteit en;

c) een alternatieve vorm van benchmarking voor te stellen die gebaseerd is op inspirerende internationale voorbeelden.

4

Visie op de vraagstelling (2)

?

MODERATOREN & MEDIATOREN

PRESTATIESDIVERSITEIT

Figuur 1 – basismodel relatie diversiteit – prestaties in bedrijven

5

Ontwikkelingen en stand van zaken in Nederland (1)

• Er zijn al ‘innovatoren’ en ‘pioniers’ opgestaan die het streefcijfer behalen (in Bedrijvenmonitor 2017: 16,7% voor RvB en 23,4% voor de RvC), maar er lijkt nog geen sprake van een fase van sterke groei te zijn gestart (early majority).

Figuur 2 - Diffusion of Innovations (Rogers, 1983)

6

• Motivatie van ‘voorlopers’ geformuleerd vanuit sociale overwegingen (maatschappij is divers, iedereen in eigen kracht en talent bijdrage leveren, diversiteit maakt je rijker)

• Tevens, vaak in combinatie met de sociale motieven, ook bedrijfs-economische motieven (bedrijf als afspiegeling van je klantenteam, heterogene teams zijn succesvoller, goed voor het imago)

Bronnen: van den Brink et al., 2016; Pouwels & Henderikse, 2017; Oomkens, Stroeker & Notten, 2017; van Wijk 2017 en Factsheets Talent naar de Top Diamant Awards 2018.

Ontwikkelingen en stand van zaken in Nederland (2)

7

Bevindingen uit wetenschappelijke literatuur (1)

• De discussie verandert van het ‘waarom’ naar het ‘hoe’. Een eventuele benchmark

moet dus ook vooral gaan over ‘hoe’ en niet terug naar ‘waarom’.

• De waarom discussie is echter nog niet helemaal verdwenen of komt in elk geval

nog vaak terug.

• Een veel gehoord antwoord op de ‘waarom’ is bijvoorbeeld het rechtvaardigheids-

argument oftewel de “moral case”. Evenredige en substantiële representatie van

vrouwen is niet meer dan logisch omdat zij de helft van de bevolking uitmaken

(Gresy, 2014).

• In de literatuur wordt gewezen op de noodzaak om (ook) een rechtvaardigheids-,

moreel of zelfs ethisch argument voor meer diversiteit te gebruiken (Jones et al.,

2013; Seierstad, 2016; Dahanayake et al., 2018).

8

• Meer relevant voor benchmarking, is de vraag van het ‘waarom’ te beantwoorden middels een “business case”: is er een relatie tussen diversiteit en financiële prestaties?

• Een overzicht van recente meta-analyses (zie tabel 1 volgende pagina) laat zien dat op deze vraag geen eenduidig antwoord te vinden is: de resultaten zijn gemengd, de verbanden zijn correlationeel niet causaal en het plaatje is niet compleet zonder inzicht in moderatoren en mediatoren die de sterkte en richting van de samenhang beïnvloeden.

Bevindingen uit wetenschappelijke literatuur (2)

9

Bron Diversiteit Moderator / mediator

Prestaties Relatie / effect (- / 0 / +)

Post & Byron (2015)

Board gender diversity financial performance- profit & loss- market

performance

Positive, significant (r=0.03)- Positive, significant (r=0.5)- Positive, nonsignificant

(r=0.1)

Pletzer et al (2015)

Board gender diversity financial outcomes Nonsignificant correlation (r = .01)

Van Dijk et al. (2012)

Workgroup diversity - demographic

diversity- job-related

diversity

SubjectiveevaluationObjective indicators

Team performance Small negative, nonsignificant (r=-.02) effect of demographic diversity- gender diversity (r=-.01)- racial/ethnic diversity (r=-.05) NB Positive significant (r= .05)effect of job-related diversity

Hoobler et al. (2018)

Women’s representationin leadership

1. Presence of a female CEO

2. Measures of women’s representation on TMT’s

3. measures of female representation on boards of directors

overall association with individualaccounting-based (ROA, ROE, leverage, sales, profitability, accounting composite scores,ROC, & ROI) as well as market performance (Tobin’s Q, stock performance, & marketcapitalization)

financial performance

women’s representationin leadership (total): Positive (.023)

Only the relationship between women’s representation on the board of directors (3) & firm performance showed a positive effect size

