Abstract
The aim of this paper is to investigate the woman involvement in family business governance. The empirical analysis focus on 233 Italian family business, studied during the time-frame 2007-2014. The variables investigated are related to the factors able to hinder or foster the woman presence in the firm’s governance. Findings show that the woman presence in the family firm’s board is influenced by belonging to the owner family, by the generational stage of the firm and by the average age of directors.References
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Ahern, K. R., Dittmar, A. K. (2012). The changing of the boards: The impact on firm valuation of mandated female board representation. Quarterly Journal of Economics, 127(1), 137–197.
Arfken, D. E., Bellar, S. L., & Helms, M. M. (2004). The ultimate glass ceiling revisited: The presence of women on corporate boards. Journal of Business Ethics, 50(2), 177-186.
Bianco, M., Ciavarella, A., & Signoretti, R. (2015). Women on corporate boards in Italy: The role of family connections. Corporate Governance: An International Review, 23(2), 129-144.
Burgess, Z., & Tharenou, P. (2002). Women board directors: Characteristics of the few. Journal of Business Ethics, 37(1), 39–49.
Campbell, K., Minguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83(3), 435-451.
Carter, D. A., D’Souza, F., Simkins, B. J., Simpson, W. G. (2010). The gender and ethnic diversity of US boards and board committees and firm financial performance.
Corporate Governance: An International Review, 18(5), 396–414. doi:10.1111/j.1467-8683.2010.00809.x
Carter, D., Simkins, B., Simpson, W. (2003). Corporate governance, board diversity, and firm value. Financial Review, 38(1), 33–53.
Cassia, L., De Massis, A., Giudici F. (2011). Il family business e la successione Padre-Figlia nella cultura italiana: Un caso studio. Rivista Piccola Impresa/Small Business, 1, 65-87.
Cesaroni F.M., Sentuti A. (2018). “The Leaders, the Outcasts and the Others. Which role for daughters in family businesses? in Heinonen J., Vainio-Korhonen K. (a cura di), Women in business families: From past to present, Routledge, UK.
Cesaroni F.M., Sentuti A. (2015). Strategie ambidestre e crisi economica: le peculiarità della piccola impresa. Rivista Piccola Impresa/Small Business, 1, 54-77. doi: 10.14596/pisb.224
Ciambotti M., Palazzi F. (2015). Medie imprese italiane: un'indagine sui valori d'impresa. Rivista Piccola Impresa/Small Business, 1, 10-30. doi: 10.14596/pisb.174
Claessens, S., Djankov, S., Lang, L. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(l-2), 81-112. doi.org/10.1016/S0304-405X(00)00067-2
Conyon, M. J., He, L. (2017). Firm performance and boardroom gender diversity: A quantile regression approach, Journal of Business Research, 79, 198–211. doi: org/10.1016/j.jbusres.2017.02.006
Corbetta, G. & Minichilli, A. (2010). Osservatorio Aidaf-Unicredit-Bocconi (AUB) su tutte le aziende familiari di medie e grandi dimensioni. II Rapporto. Disponibile sul sito web www.itfera.it
Corbetta, G., Minichilli, A. & Quarato F. (2011). Osservatorio AUB su tutte le Aziende Familiari di medie e grandi dimensioni. III Rapporto. Disponibile sul sito web: www.itfera.it
Corbetta, G., Minichilli, A. & Quarato F. (2015). Osservatorio AUB su tutte le Aziende Familiari di medie e grandi dimensioni. VI Edizione. Disponibile sul sito web: www.itfera.it
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Gnan, L., Montemerlo, D. (2008). Le PMI familiari in Italia tra tradizione e novità. I risultati di una ricerca. Milano: Egea.
Gui, F. A., Srinidhi, B., & Ng, A. C. (2011). Does board gender diversity improve the informativeness of stock prices? Journal of Accounting and Economics, 5/(3), 314-338. doi.org/10.1016/j.jacceco.2011.01.005
Larcker, D. F., & Tayan, B. (2011). Corporate governance matters: A closer look at organizational choices and their consequences. FT Press-Pearson Prentice Hall.
Matsa, D. A., Miller, A. R. (2013). A female style in corporate leadership? Evidence from quotas. American Economic Journal: Applied Economics, 5(3), 136–169. doi.org/10. 1257/app.5.3.136
Milliken, F. J., Martins, L. L. (1996). Searching for common threads: Understanding the multiple effects of diversity in organizational groups. Academy of Management Review, 21(2), 402–433.
