Female Leadership and its Influence on the Transformation and Business Performance of MSMEs in Ecuador

Authors

Marisela Giraldo de López

Universidad Tecnológica Empresarial de Guayaquil (Ecuador)

Francisco Cedeño Troya

Universidad Tecnológica Empresarial de Guayaquil (Ecuador)

Olga Bravo Acosta

Universidad Tecnológica Empresarial de Guayaquil (Ecuador)

Article Information

DOI: 10.47772/IJRISS.2026.100800149

Subject Category: Business Management

Volume/Issue: 10/8 | Page No: 2136-2145

Publication Timeline

Submitted: 2026-08-16

Accepted: 2026-08-22

Published: 2026-08-28

Abstract

This research analyzes the impact of female leadership on the commercial management of Ecuadorian micro, small, and medium-sized enterprises (MSMEs). Its main objective is to determine whether the presence of women in managerial and executive positions is associated with a greater likelihood of implementing improvements and innovations in sales and commercial areas. A quantitative correlational approach was used on a sample of 1,066 organizations, employing binary logistic regression for dichotomous dependent variables. Independent variables included the manager's gender, the percentage of women on the board, company size, and sector of activity. The results reveal a positive and significant effect, with MSMEs led by women outperforming those led by men in adopting commercial improvements, with the manager's gender as a key predictor. This leadership drives process modernization, fostering innovation and competitiveness. Inferential analysis confirms a greater propensity to innovate in sales in these companies compared to their male counterparts. These findings provide empirical evidence of the transformative role of female leadership in emerging business contexts. Promoting women's participation in senior management is essential to boosting innovation and sustainable economic development. The study recommends strengthening public policies in Ecuador and Latin America, such as empowerment programs and equitable access to executive positions, to enhance the competitiveness of SMEs and advance gender equality in business.

Keywords

Female leadership, MSMEs, business innovation, logistics regression

Downloads

References

1. Acevedo-Duque, Á., Álvarez-Becerra, R., Alcina de Fortoul, S., Barriga-Soto, O., Cúneo-Álvarez, G., Fernández-Mantilla, MM, & Valdez-Álvarez, C. (2025). Entrepreneurial female leadership: A business policy approach to B Corp management in Latin America. Administrative Sciences , 15 (6), Article 219. https://doi.org/10.3390/admsci15060219 . [Google Scholar] [Crossref]

2. Acevedo-Duque, Á., González-Díaz, R., Cachicatari Vargas, E., Paz-Marcano, A., Muller-Pérez, S., Salazar-Sepúlveda, G., & D'Adamo, I. (2021). Resilience, leadership and female entrepreneurship within the context of SMEs: Evidence from Latin America. Sustainability , 13 (15), Article 8129. https://doi.org/10.3390/su13158129 [Google Scholar] [Crossref]

3. Afzal, F., & Lyu, K. (2025). Do women leaders promote social sustainability? Exploring the effect of board diversity on equity, diversity, and inclusion practices of project-based organizations. Project Management Journal . Early publication online. https://doi.org/10.1177/87569728251357495 [Google Scholar] [Crossref]

4. Aguilar, LMR, Palma, CMC, Jiménez, MMJ, Miranda, DIC, Méndez, JXO, & Macías, SCM (2025). The role of women in management positions: progress, challenges, and barriers in business management. South Florida Development Journal , 6 (8), e5652. https://doi.org/10.46932/sfjdv6n8-006 [Google Scholar] [Crossref]

5. Álvarez, G. (2022). Transformational leadership and employee engagement: The role of women leaders. Revista Gestión y Estrategia , (62), 9-19. [Google Scholar] [Crossref]

6. https://doi.org/10.24275/uam/azc/dcsh/gye/2022n62/Alvarez [Google Scholar] [Crossref]

7. Améstica-Rivas, LR, King-Domínguez, A., Espinoza, C., & Daza, M. (2020). Women's participation in senior management of Chilean companies and its impact on financial performance. International Journal of Social Science Research , 16 (2), 248–266. [Google Scholar] [Crossref]

