difference in testosterone levels between the placebo and treatment groups. a 1991 review reported that the influences of spironolactone on androgen levels in women were variable and inconsistent. spironolactone has shown no significant effect on levels of testosterone, estradiol, luteinizing hormone, and follicle-stimulating hormone in men. no or only small changes in cortisol levels have been observed in clinical studies with spironolactone. the influence of canrenoate potassium on cortisol levels has been studied. spironolactone has no influence on sex hormone-binding globulin levels in women or men.