Note(s): This table reports the OLS estimation results for Model (1). The dependent variable, FERatio, is measured as the percentage of females in top management teams including board of directors, supervisory board members and top executives. The main variable of interest, Clan, is measured as the number of genealogies per 10,000 residents in the city where the firm is incorporated. Other variable definitions are provided in Table 1. Industry- and year-fixed effects are included in all columns. Coefficient estimates are reported in the row above the t-statistics in parentheses. ***, **, and * denote two-tailed significance at the 0.01, 0.05, and 0.10 levels