8. https://doi.org/10.18004/riics.2020.diciembre.248 [Google Scholar] [Crossref]

9. ANIF. (2025). Women's leadership in the business ecosystem . National Association of Financial Institutions. https://www.anif.com.co/comentarios-economicos-del-dia/el-liderazgo-de-la-mujer-en-el-ecosistema-empresarial/ [Google Scholar] [Crossref]

10. Armijos De La Cruz, WI, & Palacios Meléndez, JG (2024). Gender Approach and Women's Participation in MSMEs: Case Study of Commercial Enterprises in Santa Elena, Year 2024. Ciencia Latina Multidisciplinary Scientific Journal , 8 (5), 11641-11658. [Google Scholar] [Crossref]

11. https://doi.org/10.37811/cl_rcm.v8i5.14553 [Google Scholar] [Crossref]

12. Arun, T.M., Joseph, R.P., & Akram, M.U. (2020). Entrepreneur's gender and firm innovation breadth: An institution-based view of SMEs in an emerging market context. International Journal of Innovation Management , 24 (08), Article 2050068. https://doi.org/10.1142/S1363919620500681 [Google Scholar] [Crossref]

13. Auberni Salvadó, L. (2024). Gender equality and the COVID-19 pandemic: A focus on Spain and Catalonia. Research and Critical Thinking , 12 (3), 58-67. https://doi.org/10.37387/ipc.v12i3.394 [Google Scholar] [Crossref]

14. Inter-American Development Bank. (2024). Inter-American Development Bank Annual Report 2023: Year in Review . https://doi.org/10.18235/0005688 [Google Scholar] [Crossref]

15. World Bank. (2024). Women in Business Leadership Boost ESG Performance: Existing Body of Evidence Makes Compelling Case . https://documentos.bancomundial.org/es/publication/documents-reports/documentdetail/664621544706845932 [Google Scholar] [Crossref]

16. Barberán, N., Bastidas, T., & Herrera, C. (2024). Leadership styles in the financial and non-financial performance of microenterprises. Venezuelan Journal of Management , 29 (106), 730-744. [Google Scholar] [Crossref]

17. https://doi.org/10.52080/rvgluz.29.106.17 [Google Scholar] [Crossref]

18. Basulto González, C. (2025). The Impact of Female Leadership on the Culture and Management of Family Businesses: A Look at the Transformative Role of Women Leaders in Family Business Success [Preprint]. SciELO Preprints. https://doi.org/10.1590/scielopreprints.10855 [Google Scholar] [Crossref]

19. Caicedo Basurto, RL, Aguilar Muñoz, JA, Tene Rodríguez, JA, Angia Renata, QN, & Campo Saransig, DA (2025). Transformational leadership: its effect on corporate culture from a comparative perspective. Studies and Perspectives Scientific and Academic Journal , 5 (1), 99-113. [Google Scholar] [Crossref]

20. https://doi.org/10.61384/rca.v5i1.826 [Google Scholar] [Crossref]

21. Cao, D., Tahir, S.H., Rizvi, S.M.R., & Khan, K.B. (2024). Exploring the influence of women's leadership and corporate governance on operational liquidity: The glass cliff effect. PLoS ONE , 19 (5), Article e0302210. https://doi.org/10.1371/journal.pone.0302210 [Google Scholar] [Crossref]

22. Chambi Rosa, J., Quispe Acosta, JA, De la Cruz, DYU, & Angeles Cabrera, ME (2026). Globalization opportunities for small and medium-sized enterprises in the industrial sector: a systematic review. Revista InveCom , 6 (3), e603125. https://doi.org/10.5281/zenodo.17955428 [Google Scholar] [Crossref]

23. Chicco, D., Warrens, MJ, & Jurman, G. (2021). The coefficient of determination R-squared is more informative than SMAPE, MAE, MAPE, MSE, and RMSE in evaluating regression analysis. PeerJ Computer Science , 7 , e623. https://doi.org/10.7717/peerj-cs.623 [Google Scholar] [Crossref]

