W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
C o u n c i l o f Wo m e n Wo r l d L e a d e r s
T
H E
B
U S I N E S S
C
A S E
F O R
W
O M E N
:
Q
U A N T I F Y I N G
T H E
E
C O N O M I C
V A L U E
O F
D
I V E R S I T Y
A R
E S E A R C H
G
U I D E
C
O M P I L E D
I N
S
U P P O R T
O F
:
C
L O S I N G
T H E
G
E N D E R
G
A P
I
N I T I A T I V E
T
H E
B
U S I N E S S
C
A S E
F O R
O
R G A N I Z A T I O N S
, P
O L I T I C S
A N D
S
O C I E T Y
D
O
N O T
D I S T R I B U T E
W I T H O U T
W R I T T E N
P E R M I S S I O N
F R O M
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
.
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
The Council of Women World Leaders, a policy program of the Aspen Institute, is dedicated to
its mission to promote good governance and enhance the experience of democracy globally by
increasing the number, effectiveness, and visibility of women who lead at the highest levels in
their countries.
To further this mission, the Council partnered with the Harvard Kennedy School and the World
Economic Forum to host the Closing the Global Gender Gap: The Business Case Confer-
ence for Organizations, Politics, and Society
, which brought together 150 academics, execu-
tives, and world leaders to disseminate and analyze the research that proves including women at
the top levels of organizations is not only the right thing to do, it is also good business.
This research compendium brings together many documents referenced at the Conference, and
provides a compelling case for closing the global gender gap in organizations, politics, and society.
To build off of the momentum of the Conference, the Council has launched the Closing the Gen-
der Gap Initiative, a series of dialogues and events to further explore and promote the current re-
search on the economic value of gender diversity. If you know of a document that should be in-
cluded in this research compendium, please contact the Council Secretariat at 202.736.2920 or by
sending an e-mail to info@cwwl.org
When referencing this material, please acknowledge the Council of Women World Leaders as the
source of the information.
Thank you.
The Business Case for Women: Quantifying the Economic Value of Diversity
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 3
The Business Case for Women: Quantifying the Economic Value of Diversity
Academy of Management Journal
Quota Laws for Women in Politics: Implications for Feminist Practice¤
By: Mona Lena Krook
2008
This paper gives a broad overview of gender quotas and reserved seats in political parties around the world, including
rationales for and against adoption, descriptions of their main proponents, and the greatest critiques of
implementation. The article provides statistics about quotas and general explanations of how they have come to be
adopted in different countries. Gender quotas have been adopted in a wide range of countries and political contexts,
benefiting some groups and not others; therefore, it is challenging to determine their effect on the status of women.
http://krook.wustl.edu/pdf/social_politics_2008.pdf
American Sociological Review
Workplace Diversity Pays: Research Links Diversity with Increased Sales Revenue and Profits, More
Customers
March 31, 2009
Workplace diversity is among the most important predictors of a business’ sales revenue, customer numbers and
profitability. In one of only a few studies to empirically examine the implications of organizational diversity,
sociologist Cedric Herring found that a workforce comprised of employees of both genders and varying racial
backgrounds resulted in positive business outcomes.
http://insciences.org/article.php?article_id=3890
Bloomberg News
Women Call for Obama to Act
By: Linda Tarr-Whelan and Jacki Zehner
August 25, 2010
In commemoration of Women’s Equality Day, Jacki Zehner and Linda Tarr-Whelan call on President Obama to
strengthen his efforts to include women in the highest levels of decision-making. Until women comprise 30 percent
of senior leadership, Zehner and Tarr-Whelan argue, their full potential will not be realized. They also contend that
increasing the number of women in senior leadership of all sectors will have a profound effect on economic growth.
http://www.bloomberg.com/news/print/2010-08-26/women-call-for-obama-to-act-commentary-by-linda-tarr-
whelan-jacki-zehner.html
Board of Directors Network
Women in the Boardroom 2008 Georgia Public Companies Study
2008
For sixteen years, BDN has been gathering data for this annual study to measure the representation of women in the
boardrooms of public companies with headquarters based in Georgia. This executive summary shows that the
companies surveyed are not making significant progress in their diversity and inclusion initiatives, and have largely
maintained the status quo when it comes to the numbers of women on corporate boards.
http://www.boarddirectorsnetwork.org/docs/2008_study.pdf
The Boston Club
Succession Planning and Diversity: A Winning Combination in Troubled Times
2008
The number and percentage of women directors of the 100 largest public companies in Massachusetts have declined
over the past year, and more companies now have no women on their boards. However, current economic and credit
conditions provide a compelling reason to move ahead with succession planning and change in the boardroom. This
article argues that diverse boards and executive suites are part of the solution to stronger, more innovative and
competitive companies in the future.
http://www.thebostonclub.com/pdf/TheBostonClub2008Census.pdf
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 4
The Business Case for Women: Quantifying the Economic Value of Diversity
The Calvert Group, Ltd.
Examining the Cracks in the Ceiling: A Survey of Corporate Diversity Practices in the Calvert Social Index
September 2008
In its 2008 report on its diversity survey, Calvert demonstrates that even the best companies have much to accomplish
in developing a comprehensive diversity strategy. This report explores the key findings in its survey of corporate
diversity: there is no perfect company; increased disclosure is needed; a disconnect remains between diversity on the
board and in the executive suite; despite significant room for improvement, innovation and creativity abound;
corporate commitment is the X factor; advocacy makes a difference; performance varies by sector; market cap
matters.
http://www.calvert.com/NRC/Literature/Documents/CorporateDiversity2008.pdf
The Calvert Women’s Principles: A Global Code of Conduct for Corporations
2004
Developed in partnership with UNIFEM, in 2004 Calvert published The Calvert Women’s Principles, the first global code
of conduct focused exclusively on empowering, advancing, and investing in women worldwide. Since their launch, the
CWP have been a major catalyst for dialogue and heightened awareness of workplace issues affecting women. They
reflect Calvert’s view that there is a strong business case for gender equality.
http://www.calvertgroup.com/NRC/literature/documents/8753.pdf?litID=8753
Catalyst, Inc.
Pipeline’s Broken Promise
By: Nancy M. Carter, Ph.D., and Christine Silva
February 2010
The second report from Catalyst’s longitudinal project The Promise of Future Leadership: A Research Program on Highly
Talented Employees in the Pipeline
,
Pipeline’s Broken Promise
, examines the conventional wisdom of the past two
decades in which leaders have counted on parity in education, women’s accelerated movement into the labor force,
and company-implemented diversity and inclusion programs to yield a robust talent pipeline where women are poised
to make rapid gains to the top. The findings of this report reveal that instead of women and men being on equal
footing and their career trajectories gender-blind, inequality remains entrenched.
http://catalyst.org/publication/372/pipelines-broken-promise
2009 Catalyst Census: Fortune 500 Women Board Directors
¤
By: Rachel Soares, Nancy M. Carter, Ph.D., and Jan Combopiano
December 2009
This report discusses female leadership in the United States’ largest companies by building on its predecessor, the
2008 Catalyst Census of Women Board Directors of the Fortune 500. The data shows data about women, women of
color, and the appendices include additional information about ranking, region, and industry. New to the analysis this
year was the inclusion of women that serve as led directors and board chairs. The report finds little change since the
previous year in the number of women and women of color that serve on boards or as directors.
http://www.catalyst.org/publication/357/2009-catalyst-census-fortune-500-women-board-directors
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 5
The Business Case for Women: Quantifying the Economic Value of Diversity
2008 Catalyst Census of Women Board Directors of the Fortune 500
December 2009
The 2008 Catalyst Census of Women Board Directors of the Fortune 500 tracked the percentage of directorships held
by women, the number of companies with zero, one, two, and three or more women directors, the percentage of
committee chair positions held by women, the percentage of all directorships held by women of color and white
women, the percentage of women of color directors by race/ethnicity, and the number of companies with zero, one,
and two women of color directors. The appendices list companies with 25 percent or more women board directors,
companies with no women board directors, and the average number and percentage of women directors by industry,
geographic region, and Fortune 500 rank.
http://www.catalyst.org/file/241/08_census_cote_jan.pdf
Opportunity or Setback? High Potential Women and Men During Economic Crisis
By: Nancy M. Carter, Ph.D., and Christine Silva
August 2009
This paper, the first report of Catalyst’s The Promise of Future Leadership: A Research Program on Highly Talented Employees in
the Pipeline
Project, examines whether organizations that have paid a premium to recruit up-and-coming talent are
leveraging that investment during the recent economic downturn. Findings indicate that these future leaders aren't
afraid to pursue greater opportunities despite the recession, suggesting that businesses must be vigilant about
retention even during periods of economic instability.
http://www.catalyst.org/publication/332/opportunity-or-setback-high-potential-women-and-men-during-economic-
crisis
Advancing Women Leaders: The Connection Between Women Board Directors and Women Corporate
Officers
By: Lois Joy
2008
This research shows the correlation between the number of women on a company’s board of directors and women in
its senior leadership. According to this study, on average, companies with more women board directors will have
more women in senior leadership five years later. This is significant because Catalyst studies reveal that Fortune 500
companies with the highest representation of women board directors and women corporate officers, on average,
achieve higher financial performance than those with the fewest.
http://www.catalyst.org/file/229/wco_wbd_web.pdf
The Bottom Line: Corporate Performance and Women's Representation on Boards
2007
This study shows that, on average, Fortune 500 companies with more women board directors outperformed those with
the fewest during the data collection period. The findings were reported across several measures and across industries
- return on equity: companies with more women board directors outperform those with the fewest by 53 percent;
return on sales: 42 percent; return on invested capital: 66 percent. Fortune 500 companies with 3 or more women on
the board gain and even greater performance advantage over those with the fewest.
