Note(s): This table reports the OLS estimation results of cross-sectional tests on the impact of clan culture on female executive representation. Panel A presents the results for subsamples partitioned by the nature of business ownership. SOE is a dummy variable that equals 1 if the firm is a stated-owned business, and 0 otherwise. Panel B presents the results for subsamples partitioned by regional economic development. High_GDP is a dummy variable that equals 1 if the GDP of the province where the firm is incorporated is higher than the annual median GDP of all provinces, and 0 otherwise. Panel C presents the results for subsamples partitioned by external culture exposure. OverseaShock is a dummy variable that equals 1 if the province where the firm is incorporated historically had an open treaty port, and 0 otherwise. 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 independent variable, 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