The Peterson Institute for International Economics released a report that surveyed 21,980 publicly held firms across 91 nations, analyzing the correlation between women-in-leadership in corporations and their financial performance. Wall Street Journal staffer Janet Adamy explores the results of the report which shows a strong tie between high-ranking women and greater profitability among companies.

While the reports shows that companies with female executives fare better, it also showed that almost 60% of the firms surveyed have no female board members, and just over half have no female upper-level executives:

“Really not what matters is having a female CEO,” said Marcus Noland, executive vice president and director of studies at the Peterson Institute in Washington. “What seems to matter is really having a pipeline and having a large pool of qualified [female] candidates.”

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