Equal opportunities and gender diversity are important social goals that can directly impact the economic development of countries (Browne; Stears, 2005; Duflo, 2012; International Monetary Fund, 2024). Therefore, gender diversity has gained global prominence and has become part of the political and corporate agenda (Diebolt; Perrin, 2013; Hobbler et al., 2018). Not surprisingly, the UN included gender equity in the 2030 Agenda, which is in perfect harmony with the best ESG practices (United Nations, 2023). Despite these efforts, we are still far from achieving a balanced situation that represents full gender equality (Bertay; Dordevic; Sever, 2020; Barros; Kirschbaum, 2023), and when we look at female participation in top management positions, the situation is even worse, as these environments are still dominated by men (Ryan; Haslam, 2005; Heemskerk; Fennema, 2014).

In response, several countries have enacted laws to establish quotas for women on boards, including Spain, France, Iceland, Israel, Italy, Norway, and Sweden (Bøhren; Staubo, 2014; Bertrand et al., 2019; Maida; Weber, 2019). In Brazil, two bills are currently being debated in the Federal Senate, with no legislation yet in force. The first (Bill No. 112/2010) seeks to establish a minimum number of women on the boards of state-owned enterprises and mixed-economy companies, while the subsequent parliamentary initiative (Senate Bill No. 398/2016) aims to extend the proposal and establish a quota system for women on the boards of all publicly traded companies, not limited to state-owned enterprises (Silva; Margem, 2015; Barros; Kirschbaum, 2023).

Although quotas are justified with the goal of increasing gender equality and developing a "fairer society," it is still unclear whether a higher proportion of women on corporate boards resulting from quotas also leads to better economic and financial performance for companies in these countries. Beyond the legal and normative sphere, the topic of gender diversity on corporate boards is also highly discussed in the academic literature. Researchers focus on the effect of gender diversity among corporate boards on company financial performance and produce mixed results, with some authors finding positive effects of diversity on performance (Liu; Wei; Xie, 2014; Mallidis; Giannarakis; Sariannidis, 2024; Wang et al., 2024; Mukherjee; Krammer, 2024) and others observing negative effects (Bøhren; Strøm, 2010; Ahern; Dittmar, 2012; García-Meca; Santana-Martín, 2023; Kabir et al., 2023). Additionally, there are studies that conclude that gender diversity on boards has no impact on company financial performance (Abdullah; Ku Ismail; Nachum, 2016). However, most of these studies face endogeneity issues when attempting to analyze the isolated effect of the presence of women at strategic levels within companies (Havrylyshyn; Schepker; Nyberg, 2023).

This research aims to answer the following question: Which sectors have a higher presence of women on boards of directors, and how has the incorporation of gender diversity evolved? This work is justified by the need to study a contemporary topic, particularly for emerging and Latin American countries such as Brazil. Additionally, there are no studies in the country that investigate this issue from a sectoral perspective. Therefore, it is hoped that this study will contribute to the debate on gender diversity in the corporate environment and stimulate new research that connects this topic of interest with corporate governance, economic performance, and financial performance.

Two prevalent theories in the literature explain the importance of companies seeking connections through boards and how their composition can affect companies (Terjesen; Sealy; Singh, 2009; Johnson; Schnatterly; Hill, 2013): Agency Theory, developed by Jensen and Meckling (1976), and Resource Dependence Theory, originally proposed by Salancik and Pfeffer (1978). Although not specifically developed for this issue, both theories provide useful perspectives on gender-diverse boards and will be examined in detail.

To achieve the primary objective of analyzing female participation in Boards of Directors by sector and its evolution from 2010 to 2016, a descriptive analysis was conducted using aggregate and sectoral statistics. The sample comprised 243 companies listed on B3, resulting in 1,922 observations over the period, and included data on all board members, totaling 1,617 women and 13,286 men, as consolidated by CVM. Initially, companies were categorized into 11 sectors according to B3 criteria: Industrial Goods; Communication; Cyclical Consumption; Non-Cyclical Consumption; Financial; Basic Materials; Oil, Natural Gas, and Biofuels; Health; Information Technology; Public Utilities; and Several. The last two sectors cover sub-segments such as Public Utilities (Water and Sewage, and Electricity) and Several (Chemicals and Educational Services).

