Baseline regression
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variable | ESG | ENV | CG | SOC |
| Family | 1.550*** (3.14) | 2.569***(3.78) | 1.220* (1.82) | 1.481** (2.47) |
| AGE | 0.437*** (3.74) | 0.382**(2.38) | 0.791*** (4.99) | 0.0897 (0.63) |
| TA | 5.281*** (48.11) | 6.891*** (45.60) | 3.318*** (22.26) | 5.327*** (39.85) |
| Equity | 2.827*** (25.46) | 3.140*** (20.53) | 2.324*** (15.41) | 3.096*** (22.89) |
| Leverage | 6.166*** (10.75) | 3.543*** (4.49) | 7.478*** (9.61) | 6.585*** (9.43) |
| ROA | −0.00558 (−0.24) | −0.0556 (−1.76) | 0.00836 (0.27) | 0.0255 (0.91) |
| Industry | Yes | Yes | Yes | Yes |
| Country | Yes | Yes | Yes | Yes |
| _cons | −23.47*** (−28.74) | −40.27*** (−35.81) | −4.191*** (−3.78) | −24.36*** (−24.50) |
| N | 24,302 | 24,302 | 24,302 | 24,302 |
| R2 | 0.442 | 0.412 | 0.179 | 0.409 |
| adj. R2 | 0.442 | 0.411 | 0.177 | 0.408 |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variable | ||||
| 1.550 | 2.569 | 1.220 | 1.481 | |
| 0.437 | 0.382 | 0.791 | 0.0897 (0.63) | |
| 5.281 | 6.891 | 3.318 | 5.327 | |
| 2.827 | 3.140 | 2.324 | 3.096 | |
| 6.166 | 3.543 | 7.478 | 6.585 | |
| −0.00558 (−0.24) | −0.0556 (−1.76) | 0.00836 (0.27) | 0.0255 (0.91) | |
| Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | |
| −23.47 | −40.27 | −4.191 | −24.36 | |
| 24,302 | 24,302 | 24,302 | 24,302 | |
| 0.442 | 0.412 | 0.179 | 0.409 | |
| adj. | 0.442 | 0.411 | 0.177 | 0.408 |
This table presents the baseline regression results exploring the relationship between family ownership and various dimensions of performance, including environmental, social and governance (ESG) factors. The coefficients and corresponding t-statistics are reported for each predictor, providing insights into the impact of family ownership, firm age, total assets (TA), equity, leverage and return on assets (ROA) on ESG-related metrics. Industry and country fixed effects are included, ensuring the consideration of sector- and country-specific factors. The results are based on a robust sample size of 24,302 observations, contributing to a comprehensive understanding of the baseline dynamics in the context of family firms and their ESG performance. *, ** and *** Indicate statistical significance at the 10, 5 and 1% levels, respectively
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