http://www.catalyst.org/file/139/bottom%20line%202.pdf
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 6
The Business Case for Women: Quantifying the Economic Value of Diversity
2005 Catalyst Census of Women Corporate Officers and Top Earners of the
Fortune 500
June 2006
2005 Catalyst Census of Women Board Directors of the
Fortune
500
March 2006
Catalyst’s two ten year anniversary retrospective studies demonstrate that although there has been progress since
Catalyst began measuring the number of women in corporate officer and board director positions, growth has been
flat over recent years. This standstill underscores the notion that many Fortune 500 companies have yet to understand
or to take meaningful actions to address the compelling business case for diversity.
http://www.catalyst.org/publication/263/2005-catalyst-census-of-women-corporate-officers-and-top-earners-of-the-
fortune-500
http://www.catalyst.org/publication/19/2005-catalyst-census-of-women-board-directors-of-the-fortune-500
The Bottom Line: Connecting Corporate Performance and Gender Diversity
2004
This study sets out to determine whether there is a link between gender diversity and corporate financial performance
and shows that companies with more women corporate officers, on average, outperform those with the fewest. The
return on equity is 35 percent higher, and the total return to shareholders is 34 percent higher.
http://www.catalyst.org/file/44/the%20bottom%20line%20connecting%20corporate%20performance%20and%
20gender%20diversity.pdf
Center for American Progress
The Shriver Report: A Woman’s Nation Changes Everything
By Maria Shriver and the Center for American Progress, edited by Heather Boushey and Ann O'Leary
October 16, 2009
This report by Maria Shriver and the Center for American Progress explores the shift in American workplaces and
lifestyle brought about by the recent statistic that women make up half of the U.S. workforce, and women are the
primary/co-breadwinners for nearly two-thirds of American families. The report looks at how women’s changing
role affects major societal institutions such as government and business, which have been relying on outdated models
of who works and who cares for families, and the cultural response to this shift. The report also finds that companies
led by women generally have healthier bottom lines, and wives are increasingly earning more than their husbands,
becoming the more modest breadwinners of their families.
http://www.americanprogress.org/issues/2009/10/womans_nation.html
Center for American Women and Politics - Rutgers University
Poised to Run: Women’s Pathways to the State Legislatures
By: Kira Sanbonmatsu, Susan J. Carroll, and Debbie Walsh
2009
This CAWP report looks at how women reach the legislatures and how women’s election to office has changed over
time. Using data from a nationwide survey of legislators, the report compares women with their male colleagues in
their decisions to seek office, previous political experience, and personal background.
http://www.cawp.rutgers.edu/research/reports/PoisedtoRun.pdf
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 7
The Business Case for Women: Quantifying the Economic Value of Diversity
Center for Work-Life Policy
The Battle for Female Talent in Emerging Markets
By: Sylvia Ann Hewlett and Ripa Rashid
May 2010
With rolling debt crises blasting Western economies already weakened by the recession, hopes are resting on the
BRICs—the emerging market dynamos of Brazil, Russia, India and China—to power countries and corporations back
to growth. Keeping those engines humming is increasingly dependent on women. In the BRICs (which have
accounted for 45 percent of global growth since 2007), female earnings are growing twice as fast as male earnings and
women now control two-thirds of consumer spending. Most significantly, the majority of tertiary degrees in these
countries now go to women. From Shanghai to Sao Paolo highly qualified, ambitious women are pouring into the
labor market bringing urgency to the challenge of managing diversity. An important component of this study is an
exploration of best practice in the private sector—12 cutting-edge initiatives that leverage the newly-rich pool of
female talent.
https://www.worklifepolicy.org/index.php/action/PurchasePage/item/314
Off-Ramps and On-Ramps Revisited
By: Sylvia Ann Hewlett, Laura Sherbin, and Diana Forster
June 2010
Five years ago the CWLP study “Off-Ramps and On-Ramps: Keeping Talented Women on the Road to Success,”
found that 37 percent of highly-qualified women take an off ramp--voluntarily leaving their jobs for a period of time.
In addition, fully 66 percent take a scenic route--working flextime or part time for a number of years. All in all, nearly
three-quarters of the accomplished women in this 2004 survey failed to conjure up the linear lock-step progression of
a successful male career. For this they paid a huge price in terms of both earning power and long run promotional
prospects. For this report, the CWLP issued the same questionnaire to similar study participants, and found
interesting shifts in the data.
https://www.worklifepolicy.org/index.php/action/PurchasePage/item/307
CFO.com
To Make Investors Happy, Hire a Woman as CFO?
By: David McCann
February 9, 2009
A new research study says investors appear to respond more favorably to certain financial moves by companies whose
CFOs are women. The unpublished study purports to show that the stock market reacts more favorably to both
acquisition announcements and secondary equity offerings made by companies whose finance function is run by
women. This article examines the value of this study, and explores the value of the claims made within it.
http://www.cfo.com/article.cfm/13056001
The Christian Science Monitor
More women in finance, a more sustainable economy
By: Linda Basch
June 24, 2009
This article from the Christian Science Monitor suggests that the economic meltdown would have been less severe if
women had occupied more top positions on the corporate sector in the years leading up to the crash. Basch uses
examples from other countries and recent studies to support her claim.
http://www.csmonitor.com/2009/0624/p09s02-coop.html
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 8
The Business Case for Women: Quantifying the Economic Value of Diversity
Clearing the Hurdles: Women Building High Growth Businesses
By Dr. Nancy Carter et al.
2004
Starting, funding, and growing a new venture are significant challenges for every entrepreneur. For women, the
hurdles are even higher, due to widely held perceptions about them, their capabilities, and their businesses. In this
book, five leading experts on women entrepreneurs offer systematic solutions to the challenges, offering advice to
women dedicated to achieving success and claiming the rewards.
http://search.barnesandnoble.com/Clearing-the-Hurdles/Candida-Brush/e/9780131112018
The Conference Board of Canada
Not Just the Right Thing, the Bright Thing*
May 2002
Conducted by the Conference Board of Canada, this report suggests a link between female members on boards and
good-governance credentials. It found that gender-balanced boards pay more attention to audit and risk oversight
and control, more often consider the needs of more categories of stakeholders, examine a wider range of management
and organizational performance, and insist on conflict-of-interest guidelines, all of which are markers of good
governance.
http://www.20-first.com/10-0-better-corporate-governance.html
Corporate Women Directors International
Accelerating Board Diversity Internationally
¤
2010
This report draws on 26 sources in an effort to show the gender landscape of corporate boards in 51 countries. The
report contains list of initiatives to increase gender diversity from a diverse range of sources, including governments,
non-profits, and researchers.
Report summary retrieved from
http://www.globewomen.org/summit/2010/Presentations/Irene%20Natividad%20Special%20Report%20Global%
20Trends%203.pdf.
Contact CWDI at summit@globewomen.com for a full copy of the report.
Women Board Directors in the Fortune Global 200
¤
2010
This report takes the 31 largest banks on the Fortune Global 200 list and examines the women that serve on the
boards of these companies and the measures that certain countries take to encourage women’s ascension to these
leadership positions.
Contact CWDI at summit@globewomen.com for a full copy of the report.
Deloitte
Paths to Power: Advancing Women in Government
By: Greg Pellegrino, Sally D’Amato, and Anne Weisberg
2010
This report seeks to provide a deeper understanding of how women advance in government and to explore the
growing impact—and importance—of women in senior, decision-making roles in the public sector.
http://www.deloitte.com/assets/Dcom-Global/Local%20Assets/Documents/Public%20Sector/
dtt_ps_pathstopower_010310.pdf
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 9
The Business Case for Women: Quantifying the Economic Value of Diversity
Deutsche Bank Research
Towards Gender-Balanced Leadership¤
By: Claire Schaffnit
-Chatterjee
November 2010
This short report provides an overview of the status of women’s leadership in top companies around the world. It
discusses that despite the growing acceptance and encouragement of diversity at high levels of governance, little has
changed in terms of the number of women in those positions. The report argues that the debate over inclusion of
women should not be just for the sake of equality, but as an astute business move that will maximize a company’s
potential by capitalizing on the different advantages that men and women offer. The report also gives
recommendations for reforming company structures to make them more compatible with diversity initiatives.
http://www.dbresearch.de/PROD/DBR_INTERNET_EN-PROD/PROD0000000000265188.PDF
Development Dimension International
Holding Women Back
By: Ann Howard, Ph.D. and Richard S. Wellins, Ph.D.
2008-2009
This special report from DDI’s Global Leadership Forecast 2008/2009 is a bi-annual study that measures the impact
of leadership development initiatives around the world. The study included data from more than 12,000 leaders from
76 countries. Research revealed the following: female leaders are under-represented in accelerated development
programs early in their careers, which hinders their climb up the ladder; because many of the accelerated programs
(like high potential programs and one-on-one mentorship) are secret or happen behind closed doors, organizations
aren’t held accountable for gender balance; having women represented in significant numbers at every leadership level
doesn’t mean that will carry to the executive level -- in fact, there is a backlash against women at the top when they are
dominant in leadership roles at every other level.
http://www.ddiworld.com/pdf/GenderReport09_tr_ddi.pdf
Economic Intelligence Unit †
Women’s Economic Opportunity Index
2010
This report opens a window on to the economic landscape that women face globally and highlights which countries
offer the most and the fewest opportunities. Building off of the inaugural 2009 edition, the report represents an effort
to assess the laws, regulations, practices, and attitudes that affect women workers and entrepreneurs. It uses 26
indicators, selected and validated by a panel of gender experts, to evaluate every aspect of the economic and social
value chain for women, from fertility to retirement. By exploring the binding constraints that women face, it points to
steps governments can take to improve opportunities for women and boost overall economic performance.
Women’s Economic Opportunity Index†
March 2009
In collaboration with other international bodies, such as World Bank Group and the United Nations, this report by
the Economic Intelligence Unit offers a provisional outline for the Women's Economic Opportunity Index, a new
measurement of employment potential and entrepreneurship for women across more than 100 countries.
