BURLINGAME — Women, for all their economic clout, hold only one in every 10 top decision-making positions at California's 400 largest publicly traded companies, according to research conducted at the Graduate School of Management.

The second annual study — scrutinizing twice the number of companies and more executive positions than the first — found women hold 10.2 percent of the combined board seats and executive officer positions, the same percentage reported last year. Specifically, they occupy 349, or 11.7 percent, of the 2,979 executive positions, and only 287, or 8.8 percent, of the 3,245 board seats.

"The UC Davis Study of California Women Business Leaders" was released Nov. 16 by the management school, in partnership with the Forum for Women Entrepreneurs and Executives. The first major research project of the new UC Davis Center for Women and Leadership, the study was presented to about 100 business leaders at the UC Davis Forum on Women and Leadership.

"As the epicenter of innovation, the eighth largest economy in the world in its own right, and a trailblazer in social trends, California should be on the forefront of women's leadership in the corporate arena," wrote author Katrina Ellis, an assistant professor at the management school and a co-director of the center. "The truth is, it is not."

The study identified 25 companies — more than two-thirds from Northern California — that have more than 25 percent female directors and executive officers, and the management school recognized those companies with awards at the event. Leading the list is Hot Topic Inc. of the City of Industry, with 45.5 percent of the top roles filled by women. But those 25 companies, Ellis found, were the exception to the rule.

Nicole Biggart, dean of the management school and co-director of the UC Davis center, said the study's findings "paint a disappointing picture of female representation on the boards and in the executive suites of these high-profile companies."

"In today's global marketplace, where diverse backgrounds, skills and experience are critical for strategic operational decisions," she said, "having more women involved at the highest levels of business management and corporate governance can only result in more profitable and well-managed corporations."

The report calls for more women in leadership roles as good, sound business. It is supported by other recent studies — published by Corporate Social Issues Reporter, the Wellesley Centers for Women, Catalyst and The Financial Review — showing shareholders benefit from greater representation of women.

Donna Dell, former California labor commissioner, challenged California businesses without a woman on their board to add one by the end of June, so they will be included in next year's census.

To help the cause, Biggart announced that the school is partnering with the Forum for Women Entrepreneurs and Executives to increase the ranks of female corporate leaders.

Chris Melching, chief executive officer of the Palo Alto-based forum, introduced BoardMatch, its new placement service that identifies and recommends experienced and qualified women for openings on public and private company boards.

Ellis used Standard & Poor's data to identify the top 400 companies headquartered in California by net revenue for fiscal year-end reporting from July 2005 through June 2006. She compiled information about directors and the top executives from filings with the Securities and Exchange Commission.

The study found 125 companies, or more than 31 percent, have no female board member and no female executive officer. More than 50 percent of the 400 companies have no women in the boardroom, and almost one-third have only one female director.

In addition, more than 48 percent of the companies have no women among their executives, and women are chief executive officers at only 11 companies. Among the other findings:

• Overall, the largest companies have three times the percentage of women board members as the smaller companies.
• The retail sector has the highest percentage of female directors and women executives. The telecommunications industry has the lowest percentage of female directors, and the electronics industry has the lowest percentage of female executive officers.
• Sacramento County has the highest average percentage of female board members, and Santa Barbara County has the highest average percentage of female executives.

For a copy of the study and more details, see http://www.gsm.ucdavis.edu/census.