Beyond quotas: women on board of the largest Spanish companies (1950-2020)

The Spanish business elite has historically been male-dominated, with women having minimal participation from the Francoist dictatorship through the democratic transition and early democratic regime. However, since the early 21st century, female representation has shown positive growth, reaching a relative share of 21% by 2020. Some authors interpret this increase as a sign of democratization within the corporate network. Within this framework, the following research question arises: can the presence of women on boards be interpreted as an indicator of a process of democratization in Spain's corporate network between 1950 and 2020? To answer this question beyond the limitations of descriptive analysis, it is essential to also incorporate the feminist economic perspective. By identifying profiles over seventy years, applying Social Network Analysis (SNA), and assessing the influence of various institutions, this study concludes that no democratization has occurred; rather, women have been integrated into senior management in a subordinate role.