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 1 0
The Business Case for Women: Quantifying the Economic Value of Diversity
Ernst & Young
Groundbreakers: Using the strength of women to rebuild the world economy
January 28, 2009
This report highlights the significant and proven contributions women make toward economic growth and serves as a
tool for public and private sector partners who seek to advance gender equality on a global scale. The report
prominently features an interview Vital Voices Global Partnership Co-Founder Melanne Verveer, who speaks to the
economic potential of investing in women, particularly within the context of the recent financial crisis.
http://www.ey.com/Publication/vwLUAssets
Groundbreakers_a_new_report_on_women_s_contribution_to_economic_growth/$FILE/Groundbreakers.pdf
Scaling Up – Why women-owned businesses can recharge the global economy
By: Rama Ramaswami et al.
2009
This report argues that women-owned business can be the tipping point for a global economic comeback as women-
owned enterprises grow faster than those owned by men and faster than businesses overall. The report also suggests
actions for policy makers in order to enable women to increase the scale of their enterprises in order to trigger
economic renewal.
http://www.ey.com/Publication/vwLUAssets/The_Groundbreakers_series:_Scaling_up:_Why_women-
owned_businesses_can_recharge_the_global_economy/$FILE/WomensWork.pdf
Realizing Success Together, Creating Gender Equity
2008
This document showcases the work Ernst & Young has done in pursuit of its diversity and inclusion initiatives. It
provides examples of strategies, profiles of top leaders, and success stories from its long history as a leader in the field
of diversity.
http://www.flexpaths.com/files/upload_files/innovative_people_initiatives_read_more_301_1257252351.pdf
European Corporate Governance Institute
Women in the Boardroom and Their Impact on Governance and Performance
By: Renee B. Adams and Daniel Ferreira
October 22, 2008
This article shows that female directors have a significant impact on board inputs and firm outcomes. In a sample of
US firms, we find that female directors have better attendance records than male directors, male directors have fewer
attendance problems the more gender-diverse the board is, and women are more likely to join monitoring
committees. The results of this study suggest that gender-diverse boards allocate more effort to monitoring.
Accordingly, the authors find that CEO turnover is more sensitive to stock performance and directors receive more
equity-based compensation in firms with more gender-diverse boards. However, the average effect of gender diversity
on firm performance is negative. This negative effect is driven by companies with fewer takeover defenses. The
results suggest that mandating gender quotas for directors can reduce firm value for well-governed firms.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1107721
Jury’s out over taking women on board *
October 25, 2009
This article explores the claims made by a recently published report based on the latest research designed to answer
the question: does having women in senior positions help or hinder companies?
http://www.ft.com/cms/s/0/97f5e7a8-c186-11de-b86b-00144feab49a.html
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 1 1
The Business Case for Women: Quantifying the Economic Value of Diversity
We must break the male cartel in the workplace*
April 23, 2008
Male dominance in the marketplace works like a cartel: it impedes proper functioning of the market by barring
talented women from top jobs. This article argues that the old boy network should be busted like any other cartel. But
women, too, must adjust.
http://www.ft.com/cms/s/0/21ce935a-1137-11dd-a93b-0000779fd2ac.html
Bosses must shore up diversity against downturn*
October 20, 2008
Crisis and recession will put to the test many projects that were easy to pursue during the years of prosperity.
Inevitably, one will be the commitment of companies to diversity in the workforce. This article examines the
strategies for diversity retention and the maintenance of initiatives used by corporations in times of economic strife.
http://www.ft.com/cms/s/17de6308-9ecb-11dd-98bd-000077b07658,Authorised=false.html?_i_location=http%
3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F17de6308-9ecb-11dd-98bd-000077b07658.html&_i_referer=http%
3A%2F%2Fwww.20-first.com%2F332-0-a-call-to-preserve-diversity-despite-crisis.html
Forbes
How Women Are Getting On European Boards (And Why U.S. Companies Should Care)
By: Judith H. Dobrzynski
December 2009
This article features an interview with Elin Hurvenes, who started the Professional Boards Forum to bring together
executives and experienced businesswomen in order to place female directors on the corporate boards of companies
worldwide.
http://www.forbes.com/2009/12/14/norway-french-legislation-equality-forbes-woman-leadership-executive-
boards_print.html
The Forum of Executive Women
Not Business as Usual: Women on Boards 2008
2008
Developed in partnership with Deloitte, this report offers compelling case studies of companies that are bringing
about change. It also features interviews with women across generations who share their workplace stories. http://
www.forumofexecutivewomen.com/SiteData/doc/2008Womens_Report/
efd9f2822ad017d79a53719286a6bbf6/2008Womens_Report.pdf
Gender and Women’s Leadership: a Reference Handbook
Women as Leaders in Corporate America¤
By: Catherine H. Tinsley and Emily T. Amanatullah
This chapter in a greater compendium of research on women’s leadership discusses the growing trend of women
business. Though the representation of women at high levels of the Fortune 100 companies is low, it shows a great
improvement since the situation 30 years ago when there were no women at all. The income gap has also been greatly
reduced, though it remains significant. The chapter advises companies on the ways that they can continue this growth
and gives suggestions for emerging women leaders on the ways in which they can increase their career potential.
http://www.amazon.com/Gender-Womens-Leadership-Reference-Handbook/dp/1412960835/ref=sr_1_1?
ie=UTF8&s=books&qid=1293657791&sr=8-1
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 1 2
The Business Case for Women: Quantifying the Economic Value of Diversity
Goldman, Sachs & Co.
The Power of the Purse: Gender Equality and Middle-Class Spending
By: Sandra Lawson and Douglas B. Gilman of the Global Markets Institute
August 5, 2009
Gender gaps in education, employment, health and political representation are narrowing, according to this report
from the Goldman, Sachs & Co. Global Markets Institute. At the same time, laws and social norms that have
discriminated against women are shifting in some countries. Together, these factors are giving women greater
influence and decision-making power within households and markets.
http://www2.goldmansachs.com/ideas/demographic-change/power-of-purse-doc.pdf
Harvard Business Review
Adult Life Stages
By: John A. Davis
January 8, 2009
This note describes basic concepts of adult life stage theory and summarizes Daniel Levinson's research findings on
the adult development of men and women.
This theory is one of the only ones which suggest that development and
growth happens well into the adult years.
http://hbr.org/product/adult-life-stages/an/809097-PDF-ENG?Ntt=%25E2%2580%259CAdult%2520Life%
2520Stages%253F%25E2%2580%259D
How Star Women Build Portable Skills
By: Boris Groysberg
February 2008
This article deals with the challenges associated with hiring star performers away from their previous positions and
ensuring that they retain their star status in their new companies. Groysberg argues that women are often more
effective at maintaining their star status, and outlines the strategies they employ that make them so successful.
http://hbr.org/2008/02/how-star-women-build-portable-skills/ar/1
Women’s Nonlinear Careers: The Flexibility Imperative
By: Sylvia Ann Hewlett
May 15, 2007
This chapter provides a wealth of data and information on why women leave the workforce and the difficulties they
encounter trying to reenter, proving the inadequacy of the conventional male career model that continues to dominate
corporate culture. This chapter is excerpted from "Off-Ramps and On-Ramps: Keeping Talented Women on the
Road to Success."
http://hbr.org/product/women-s-nonlinear-careers-the-flexibility-imperati/an/4694BC-PDF-ENG?Ntt=%25E2%
2580%259CWomen%25E2%2580%2599s%2520Nonlinear%2520Careers%25E2%2580%259D
The Personal Side of Time: Mastering Work-Life Balance
May 3, 2005
Balancing work and a personal life is a time management issue that people have always struggled to manage. Often,
eliminating time-wasting activities in one's personal life (grocery shopping multiple times a week, etc.) makes time for
the real value-added activities that are sometimes put on hold. This chapter discusses how time management at home
leads to a more effective and fulfilling life. This chapter is excerpted from Harvard Business Essentials: Time
Management.
http://hbr.org/product/personal-side-of-time-mastering-work-life-balance/an/6020BC-PDF-ENG?Ntt=%25E2%
2580%259CThe%2520Personal%2520Side%2520of%2520Time%253A%2520Mastering%2520World%2520Life%
2520Balance%25E2%2580%259D
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 1 3
The Business Case for Women: Quantifying the Economic Value of Diversity
Gender Differences in Managerial Behavior
By: Herminia Ibarra and Kristin M. Daly
Mar 12, 1995
This note summarizes the two perspectives that have dominated the ongoing debate on gender differences in
organizational leadership and management behavior. Psychological theories emphasize the different outlook, attitudes,
and values inculcated in men and women during their development and socialization. In contrast, situational theories
argue that gender differences are few, and largely an artifact of differences in opportunity, power, and lack of
representation in business and organizational settings. The evidence from research studies is reviewed briefly.
http://hbr.org/product/gender-differences-in-managerial-behavior-the-ongo/an/495038-PDF-ENG?Ntt=%25E2%
2580%259CGender%2520Differences%2520in%2520Managerial%2520Behavior%25E2%2580%259D
Why Women Leave- and What Corporations Can Do About It
By: Kristen B. Donahue
June 1, 1998
New research indicates that women are leaving corporate America at twice the rate of men. Many of these women go
into business for themselves. Findings from the National Foundation of Women Business Owners show that women
who become entrepreneurs run their organizations in a markedly different way than their former employers do. This
article examines these differences and provides suggestions for corporations who wish to attract and keep top women.
http://hbr.org/product/why-women-leave-and-what-corporations-can-do-about/an/U9806C-PDF-ENG?Ntt=%
25E2%2580%259CWhy%2520Women%2520Leave-%2520and%2520What%2520Corporations%2520Can%
2520Do%2520About%2520It%25E2%2580%259D
Management Women and the New Facts of Life
By: Felice N. Schwartz
January–February 1989
Schwartz, president and founder of Catalyst, explores the additional costs associated with hiring women and
challenges conventional thinking on the management of these costs. Focusing primarily on the role of maternity in
the workplace, this article suggests new ways of approaching the role of women in management positions.