Tabel 1: Resultaten meta-analyses diversiteit – prestaties

10

Bevindingen wetenschappelijke literatuur (3)

• Om een business case te maken van de relatie tussen diversiteit en

bedrijfsresultaat, is het nodig om prestaties breder te operationaliseren dan

alleen financieel. Zoals:

• Innovatie of innovatief vermogen (zie o.a. Faems 2015, PWC 2017, BCG, 2017)

• Sociale verantwoordelijkheid (vaak afgekort als CSR, corporate social responsibility)

(zie o.a. Drost & Braam, 2016; Gompers 2018; Equileap, 2018)

• Een positieve reputatie (zie o.a. Matsa & Miller,2011, Skaggs et al.,2012)

• Betere besluitvorming (zie o.a. Apfelbaum et al., 2014; Dhir, 2015; Bang et al., 2017)

• In tabel 2 staan de meest recente studies en meta-analyses over de relatie

tussen diversiteit en andere soorten resultaten uitgewerkt.

11

Tabel 2: Resultaten recente studies en meta-analyses diversiteit – alternatieve uitkomsten

Bron

Diversiteit Moderator / mediator Prestatie Relatie / effect (- / 0 / +)

Dezsö & Ross, 2012Study of US firms

Board diversity Innovation intensity Firm value Positive significant increase in firm value mediated by innovation intensity

Torchia et al., 2018Study of NO firms

Board diversity Decision making culture- cognitive conflict- preparation & involvement

Innovation Positive significant increase in organizational innovation, mediated by decision-making culture

van Dijk et al., 2012 Meta-analysis

Workgroup diversity - demographic

diversity- job-related diversity

Innovative behavior Positive significant job-related diversity (r = .14) Non-significant demographic diversity (r = .01)

Byron & Post, 2016Meta-analysis

Board diversity Shareholder protectionGender parity country

Corporate social performance

Positive significant increase in social performance (r = .15), especially under conditions of strong shareholder protection & high gender parity

Cook & Glass, 2018Study of US firms

Board diversity Solo / token / critical mass of women on boards

CSR (community, corp gov, product, environmental strength

Positive significant increase in firm-level commitment to CSR, even solo & token female directors; a broader representation increases firm-level results on various CSR indicators.

12

• De relatie tussen diversiteit en bedrijfsresultaten wordt beïnvloed door

moderatoren en mediatoren, oftewel andere factoren en omstandigheden die

maken dat diversiteit meer of minder positief samenhangt met uitkomsten.

• Roberson et al. (2017) laten zien welke “capabilities” een bedrijf nodig heeft om

waarde te creëren uit diversiteit (te weten: Market access, Research &

development, Knowledge management, Efficiency, Alliancing, & Deep-level

Strategic flexibility).

• Zonder inclusie heb je weinig aan diversiteit en volgens sommigen is

inclusiviteit de beslissende moderator in de black box van de relatie tussen

diversiteit en prestaties. (zie ook Eagly, 2016; Nishii, 2013, McKinsey, 2018).

"Diversity is being invited to the party; inclusion is being asked to dance"

(Verna Myers)

Bevindingen wetenschappelijke literatuur (4)

13

• Ook diversiteit kunnen we breder operationaliseren dan alleen representatie

• Behalve aantallen (percentages) in de board valt te denken aan het berekenen van een diversiteitsindex (zie ook: GEDII, 2017, 2018)

• Tevens kan naar doorstroom van vrouwen gekeken worden middels een indicator voor doorstroom (Vinkenburg, in OECD STI outlook 2018, in voorbereiding)

Bevindingen wetenschappelijke literatuur (4)

14

In de overzichtstabel (zie tabel 3) hebben we operationalisatiesweergegeven afkomstig uit recente studies naar de relatie tussen diversiteit en prestaties, inclusief relevante moderatoren of mediatoren. Dit overzicht is niet compleet of alomvattend maar biedt wel inzichten die we kunnen gebruiken voor de ontwerpspecificaties voor de benchmark. In groen zijn in de tabel zaken gemarkeerd die als inspiratie dienen. We hebben geprobeerd de operationalisaties horizontaal logisch te ordenen (bijv “human capital” variabelen staan bij de meer “softe” uitkomstmaten).