24. Coba, E., Díaz-Córdova, J., Carrión-Gavilanes, G., & Chango-Casanova, D. (2022). Gender diversity and performance in the Ecuadorian financial sector. Revista Finanzas y Política Económica , 14 (2), 561-586. https://doi.org/10.14718/revfinanzpolitecon.v14.n2.2022.10 [Google Scholar] [Crossref]

25. CPAE. (2024). Women leaders in Latin American entrepreneurship: an example of female empowerment . Professional Council of Business Administration, Colombia. [Google Scholar] [Crossref]

26. https://www.cpae.gov.co/noticias/mujeres-lideres-del-emprendimiento-latinoamericano-un-ejemplo-de-empoderamiento-femenino [Google Scholar] [Crossref]

27. Cueva Bermeo, AA, Feijoo Jaramillo, IM, Sarmiento Chugcho, CB, & Mite Albán, MT (2024). Using logistic regression to predict business model success in microenterprises. Universidad de Guayaquil Magazine , 139 (1), 1-9. https://doi.org/10.53591/rug.v139i1.1296 [Google Scholar] [Crossref]

28. Escalante Tenorio, S. (2024). Gender gaps in access to financial services in Peru. FAECO Sapiens Journal , 8 (1), 132–145. https://doi.org/10.48204/j.faeco.v8n1.a6442 [Google Scholar] [Crossref]

29. Foss, NJ, Lee, PM, Murtinu, S., & Scalera, VG (2021). The XX factor: Women managers and innovation in a multi-country environment. The Leadership Quarterly , 32 (3), Article 101537. [Google Scholar] [Crossref]

30. https://doi.org/10.1016/j.leaqua.2021.101537 [Google Scholar] [Crossref]

31. González Torres, A., Pereira Hernández, ML, & Lacruhy Enríquez, CC (2025). Technological inequality in SMEs: a diagnosis from Mexico City. RIDE Ibero-American Journal for Educational Research and Development , 15 (30). https://doi.org/10.23913/ride.v15i30.2270 [Google Scholar] [Crossref]

32. Harris, J. K. (2021). Primer on binary logistic regression. Family Medicine and Community Health , 9 , Article e001290. https://doi.org/10.1136/fmch-2021-001290 [Google Scholar] [Crossref]

33. Hernández Herrera, C. (2024). Women and access to leadership. RIDE Ibero-American Journal for Educational Research and Development , 15 (29). https://doi.org/10.23913/ride.v15i29.2120 [Google Scholar] [Crossref]

34. IBM. (2025). IBM SPSS Statistics: Pseudo R-squared [Documentation, version 31.0.0]. [Google Scholar] [Crossref]

35. https://www.ibm.com/docs/es/spss-statistics/31.0.0?topic=model-r-squared-statistics [Google Scholar] [Crossref]

36. Iñiguez Ladines, LM (2024). Analysis of the gender pay gap in Ecuador. Journal of the Faculty of Economic Sciences , 7 (9). https://doi.org/10.53591/fce.v7i9.2365 [Google Scholar] [Crossref]

37. Jozami, M., Mora, C., Aguirre Negrete, L., Amigo, H., Merino, MF, & Jiménez Orjuela, JE (2023). Exporting beyond expectations: 24 experiences of women leaders in companies and cooperatives in Latin America and the Caribbean . Inter-American Development Bank. [Google Scholar] [Crossref]

38. https://doi.org/10.18235/0004992 [Google Scholar] [Crossref]

39. Kong, L., Usman, M., Yue, W., Yasmin, F., & Sokolova, M. (2024). Leadher: Role of women leadership in shaping corporate innovation. Humanities and Social Sciences Communications , 11 , Article 1313. https://doi.org/10.1057/s41599-024-03852-2 [Google Scholar] [Crossref]

