Board gender diversity and performance in family firms: exploring the faultline of family ties

Abstract Using a sample of 1134 firm-year observations non-financial family firms listed on the Spanish stock market in period 2003–2020, we explore how women directors affect company performance, distinguishing between and non-family female members board. We believe there might be faultlines boards that may well impair performance due to differences agency conflicts socioemotional links with firm. As number grows, reveal sub-groups become more prevalent, impairing firm performance. Opening does, however, seem an effective way enhancing when is critical mass directors. The results are robust alternative measures board gender diversity different econometric specifications.