Data on board composition were extracted from the Reference Forms (FRE) available on the CVM database, specifically from the Administrative Structure section. The FRE is the primary source of information on publicly traded companies, including control structures, financial data, policies, and board composition. Data from B3 and CVM were organized in R software and analyzed using descriptive statistics to examine the distribution of female board members across sectors and the temporal evolution of female representation in top management. This phase focused on firm-level analysis to identify sectoral discrepancies over the specified period. Finally, the Accumulated Variation for the entire period was calculated in order to assess the sectors that had the greatest or least female incorporation over time.

Table 1 displays the descriptive statistics for the analyzed data. Over the period studied, there were 1,617 women on boards versus 13,286 men. Female participation in boards overall was 10.85%, consistent with figures observed in Prudêncio et al. (2021) and Barros and Kirschbaum (2023).

It is evident that the "Several" sector (comprising Chemical and Educational Services segments) had the highest female representation on its boards, with 23.33% of board members being women. Notably, Bahema S.A. stood out with seven (7) board members during this period. In contrast, the "Oil, Gas, and Biofuels" sector exhibited the lowest female representation at just 6.10%. This sector, which includes exploration, refining, distribution, equipment, and services, is predominantly male-dominated. Only Lupatec S.A., Petrobras, and Ultrapar Participações S.A. had at least one female board member, which is 4.75% below the national average.

Overall, other sectors showed female participation close to the total average. Despite not having the highest female representation, the "Basic Materials" sector is notable with 17% of boards comprised of women, thanks to its diverse range of segments, which may encourage greater female participation. The standard deviation analysis indicates that the "Several" sector had the highest variation in female board members, followed by Communication and Industrial Goods. In contrast, the Oil, Gas, and Biofuels, Information Technology, and Non-Cyclical Consumption sectors had the lowest deviations, showing less variation in female representation relative to the average.

The maximum and minimum values should also be noted. The "Industrial Goods" sector had the highest number of women on its board, with Rumo S.A. featuring eight (8) female board members. However, every sector had companies with no female representation on their boards, resulting in some minimum values being zero. To delve deeper into sectoral analysis, the study developed graphs comparing three sectors at a time to illustrate trends in female board representation over time. Graph 1 highlights the Communication, Non-Cyclical Consumption, and "Several" sectors.

Graph 1 Source: research results (2025).

In the Communication sector, there were 42 women and 311 men on boards, with a significant decline in female representation over time. For example, in 2010, there were seven (7) women on boards, which decreased to three (3) by the end of the period. The number of male board members decreased from 54 in 2010 to 30 in 2016, indicating a stabilization and then a decline. In the Non-Cyclical Consumption sector, the number of women on boards decreased from 10 in 2010 to 9 in 2016, while the number of men rose to 68 by the end of the period. This discrepancy underscores the need to address gender inequality, as it can adversely affect company development and broader socio-economic dynamics. Even when the number of men decreases, the stable number of women suggests that boards might reduce in size, but still need more female representation.

In percentage terms, female participation on the boards of companies in the Communications sector went from 2.44% in 2009 to 9.09% in 2016, a significant increase, but well below the participation observed in 2013, when the number of women represented 16.07% of the boards. This result is in line with Adam and Ferreira (2009), who found such fluctuations in the incorporation of women on boards, especially in certain sectors. On the other hand, the non-cyclical consumer sector showed a modest percentage variation, going from 9.68% in 2009 to 11.69% in 2016. Arfken, Bellar and Hemms (2004) emphasize that the low increase needs to be developed, which they also observed for the US reality.

