Performance of family-owned firms: the impact of gender at the management level

摘要: Purpose The purpose of this paper is to analyse the impact gender (F/M), at management level, on family company’s performance. Design/methodology/approach Company size, age, region and business sector were used as control variables in order confirm adjustment model theory. GMM dynamic panel models for: endogeneity; time-invariant characteristics; possible collinearity between independent variables; effects from omission elimination non-observable individual effects; correct estimation relationship dependent variable previous current periods. The study data 199 Portuguese companies, 2006 2014. Findings The results hypothesis corporate governance literature, which argues that board diversity potentially positively related firm performance, showing presence a female element firms’ direction has positive impacts their compared those with only male elements. Also, show activity are factors influencing performance. Finally, confirms company size age helping explain these companies’ life-cycle. Originality/value The contributes literature firms regarding effect use will make strong contribution this, problem endogeneity dealt correctly here through using models,