Minichilli, A., Corbetta, G., MacMillan, I. (2010). Top management teams in family controlled companies: ‘Familiness’, ‘faultliness’, and their impact on financial performance. Journal of Management Studies, (47):205-222. doi: 10.1111/j.1467-6486.2009.00888.x
Naldi, L., Cennamo, C., Corbetta, G., Gómez-Mejía, L. (2013). Preserving Socioemotional Wealth in Family Firms: Asset or Liability? The Moderating Role of Business Context. Entrepreneurship. Theory & Practice, 37(6):1341-1360. http://dx.doi.org/10.1111/etap.12069
Nekhili, M. & Gatfaoui, H. (2013). “Are demographic attributes and firm characteristics drivers of gender diversity? Investigating women’s positions on French boards of directors”, Journal of Business Ethics, 18 (2): 227-249. doi: 10. 1007/s10551-012-1576-z
Palazzi, F. (2012). Medie imprese italiane, sviluppo e corporate finance, FrancoAngeli.
Post, C., & Byron, K. (2015). Women on boards and firm financial performance: A meta-analysis. Academy of Management Journal, 58(5), 1546–1571. doi 10.5465/amj.2013.0319
Ruigrok, W., Peck, S. & Tacheva, S. (2007). Nationality and gender diversity on swiss corporate boards. Corporate Governance an International Review, 15(4), 546-557. doi: 10.1111/j.1467-8683.2007.00587.x
Simpson, W. G., Carter, D., & D’Souza, F. P. (2010). What do we know about women on boards? Journal of Applied Finance, 20, 27–39.
Songini, L., Gnan, L. (2009). Women, Glass Ceiling, and Professionalization in Family SMEs: A Missed Link. Journal of Enterprising Culture, Vol. 17, No. 4, pp 497–525. doi: 10.1142/S0218495809000461
Terjesen, S., Aguilera, R. V., & Lorenz, R. (2015). Legislating a woman’s seat on the board: Institutional factors driving gender quotas for boards of directors. Journal of Business Ethics, 128(2), 233–251. doi 10.1007/s10551-014-2083-1
Terjesen, S., Sealy, R., & Singh, V. (2009). Women directors on corporate boards: A review and research agenda. Corporate Governance: An International Review, 17(3), 320–337. doi: 10.1111/j.1467-8683.2009.00742.x
Ahern, K. R., Dittmar, A. K. (2012). The changing of the boards: The impact on firm valuation of mandated female board representation. Quarterly Journal of Economics, 127(1), 137–197.
Arfken, D. E., Bellar, S. L., & Helms, M. M. (2004). The ultimate glass ceiling revisited: The presence of women on corporate boards. Journal of Business Ethics, 50(2), 177-186.
Bianco, M., Ciavarella, A., & Signoretti, R. (2015). Women on corporate boards in Italy: The role of family connections. Corporate Governance: An International Review, 23(2), 129-144.
Burgess, Z., & Tharenou, P. (2002). Women board directors: Characteristics of the few. Journal of Business Ethics, 37(1), 39–49.
Campbell, K., Minguez-Vera, A. (2008). Gender diversity in the boardroom and firm financial performance. Journal of Business Ethics, 83(3), 435-451.
Carter, D. A., D’Souza, F., Simkins, B. J., Simpson, W. G. (2010). The gender and ethnic diversity of US boards and board committees and firm financial performance.
Corporate Governance: An International Review, 18(5), 396–414. doi:10.1111/j.1467-8683.2010.00809.x
Carter, D., Simkins, B., Simpson, W. (2003). Corporate governance, board diversity, and firm value. Financial Review, 38(1), 33–53.
Cassia, L., De Massis, A., Giudici F. (2011). Il family business e la successione Padre-Figlia nella cultura italiana: Un caso studio. Rivista Piccola Impresa/Small Business, 1, 65-87.
Cesaroni F.M., Sentuti A. (2018). “The Leaders, the Outcasts and the Others. Which role for daughters in family businesses? in Heinonen J., Vainio-Korhonen K. (a cura di), Women in business families: From past to present, Routledge, UK.
