International focus on electing female directors may have had some impact among U.S. firms. On average female representation increased to 13.2 percent last year compared to 12.2 percent in 2008, said executive compensation data research firm, Equilar.

Based on the study among 1,185 companies in the S&P 1500, 77 percent of these companies have at least one woman currently serving on the board, and there has been a steady decrease in the number of companies without female directors—27 percent in 2008 with no female representation compared with 23 percent in 2010.

However, only three percent of companies had more than three female directors last year.

“While the United States is unlikely to see quotas or minimum standards in the near future, many Americans have been keeping a close eye on the issue,” said Equilar in the 2011 Board Composition Series Report. In countries such as Norway, Belgium, and France, companies must institute quotas for female directors.

Size of the firm also determines female participation in the board. Equilar found that 21 percent of mid-cap companies have an all-male board, while 41 percent of small-cap companies showed a similar trend. Among large-cap companies, less than one in ten have an all-male board.

The research firm also found that a company's industry can be a determinant of female participation on the board. Highly regulated industries, such as utilities, are most likely to have at least two women serving on their boards. Less-regulated industries like technology are least likely to have any female directors (41 percent of them elect only male directors), while basic materials and industrial goods companies are more likely to have an all-male board.