Bevindingen wetenschappelijke literatuur (5)

15

Diversiteit Moderator / mediator Prestaties

Aantallen Standaard Financieel (McKinsey, Hoobler, Deszö)Aantal of % of womenInternationaal:CEOChairTMT = Top Mgt TeamExCo = executive committeeBoD = Board of Directors (exec + non-exec, one-tiered)NL:BestuursvoorzitterRvBRvC(two-tiered system)

Eventueel:Firms verdeeld in 4 groepenobv board composition: bijvtoken, minority, balance, majority (20-first, McKinsey, Catalyst)

Firm sizeFirm ageFirm growthSectorProfit / not for profitBoard size

Accounting-based measures: ROA = Return on Assets; ROE = Return on Equity; ROI = Return on Investment; ROC = Return on Capital; TRS = Total return to shareholders;Profitability, Leverage: ratio of debt to assets;CapEx intensity: ratio of capital expenditures to assets prior year; Marketing intensity: ratio of advertising expense to assets prior year; Age of capital stock; Sales, Accounting composite scores;EBIT = Earnings before interest & taks;Longterm value creation = economic profit marginMarket-based measures,TQ = Tobin’s Q; EPS = Earnings per Share;Stock returns, Market capitalization;Stock price development

Subtop (NL monitors) Organizational Health Index (McKinsey), including innovation & environment

Performance Index (Carstens): subjective perceptions of firm performance –survey items measuring Productivity & Efficiency, Adaptability, Capacity, Market Standing & Projected Future Growth

Pipeline (McKinsey) Age board members & CEO age CEO/Chair role duality

Pay Gap (Abraham): less gender wage inequality among nonmanagerial employees

Managerial levels (Schwab, Huffman)

Segregation (Huffman)

16

Diversiteit Moderator / mediator Prestaties

Herfindahl-Hirschman Index (McKinsey) samenstelling board

Country gender equality indexMeeting freq (Hoobler)

Innovatie, innovatief vermorgen(Thoria: survey CEO, 8 items)(Deszö: innovation intensity = ratio of R&D expense to assets prior year) (van Dijk: innovative performance in teams)(Chen: patents)

GEDII – Gender equality diversity index samenstelling board of management team

Social complexity Collaboration durationClimate for inclusion (Eagly, Nishii), PCGI inequity (King)

Creativiteit (Bell: creativity in teams)

Team composition (Blau Index) (Schwab)

Hoobler moderator & mediators in Appendix B & C

Customer orientation, Talent attraction, Corporate image (all McKinsey, 2017)Stakeholder value (beyond shareholder) Eagly

Human CapitalNew hires Employee Engagement Employee Engagement (niet concreet terug te vinden, McKinsey empl satisfaction)External or internal promotion (AllBright, Kwon)

Board interaction (Sealy) Gender Integration (Huffman)

Career progress indicator (Vinkenburg, OECD)

LBTG friendly measures (Cook)Well-being (Brieger)

Representation overall Representation overall Substantive representation (Eagly)IntersectionsIntersection with nationality / ethnicity (FBI, McKinsey)

Need for standardized measure of inclusion (McKinsey 2018)

Socially responsible investment (Ning)

Intersection with age (Kunze) DMC – diversity management competencies (Carstens)

Corporate Social Responsibility (Byron & Post, 2016)Corporate social performance (Cook & Glass, 2018)CSR community, corp gov, product, & environmental strength (KDL database)

Supplier diversity, Richard Age discrimination (Kunze) ESG metrics (Thomson Reuters) Environmental, Social, Governance, Controversies

Inclusive climate, advancement opp, power(Carstens)

Decision making & esp negative outcomes of homogeneity (decision quality, groupthink etc) (Gompers, Apfelbaum, Royal Society, McKinsey)

17

Internationale voorbeelden (1)

Onderstaande partijen zijn gezichtsbepalend voor het publieke debat over de vertegen-

woordiging van vrouwen in de top van het bedrijfsleven (zie Vinkenburg & Wierda, 2015).

Grote spelers in andere Europese landen:

Zweden: Allbright Foundation

Duitsland: Allbright Stiftung

UK: Female FTSE

Denemarken: Danks Industry

Grote internationale spelers zijn o.a.:

McKinsey – Women Matter 10 years / Delivering on Diversity

Catalyst US / Canada

Deloitte US

20-first US / UK

EDGE foundation

Bovenstaande partijen zijn gezichtsbepalend voor het publieke debat over de vertegenwoordiging van vrouwen in de top van het bedrijfsleven, zowel internationaal als in de lokale context (zie Vinkenburg & Wierda, 2015).

