Are Family Firms Friendly to Women

This study used listed firms in Shanghai and Shenzhen from 2004 to 2014 to investigate whether family firms help women break the glass ceiling. We find that family firms appoint female CEOs more often than non-family firms. Our finding does not result from the limitation of family firms to recruit talent from family members. Family firms even provide a female-friendly workplace for professional CEOs. Family firms that operate under conservative management are inclined to appoint women regarded as risk-averse. The tendency of family firms to hire female CEOs is partially attributed to homophily.