Gender Diversity in Top Management and Corporate Value Creation: Evidence From Corporate Boards in Colombia.

Background Gender diversity in corporate governance has gained increasing relevance due to regulatory changes, investor expectations, and its potential contribution to strategic decision-making and corporate value creation. Despite recent progress, women remain underrepresented on corporate boards. This study analyzes the relationship between female board participation and the financial performance of publicly traded companies in Colombia. Methods A quantitative, descriptive, and explanatory approach was employed. The study focused on Colombian publicly traded companies, particularly those included in the COLCAP index. Board composition and female participation were characterized using corporate and bibliographic sources, while financial and ESG data were obtained from LSEG and Refinitiv. Regression models examined the relationship between female board participation and financial performance, measured through ROA, and ROE, controlling for sales and ESG performance. Results Female participation on corporate boards increased substantially between 2015 and 2024, although significant differences remain across firms and sectors. The energy sector showed comparatively higher levels of female representation. Econometric results indicate a positive and statistically significant relationship between female board participation and ROE, with a correlation coefficient of 0.807 and a coefficient of determination of 65.1%, significant at the 1% level. These findings suggest that gender diversity is associated with improved corporate profitability. Conclusions Female participation on corporate boards is positively associated with financial performance, particularly ROE. Greater gender diversity may strengthen strategic decision-making and contribute to corporate value creation. However, persistent differences across firms and limited female representation in top governance positions indicate that further institutional and corporate efforts are required to achieve substantive gender equality.