Now that men have run some of the largest banks and financial firms into the ground, maybe it's time to give some women executives a chance.
A recent study has shown a high correlation between financial performance and the influence of female executives in running successful Fortune 500 firms. The study in question identified the firms that were most aggressive in promoting women to high levels and compared their profit performance to the median performance of Fortune 500 firms in the same industries.
The results were rather astonishing. For 2001, the 25 best firms for women outperformed the industry medians, with overall profits 34 percent higher when calculated for revenue, 18 percent higher in terms of assets and 69 percent higher in regard to equity. Furthermore, the 10 firms with the very best records of promoting women showed greater profit results than the firms that were merely very good.
The results were confirmed in subsequent studies in 2004, 2005, 2006 and 2007. In every one of those years, the companies identified as being the best at promoting women outperformed the industry median on all three profitability measures.
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