(Hsu, 2009) and voluntary disclosure (Chau andGray, 2010). Anderson and Reeb (2004) have alsoshown that public firms where independent directors balance family board representation perform better. However, higher levels of diversity are likely to lead to conflicts and loss of firm-specific knowledge detained by family members (Dyer, 2006; Jones, Makri and Gomez-Mejia, 2008).