Cesaroni F.M., Sentuti A. (2015). Strategie ambidestre e crisi economica: le peculiarità della piccola impresa. Rivista Piccola Impresa/Small Business, 1, 54-77. doi: 10.14596/pisb.224
Ciambotti M., Palazzi F. (2015). Medie imprese italiane: un'indagine sui valori d'impresa. Rivista Piccola Impresa/Small Business, 1, 10-30. doi: 10.14596/pisb.174
Claessens, S., Djankov, S., Lang, L. (2000). The separation of ownership and control in East Asian corporations. Journal of Financial Economics, 58(l-2), 81-112. doi.org/10.1016/S0304-405X(00)00067-2
Conyon, M. J., He, L. (2017). Firm performance and boardroom gender diversity: A quantile regression approach, Journal of Business Research, 79, 198–211. doi: org/10.1016/j.jbusres.2017.02.006
Corbetta, G. & Minichilli, A. (2010). Osservatorio Aidaf-Unicredit-Bocconi (AUB) su tutte le aziende familiari di medie e grandi dimensioni. II Rapporto. Disponibile sul sito web www.itfera.it
Corbetta, G., Minichilli, A. & Quarato F. (2011). Osservatorio AUB su tutte le Aziende Familiari di medie e grandi dimensioni. III Rapporto. Disponibile sul sito web: www.itfera.it
Corbetta, G., Minichilli, A. & Quarato F. (2015). Osservatorio AUB su tutte le Aziende Familiari di medie e grandi dimensioni. VI Edizione. Disponibile sul sito web: www.itfera.it
Ferreira, D. (2015). Board diversity: Should we trust research to inform policy? Corporate Governance: An International Review, 23(2), 108–111. doi:10.1111/corg.12092
Glavin, B., Astrachan, J. & Green, J. (2007). American family business survey. MassMutual; Cox Family Enterprise Center, Coles College of Business, Kennesaw State University; The Family Firm Institute, Inc.
Gnan, L., Montemerlo, D. (2008). Le PMI familiari in Italia tra tradizione e novità. I risultati di una ricerca. Milano: Egea.
Gui, F. A., Srinidhi, B., & Ng, A. C. (2011). Does board gender diversity improve the informativeness of stock prices? Journal of Accounting and Economics, 5/(3), 314-338. doi.org/10.1016/j.jacceco.2011.01.005
Larcker, D. F., & Tayan, B. (2011). Corporate governance matters: A closer look at organizational choices and their consequences. FT Press-Pearson Prentice Hall.
Matsa, D. A., Miller, A. R. (2013). A female style in corporate leadership? Evidence from quotas. American Economic Journal: Applied Economics, 5(3), 136–169. doi.org/10. 1257/app.5.3.136
Milliken, F. J., Martins, L. L. (1996). Searching for common threads: Understanding the multiple effects of diversity in organizational groups. Academy of Management Review, 21(2), 402–433.
Minichilli, A., Corbetta, G., MacMillan, I. (2010). Top management teams in family controlled companies: ‘Familiness’, ‘faultliness’, and their impact on financial performance. Journal of Management Studies, (47):205-222. doi: 10.1111/j.1467-6486.2009.00888.x
Naldi, L., Cennamo, C., Corbetta, G., Gómez-Mejía, L. (2013). Preserving Socioemotional Wealth in Family Firms: Asset or Liability? The Moderating Role of Business Context. Entrepreneurship. Theory & Practice, 37(6):1341-1360. http://dx.doi.org/10.1111/etap.12069
Nekhili, M. & Gatfaoui, H. (2013). “Are demographic attributes and firm characteristics drivers of gender diversity? Investigating women’s positions on French boards of directors”, Journal of Business Ethics, 18 (2): 227-249. doi: 10. 1007/s10551-012-1576-z
Palazzi, F. (2012). Medie imprese italiane, sviluppo e corporate finance, FrancoAngeli.
Post, C., & Byron, K. (2015). Women on boards and firm financial performance: A meta-analysis. Academy of Management Journal, 58(5), 1546–1571. doi 10.5465/amj.2013.0319
Ruigrok, W., Peck, S. & Tacheva, S. (2007). Nationality and gender diversity on swiss corporate boards. Corporate Governance an International Review, 15(4), 546-557. doi: 10.1111/j.1467-8683.2007.00587.x
Simpson, W. G., Carter, D., & D’Souza, F. P. (2010). What do we know about women on boards? Journal of Applied Finance, 20, 27–39.
Songini, L., Gnan, L. (2009). Women, Glass Ceiling, and Professionalization in Family SMEs: A Missed Link. Journal of Enterprising Culture, Vol. 17, No. 4, pp 497–525. doi: 10.1142/S0218495809000461
Terjesen, S., Aguilera, R. V., & Lorenz, R. (2015). Legislating a woman’s seat on the board: Institutional factors driving gender quotas for boards of directors. Journal of Business Ethics, 128(2), 233–251. doi 10.1007/s10551-014-2083-1
Terjesen, S., Sealy, R., & Singh, V. (2009). Women directors on corporate boards: A review and research agenda. Corporate Governance: An International Review, 17(3), 320–337. doi: 10.1111/j.1467-8683.2009.00742.x
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