When Do Women Make a Better Table? Examining the Influence of Women Directors on Family Firm’s Corporate Social Performance

Cruz, Cristina; Justo, Rachida; Larraza‐Kintana, Martín; Garcés-Galdeano, Lucía

doi:10.1177/1042258718796080

Cited by 99 publications

(117 citation statements)

References 74 publications

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“…As women directors have been viewed as paying more attention to the welfare of the natural environment and other external stakeholders (Krüger, ; Li et al, ; Lu & Herremans, ; Post et al, ; Walls et al, ), family owners would expect women directors to be sympathetic to family's interests in the case of an environmental CSR agenda and thus, if appointed, to use their influence on the board to bring this agenda about. Recently, Cruz, Justo, Larraza‐Kintana, and Garcés‐Galdeano () found that women nonfamily outsiders and women family insiders do enhance corporate social performance in family firms, due to their relative power and legitimacy vis‐à‐vis other directors. We interpret this finding as being consistent with the view that controlling family owners are likely to know that women directors will support their environmental CSR preferences and therefore seek to appoint them to advance their environmental CSR agenda.…”

Section: Theoretical Framework and Research Hypothesesmentioning

confidence: 99%

Board gender diversity and corporate environmental performance: The moderating role of family and dual‐class majority ownership structures

2020

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While prior work has investigated the impact of (a) ownership structure and (b) board gender diversity separately on corporate environmental performance, researchers have not studied the potentially important relationship between ownership control and female board diversity in influencing corporate environmental performance jointly. We do so in the context of majority ownership in family‐controlled and dual‐class firms whose motives and influence are theoretically different from that of the firm's minority shareholders. Drawing on resource dependency, socioemotional wealth theory, and secondary agency theory, we hypothesize that majority family owners and dual‐class owners likely choose women directors to help advance their personal preferences for environmental corporate social responsibility. Our empirical tests utilizing 2,755 U.S. firm years over the 2010–2015 show that, as hypothesized, these two majority ownership types interact with board gender diversity to positively influence corporate environmental performance.

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Section: Theoretical Framework and Research Hypothesesmentioning

confidence: 99%

Board gender diversity and corporate environmental performance: The moderating role of family and dual‐class majority ownership structures

2020

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“…Hearn (2011) shows that family firms in North Africa have larger boards mainly because of the presence of independent directors, which positively influence their post‐initial public offering (IPO) returns. Firms with institutional investors and family control in the United States are also associated with larger boards that devise more corporate social responsibility (CSR) engagement and diversification strategies (e.g., Cruz, Jusko, Larraza‐Kintana, & Garcés‐Galdeano, 2019; Lungeanu & Ward, 2012; Walls, Berrone, & Phan, 2012). In addition, state‐owned Chinese firms have larger boards that restrict loan collateral (An et al, 2016).…”

Section: Current State Of the Fieldmentioning

confidence: 99%

Bringing owners back on board: A review of the role of ownership type in board governance

Federo

Ponomareva

Aguilera

et al. 2020

Corporate Governance

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Research Question/Issue In this comprehensive literature review, we synthesize and analyze the current state of academic research regarding the relatively understudied relationship between the type of owners and board governance. Research Findings/Insights Our review of the existing literature at the intersection of ownership and board governance research discusses how six distinct ownership types—pertaining to family, lone founder, corporation, institutional investor, state, and venture capitalist—shape board governance, defined as board structure, composition, and processes. We also uncover the influence of ownership type on board functional performance (i.e., monitoring, resource provision, and strategic involvement) and the implications of these owner–board relationships for a variety of firm outcomes (related to performance and compliance). Theoretical/Academic Implications We present identifiable patterns in board governance and functional performance associated with each ownership type and their respective implications for a wide range of firm outcomes. We then propose seven core emerging themes that deserve further scholarly attention. Practitioner/Policy Implications Our analysis cautions against the application of the “one‐size‐fits‐all” best‐practices approach in board governance advocated by policy makers, scholars, and corporate governance activists and underscores the need to consider the contingent effects of different owners' behaviors and interests in shaping and assessing board governance.

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“…The article by Cruz et al (2019) raises some interesting questions. Conceptually, the article draws attention to role identities and gender stereotypes in family firms, a topic that has received increasing, but still insufficient attention (e.g., Amore, Garofalo, & Minichilli, 2014;Martinez-Jimenez, 2009; Rodrı´guez-Ariza, Cuadrado-Ballesteros, Martı´nez-Ferrero, & Garcı´a-Sa´nchez, 2017).…”

Section: Intra-firm Social Relationshipsmentioning

confidence: 99%

Social Structures, Social Relationships, and Family Firms

Zellweger

Chrisman

Chua

et al. 2018

Entrepreneurship Theory and Practice

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In this introduction, we observe that the study of social structures and social relationships constitutes a common theme among the articles and commentaries contained within this special issue on Theories of Family Enterprise. Individuals and organizations are embedded in complex networks of social organization and exchange. Within business enterprises, familial relationships engender unique goals, governance structures, resources, and outcomes. We discuss these relationships, potential research directions, and the contributions made by the articles and commentaries. In so doing, we expand the literature on how social structures and social relationships affect the behavior and performance of family firms.

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When Do Women Make a Better Table? Examining the Influence of Women Directors on Family Firm’s Corporate Social Performance

Cited by 99 publications

References 74 publications

Board gender diversity and corporate environmental performance: The moderating role of family and dual‐class majority ownership structures

Board gender diversity and corporate environmental performance: The moderating role of family and dual‐class majority ownership structures

Bringing owners back on board: A review of the role of ownership type in board governance

Social Structures, Social Relationships, and Family Firms

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