You are here
Latest Study by Bentley Professors Show Women Making Small Gains on Corporate Boards
November 30, 2004
In the latest study by two Bentley professors, in partnership with The Boston Club and Mercer, it is clear that although the number of women directors of the 100 largest public companies in Massachusetts remains low, there have been improvements over the past year, according to the 2004 Census of Women Directors and Executive Officers of Massachusetts Public Companies.
The Census, presented at The Boston Club's Corporate Breakfast on November 30 at the Westin Hotel Copley Place, indicates that 2004 was a year of progress for women as directors and executive officers. Fifty-five (55) percent of companies in the Census have women on their board, up from 50.0 percent in 2003. Eleven of the companies included in both the 2003 and 2004 Census reports added a woman director this past year; no companies reduced the number of women directors. Fortune 500 companies in Massachusetts now have a better record of appointing women as directors than their counterparts nationwide. The number of companies with executive officers increased from 44 percent to 50 percent this year.
The news is not all positive, however. Women continue to fill just 9.5 percent of the board seats in the 100 largest public companies in Massachusetts, up from 9.0 percent in 2003. Moreover, 45 percent of the companies in the Census continue to operate with all-male boards. The companies with no women directors sell everything from shoes to pianos, from fabric to ice cream, from software to worldwide construction operations. Women of color, included in the 2004 Census for the first time, filled just 1.1 percent of the board seats in these companies. In addition, the share of women executive officers in these 100 companies remained constant at 9.2 percent.
"There is still a need for greater recognition of the talents of senior business and professional women and the significant value they can bring to the boardrooms and executive suites of Massachusetts companies," said Patricia Flynn, Bentley Trustee Professor of Economics and Management.
Co-author of the study, Bentley Management Professor Susan Adams, notes that "The research shows strong links between women on corporate boards, profitability and good corporate governance."
Indeed, women's economic clout is at an all-time high: women now make 83 percent of all purchases of goods and services, accounting for over $5 trillion a year in consumer and business spending.
Directors and Executive Officers:
Firm Size Makes a Difference:
Industry Also Makes a Difference:
BENTLEY UNIVERSITY is one of the nation’s leading business schools, dedicated to preparing a new kind of business leader – one with the deep technical skills, broad global perspective, and high ethical standards required to make a difference in an ever-changing world. Our rich, diverse arts and sciences program, combined with an advanced business curriculum, prepares informed professionals who make an impact in their chosen fields. Located on a classic New England campus minutes from Boston, Bentley is a dynamic community of leaders, scholars and creative thinkers. The Graduate School emphasizes the impact of technology on business practice, in offerings that include MBA and Master of Science programs, PhD programs in accountancy and in business, and customized executive education programs. The university enrolls approximately 4,100 full-time undergraduate, 140 adult part-time undergraduate, 1,430 graduate, and 43 doctoral students. Bentley is accredited by the New England Association of Schools and Colleges; AACSB International – The Association to Advance Collegiate Schools of Business; and the European Quality Improvement System, which benchmarks quality in management and business education. For more information, please visit www.bentley.edu.
Type: Latest Headlines