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In case you needed a reason besides the fact that it's the right thing to do, companies with greater gender diversity perform better in the stock market, according to analysts at Morgan Stanley.

Over the next three years, they found, companies with high gender diversity will deliver significantly higher return on equity–a key ratio measuring how good a company is at turning investment into profit.

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They also say that the market rewards companies that are persistently diverse, and punishes those that are not.

"Higher gender diversity companies have better fundamentals," the analysts write, "compared with relevant nondiverse peers.

On top of that, they conclude that "low gender diversity is associated with more drawdowns and more blowups."

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The report shows that there's still a lot of room for improvement. Here are the C-suite gender pay gaps by region:

And C-suite representation by region.

Morgan Stanley

And finally, the progress (or lack thereof) in work-life balance programs, which experts say are essential to creating gender parity in the business world.

Morgan Stanley

Rob covers business, economics and the environment for Fusion. He previously worked at Business Insider. He grew up in Chicago.