Corporate diversification in family firms: Does board composition matter?

Ilaria Galavotti*, Carlotta D'Este

*Autore corrispondente per questo lavoro

Risultato della ricerca: Contributo in libroContributo a convegno


Building on behavioral agency theory and the resource-based view, we explore the role played by corporate governance characteristics of family firms in affecting their diversification strategies. Specifically, we investigate the role played by two sources of board heterogeneity, namely board size and board gender diversity, on the likelihood that family firms will execute a diversifying acquisition vis-à-vis a related acquisition. Furthermore, we explore the contingency effect played by foreign directorship and the firm’s listing status. Using a sample of 213 cross-border acquisitions executed between 2008 and 2021 by Italian family firms, we find evidence that large board size and greater gender diversity positively affect diversification of family firms. While the presence of international directors magnifies the positive effect of board size, gender diversity discourages diversification in case of listed firms.
Lingua originaleEnglish
Titolo della pubblicazione ospiteLeading digital transformation
Numero di pagine32
Stato di pubblicazionePubblicato - 2022
EventoEuropean Academy of Management (EURAM) annual conference - Winterthur
Durata: 15 giu 202217 giu 2022


ConvegnoEuropean Academy of Management (EURAM) annual conference


  • Board composition
  • Diversification
  • Family firms


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