http://hbr.org/1989/01/management-women-and-the-new-facts-of-life/ar/1
Harvard University
Women and the Vision Thing
By: Herminia Ibarra and Otilia Obodaru
January 2009
Women are still a minority in the top ranks of business because of their perceived lack of vision, according to this
report. The authors suggest three explanations for this phenomenon, and outline them in detail and provide steps to
overcome them.
http://hbr.org/hbr-main/resources/pdfs/comm/philips/women-vision-thing.pdf
One Reason Women Don’t Make it to the C-Suite
By: Louann Brizendine, MD
2008
This brief article proposes that there may be a biological explanation for men’s dominance in the highest levels of
corporate hierarchy. Brizendine suggests that the natural biological cycle of a woman’s brain is out of sync with the
promotional schedule in many companies, making it difficult for them to succeed.
http://hbr.org/2008/06/one-reason-women-dont-make-it-to-the-c-suite/ar/1
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 1 4
The Business Case for Women: Quantifying the Economic Value of Diversity
How Remarkable Women Lead: The Breakthrough Model for Work and Life
By Joanna Barsh
2009
Based on five years of proprietary research, How Remarkable Women Lead proclaims a hopeful outlook and unique ideas
about success. It's the new "right stuff" of leadership, raising provocative issues such as whether feminine leadership
traits (for women and men) are better suited for our fast-changing, hyper-competitive, and increasingly complex
world.
http://www.amazon.com/How-Remarkable-Women-Lead-ebook/dp/B002PYFWAW/ref=cm_cr_pr_pb_t
InForum
2009 Michigan Women’s Leadership Index
By: Terry A. Barclay, Megan Endres, PhD, James Melton, and David E. Mielke
2009
The Michigan Women’s Leadership Index (WLI) is a data-based instrument used to measure the presence of women
executives in the highest leadership positions of the top 100 publicly-held companies headquartered in Michigan
(Index 100). Research shows that women directors’ and women executives’ presence and advancement are
independent of one another, and that there is more hope for increasing the number of women executives than
increasing the number of women board members.
https://www.inforummichigan.org/sites/default/files/uploads/
u7/2009_Michigan_Womens_Leadership_Index_FULL_REPORT_FINAL_VERSION.pdf
The National Council for Research on Women
Women in Fund Management: A Road Map for Achieving Critical Mass – And Why It Matters
June 2009
This report explores the under-representation of women in the field of hedge fund management, draws on research
suggesting the benefits women can bring, and lays out concrete action steps for change. Specifically, the authors call
on the financial services industry to develop a “critical mass principle” with quantifiable benchmarks and guidelines
for increasing the number of women at all leadership levels.
http://www.ncrw.org/reports-publications/women-fund-management-road-map-achieving-critical-mass-%E2%80%
94-and-why-it-matters
Inside Women's Power: Learning from Leaders
By: Sumru Erkut, Ph.D.,
2001
This book is based on an analysis of 60 interviews with prominent U.S. women regarding their leadership practices.
Using a life course developmental perspective, the study places the leadership experiences of these prominent
Caucasian leaders and leaders of color in a socio-historical context. The results show the progress to date, and what
remains to be accomplished to achieve gender equity in leadership.
http://www.wcwonline.org/component/page,shop.product_details/flypage,shop.flypage/product_id,784/
option,com_virtuemart/Itemid,175/vmcchk,1/
Institute for Women’s Policy Research
The Status of Women in the States & Women’s Economic Status in the States:
Wide Disparities by
Race, Ethnicity, and Region
By: Amy Caiazza, Ph.D., April Shaw, and Misha Werschkul
2004
The findings in this report provide an overview of women’s status to assess the progress women have made and
remaining obstacles to their economic equality and well-being across the country. The advances women have made
are not experienced equally by all women. Differences in women’s economic status differ by race and region.
http://www.iwpr.org/pdf/R260.pdf
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 1 5
The Business Case for Women: Quantifying the Economic Value of Diversity
International Center for Research on Women
Bridging the Gender Divide: How Technology Can Change Women Economically
By: Kirrin Gill, Kim Brooks, Janna McDougall, Payal Patel, Aslihan Kes
2010
This report examines why technology is essential to women’s economic advancement and clarifies how it puts the
process in motion by showcasing technologies that have helped women in developing countries to increase their
productivity, create new entrepreneurial ventures, or otherwise access new income-generating pursuits.
http://www.icrw.org/publications/bridging-gender-divide
International Labor Organization
Global Employment Trends for Women
March 2009
This report looks at the gender aspects of the impacts of the financial crisis and slowdown in world economic growth.
The report reconfirms that gender inequality remains an issue within labor markets globally. The report starts with an
analysis of recent labor market developments, goes on to look at the gender impact of the economic crisis on
developed economies, follows with a projection of labor market indicators for 2008 and 2009, and finishes by
highlighting several policy considerations.
http://www.ilo.org/wcmsp5/groups/public/---dgreports/dcomm/documents/publication/wcms_103456.pdf
International Museum of Women
Can Women Rescue the Global Economy? How Investing in Women is and Effective Business Strategy
June 16,
2009
This podcast interview between the “Economica” curator, the President of Women’s World Banking, and a board
member of Astia features a discussion of the global impact of women on economic development and how their
organizations work to recruit, train, and support women running small ventures as well as high growth, high capital
businesses.
http://www.imow.org/economica/stories/viewStory?storyId=3662
Women Need Macro Solutions, Too
By: Zainab Salbi
2009
http://www.imow.org/economica/stories/viewStory?storyId=3658
Salbi, founder and CEO of Women for Women International, says that while microfinance for women is a step in the
right direction, women’s ability to operate at the macro level of the economy must also be recognized, and women
must situated as central and pivotal players in the macro economy in order to integrate women across the economic
spectrum.
Gender Budgeting and the US
By: Jane Midgley
2009
Midgley, a leading economist and gender budgeting expert, looks at the 2010 U.S. budget and rewrites it from the
gender sensitive perspective by making it reflect more people-centered and women-honoring expenditures.
http://www.imow.org/economica/stories/viewStory?storyId=3657
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 1 6
The Business Case for Women: Quantifying the Economic Value of Diversity
International Trade Union Confederation- Belgium
Gender (In)equality in the Labor Market: An Overview of Global Trends and Developments
By: Stephen Glenn, Simone Melis, and Louisa Withers
March 2009
This report looks at the global gender pay gap, the effects of the current global economic downturn on women’s pay
and employment, and the impact of violence against women in society. In 20 countries, the average gender pay gap is
22.4 per cent, and the gap generally widens with age. The global economic downturn is negatively affecting women,
and violence against women has a direct and detrimental impact on the victim’s access to paid work.
http://www.ituc-csi.org/IMG/pdf/GAP-09_EN.pdf
InterOrganization Network
The InterOrganization Network consists of fourteen regional organizations in the United States that combine their
energies in advocating for the advancement of women to positions of power in the business world, especially to
boards of directors and executive suites.
http://www.ionwomen.org/
Guys Who Get It: Business Leaders Who Understand the Value of Diversity at the Top
The 6th Annual Status Report of Women Directors and Executive Officers of Public Companies in Fourteen
Regions of the United States
March 2010
This ION report highlights the work of eleven male senior executives who have adopted effective diversity initiatives
and realized the economic sense of having women involved at the highest levels of corporate governance. The
profiles of these eleven men serve as examples of leadership in realizing the power of diversity at the top.
http://www.boarddirectorsnetwork.org/docs/IonBrochure.pdf
Planning for Tomorrow’s Boardroom: Making Room for More Women
The 5th Annual Status Report of Women Directors and Executive Officers of Public Companies in Twelve
Regions of the United States
March 2009
The pattern shown by this data collected by ION on women’s positions on corporate boards is that larger companies
are more likely than smaller companies to have one or more women on their boards of directors. This annual ION
report serves as a summary of the key research findings from 2009.
http://www.forumofexecutivewomen.com/SiteData/docs/2009%20ION%20report/
ef4974012016e1fb4f702579b6e30fcd/2009%20ION%20report.pdf
Journal of Managerial Issues
The Relationship Between Women Corporate Directors and Women Corporate Officers¤
By: Diana Bilimoria
March 2006
This article assesses the positive impacts that women board members have on women officers in the company at both
the senior and mid-management levels using data from companies on the 1999 Fortune 500 list. http://
www.allbusiness.com/management-companies-enterprises/880093-1.html
McKinsey & Company
Women Matter 2010- Women at the Top of Corporations: Making it Happen
By: Georges Desveaux, Sandrine Devillard, and Sandra Sancier-Sultan
October 2010
This study found that women leaders contribute to companies’ performance and although a majority of leaders
recognize their positive impact on business, this knowledge does not translate into action. The study identifies a set
of best practices that are effective in increasing gender diversity in top management positions. The report concludes
that achieving greater gender diversity in the workplace is about building an environment where women can develop
and grow without encountering gender-specific barriers.
http://www.mckinsey.com/locations/paris/home/womenmatter/pdfs/Women_matter_oct2010_english.pdf
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 1 7
The Business Case for Women: Quantifying the Economic Value of Diversity
Women Matter 3¤
By: Georges Desveaux, Sandrine Devillard, and Sandra Sancier-Sultan
2009
This report seeks to understand if and how recession recovery affects women’s leadership in a survey of 800 corpora-
tions worldwide. The study finds that women’s leadership qualities can be greatly beneficial in times of crisis, though
knowledge of the benefits of women’s presence in top management is insufficient. http://www.mckinsey.com/
locations/swiss/news_publications/pdf/Women_Matter_3_English.pdf
The Business of Empowering Women
November 18, 2009
This PowerPoint presentation introduces a study of why and how the private sector should economically empower
women in developing countries. It suggests action by the private sector at each stage of women’s lives.
