A 2016 study by MSCI found that United States’ companies that began the five-year period from 2011 to 2016 with three or more female directors reported earnings per share that were 45 percent higher than those companies with no female directors at the beginning of the period.

 A 2012 University of California, Berkeley study called “Women Create a Sustainable Future” found that companies with more women on their boards are more likely to “create a sustainable future” by, among other things, instituting strong governance structures with a high level of transparency.

Credit Suisse conducted a six-year global research study from 2006 to 2012, with more than 2,000 companies worldwide, showing that women on boards improve business performance for key metrics, including stock performance. For companies with a market capitalization of more than $10 billion, those with women directors on boards outperformed shares of comparable businesses with all-male boards by 26 percent.

A 2016 McKinsey & Company study entitled “Women Matter” showed nationwide that companies where women are most strongly represented at board or top-management levels are also the companies that perform the best in profitability, productivity, and workforce engagement.

Goldman Sachs announced they will no longer take companies public without "at least one diverse board member", with a focus on women. They spell out why in their Commitment to Board Diversity.

A Harvard Business Review Study on Diversity is cited by many investors in pressing companies to diversify their boards.

Since 2018, based on research indicating superior market performance, the investment firm BlackRock recommends at least two women directors serve on boards of companies in which it chooses to invest.