The Effect of Female Successors on the Financial Performance of Family Firms: Under the Moderation of Governance Structure

Female successors participating in corporate governance is becoming increasingly common, but the impacts through which this influences corporate financial performance remain unclear. Drawing on resource-based theory and social role theory, construct a three-dimensional analytical framework linking “successor gender - governance structure - financial performance”: using panel data of Chinese family-owned listed companies from 2010 to 2022, it identifies the performance effects of female successors and reveals the moderating boundaries of governance structure. The findings reveal that female successors have a significant po164sitive impact on the financial performance of family businesses. Governance structure plays a key moderating role in the relationship between female successors and financial performance, with a dynamic effect observed in the moderation of governance structure. Institutional fit determines the long-term value creation capacity of female successors. Additionally, technology-intensive enterprises benefit more from the relational management style of female leaders.