Are non-family CEOs or family CEOs better managers? Some studies demonstrated that family CEOs have advantages over non-family CEOs as they are more knowledgeable about the family business and enjoy larger support from family owners (Anderson and Reeb, 2003; Miller and Le Breton-Miller, 2005; Miller et al., 2008; Minichilli et al., 2010; Ward, 2006). In contrast, other studies established some inherent disadvantages of hiring top managers from within due to the limited size of the family market, and a lack of sufficient skills and competencies (Handler, 1992; Lansberg, 1999; Bertrand & Schoar, 2006; Bloom and Van Reenen, 2007 Mehrotra et al., 2013). Hence, additional research is needed to clarify the relative efficacy of family CEOs vs. non-family CEOs. In this study, we contribute to the literature on the relative efficacy of family CEOs vs. non-family CEOs by investigating the management areas within which family CEOs might have comparative advantage over nonfamily CEOs and vice versa.