Graph 2 condensed information on gender diversity on boards in sectors such as Public Utilities and Oil, Gas, and Biofuels. The Utilities sector began the series in 2010 with 39 female board members. This number decreased to 37 women in 2011 but increased until 2015, when there were 49 women on the boards. However, this number decreased again in 2016, ending the series with 40 women. On the other hand, the Oil, Gas, and Biofuels sector, one of the segments with the lowest female participation on boards, indicates a strong male dominance. For the analyzed period, 2013 had the highest number of women on boards, with a minimum of 3 women across all companies in this sector. Other years varied between 1 and 2 women, values well below the national average. It can be seen from a percentage perspective that the variation is low in both sectors (Public Utilities went from 11.28% in 2009 to 10.47% in 2016, while Oil, Gas, and Biofuels went from 6.67% in 2009 to 7.69% in 2016). Even with the decrease observed, the Public Utilities sector is close to the national average of 10% of boards formed by women, according to Barros and Kirschbaum (2023).

Graph 2 Source: research results (2025).

Graph 3 initially highlights the evolution in the number of male and female board members in the Financial sector, which showed some continuity in the number of women on boards over time (7,02% in 2009 to 7,58% in 2016). The sector started with 22 women and ended with 21 women on boards, a small variation around the average for the period. Graph 3 also shows that in 2013, there was the highest number of women (28), while 2015 recorded the lowest participation, with only 19 women. In the Industrial Goods sector, it is observed that in 2010, there were 56 women serving on boards of directors compared to 361 men. Starting in 2013, these numbers began to plummet, with only 47 women on boards in 2016. It is important to note that from 2012 onwards, the number of men on boards of directors in this sector decreased, from 361 to 330 by the end of the period. In this way, the initial composition of the boards, which had 11.29% women in 2009 and seemed to grow over time, reaching 14.25% in 2012, began a process of annual decline from then on, reaching a percentage of 12.47% at the end of the series (2016), similar to the beginning of the period studied. This phenomenon can be explained by the reduction in the number of board members during this time, resulting in leaner boards, which is not ideal from a corporate governance perspective. More board members generally improve monitoring functions and decision-making processes within firms, which has also been widely evidenced in the literature (Hillman; Shropshire; Canella Junior, 2007; Low; Roberts; Rosalind, 2015; Kiliç; Kuzey, 2016; Dal Magro et al., 2018).

Graph 3 Source: research results (2025).

Graph 4 shows that the Cyclical Consumer sector experienced a decrease in the number of members over the same period. As shown in Graph 4, the sector initially had 26 women on boards compared to 180 men. By the end of 2016, the numbers were 20 women and 158 men. It is worth noting that in 2013, female participation was only 22 women and 191 men, the highest number of male members during this period. Conversely, the Basic Materials sector saw an increase in the number of women on boards of directors. In 2010, there were 26 women, and by 2016, this number had risen to 36. It is noteworthy that, unlike other sectors analyzed, the Basic Materials sector did not experience a decline in female representation. The 38.46% growth in the number of women on boards between 2010 and 2016 is highly relevant, highlighting that gender diversity has increasingly been considered in this sector over recent years. These sectors are also closer to the national average recorded in other studies, in which the presence of women on the board was approximately 10% (Prudêncio et al., 2021).

Graph 4 Source: research results (2025).

The Health sector demonstrated an interesting and significant increase in the number of women on boards, as shown in Graph 5. The sector started with only five (5) women on boards and ended with 11, a notable increase that brings it closer to the national average, an increase of approximately 50% in female participation on boards that was also captured by other studies such as Costa, Sampaio and Flores (2019). Although it is still well below the OECD average (26%), as highlighted by Barros and Kirschbaum (2023). Another sector depicted in Graph 5 is Information Technology (IT), which exhibited the lowest number of women in the sector. It started with one (1) woman in 2010 and remained so until 2015. In 2016, this number increased to 2. Observing the number of men, there was a slight increase from 10 in 2010 to 12 in 2016. Thus, it is evident that both the Oil, Gas, and Biofuels sectors and the IT segment display low gender diversity in senior management boards, reflecting a scenario with significant barriers to female entry and inequality of opportunities.