40. Laidoja, L., Li, X., Liu, W., & Ren, T. (2022). Female corporate leadership and firm growth strategy: A global perspective. Sustainability , 14 (9), Article 5578. https://doi.org/10.3390/su14095578 [Google Scholar] [Crossref]

41. Llinás, H., Núñez, D., Tilano, J., & Villalba, J. (2026). Scientific research on binary logistic regression: a bibliometric analysis using Scopus data (1974–2024). Journal of Mathematics: Theory and Applications , 33 (1), 21–48. https://doi.org/10.15517/ye7cpy41 [Google Scholar] [Crossref]

42. Maldonado Gómez, G., & Santos Díaz, L.E. (2023). Gender-based divergence in the application of managerial skills and its impact on the performance of SMEs in the Altiplano Hidalguense region. RELAYN Journal of Micro and Small Businesses in Latin America , 7 (2). [Google Scholar] [Crossref]

43. https://doi.org/10.46990/relayn.2023.7.2.976 [Google Scholar] [Crossref]

44. Mier Goyes, HF, & Ruales Suárez, KJ (2025). Financial inclusion and the gender gap: an analysis for Latin America and the Caribbean in the period 2011-2021. Revista Finanzas y Política Económica , 17 , 1–32. https://doi.org/10.14718/revfinanzpolitecon.v17.2025.9 [Google Scholar] [Crossref]

45. Moreno-Enguix, M. d. R., Gras-Gil, E., & Lloret, NNE (2026). Critical mass of women on boards and firm performance: Evidence from European enterprises. Journal of the Knowledge Economy , 17 , 2707–2728. https://doi.org/10.1007/s13132-025-02742-5 [Google Scholar] [Crossref]

46. Noroña-Gallo, S., Romo-Moya, D., Hidalgo-Granja, J., et al. (2025). Evaluation of business maturity in women's ventures in vulnerable situations: a case study of users of the AKUANUNA Foundation, Quito-Ecuador. INNOVA Research Journal , 10 (2). https://doi.org/10.33890/innova.v10.n2.2025.2779 [Google Scholar] [Crossref]

47. OECD et al. (2023). Latin American Economic Outlook 2023: Investing for Sustainable Development . OECD Publishing. https://doi.org/10.1787/5cf30f87-es [Google Scholar] [Crossref]

48. Okeh, UM, Igwe, TS, & Okpara, PA (2025). Estimating odds and odds ratios in pregnancy outcomes: an illustration of regression with dummy variables. International Journal of Theoretical and Applied Mathematics , 11 (6), 86-100. https://doi.org/10.11648/j.ijtam.20251106.11 [Google Scholar] [Crossref]

49. Ormaza Cevallos, MG, Lozano Jaramillo, GA, Chávez Franco, JA, & Andrade Vera, SA (2023). Transformational leadership: an effective approach for the job performance of Ecuadorian SMEs. Venezuelan Journal of Management , 28 (Special Issue 10), 1678-1692. [Google Scholar] [Crossref]

50. https://doi.org/10.52080/rvgluz.28.e10.50 [Google Scholar] [Crossref]

51. Ortega Páez, E., Ochoa Sangrador, C., & Molina Arias, M. (2022). Simple binary logistic regression. Evidencias en Pediatría , 18 (11). https://evidenciasenpediatria.es/articulo/7943/regresion-logistica-binaria-simple [Google Scholar] [Crossref]

52. Palacios Duarte, PD, Saavedra García, ML, & Cortes Castillo, MR (2020). Comparative study of business performance of men and women in Mexico: an empirical approach. Revista Finanzas y Política Económica , 12 (2), 3375. [Google Scholar] [Crossref]

53. https://doi.org/10.14718/REVFINANZPOLITECON.V12.N2.2020.3375 [Google Scholar] [Crossref]

54. Peña Ahumada, NB, & Aguilar Rascón, OC (2025). Women's leadership in SMEs. Administrative Research , 54 (135), Article 00003. https://doi.org/10.35426/iav54n135.03 [Google Scholar] [Crossref]