Bovenstaande partijen zijn gezichtsbepalend voor het publieke debat over de vertegenwoordiging van vrouwen in de top van het bedrijfsleven, zowel internationaal als in de lokale context (zie Vinkenburg & Wierda, 2015).

18

• Internationaal wordt op dit moment met name gekeken naar verschil tussen interne en externe benoemingen in de top, waarbij voor vrouwen de interne route (doorstroom vanuit de subtop) problematisch is en de zogenaamde “Thomas” kringloop (= er zitten meer mannen die Thomas heten in de top van Duitse bedrijven dan vrouwen)

Internationale voorbeelden (2)

Bron: Allbright Stiftung

19

• Opvallend is dat géén van deze partijen (nog) uitspraken doet over de relatie tussen

diversiteit en bedrijfsprestaties, zeker niet in termen van een benchmark.

• Wel maken andere landen en de grote internationale spelers overzichten van hoe

bedrijven er voorstaan qua diversiteit (‘naming & shaming’ of ‘naming & praising).

TED Talk “How 'naming & shaming' is a step towards gender equality | Amanda Lundeteg |

TEDxUppsalaUniversity https://www.youtube.com/watch?v=bwXGM8IQWpU

“When we started the Black Lists there were 100 companies on it. & now, three years later,

we are down to 82.”

Internationale voorbeelden (3)

20

20-first (UK/US): https://20-first.com/gender-research/

21

Allbright Foundation (Zweden)

https://static1.squarespace.com/static/5501a836e4b

0472e6124f984/t/59cb7082b7411c70275a6eb9/15065

04898083/The+AllBright+report+2017.pdf

22

23

Female FTSE (UK)https://www.cranfield.ac.uk/som/expertise/changing-

world-of-work/gender-and-leadership/female-ftse-

index

24

Allbright Stiftung (Duitsland) https://static1.squarespace.com/static/56e0421

2e707ebf17e7d7cd2/t/5af88cf62b6a28d7522c91

0a/1526238462041/AllBright+Bericht_Mai+2018.

pdf

25

Internationale voorbeelden (4)

De overzichten die in andere landen en/of door internationale spelers worden gepresenteerd over diversiteit aan de top gaan vaak gepaard met korte, bondige infographics, flyers of persberichten om het publiek te informeren over de resultaten danwel het achterliggende onderzoek.

Zie bijvoorbeeld: • https://20-first.com/inclusive-leadership/gender-diversity-awareness/ • https://qz.com/work/1334187/how-to-maintain-a-predominantly-white-

workplace/• https://www.bbc.co.uk/news/business-44310225 (“bad excuses”

Hampton-Alexander review)….en screenshots volgende slides

26

http://www.20-first.com/flipbook/files/index.html

27http://www.allbright-stiftung.de/floskelbingo

28

royalsociety.org/~/media/policy/Publications/2018/making-better-decisions-in-groups.pdf

29

https://www.bcg.com/en-be/publications/2017/people-organization-leadership-talent-innovation-through-diversity-mix-that-matters.aspx

30

In Nederland worden bedrijven al gemonitord. Drie relevante monitors:

De Nederlandse 'Female Board Index’ ©

Bedrijvenmonitor Monitor Talent naar de Top

Beschrijving monitor Nederlandse NVs die genoteerd zijn op Euronext Amsterdam

• Bedrijven die onder de Wbt vallen

• Vanaf derde editie ook grote organisatie uit (semi)publieke sector

• De top 200 wordt als aparte bedrijvengroep gevolgd

Ondertekenaars Charter

Aantal bedrijven 84 (in 2017) Steekproef van WbT 262 aangesloten organisaties

Methode dataverzameling

Via (openbaar?) gegevens Kamer van Koophandel en websites van de organisaties

Survey onder steekproef bedrijven die aan de Wbt-criteria voldoen; steekproef uit de databank Orbis (Obris gebruikt data van de Kamer van Koophandel)

Online survey onder ondertekenaars (Tool Monitor Talent naar de Top)

Sinds 2012 2014 2009

Mogelijkheden aansluiten op huidige monitoring (1)

