Women on Boards in Family Firms

Working Papers
Chittoor, Raveendra.,Bang, Nupur Pavan., Ramachandran, Kavil. "Women on Boards in Family Firms", Singapore
In this paper, we examine the heterogeneity in the adoption of new corporate governance norms between family firms and non-family firms in the specific context of induction of women directors onto corporate boards. We do so by exploiting a regulation introduced in 2013 in India that required companies to induct at least one woman director on the board within a year. Using panel data from 1507 publicly listed firms, we find that there is no significant difference in the proportion of women directors between family firms and non-family firms. We further distinguish family firms into stand-alone firms and firms belonging to family-owned business groups and find that women director proportion and the proportion of executive women directors is higher in stand-alone family firms.