Graph 5 Source: research results (2025).

The "Several" sector, which had the highest percentage of female board members compared to others, showed an initial increase in female board members from 9 in 2010 to 10 in 2011, but then decreased to 6 by the end of the period. The number of male board members increased from 24 in 2010 to 31 by the end, indicating a trend where men were increasingly taking up the space vacated by women over the analyzed period. Lastly, all other sectors of the economy, which represented only 3.68% of the remaining companies, were grouped under the label “Others.” The companies in this group are: Atompar, CCX, Futuretel, Newtel Participações, Sul 116 Participações, Polpar, and Longdis. Graph 3 reinforces the low female participation in these firms, as until 2014, there were no women on the boards, with the number reaching 3 in the last year of the series, while the number of men was 17, indicating a substantial discrepancy (vide Graph 6).

Graph 6 Source: research results (2025).

Finally, Table 3 illustrates the accumulated variation by sector for the period 2010-2016 and represents the increase/decrease observed in each sector based on 2010, in relation to the last year. This analysis allows for inferring the accumulated increase or decrease in female participation over the period. In this scenario, it is observed that the Industrial Goods, Communication, Cyclical Consumer, Non-Cyclical Consumer, Several, and Financial sectors all experienced a negative variation, with the Communication sector showing the largest variation at -57.14%.

It is important to consider this since Table 1 showed that the Several sector had the highest female representation on boards; however, this number was higher in the early years of the series and decreased by the end of the period. This negative annual variation of 33% emphasizes that, despite some sectors still having a high number of women, this figure has been declining in recent years. In contrast, the Basic Materials, Health, Information Technology, and Public Utilities sectors showed a positive annual variation, indicating an increase in the number of women on boards from the first to the last year of the series. Finally, it is worth noting that the highest variation occurred in the Health sector (120%), while the Oil, Gas, and Biofuels sector showed no variation, maintaining a minimal number of women on boards and no signs of new female board members being added in this sector.

The observed male predominance in top organizational positions and the strong barriers to women's entry into the Brazilian labor market initially prompted this work. Given the need to investigate gender diversity at the top levels of Brazilian companies, this study analyzed the evolution of female presence on the boards of publicly traded companies listed on B3 from a sectoral perspective. In summary, gender diversity on boards is a crucial topic in the debate on corporate governance and equal opportunities. Traditionally, many boards were male-dominated, reflecting a pattern of inequality that could limit innovation and organizational effectiveness.

However, research has shown that including diverse perspectives, including those of women, can bring significant benefits to companies and institutions, such as:

The first step to understanding the contemporary scenario is observing the evolution of women's participation on boards over time, which consolidated the central objective of this research. Thus, the results of this study show that there has been progress in female participation on boards, with an average of 10.85% of boards composed of women, far from the reality in other countries. Sectorally, the Several Sector had the highest average female representation on its board (23.33%), followed by the Industrial Goods (19.21%) and Basic Materials (21.17%) sectors. However, when analyzing the percentage variations over time of female participation by sector, it is evident that the Health and Information Technology sectors doubled the number of opportunities for women on boards, which is a positive sign for the corporate environment, especially for these sectors.

Some of the literature suggests that the increase in women in senior management positions will come over time; while another group of researchers emphasizes that this balance of “gender parity” would take a long time to come into effect, and that incentives would need to be created to change the current state of affairs (Handschumacher-Knors, 2023). This work reinforces the need to expand female participation on boards, since they can contribute to raising levels of corporate governance and positively impact the value, performance, and transparency of companies, in addition to reducing risk, fraud, and financial debt of firms.

The evidence presented here contributes to a greater understanding that the presence of women in the networks of Brazilian business elites is still minimal, encouraging the development of new research topics and informing the formulation of public policies aimed at this goal. A limitation of this study was the difficulty due to the unavailability of data for a more extensive and conclusive analysis, which could be addressed in future research.