Unlocking female CEOs' contribution to the internationalization of family-controlled firms

Are female CEOs better or worse than male CEOs for the internationalization of family-controlled firms? By addressing this question, we draw on Upper Echelons Theory (UET) and complement it with insights from the Behavioral Theory of the Firm (BTF) to examine the moderating role of governance and ownership openness. Using a large panel of 2150 Italian family-controlled firms between 2011 and 2017, our findings indicate that the internationalization potential of female CEOs is often constrained within family-controlled firms. Specifically, family firms led by female CEOs are, on average, less internationalized. However, when family firms adopt more open governance structures and dilute family ownership, female CEOs fully express their positive contribution to internationalization.