31

De Nederlandse 'Female Board Index’ ©

Bedrijvenmonitor Monitor Talent naar de Top

% vrouwen in RvC X X X% vrouwen in RvB X X XDatum benoeming XNamen nieuwe benoemingen X

Leeftijd benoemingen X

Benoeming is afkomstig uit NL of daarbuiten X

Redenen geen evenwichtige verdeling X

Acties om resultaat te bereiken X X

Voorgenomen acties X

Aanwezigheid en totstandkoming jaarverslag X

Mogelijkheden aansluiten op huidige monitoring (2)

Wat wordt gemonitord:

32

+ -• Gebruik van openbare informatie (via Kamer van

Koophandel en websites bedrijven) • Doordat het openbare gegevens zijn, is toestemming

niet nodig en lijst naming/shaming of naming/praising mogelijk

• Tijdsintensieve methode van dataverzameling • Mogelijk niet alle informatie (m.n. bedrijfsresultaat)

vindbaar

Nederlandse Female Index Board

Mogelijkheden aansluiten op huidige monitoring (2)

+ -Vragenlijst survey kan uitgebreid worden naar bredere operationalisering ‘diversiteit’ en/of ‘bedrijfsresultaat’

Alleen te gebruiken voor naming & praising

+ -• Vragenlijst survey kan uitgebreid worden naar

bredere operationalisering ‘diversiteit’ en/of ‘bedrijfsresultaat’

• Vanwege beloofde anonimiteit is naming/shaming niet mogelijk op deze manier

Monitor Talent naar de Top

Bedrijvenmonitor

33

Beslispunten en ontwerpspecificaties voor bouwen benchmark (1)

Wat?

• Benchmark ‘diversiteit’ en/of ‘diversiteit - bedrijfsresultaat’

en/of

• ‘naming & praising’ en/of ‘naming & shaming’

en/of

• Pakkende en beeldende flyers, glossy’s, etc.

34

Denk voor nadere operationalisatie benchmark aan:

- Operationalisatie 'diversiteit’, bijv. • Index• Representatie totaal • Representatie subtop• Doorstroom

- Operationalisatie moderatoren, bijv.: • Standaard moderatoren plus• Maat voor inclusie• Maat voor besluitvorming• Eventueel board historie en frequentie

- Operationalisatie bedrijfsresultaat, bijv.: • Standaard financiële criteria plus• Innovatie • Reputatie en/of CSR• Eventueel pay gap

35

Hoe?

• Toevoegen aan bestaande databases/losse survey/koppelen aan afgifte

accountantsverklaring

• Anoniem of transparant

• Analyseren: multivariate analyses (regressies, moderatie/mediatie modellen)

• Kennis en inzichten van anderen die benchmarks doen (zorg, innovatie)

Wie?

• Uitvoerders van bestaande monitors?

• Consortium met combinatie van expertisegebieden en toegang databases?

Beslispunten en ontwerpspecificaties voor bouwen benchmark (2)

36

Welke?

• Alle sectoren? Of eerst een/twee sectoren als pilot?

• Alle Wbt-bedrijven? De Nederlandse 'Female Board Index’ uitbreiden? Alleen de Top 200 uit de BedrijvenMonitor (en de rest anoniem)? Charterondertekenaars op een ‘white list? Etc.

Wanneer?

• Getrapt invoeren, koppelen aan monitor WBT of andere monitor?

• Eventueel uitvoeren in combinatie met pay gap pilot?

Beslispunten en ontwerpspecificaties voor bouwen benchmark (3)

37

Verantwoording en bronnen

Bijlage: Referentielijst

Suzanne Bouma dr. Claartje Vinkenburg

Hoofd Onderzoek Geaffilieerd onderzoeker

https://atria.nl/over-atria/medewerkers/suzanne-bouma/

https://atria.nl/onderzoek-advies/geaffilieerde-onderzoekers/claartje-vinkenburg/

1

Bijlage: Referentielijst

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20-first. (2018). 20-first - gender balance scorecard country and sector reports. Retrieved July 18, 2018, from https://20-first.com/gender-research/

2020 Women on Boards. (2017). 2O2O WOMEN ON BOARDS GENDER DIVERSITY INDEX. Retrieved from www.2020WOB.com.

Abraham, M. (2017). Pay Formalization Revisited: Considering the Effects of Manager Gender and Discretion on Closing the Gender Wage Gap. Academy of Management Journal, 60(1), 29–54. https://doi.org/10.5465/amj.2013.1060

