The masculine leadership norm creates "double-bind, 'no-win' dilemmas" for women, according to Catalyst, including the "extreme perceptions" problem. In other words, if female business leaders act consistent with gender stereotypes, they are considered too soft. If they go against gender stereotypes, they are considered too tough.

"Ultimately, it's not women's leadership styles that need to change," Catalyst president Ilene Lang said in a statement. "Only when organizations take action to address the impact of gender stereotyping will they be able to capitalize on the 'full deck' of talent."

Catalyst says its findings "strongly suggest that gender stereotypes lead organizations to routinely underestimate and underutilize women's leadership talent." Last year, women made up more than 50 percent of the managerial, professional and related positions in the U.S. labor force, but accounted for only 15.6 percent of Fortune 500 corporate officer positions and 14.6 percent of Fortune 500 board seats, according to Catalyst research.

Still, women have seen some improvement over time. In 1995, women held just 8.7 percent of Fortune 500 corporate officer posts and 9.6 percent of Fortune 500 board seats, according to Catalyst.

Despite the gains, progress has been slow for women seeking to lead in the business world, says Peggy Shiller, executive vice president of the Center for Work-Life Policy research group.

A major obstacle is the structure of corporate "high-impact" jobs, Shiller says. Those executive and top management positions have become more "extreme," she says, demanding 70 to 80 hours a week versus some 50 hours a decade ago. The long hours make it hard for women who want leadership roles but often have other duties such as child care, Shiller says.

"The goalposts have moved for women," she says.

Shiller's organization calls for changing the "male competitive model" of corporate success that entails long hours and a linear career track.

Multiple research studies show that men and women exhibit similar leadership styles, according to Catalyst. Another "double-bind" dilemma, the group says, is that female leaders face higher standards than male leaders and are rewarded with less. Then there's the "competent but disliked" quandary, Catalyst says.

"When women exhibit traditionally valued leadership behaviors such as assertiveness, they tend to be seen as competent but not personable or well-liked," Catalyst said in a summary of its report.

Laura Sabattini, a director in Catalyst's research department, says companies can combat stereotyping through well-developed diversity training and by integrating objective criteria and competencies in hiring and performance evaluations. Open-ended interviews and unstructured annual reviews can allow bias to creep in, she argues.

"These are the situations when stereotypes are more likely to play a role."

—Ed Frauenheim