The result shows that the lower productivity of female-owned enterprises is due, in large part, to the fact that they are smaller, less capital intensive, and in sectors characterised by lower average productivity. Enterprises owned by women tend to make lower profits (around 4% less), even controlling for their size, capital intensity, age, and sector of activity (column 3). The women-owned companies included in ORBIS were slightly less likely (1.2% less) to experience an increase in the number of their employees between 2005 and 2009 (column 4).