Regarding Men: Fearless Girl #11

Paul, Tom, and Janice discuss the many angles of the Fearless Girl story. Links below to much of the supporting data.

Conference!
http://icmi2019.icmi.info/

• An analysis of 146 studies in dozens of countries. The average correlation between CEO gender and long-term financial performance is .007. It’s hard to get much closer to zero.
Similarly, the relationship of top management team (TMT) gender diversity and company performance is statistically significant but very small. The correlation is .03.
Glass Breaking, Strategy Making, and Value Creating: Meta-Analytic Outcomes of Women as CEOs and TMT members | Academy of Management Journal
https://journals.aom.org/doi/abs/10.5465/amj.2014.0716

• An analysis of 140 studies of board gender diversity with a combined sample of more than 90,000 firms from 35 countries on 5 continents. It found that gender diversity on the board explains about two-tenths of 1% of the variance in company performance. The average correlation between board gender diversity and firm market performance (such as stock performance, shareholder returns) was even smaller and was not statistically significant.
Women on Boards and Firm Financial Performance: A Meta-Analysis | Academy of Management Journal
https://journals.aom.org/doi/abs/10.5465/amj.2013.0319

• 20 studies that were published in peer-reviewed academic journals and that tested the relationship between board gender diversity and firm financial performance (return on assets, return on equity, and Tobin’s Q). It found that the average correlation between the percentage of women on the board and firm performance was small (.01) and not statistically significant.
Does Gender Matter? Female Representation on Corporate Boards and Firm Financial Performance - A Meta-Analysis
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4473005/

• Forbes says more women on the board does NOT make the company more profitable
https://www.forbes.com/sites/kimelsesser/2016/06/23/the-truth-about-womens-im..