"Women seem to be predisposed to be more inquisitive and to see more possible solutions," the study's co-author, Gregory McQueen of Still University in Arizona, said in a statement. "At the board level where directors are compelled to act in the best interest of the corporation while taking the viewpoints of multiple stakeholders into account, this quality makes them more effective corporate directors."
The study, published in the International Journal of Business Governance and Ethics, surveyed 156 female and 486 male board members. It found that companies where women wielded significant influence were more successful than ones with men at the helm.
"We've known for some time that companies that have more women on their boards have better results," said Chris Bart, the study's other co-author and a professor of strategic management at the DeGroote School of Business at McMaster University in Canada. "Our findings show that having women on the board is no longer just the right thing but also the smart thing to do. Companies with few female directors may actually be shortchanging their investors."