Presença feminina na alta liderança e desempenho financeiro no pós-pandemia: uma análise de empresas brasileiras listadas na B3

Abstract

This study investigates the relationship between women¿s participation in corporate leadership and the financial performance of Brazilian publicly traded companies, considering adherence to ESG practices, represented by inclusion in the Corporate Sustainability Index (ISE-B3), as well as differences across economic sectors in the post-pandemic period. It is a quantitative, descriptive, and comparative study that analyzes data from 236 companies listed on B3 between 2020 and 2024. The research is conceptually grounded in Stakeholder Theory and aims to understand whether the presence of women in leadership positions is associated with the stability and recovery of financial performance, measured by return on assets (ROA), in the Brazilian context. Data from Economatica, CVM, and ISE-B3 were used and structured in a longitudinal panel. The analysis considered the evolution of ROA, female representation in decision-making bodies, and the ISE-B3 status of firms. The methodological procedures included descriptive statistics, non-parametric tests, and comparisons by sector, diversity range, and ISE status. The results indicate relative stability in ROA over the period analyzed, as well as sectoral differences in the recovery trajectory. Female representation remained concentrated at levels below 20%, with only modest variation across sectors. No statistically significant associations were found between diversity and financial performance; however, the data suggest a tendency toward greater consistency and lower dispersion of results among companies that are constituents of the ISE-B3 index. By presenting empirical evidence, this study shows that although the direct effects of gender diversity on financial performance did not manifest in a linear way, the presence of women in leadership, combined with sustainable governance, contributes to organizational legitimacy and to the stability of results in contexts of uncertainty, such as the post-pandemic period.