Shrader, C.B., V.B. Blackburn, and P. Iles. "Women in Management and Firm Financial Value: An Exploratory Study." Journal of Managerial Issues, 9. 1997.

According to Carter, Simkins, and Simpson (2003), this study of 200 Fortune 500 firms finds "a significant negative relationship between the percentage of women on the board and firm value in some tests."