Researchers at Columbia Business School and the University of Maryland analyzed data on the top 1,500 U.S. companies from 1992 to 2006 to determine the relationship between firm performance and female participation in senior management. Firms that had women in top positions performed better, and this was especially true if the firm pursued what the researchers called an “innovation intensive strategy,” in which, they argued, “creativity and collaboration may be especially important”—an apt description of the future economy.
It could be that women boost corporate performance, or it could be that better-performing firms have the luxury of recruiting and keeping high-potential women. But the association is clear: innovative, successful firms are the ones that promote women. The same Columbia-Maryland study ranked America’s industries by the proportion of firms that employed female executives, and the bottom of the list reads like the ghosts of the economy past: shipbuilding, real estate, coal, steelworks, machinery.
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