http://siteresources.worldbank.org/INTGENDER/Resources/336003-1258672607991/
BusinessofEmpoweringWomen.ppt
Women Matter 2
By: Georges Desveaux, Sandrine Devillard
2008
Women Matter 2 builds on its predecessor, Women Matter 1 and examines to what extent and why women leaders
contribute to a company’s success. It finds that women’s leadership traits reinforce organizational performance and
are well-suited to respond to business challenges of the future. http://www.mckinsey.com/locations/paris/home/
womenmatter/pdfs/women_matter_oct2008_english.pdf
A Business Case for Women ¤
By: Georges Desvaux, Sandrine Devillard-Hoellinger, and Mary C. Meaney
September 2008
According to a study of European and U.S. corporations, companies that hire and retain more women not only are
doing the right thing but can also gain a competitive edge. They can take several basic steps to achieve even greater
parity. These companies will be able to draw from a broader pool of talent in an era of talent shortages. Research
shows a correlation between high numbers of female senior executives and stronger financial performance.
http://www.cwf.ch/uploads/press/ABusinessCaseForWomen.pdf
Centered Leadership: How Talented Women Thrive
By:
Joanna Barsh, Susie Cranston and Rebecca A. Craske
October3, 2008
This article describes the findings of the McKinsey Leadership Project, an initiative to help professional women at
McKinsey and elsewhere. Centered around five key findings, the authors issue advice for women in the pipeline and
suggest strategies for corporations to ensure that they help women reach the top echelons.
http://www.forbes.com/2008/10/03/talent-women-leadership-lead-cx_1003mckinsey.html
Women Matter: Gender Diversity, a Corporate Performance Driver
October 2007
This report posits that companies where women are most strongly represented at board or top-management level are
also the companies that perform best. Confirming the existence of the gender gap – most notably in the composition
of corporate management bodies – the McKinsey study offers fact-based insights into the importance for companies
of fostering the development of women in the business arena, so that a greater number attain positions of high re-
sponsibility.
http://www.mckinsey.com/careers/women/making_a_difference/social_sector_impact/~/media/Reports/
Women/Mckinsey_women_matter.ashx
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 1 8
The Business Case for Women: Quantifying the Economic Value of Diversity
A Wake-up Call for Female Leadership in Europe
June 15, 2007
Europe will face substantial economic challenges if female workforce and talent are not leveraged adequately, accord-
ing to this presentation, which also proposes long-term solutions and strategies to ensure that women are included at
all levels.
http://www.globewomen.org/summit/2007/Speeches/McKinsey_Report_Women_in_Europe_GSW_2007.pdf
The Centered Leadership Project
This interactive website displays the interviews with women leaders that served as inspiration for McKinsey Director
JoAnna Barsh’s book How Remarkable Women Lead: The Breakthrough Model for Work and Life.
http://www.mckinsey.com/careers/women/Centered%20Leadership%20project.aspx
Miller-McCune
Profit, Thy Name Is ... Woman? The consistent correlation between women executives and high profitabil-
ity
By: Roy D. Adler
February 27, 2009
Over the past several years, professors from Pepperdine University have tracked the performance of Fortune 500
companies with a strong record of promoting women to the executive suite and compared their performance to that
of other firms in the same industries. The correlation between high-level female executives and business success has
been consistent and revealing. This article seeks to explain the reason for this correlation and provides in depth analy-
sis of the results.
http://www.miller-mccune.com/business_economics/profit-thy-name-is-woman-1007
North Carolina Law Review
Dangerous Categories: Narratives of Corporate Director Diversity¤*
By: Lissa L. Broome, John M. Conley, Kimberly D. Krawiec
September 2010
Interviews with corporate directors reveal that while racial, ethnic, and gender diversity on a board is widely valued, its
actual benefits for business are not so widely understood.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1679775
OECD
Gender, Institutions, and Development Database
This database represents a new tool for researchers and policy makers to determine and analyze obstacles to women’s
economic development. It covers a total of 160 countries and comprises an array of 60 indicators on gender discrimi-
nation. The database has been compiled from various sources and combines in a systematic and coherent fashion the
current empirical evidence that exists on the socio-economic status of women.
http://www.oecd.org/document/16/0,3343,en_2649_33731_39323280_1_1_1_1,00.html
Oklahoma State University, Department of Finance
The Diversity of Corporate Board Committees and Financial Performance¤*
By: David Carter, Frank P. D’Souza, Betty J. Simpson, W. Gary Simpson
March 2008
This report analyzes how diversity impacts board functions and concludes that gender diversity has a positive effect
on board functions including audits, executive compensations, and director nominations by using data from the For-
tune 500 companies between the years 1998-2002.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1106698
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 1 9
The Business Case for Women: Quantifying the Economic Value of Diversity
PricewaterhouseCoopers
Closing the Gender Gap: Challenges, Opportunities, and the Future
2008
In an attempt to find answers to questions pertinent to today most challenges and changes faced today, Pricewater-
houseCoopers invited global academics, politicians, and business leaders to share their views on the gender gap and
how it will impact the future. This is a transcript of the film PricewaterhouseCoopers made from their interviews.
http://www.pwc.com/Extweb/pwcpublications.nsf/docid/FFF26DD54B44BFA0852574E800706215/$File/
Closing_the_gender_gap_full_film_transcript.pdf
SocialFunds
Goal of New Index Series is to Advance Gender Equality
By: Robert Kropp
March 11, 2009
This article covers the launch of the Pax World and KLD index series sponsored by the International Finance Corpo-
ration to increase gender empowerment. The objective of the five indices in the IF Gender Index series is to increase
interest among corporations and investors in gender empowerment.
http://www.socialfunds.com/news/article.cgi/2645.html
http://www.paxworld.com/newsmedia/2009/03/08/pax-world-kld-construct-first-gender-index-series-for-
international-finance-corporation/
http://www.ifc.org/ifcext/sustainability.nsf/Content/WomeninBusiness_Highlights_WomensDay2009
Strategic Management Journal
“She’-e-os: Gender Effects and Investor Reactions to the Announcements of Top Executive Appointments”
By: Peggy M. Lee and Erika Hayes James
March 2007
This study explores the relationship between announcements of CEO appointments and investor reactions, and par-
ticularly the influence of CEO gender on that relationship. The most striking findings are that the stock in a company
drops after the announcement of a female CEO, and that journalists reference gender more when writing about
women executives than they do when writing about men.
http://erikahayesjames.com/2009/04/she%E2%80%99-e-os-gender-effects-and-investor-reactions-to-the-
announcements-of-top-executive-appointments/
United Nations Development Program
Innovative Approach to Promoting Women’s Economic Empowerment
2008
This publication provides insight on and examples of three core dimensions of women’s economic empowerment:
economic opportunity; legal status and rights; and voice, inclusion and participation in economic decision-making.
http://www.undp.org/women/publications.shtml
UNESCO
Passport to Equality
January 2006
The Passport to Equality is a document that presents, explains, and reproduces the Convention on the Elimination of
All Forms of Discrimination Against Women (CEDAW) in the form of a personal passport.
http://unesdoc.unesco.org/images/0014/001475/147507e.pdf
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 2 0
The Business Case for Women: Quantifying the Economic Value of Diversity
United Nations Global Compact & UNIFEM
UN Global Compact Overview
The UN Global Compact is a strategic policy initiative for businesses that are committed to aligning their operations
and strategies with ten universally accepted principles in the areas of human rights, labor, environment and anti-
corruption. By doing so, business, as a primary agent driving globalization, can help ensure that markets, commerce,
technology and finance advance in ways that benefit economies and societies everywhere. The website hosts a num-
ber of reports, policy guidelines, and other supporting documents in relation to the United Nations Global Compact.
http://www.unglobalcompact.org/AboutTheGC/index.html
Advancing Women in the Global Marketplace New York, 5-6 March 2009
August 5, 2010
This document reports on the events and conclusions from Advancing Women in the Global Marketplace, a meeting and
consultation which explored the role of business in improving the status of women around the world. The event and
workshop brought together representatives of business, civil society, academia, labor, governments, and the UN to
develop a more coherent vision of the many ways in which business can help to empower women and advance gender
equality.
http://www.unglobalcompact.org/docs/news_events/Bulletin/AdvanceWomen_Report.pdf
United Nations Population Fund
Reaching Common Grounds: Culture, Gender and Human Rights, “Chapter 3, Promoting Gender Equality
and Empowering Women”
2008
This chapter outlines the United Nations’ work toward promoting gender equality, including the Beijing Platform for
Action. The report also describes the obstacles women still face today, with an emphasis on cultural impediments. A
list of recommendations for future action follows a list of lessons learned.
http://www.unfpa.org/swp/2008/en/03_promoting_gender_equality.html
University of Cincinnati Law Review
Signaling through Board Diversity: Is Anyone Listening?¤*
By: Lissa L. Broome and Kimberly D. Krawiec
May 2008
Researchers interviewed corporate executives about the apparent benefits of board diversity. Respondents indicated
that they felt that having diverse members sends a good signal to others. The article concludes that signaling may be
the strongest benefit at some corporations, but not necessarily the strongest benefit in every situation and for every
company.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1132884
University of Maryland, Smith School of Business and Columbia Business School
“Girl Power”: Female Participation in Top Management and Firm Performance¤
By: Christian L. Dezsö and David Gaddis Ross
August 2008
This paper reports on a study conducted to better understand the relationship between female participation in upper
management and firm performance. Researchers found a positive relationship between the number of women work-
ing below the CEO level and performance, though they did not find such a relationship when it came to companies
with a woman CEO. The positive relationship between women’s participation at lower levels is explained by the
firm’s “innovation intensive strategy,” which refers to a commitment to creativity and collaboration. The research
suggests the female leadership qualities may be better suited for positions other than CEO.
http://www1.gsb.columbia.edu/mygsb/faculty/research/pubfiles/3063/Girl%20Power%20August.pdf
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 2 1
The Business Case for Women: Quantifying the Economic Value of Diversity
University of Michigan, Ross School of Business
The Changing
of the Boards:
the
Value Effect
of a
Massive Exogenous Shock¤
By: Kenneth Ahern and Amy Dittmar
March 2010
This paper discusses an analysis done on the effects of the Norwegian law that imposed a quota for the boards of
companies, requiring 40% of the groups to be comprised of women. The researchers found a decrease in the profit-
ability of the companies after this law took effect. By disaggregating the characteristics of the newly integrated board
members, the research shows that the decrease had nothing to do with their gender, but rather with their relative lack
of experience because more seasoned board members generate more profits for their companies.
