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This study explores the relationship between board gender diversity and corporate performance in the context of Italian family firms, with a focus on potential non-linear effects and the mediating role of female interlocking directors. Drawing on critical mass theory and network-based governance frameworks and using panel data from 104 listed Italian family firms between 2014 and 2022, the results suggest that gender diversity is positively associated with firm market valuation, particularly beyond a 25% female representation threshold. Additionally, the presence of female interlocking directors correlates positively with Tobin’s Q, supporting the notion that gender-diverse boards embedded in inter-organizational networks are more likely to be perceived as strategically valuable by investors.

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A Gender Perspective on Social Capital: Female Interlocks as Drivers of Family Firms' Performance

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  • 发表日期：

    2026年

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  • Valentina Ottaviani,
  • Ilaria Galavotti

摘要

This study explores the relationship between board gender diversity and corporate performance in the context of Italian family firms, with a focus on potential non-linear effects and the mediating role of female interlocking directors. Drawing on critical mass theory and network-based governance frameworks and using panel data from 104 listed Italian family firms between 2014 and 2022, the results suggest that gender diversity is positively associated with firm market valuation, particularly beyond a 25% female representation threshold. Additionally, the presence of female interlocking directors correlates positively with Tobin’s Q, supporting the notion that gender-diverse boards embedded in inter-organizational networks are more likely to be perceived as strategically valuable by investors.