55. Pilataxi Mejia, JC, & Guayasamín Vergara, AR (2024). Women's labor and professional development in SMEs. Enfoques Journal , 8 (29), 32–44. https://doi.org/10.339096/revistaenfoques.v8i29.178 [Google Scholar] [Crossref]

56. Real Statistics. (2023). Testing the fit of the logistic regression model . [Google Scholar] [Crossref]

57. https://real-statistics.com/logistic-regression/significance-testing-logistic-regression-model/ [Google Scholar] [Crossref]

58. Ríos Morante, AE, Maliza Cerezo, GC, Rodríguez Flores, JL, Echeverría Briones, PF, & Smolij Nuñez, IN (2024). Challenges and opportunities of SME financing in Ecuador in 2022: Perspectives and recommendations. X-Pedientes Económicos , 7 (18), 96-112. [Google Scholar] [Crossref]

59. https://ojs.supercias.gob.ec/index.php/X-pedientes_Economicos/article/view/157 [Google Scholar] [Crossref]

60. Rodríguez-Saavedra, MO, Barrientos-Alfaro, AR, Quispe-Nina, W., Málaga-Dávila, CP, Alegre-Chalco, ME, & Arguedas-Catasi, RW (2025). Women in public administration: barriers and opportunities for female leadership. InveCom Journal , 5 (4), e504068. [Google Scholar] [Crossref]

61. https://doi.org/10.5281/zenodo.14854296 [Google Scholar] [Crossref]

62. Rojero-Jiménez, R., Gómez-Romero, JGI, & Arrieta Cabrales, KV (2023). The impact of organizational culture on the innovation of MSMEs in Durango capital. Ciencia Latina Multidisciplinary Scientific Magazine , 7 (3), 3515-3533. https://doi.org/10.37811/cl_rcm.v7i3.6424 [Google Scholar] [Crossref]

63. Saavedra García, M., Briseño Aguirre, N., & Velázquez Rojas, K. (2022). Analysis and evolution of female entrepreneurship in Latin America. RECAI Journal of Studies in Accounting, Administration and Informatics , 1-29. https://doi.org/10.36677/recai.v11i32.19391 [Google Scholar] [Crossref]

64. Sánchez López, JA, Ramon Hernandez, P., Casquete Tamayo, EJ, & Callan Bacilio, R. (2025). Global female leadership: styles, impact and influential women. European Public & Social Innovation Review , 11 , 1–19. https://doi.org/10.31637/epsir-2026-2186 [Google Scholar] [Crossref]

65. Sánchez-Riofrío, A.-M., Faytong-Haro, M., Roa, O., & Valderrama-Álvarez, J. (2024). Enhancing women's entrepreneurship in rural Ecuador: A study protocol aligned with the Sustainable Development Goals. Economies , 12 (9), Article 225. https://doi.org/10.3390/economies1209225 [Google Scholar] [Crossref]

66. Sánchez Vanegas, G., Diaz Dominguez, AM, & Colmenares Rojas, D. (2024). Epidemiological note: odds ratio (OR). Revista Repertorio De Medicina Y Cirugía , 33 (2), 210-215. [Google Scholar] [Crossref]

67. https://doi.org/10.31260/RepertMedCir.01217372.1239 [Google Scholar] [Crossref]

68. Sarabia-Alonso, MT, Santos Díaz, LE, & Moreno Vargas, E. (2025). Impact of women's skills on the performance of MSMEs in the highlands of Hidalgo. RELAYN Journal of Micro and Small Enterprises in Latin America , 9 (3). https://doi.org/10.46990/relayn.2025.9.3.2307 [Google Scholar] [Crossref]

69. Tabassum, N., & Nayak, B.S. (2021). Gender stereotypes and their impact on women's career progression from a managerial perspective. IIM Kozhikode Society & Management Review , 10 (2), 192-208. https://doi.org/10.1177/2277975220975513 [Google Scholar] [Crossref]

Metrics

Views & Downloads

Similar Articles