http://webuser.bus.umich.edu/adittmar/NBD.2010.03.28.pdf
Wellesley Center for Women
Critical Mass on Corporate Boards: Why Three or More Women Enhance Governance
By: Vicki W. Kramer, Alison M. Konrad, and Sumru Erkut
2006
To study the effect on boardroom dynamics of increasing women’s presence, Kramer, Konrad, and Erkut interviewed
50 women directors, 12 CEOs (9 male), and 7 corporate secretaries at Fortune 1000 companies. The results show that
the benefits of having women on a corporate board are more likely to be realized when three or more women serve
on a board.
http://www.wcwonline.org/pdf/CriticalMassExecSummary.pdf
The White House Project
“Benchmarking Womens Leadership”
November 2009
This report takes an in depth look at the position of women in different sectors, ranging from academia to public
service. It includes of analysis from a nationwide study looking at the public’s comfort with women in positions of
power, as well as other previously published studies.
http://thewhitehouseproject.org/documents/Report.pdf
Womenomics
Gender Diverse Boards are Better Monitors
By: Renee B. Adams and Daniel Ferreira
October 2008
According to this report, female directors have a significant impact on board inputs and firm outcomes. In a sample
of US firms, the report finds that female directors have better attendance records than male directors, male directors
have fewer attendance problems the more gender-diverse the board is, and women are more likely to join monitoring
committees. These results suggest that gender-diverse boards allocate more effort to monitoring. Accordingly, CEO
turnover is more sensitive to stock performance and directors receive more equity-based compensation in firms with
more gender-diverse boards. However, the average effect of gender diversity on firm performance is negative. This
negative effect is driven by companies with fewer takeover defenses. The results suggest that mandating gender quo-
tas for directors can reduce firm value for well-governed firms.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1107721
Ever Increasing Majority of Women Graduates
March 2009
According to a recent OECD report, Higher Education to 2030, women will become an even larger majority of the
graduate talent pool in only one decade. According to the findings of this report, companies already have to ensure
that they don’t swing the gender balance too far in favor of women.
http://www.women-omics.com/778-0-trend-of-women-as-the-majority-of-talent-will-continue.html
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 2 2
The Business Case for Women: Quantifying the Economic Value of Diversity
Is It ‘The Vision Thing’ or Self-Promotion?*
March 2009
Critical discussion of Ibarra and Otilia’s findings that women are judged to be less visionary than men in 360-degree
feedback, which prevents them from getting to the top. Rather than teaching women how to be more “visionary,”
women leaders would be better served by building key networks and using firm language to sell their vision.
http://www.women-omics.com/783-0-do-women-need-to-be-visionaries.html
Why Shell Wants More Women at the Top*
March 2009
Four years ago, Shell commissioned research into why more women did not stay at Shell and progress to the top.
They recognize that diversity in gender and nationality make the company better for everyone, and they have set a
target of reaching 20 percent women in senior management positions. This article explores their mission.
http://www.women-omics.com/783-0-do-women-need-to-be-visionaries.html
Women as an economic opportunity
By: Collette Dunkley
2009
This article uses the banking and financial sector to demonstrate that even the most damaged sectors in the current
downturn can release significant sales and marketing value by crafting a more effective approach towards women.
http://www.women-omics.com/624-0-women-as-an-economic-opportunity.html
Girl Power: Female Participation in Top Management and Firm Performance
By: Cristian L. Dezso and David Gaddis Ross
August 1, 2008
Scholars and practitioners have long argued that females exhibit a distinctive and particularly effective managerial
style. Yet, less than a third of the largest U.S. corporations have a single female senior executive, raising the question
of whether women are in fact effective as senior managers, and, if so, under what circumstances. The authors address
this issue by studying the relationship between female participation in senior management and firm performance as
measured by Tobin's Q. They find a positive association between firm performance and female participation below
the CEO level, even when controlling for unobservable firm heterogeneity, but no positive effects from having a fe-
male CEO.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1088182
Gender in the Boardroom: The Imperative for Gender Equity
November 12, 2008
The most effective boards tend to consist of diverse sets of people. This article argues that the ideal board is a blend
of gender, age and experience from industry and function.
http://www.20-first.com/625-0-the-imperative-for-equity.html
Women on Corporate Boards of Directors: International Research and Practice
Championing the Discussion of Tough Issues: How Women Corporate Directors Contribute to Board De-
liberations¤
By: Diana Bilimoria, Nancy McInerney–Lacombe, Paul F. Salipante
2008
This study examines the unique qualities that women board members possess that make them dynamic members of
the team. The study finds that women are often more willing to engage in “constructive controversy,” meaning that
they do not avoid difficult conversations about compensation, removals, re-allocation of portfolios, and management
proposal techniques.
http://www.amazon.com/Women-Corporate-Boards-Directors-International/dp/1847204805/ref=sr_1_1?
ie=UTF8&s=books&qid=1293657417&sr=8-1
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 2 3
The Business Case for Women: Quantifying the Economic Value of Diversity
The World Bank Group-Gender and Development
Gender Equality as Smart Economics: A World Bank Action Plan
April 2009
http://go.worldbank.org/MRDAHI4PT0
-
Bringing the Private Sector on Board
World Bank Managing Director Ngozi N. Okonjo-Iweala formally launched a Private Sector Leaders Forum
with IFC Executive Vice President Lars Thunell and World Bank Vice President Danny Leipziger at the
World Economic Forum January 2009 summit in Davos, Switzerland.
-
Funding At-A-Glance
In order to strengthen the gender focus of World Bank Group operations in the sectors of labor, land and
agriculture, private sector development and infrastructure, the GAP has to date provided funding for 149
World Bank projects and analytical work in 73 countries through competitive calls for proposals.
-Walking the Talk on Gender Equality: Incentives Help Bank Redress Lagging Sectors
The Gender Action Plan focuses on mainstreaming gender in the economic sectors. The plan’s primary goal
is to assist the Bank in integrating gender concerns into its projects and research in the sectors of labor, land
and agriculture, private sector development and infrastructure. The bank will provide matching funding for
projects that include gender concerns.
-The Importance of Sex-Disaggregated Statistics for Effective Programs
A priority for the Development Data Group and the GAP is to improve knowledge and statistics on
women’s economic participation to accelerate the economic advancement of women. There are three key
initiatives:
improving the availability of gender indicators by centralizing data held by different entities,
identifying gaps in knowledge and new indicators, and
building national capacity to collect and analyze sex-disaggregated data.
Girls’ Education in the 21st Century
:
Gender Equality, Empowerment, and Economic Growth
Edited By: Mercy Tembon and Lucia Fort
2008
This book presents compelling evidence of the challenges for educational development and the determining factors
for gender inequalities— in education particularly and society more broadly. It also presents examples of country-level
experiences that help us understand issues and reaffirm the business case for investing more in female education.
http://siteresources.worldbank.org/EDUCATION/Resources/278200-1099079877269/547664-1099080014368/
DID_Girls_edu.pdf
Equality for Women: Where Do We Stand?
April 2008
The progress towards gender equality are mixed at the halfway point of completion of the Millennium Development
Goals, this 2008 by the World Bank and the Organization for Economic Cooperation and Development says.
Women’s health and education have improved substantially in most countries, but progress is lagging on improving
their economic opportunities, and investments of some US$13 billion a year are needed to achieve the overall goal of
gender equality and women’s empowerment.
http://siteresources.worldbank.org/INTGENDER/Resources/4pagerEqualityforWomen.pdf
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 2 4
The Business Case for Women: Quantifying the Economic Value of Diversity
Gender Equality as Smart Economics: First Year Progress Report (January 2007-January 2008)
February 21, 2008
This report provides the first update of Gender Equality as Smart Economics: A World Bank Group Gender Action
Plan (GAP), a year after implementation began in January 2007. The plan commits the Bank Group to ‘do more’ to
help achieve gender equality by more fully utilizing its comparative advantage in the economic sectors and in analytical
work.
http://siteresources.worldbank.org/INTGENDER/Resources/GAPProgressReportFeb26_2008.pdf
Gender Equality as Smart Economics: A World Bank Group Gender Action Plan (Fiscal Years 2007-2010)
September 2006
This Action Plan seeks to advance women’s economic empowerment in the World Bank Group’s client countries in
order to promote shared growth and accelerate the implementation of Millennium Development Goal 3. The Plan
commits the World Bank to intensify and scale up gender mainstreaming in the economic sectors over four years, in
partnership with client countries, donors, and other development agencies.
http://siteresources.worldbank.org/INTGENDER/Resources/GAPNov2.pdf
The World Bank Group-International Finance Corporation
Women, Business and the Law: Measuring Legal Gender Parity for Entrepreneurs and Workers in 128
Economies
2010
This World Bank report focuses on gender differentiations in legal treatment—one of many sets of factors that deter-
mine the course of women’s working lives. Covering 128 economies, it establishes the following six indicators of
gender differences in formal laws and institutions: Accessing institutions, using property, getting a job, dealing with
taxes, building credit, and going to court.
http://wbl.worldbank.org/documents/Women-Business-Law.pdf
Doing Business 2010: Reforming Through Difficult Times
2010
Doing Business 2010
is the seventh in a series of annual reports comparing business regulations in 181 economies. Doing
Business 2010
measures regulations affecting 10 areas of everyday business such as starting a business and enforcing
contracts.
http://www.doingbusiness.org/
Global Private Sector Leaders Forum, Promoting Women’s Economic Empowerment
2009
The Global Private Sector Leaders Forum is a group of influential businesspeople and companies committed to pro-
moting women’s economic empowerment. These leaders understand the importance of women’s contributions to
business profitability and to the communities in which they operate. They create economic opportunities for women
as an integral part of core business, community engagement and corporate diversity and inclusion.
