The bottom line: women are good for business.

Whether part of the executive management of a large public company or president of their own business, one thing is clear: women are boosting the bottom line. Women are not only contributing to the financial success of companies as decision makers on executive leadership teams, but are also successfully establishing their own businesses in record numbers.

A study conducted earlier this year by Catalyst, a nonprofit research and advisory organization that works to advance women in business, revealed that companies with more women in senior management positions did better financially than those with fewer women at the top.

In other words, women are good for business. Looking at more than 350 Fortune 500 companies, the study measured two key performance indicators: return on equity and total return to shareholders. Companies with more senior women executives, especially those in the consumer products and financial services areas, outperformed others in both of these indicators by a remarkable 35 and 34 percent, respectively.

According to Catalyst President Ilene H. Lang, "Business leaders increasingly request hard data to support the link between gender diversity and corporate performance." While there is plenty of anecdotal evidence and a general feeling that women bring different and valuable managerial skills to the workplace, company presidents still want to see it on paper. Lang says that the conclusions of the study are clear. "Top-performing companies have a higher representation of women on their leadership teams."

Some experts believe the most value aspect of the skills that women bring to the workplace is that they are better suited for today's corporate culture. There is more emphasis on teamwork, collaboration and consensus building, rather than a "top-down" approach. Companies are looking for leaders that can build relationships, strengthen employee loyalty and add value to an executive position. Safe to say that women are fitting the bill more and more.

Not only are women making their value felt as part of executive management, but there is also evidence that women on corporate boards can boost the company bottom line. And, although the numbers are not overwhelming, there are more women taking a seat at the tables of corporate board rooms, which bodes well for a firm's revenues. This is reinforced by a study by the Conference Board of Canada that found a strong link between good corporate governance, increasing numbers of women on corporate boards and a corporation's competitive rank and profits.

According to UC Irvine professor and noted author Judy B. Rosener, Ph.D., companies need to consider why it makes "good business sense" to add women to their corporate boards. First, Rosener asserts that women are in the workforce to stay and want careers, not just jobs. Women make up half of the workforce and many are highly educated with desirable management skills. Says Rosener, "Companies that have women on their boards send a message that women are valued at their firms." She also argues that since women are often responsible for more household and consumer product purchases, having a woman on a board makes it more likely that a company's marketing will be on target to women.

Just having women present on the board improves corporate governance, according to Rosener. Since they come from a different environment, female board members tend to ask different questions than male counterparts, and have different listening, negotiating and observation skills. Rosener sees this "outsider" independence as a plus and something companies should look for in choosing corporate directors.

So, if women are good for a company's bottom line both at the executive and corporate board level, why aren't more women reaching the top? Last year, Catalyst asked that same question of the Fortune 1000's most senior-level women and the CEOs they worked for, and found some interesting answers. It wasn't because women didn't want to reach the top. In fact, the study found that more than half of the women surveyed not already in senior leadership positions wanted to reach the top and another 19 percent said they hadn't ruled it out. They identified five top barriers to advancement:

* Lack of significant general management or line experience (responsible for profit and loss) (47%)

* Exclusion from information networks (41%)

* Stereotyping and preconceptions of women's roles and abilities (33%)

* Failure of senior leadership to assume accountability for women's advancement (29%) * Commitment to personal/family responsibilities (26%).

In looking at these statistics, what stands out is that almost half of the women said their lack of experience in managing profit and loss responsibilities was holding them back. To overcome this knowledge gap, the group suggested that women develop an expertise in a specific area, learn to be a successful manager, exceed performance expectations and take on tough and high visibility challenges. For better or worse, these strategies indicate that women may have to work harder, manage better and take more risks--probably good advice for anybody looking to chart a successful career.

In the end, what this adds up to is that the options for women continue to grow. The value of the differentiated skill set women bring to the workplace is gaining recognition, whether as part of a company's executive leadership or at the helm of their own firm. Women are contributing not only to an evolving corporate culture, but to the changing face of the workplace. In a time when nothing seems to stay the same, one constant remains--women are good for business.

JoAnn M. Bourne is executive vice president of commercial deposits and treasury management for Union Bank of California, and serves on the bank's executive management team.