.... Originality/value While prior research has examined the effect of board gender diversity on firm performance, the study is the first to investigate the effect of female directors on the opportunistic timing of option grants, using a rigorous empirical framework that explicitly accounts for endogeneity...

... to measure the SEW constructs. Therefore, better measures that capture latent conceptual perspectives of the SEW need to be developed to allow the family business literature to evolve. From the exposed, family business scholars should carefully deal with endogeneity issues that are pervasive...