http://pslforum.worldbankgroup.org/
Bringing the Private Sector on Board
April 2009
World Bank Managing Director Ngozi N. Okonjo-Iweala formally launched a Private Sector Leaders Forum with IFC
Executive Vice President Lars Thunell and World Bank Vice President Danny Leipziger at the World Economic Fo-
rum January 2009 summit in Davos, Switzerland. This innovative public-private partnership is the latest initiative of
Gender Equality as Smart Economics, the World Bank Group’s Gender Action Plan.
http://siteresources.worldbank.org/EXTGENDER/Resources/GAPNewsletterSpring09.pdf
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 2 5
The Business Case for Women: Quantifying the Economic Value of Diversity
World Economic Forum
The Corporate Gender Gap Report
2010
Through an extensive survey of some of the largest companies in the world, the WEF wrote this report to assess the
current state of integration of female talent in business in over 20 countries and 16 industries and to benchmark com-
panies on how well they are implementing the policies and practices that have been shown to close gender gaps.
http://www.weforum.org/pdf/gendergap/corporate2010.pdf
The Global Gender Gap Report
2009
Through the Global Gender Gap Reports, for the past four years, the World Economic Forum has provided a framework
for quantifying the magnitude of gender-based disparities, tracking their progress over time and designing effective
measures reducing them. In addition, in 2008, the Global Gender Parity Group and Regional Gender Parity Groups
were launched in Latin America, the Middle East, Africa and Asia.
http://www.weforum.org/pdf/gendergap/report2009.pdf
REGION AND COUNTRY SPECIFIC REPORTS:
Africa
The World Bank Group-International Finance Corporation
Doing Business: Women in Africa
April 2008
This report promotes reforms for women’s entrepreneurship and focuses on women entrepreneurs from Cameroon,
Rwanda, Senegal, South Africa, Swaziland, Tanzania, and Uganda.
http://www.doingbusiness.org/documents/Women_in_Africa.pdf
The Business Association’s Women of South Africa
South African Women in Leadership Census 2010¤
2010
This report looks at all companies listed on the Johannesburg Stock Exchange in order to assess the status of
women’s leadership in South Africa’s corporate and government sectors. The data shows that although more women
have been entering the work force, they remain underrepresented in the upper levels. The report commends the pro-
gress made since democratization but underscored the need for even greater improvement in gender and ethnic diver-
sity in the workplace
http://www.bwasa.co.za/Portals/4/docs/BWACensus2010Report.pdf
Asia
Association of Chartered Certified Accountants Pakistan
Gender Diversity on Boards in Pakistan: A Discussion Paper¤
2010
This paper outlines the gender landscape of the boards of 303 Pakistani companies. Findings show that only 31 per-
cent of the companies surveyed have female board members, most of which have family ties to the organization. The
report includes an exploration of the challenges that prevent women from assuming these positions and presents a
business case for increasing the number of women on boards in Pakistan. The report concludes with recommended
strategies for increasing gender diversity in corporate governing bodies. http://www.accaglobal.com/pubs/pakistan/
general/technical/IFC/gender_diversity.pdf
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
Community Business and the International Centre for Women Leaders, Cranfield School of Management
Standard Chartered Bank: Women on Corporate Boards in India 2010¤
2010
This report examines the status of women board members in India using 100 companies from the Bombay Stock Ex-
change. The findings show that female representation on boards and in directorships is very low, especially compared
to other industrial countries and explores some of the impediments to women’s ascension to leadership roles. There is
a discussion about the conservative views of women that prevent gender diversity from being a priority in Indian com-
panies. The report includes excerpts from interviews with female Directors about their relationship with the company,
their aspirations, and the lack of adequately skilled women in high levels of corporate leadership.
http://www.communitybusiness.org/images/cb/publications/2010/WOB_India.pdf
Women on Boards: Hang Sang Index¤
December 2009
A survey of the top companies in Hong Kong as designated by the Hang Seng Index reveals that women form a con-
siderable, but small percentage of board members of these groups compared to the rates in other nations. The report
includes excerpts from interviews that were conducted with nine female directors of these companies discussing gen-
der diversity and their experiences.
http://www.communitybusiness.org/images/cb/publications/2009/WOB.pdf
Corporate Women Directors International
Women Board Directors of Japan’s Top 100 Companies¤
2009
This report looks at Japan’s top 100 companies and discusses the women directors of these firms. It seeks to explain
why few women sit on boards in Japan and looks at the various groups that are pushing for increased gender diversity
in these circles.
Contact CWDI at summit@globewomen.com for a full copy of the report.
Goldman, Sachs & Co.
Japan’s Hidden Asset – Japan Portfolio Strategy
By: Kathy Matsui et al.
October 2005
Don’t underestimate the power of the purse. Higher female participation in the workforce can help mitigate some of
Japan's demographic pressures and raise the long term trend growth rate. Womenomics is likely to become a secular
investment theme, and we identify potential beneficiaries.
http://www2.goldmansachs.com/ideas/demographic-change/womenomics1-pdf.pdf
Quarterly Journal of Economics
Powerful Women: Does Exposure Reduce Bias?¤
Esther Duflo, Lori Beaman, Raghabendra Chattopadhyay, Rohini Pande, and Petia Topalova
November 2009
This report covers the findings of a study conducted in India testing the effects of exposure of women leaders on the
general public. People interviewed in towns led by men rated leadership speeches by women more negatively than the
inhabitants of villages led by women. Results also showed that women tend to be less biased in the first place, but are
not affected by exposure to female leaders. In all cases, women leaders are judged more harshly than their male coun-
terparts. The researchers conclude that quotas play a part in reducing public bias against women leaders.
http://cpe.ucsd.edu/assets/002/6984.pdf
P a g e 2 6
The Business Case for Women: Quantifying the Economic Value of Diversity
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
The Cost and Management Vol. 34 No. 6
Gender Diversity in the Boardroom and Financial Performance of Commercial Banks: Evidence from Bang-
ladesh¤
By: Probal Dutta and Sudipta Bose
2006
The report looks at 15 banks listed on the Dhaka Stock Exchange and aims to determine a relationship between gender
diversity on their boards of and the companies’ financial performance. Due to the limited sample, no firm conclusion
was drawn.
http://mpra.ub.uni-muenchen.de/7916/1/Sudipta-2.pdf
The Economic Times
Women Promoters Beat Big Daddies
By: Anand Rawani
March 8, 2009
According to an Economic Times study, nine listed companies managed by prominent women promoters fared better
than the top 30 firms listed in the Bombay Stock Exchange in year-on-year growth rates for the five consecutive years.
This article explains the findings of the study and offers further commentary on the results.
http://economictimes.indiatimes.com/Corporate-Trends/Women-promoters-beat-big-daddies/
articleshow/4240125.cms
Universiti Utara Malaysia
Women on Boards and Financial Performance¤
By: Hotma Rahma Fitri
2009
Data from the 205 companies listed on the 2007 Jakarta Stock Exchange is used to asses the relationship between
women serving on boards and firm financial performance. The study does find a positive correlation regardless of
whether or not a woman’s presence on a board is an act of tokenism.
http://ep3.uum.edu.my/2075/1/Hotma_Rahma_Fitri.pdf
Womenomics
Nissan Drives Gender Balance in Japan*
March 2009
Despite losses of almost $4 billion, Nissan remains committed to promoting a diverse workforce. Sixty percent of car
purchasing decisions are made by women, so it has increased the representation of women in the sales force.
http://www.women-omics.com/766-0-nissan-aims-to-put-more-women-in-management.html
Europe
Erasmus University, Rotterdam
Women on Boards and Firm Performance¤
By: Mijntje Lückerath-Rovers
2010
**It is necessary to purchase this article in order to read it**
This report builds on past research that seeks to understand the impact of women board members and financial per-
formance, by examining 99 Dutch firms. The study confirms that companies with women board members do see
greater returns. It includes a thorough analysis of the methodologies used to measure this kind of relationship.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1586832
P a g e 2 7
The Business Case for Women: Quantifying the Economic Value of Diversity
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
European Corporate Governance Institute
Skirting the Boards *
June 14, 2009
This article explores the phenomena of the “golden skirts”; a group of Norwegian women who have become full-time
non-executive directors as a result of Norway’s law forcing listed companies to have women as 40 per cent of their
directors.
http://www.ft.com/cms/s/0/c6d8c8a2-5902-11de-80b3-00144feabdc0,dwp_uuid=d7b5a5de-07de-11de-8a33-
0000779fd2ac.html
European Professional Women’s Network
European Professional Women’s Network Board Women Monitor¤
2008
This slideshow presents research conducted by the EPWN about women that serve on the boards of companies in the
European Union. The statistics differentiate by country and industry. http://www.europeanpwn.net/files/
presentation_bwm_2008.pdf
The Representation of Women on Boards in 2010¤
October 2010
This report takes the top 300 companies in France and examines women’s presence on their boards and compares
them with statistics from previous years as well as from other countries. The report shows growth in the number of
women on boards from 8% to 12% in the last six years and predicts complete parity in France if the trend continues at
the same rate.
http://www.lesechos.fr/medias/2010/1007//020845820181_print.pdf (in French)
Eva Analysis
Female Leadership and Firm Profitability¤
By: Annu Kotiranta, Anne Kavalainen, and Petri Rouvinen
2007
The Finnish Business and Policy Forum, EVA, finds a positive relationship between female CEOs and board members
with the profitability of a company. Despite the light correlation using data only from Finnish companies, the report
argues that it is in the best interest of all companies to have women serving in upper level positions and posits strate-
gies for increasing gender diversity.
http://www.europeanpwn.net/files/eva_analysis_english.pdf
Financial Times
Soapbox: Why Women Managers Shine*
By: Michael Ferrary
March 2, 2009
The author’s research project on companies from the French CAC40 stock exchange index pointed out that the more
women there were in a company’s management, the less the share price fell in 2008.
http://www.ft.com/cms/s/27836d74-04e4-11de-8166-000077b07658,dwp_uuid=1d22aad4-0732-11de-9294-
000077b07658,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F27836d74-
04e4-11de-8166-000077b07658%2Cdwp_uuid%3D1d22aad4-0732-11de-9294-000077b07658.html%3Fnclick_check%
3D1&_i_referer=http%3A%2F%2Fwww.20-first.com%2F763-0-firms-with-more-women-in-charge-are-faring-the-
economic-crisis-better.html&nclick_check=1
P a g e 2 8
The Business Case for Women: Quantifying the Economic Value of Diversity
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
Goldman, Sachs & Co.
