Increasing your company's gender diversity is not only good ethics, it's good business.

According to new research by the nonprofit think tank Peterson Institute for International Economics, more women in a company's executive ranks positively affects the bottom line.

The study, conducted by Marcus Noland, executive vice president and director of studies at the Peterson Institute, Barbara Kotschwar, adjunct professor at Georgetown University, and researcher Tyler Moran, found a "significant correlation" between the number of women in leadership roles and a company's profitability.

The sad news, however, is number of women in leadership roles in companies across 91 countries. In 22,000 global firms, the survey found that almost 60 percent of them had no female board members in 2014 (when the survey started) while over half had no female executives, and less than 5 percent had a female CEO.

The good news is that when a company went from no women in leadership roles to 30 percent women in the senior ranks that the companies increased profitability by 15 percent.