Features of Female CEO in Family Firms Toward Sustainable Development – a Grey System Approach

Abstract

Theoretical background: The paper highlights the underrepresentation of women in CEO positions, particularly in family firms, despite their potential to enhance corporate social responsibility (CSR) and sustainable practices. Female CEOs are shown to prioritise non-financial aspects such as employee well-being, customer satisfaction, and environmental sustainability, which are crucial for long-term business success. The study integrates upper echelons theory, sveral social theories, and socio-emotional wealth (SEW) to explain how female leadership in family firms can drive sustainable development.Purpose of the article: The study explores the role of female CEOs in family firms, focusing on their contributions to sustainable development through social, economic, and environmental dimensions.Research methods: By employing a grey system approach, the research addresses three key questions: which social dimensions of sustainable development are key for female CEOs in family firms, which economic dimensions are prioritised and which environmental dimensions are most relevant?Main findings: The findings reveal that female CEOs in family firms emphasise employee welfare, high-quality products and services, and environmentally-friendly practices, aligning with their communal and empathetic leadership styles