Global Economics Paper No: 154- Gender Inequality, Growth and Global Ageing
By: Kevin Daly
April 2007
This report finds that closing the gap between male and female employment rates would have huge implications for the
global economy. It also provides data that indicates increasing female employment has already been an important driver
of European growth in the past 10 years. For some European countries, there are hopeful signs that the narrowing in
the male-female employment gap will continue.
International Centre for Women Leaders (Cranfield School of Management, UK)
The Female FTSE Report
By: Dr. Ruth Sealy, Susan Vinnicombe Obe, and Elena Doldor
2009
This report provides a measure of the number of women executive directors on the corporate boards of the UK’s top
100 companies. It also draws lessons from the experiences of women executive directors in Spain and Norway to gain
best practice perspectives and dynamic solutions to challenges facing women corporate executives.
http://www.som.cranfield.ac.uk/som/dinamic-content/research/documents/ft2009.pdf
Institute of Directors
Women on Boards¤
2010
This study conducted in Macedonia looks at 55 managing and supervisory boards. Less than a quarter had women
serving, and 13 boards of the total number had no women at all.
For a full copy of the report, contact
contact@iod.org.mk
Managerial Finance, Volume 36 Issue 7
Female Executives and Earnings Management¤
By: Emilia Peni and Sami Vähämaa
2010
This study shows that companies with female Chief Financial Officers follow more conservative earnings management
strategies, meaning they are less likely to enhance figures when reporting a company’s financial outcome. This results in
an increased overall quality of reporting and, by extension, governance of the organization. The sample organizations
include 800 companies from Denmark, Finland, and Sweden, as well as the S&P 500 companies.
The full article is available for purchase at
http://www.emeraldinsight.com/journals.htm?articleid=1864898&show=html
The European Women Lawyers’ Association has a free summary available at http://www.fidar.de/fileadmin/
user_upload/MAIN-dateien/presse/EWLA_statement_green_paper_corporate_governance_EF_31.08.10.pdf
PricewaterhouseCoopers
Eurofirms Women in PwC Annual Report: Diversity in Action
2008
Launched in 2003, the Eurofirms Women in the PwC Network brings together women and men in leading positions
from 20 European countries. It supports the strategic goal of creating a working environment to help them attract and
retain the best talent—male and female. This Annual Report looks at the progress made by the network in the past five
years. It tells the stories of European countries and provides a sample of activities and achievements in the area of di-
versity.
http://www.pwc.com/Extweb/pwcpublications.nsf/docid/E19F08ECF98A0EBD852574290054A186/$File/
PwC_Diversity_in_Action_April_2008.pdf
P a g e 2 9
The Business Case for Women: Quantifying the Economic Value of Diversity
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
Womenomics
Act Like a Man, But Don’t Show It!
By: Dr. Paul Vanderbroeck
March 2009
Dr. Vanderbroeck asserts that top managers in the Netherlands believe that the only way to reach the top for a woman
is to act like a man without showing it. He also finds that senior managers currently are reluctant to recruit new women
top managers.
http://www.women-omics.com/806-0-unrealistic-expectations-prevent-women-in-the-netherlands-from-reaching-the-
top.html
Latin America
America Economia
Tierra de Hombres [Land of Men]
By: Marcelo Garcia
2010
This article takes a survey of the 100 largest companies in Latin America to assess the status of women on corporate
boards in the region. Despite the increasing number of female executives in these companies, few serve as board mem-
bers; women only take up 43 out of 654 seats. The article finds that two companies have more than two women sitting
on their board. The article offers some cultural and practical explanations for these low statistics.
http://admin.americaeconomia.com/revista/tierra-de-hombres (in Spanish)
Middle East
Community Business and the International Centre for Women Leaders, Cranfield School of Management
Balance in the Boardroom: Report on Women Directors in Top 50 Companies in Jordan¤
By: Val Singh and Susan Vinnicombe
2006
Datat collected from Jordan’s top 50 companies reveals a positive relationship between the presence of women direc-
tors and shareholder returns. The report examines the status of women on corporate boards and recommends various
strategies for increasing their presence in these groups.
Contact the Center for Arab Women for Training research at info@cawtar.org for a full copy of the report.
The National Investor
Power Matters: a Survey of Gulf Cooperation Council Boards¤
2008
This study examines boards of the companies affiliated with the Gulf Cooperation Council, namely their structure in
terms of the powerful families that tend to occupy seats on these boards. There are also analyses of size and gender
composition. Only 63 women -1.5% of all the board members surveyed- were found despite the rising number of
Arab female entrepreneurs. The number of women varies by country due to social and religious structures, which ex-
plains some of the disparities across the GCC. Some statistics are surprisingly favorable for women.
http://www.hawkamah.org/news_and_publications/publications/cg_reports/files/Powermatters.pdf
P a g e 3 0
The Business Case for Women: Quantifying the Economic Value of Diversity
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
Sabanci University
Impact of Board Diversity on Boards’ Monitoring Intensity and Firm Performance¤*
By: Melsa Ararat, Mine Akso, Ayse Tansel Cetin
2010
This article takes 100 companies from the Istanbul Stock Exchange to determine the impact of gender and generational
diversity on financial performance. Part of this analysis involves examining the intensity of monitoring a firm’s per-
formance. The data shows a positive relationship between board diversity and performance as well as with monitoring
intensity. The article explores in detail how diversity affects the process of monitoring. The findings also show that
better monitoring leads to better financial performance. This supports the growing notion that diversity of all kinds is
good for boards. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1572283
North America
Canadian Board Diversity Council
2010 Annual Report Card¤
2010
This report features survey data from Financial Post 500 boards showing statistics about the percentage of women and
minorities that serve on boards, attitudes towards the importance of diversity, and recommendations for increasing
board diversity.
http://www.boarddiversity.ca/images/stories/CBDC_report02-13-final-low.pdf
Catalyst, Inc.
2009 Catalyst Census: Financial Post 500 Women Board Directors¤
By: Laura Jenner, Liz Mulligan-Ferry, and Rachel Soares
March 2010
Comparing data from 2007 and 2009, this report traces the numbers of women board directors in Financial Post 500
companies and disaggregates between public, private, and crown boards. http://www.catalyst.org/
publication/411/2009-catalyst-census-financial-post-500-women-board-directorsCanadian
Oceania
Business New Zealand
Women on Boards - Why Women on Company Boards are Good for Business¤
2008
This report compiled by the New Zealand Ministry of Women’s Affairs examines the situation women on boards in
New Zealand and compares it to international statistics based on research from other organizations. It discusses the
advantages of having women on boards and strategies for increasing their numbers, both for companies and for indi-
viduals.
http://www.mwa.govt.nz/women-on-boards/be-inspired/women-on-boards-why-women-on-company-boards-are-
better-for-business.pdf
Equal Opportunity for Women in the Workplace Agency
Australian Census of Women in Leadership 2008¤
2008
The Australian Agency for Women in the Workplace examined data from the ASX200 list and found that women’s
representation in high level positions in these companies has been on the decline, both in terms of managers and
boards members. The Census includes data from the United States, Canada, South Africa, and the United Kingdom;
compared to those countries, Australia lags behind by a considerable margin.
http://www.eowa.gov.au/
Australian_Women_In_Leadership_Census/2008_Australian_Women_In_Leadership_Census/Media_Kit/
EOWA_Census_2008_Publication.pdf
P a g e 3 1
The Business Case for Women: Quantifying the Economic Value of Diversity
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
Goldman, Sachs & Co.
Australia’s Hidden Resource: The Economic Case for Increasing Female Participation
By: Tim Toohey
2009
This report suggests that employing women may be the answer to the skill shortage faced by the Australian economy.
With detailed charts and graphs, the report demonstrates that if women were to be better incorporated into the Austra-
lian workforce, the GDP could increase by 11 percent and perhaps by 20 percent if the gender-productivity gap was
also closed.
P a g e 3 2
The Business Case for Women: Quantifying the Economic Value of Diversity
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
P a g e 3 3
The Business Case for Women: Quantifying the Economic Value of Diversity
KEY
* It is necessary to purchase this publication in order to read it.
¤The Council of Women World Leaders acknowledges the International Finance Corporation’s Women in Business
Program as the source of these reports.
† This report is not available online, so feel free to contact the Council to obtain a copy.
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
T
H A N K
Y O U
.
The Aspen Institute|One Dupont Circle NW|Suite 700|Washington, D.C.|20036|Tel. 202.736.2920|Fax 202.467.0790
info@cwwl.org|www.cwwl.org
W
H E N
R E F E R E N C I N G
T H I S
M A T E R I A L
,
P L E A S E
A C -
K N O W L E D G E
T H E
C
O U N C I L
O F
W
O M E N
W
O R L D
L
E A D E R S
A S
T H E
S O U R C E
O F
T H E
I N F O R M A T I O N
.
I
F
Y O U
K N O W
O F
A
D O C U M E N T
T H A T
S H O U L D
B E
I N C L U D E D
W I T H
T H I S
M A T E R I A L
,
P L E A S E
S E N D
A N
E
-
M A I L
T O
I N F O
@
C W W L
.
O R G
.
T
H E
C
O U N C I L
T
H A N K S
I T S
S
U P P O R T E R S
:
Wyszukiwarka
Podobne podstrony:
więcej podobnych podstron