Adams, R. B. (2016). Women on boards: The superheroes of tomorrow? The Leadership Quarterly, 27(3), 371–386. https://doi.org/10.1016/J.LEAQUA.2015.11.001

Adams, R. B., de Haan, J., Terjesen, S., & van Ees, H. (2015). Board Diversity: Moving the Field Forward. Corporate Governance: An International Review, 23(2), 77–82. https://doi.org/10.1111/corg.12106

Adams, R. B., & Ferreira, D. (2009). Women in the boardroom and their impact on governance and performance. Journal of Financial Economics, 94, 291–309. https://doi.org/10.1016/j.jfineco.2008.10.007

Ahonen, P., Tienari, J., Meriläinen, S., & Pullen, A. (2014). Hidden contexts and invisible power relations: A Foucauldian reading of diversity research. Human Relations, 67(3), 263–286. https://doi.org/10.1177/0018726713491772

Ali, M., & Konrad, A. M. (2017). Antecedents and consequences of diversity and equality management systems: The importance of gender diversity in the TMT and lower to middle management. European Management Journal, 35(4), 440–453. https://doi.org/10.1016/j.emj.2017.02.002

AllBright Foundation. (2018). Puppeteers of the stock market The men controlling the stock market. Retrieved from http://www.allbright.se/english/

AllBright Foundation. (2017). Women CEOs choose gender equality. Retrieved from http://www.allbright.se/english/

AllBright Foundation. (2017). Private Equity plagued by macho culture: A Review of Gender Equality in Swedish Private Equity firms. Retrieved from http://www.allbright.se/english/

AllBright Stiftung. (2017). Allbrights Schwarze Liste 2017. Retrieved from http://www.allbright-stiftung.de/

AllBright Stiftung. (2017). Führung ohne Vielfalt? Retrieved from http://www.allbright-stiftung.de/

2

AllBright Stiftung. (2017). Ein Ewiger Thomas-Kreislauf? Retrieved from http://www.allbright-stiftung.de/

AllBright Stiftung. (2018). Germany Last Place. Retrieved from www.allbright-stiftung.de

Alliance for Board Diversity, & Deloitte. (2016). Missing Pieces Report: The 2016 Board Diversity Census of Women and Minorities on Fortune 500 Boards . Retrieved from http://www.catalyst.org/system/files/2016_board_diversity_census_deloitte_abd.pdf

Apfelbaum, E. P., Phillips, K. W., & Richeson, J. A. (2014). Rethinking the Baseline in Diversity Research. Perspectives on Psychological Science, 9(3), 235–244. https://doi.org/10.1177/1745691614527466

Bang, D., & Frith, C. D. (2017). Making better decisions in groups. Royal Society Open Science, 4(8). Retrieved from http://rsos.royalsocietypublishing.org/content/4/8/170193.abstract

Bart, C., & McQueen, G. (2013). Why women make better directors. International Journal of Business Governance and Ethics, 8(1), 93. https://doi.org/10.1504/IJBGE.2013.052743

BCG. (2017). The Mix that Matters: Innovation through Diversity. Retrieved from https://www.bcg.com/publications/2017/people-organization-leadership-talent-innovation-through-diversity-mix-that-matters.aspx

Beddoes, K. (2011). Engineering Education Discourses on Underrepresentation: Why Problematization Matters*. International Journal of Engineering Education, 27(5), 1127–1129. Retrieved from http://www.sociologyofengineering.org/wp-content/uploads/2016/01/Beddoes-IJEE-2011.pdf

Bell, S. T., Villado, A. J., Lukasik, M. A., Belau, L., & Briggs, A. L. (2011). Getting Specific about Demographic Diversity Variable and Team Performance Relationships: A Meta-Analysis. Journal of Management, 37(3), 709–743. https://doi.org/10.1177/0149206310365001

Bennouri, M., Chtioui, T., Nagati, H., & Nekhili, M. (2018). Female board directorship and firm performance: What really matters? Journal of Banking & Finance, 88, 267–291. https://doi.org/10.1016/J.JBANKFIN.2017.12.010

Berenschot. (2017). Benchmark Care (VVT/GGZ/GHZ). Retrieved July 18, 2018, from https://www.berenschot.nl/expertise/diensten/benchmarking/benchmarks/benchmark-care-vvt/

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