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Journal of Business Ethics
Published in: Journal of Business Ethics 2/2018

05-10-2016

Women’s Leadership and Firm Performance: Family Versus Nonfamily Firms

Authors: Mehdi Nekhili, Héla Chakroun, Tawhid Chtioui

Published in: Journal of Business Ethics | Issue 2/2018

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Abstract

We evaluate the relationship between the appointment of women to CEO or Chair positions and firm performance, and shed light on the differences between family and nonfamily firms. By using a propensity score matching approach on a sample of 394 French firms over the period 2001–2010, we find major discordances between women’s leadership style and family business expectations relative to firm performance, as measured by return on assets and Tobin’s q. Notably, our results support the conjecture that family firms, which are more conducive to transformational leadership, offer women a more appropriate climate for exercising the function of Chair than that of CEO. In contrast, women CEOs perform better in nonfamily firms. Our findings move away from the predominant focus on barriers and stereotypes images about the female leadership and support the contingency theory of leadership, which states that the effectiveness of a leadership style depends on the organization and culture in which leaders operate, and on task-related positions
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Footnotes
1
Equal Opportunity for Women in the Workplace Agency (EOWA), 2012 Australian Census of Women in Leadership, www.​eowa.​gov.​au.
 
3
The ‘New Economic Regulations (NER)’ Act of May 15, 2001 recommended rules for corporate objectives, structure, including board composition and committee structure, roles of directors and shareholders in control transactions, and tender offers.
 
4
Our sample includes companies that existed on December 1, 2010 and excludes those that existed at any prior year during our sample period but that were deleted.
 
5
The standard GMM considers only the first difference of each variable in the regressions, while the lagged levels of explanatory variables are used as instruments. Blundell and Bond (1998) introduce the levels equation in the estimation procedure to produce a system GMM of two equations involving both the levels equation itself and the first-differenced equation.
 
6
Matching without replacement means that the same family firm can be matched to only one nonfamily firm.
 
7
As an alternative profitability measure, we use the return on equity defined as the ratio of net income to stockholders’ equity. The results using return on equity are quite similar to those using return on assets.
 
8
We find a few cases in family firms where a woman holds both CEO and board Chair positions (0.78 %), and no cases are observed for nonfamily firms. The case of woman CEO duality therefore cannot be considered.
 
9
As in the first matching, we use a caliper distance of 3 % without replacement.
 
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Metadata
Title
Women’s Leadership and Firm Performance: Family Versus Nonfamily Firms
Authors
Mehdi Nekhili
Héla Chakroun
Tawhid Chtioui
Publication date
05-10-2016
Publisher
Springer Netherlands
Published in
Journal of Business Ethics / Issue 2/2018
Print ISSN: 0167-4544
Electronic ISSN: 1573-0697
DOI
https://doi.org/10.1007/s10551-016-3340-2

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