It’s Not Gender Holding Back International Growth

Do women at the top of family businesses make their companies less international? At first glance, the data would seem to suggest just that. But stopping at this preliminary conclusion would be a mistake. The key issue is not the CEO's gender, but rather the governance context in which strategic decisions are made. In an economy marked by geopolitical volatility, technological transition and new ESG pressures, internationalization — and exports in particular — often represents a key lever for the growth and resilience of family firms. Expanding into foreign markets allows for risk diversification, increased competitiveness and greater resilience in times of uncertainty. However, how this choice is pursued depends profoundly on the company's leadership and how the decision-making process is structured.

Family Business

An analysis of over 2,000 medium-sized and large Italian family enterprises shows that, on average, companies led by female CEOs achieve lower export levels than those managed by male CEOs. A result that, if read superficially, risks fueling distorted interpretations of the contribution of female leadership. In reality, the data should be interpreted in light of the specific characteristics of family businesses and their strategic priorities.

Family companies do not pursue exclusively economic objectives. Alongside profitability, there are also non-financial goals such as maintaining control, generational continuity and the preservation of family identity and values. In this context, female CEOs — often characterized by a more relational leadership style, attentive to stability and cohesion — tend to be more aligned with these priorities. This leads to a more prudent approach to strategies perceived as risky for the family, including international expansion.

This does not mean that female CEOs are less capable, less ambitious or less growth-oriented. On the contrary, the findings suggest that they often operate in decision-making contexts strongly influenced by the family logic, which can limit the strategic potential of leadership, regardless of gender.

What Happens When Governance Changes

The picture changes radically when family companies embrace more inclusive governance mechanisms. The presence of independent directors and non-family shareholders alters the decision-making process, reduces the weight of the family logic and restores focus on growth and performance objectives. In these contexts, the contribution of female CEOs to the internationalization of the companies they manage not only emerges, but turns positive and fully visible.

Directors and shareholders external to the family introduce market-oriented vision, skills and pressures that act as a counterweight to the natural prudence of family businesses. Having "other voices at the table" favors more balanced decisions, reduces excessive caution and allows female CEOs to evaluate international opportunities more objectively. In other words, open governance acts as a catalyst, allowing female CEOs to fully express their strategic capabilities.

In summary, the data clearly shows that, with more open governance, family companies led by female CEOs significantly increase their propensity to export. This effect is particularly evident in more structured family firms, where the complexity of decision-making requires greater professionalism and where open capital or open boardrooms can make the difference between defending the status quo and growing internationally.

Female Leadership Is a Strategic Resource

The message for entrepreneurs and boards of directors is clear: female leadership should not be evaluated in isolation, but in relation to governance structure. Appointing a female CEO without rethinking the governance structure risks limiting her potential, holding her responsible for something that actually depends on the company's decision-making structure. Conversely, investing in more open, competent and diverse boards allows female leadership to become a true enabler of international growth.

Women CEOs do not represent a barrier to the internationalization of family businesses. They are a strategic resource that can generate value when embedded into governance systems capable of balancing tradition with openness, prudence with ambition, the interest of the family with the priorities of the market. Today the real challenge is not having to choose between family identity and international growth, but to select and build governance structures capable of reconciling them.