Table 4

Baseline regression

(1)(2)(3)(4)
VariableESGENVCGSOC
Family1.550*** (3.14)2.569***(3.78)1.220* (1.82)1.481** (2.47)
AGE0.437*** (3.74)0.382**(2.38)0.791*** (4.99)0.0897 (0.63)
TA5.281*** (48.11)6.891*** (45.60)3.318*** (22.26)5.327*** (39.85)
Equity2.827*** (25.46)3.140*** (20.53)2.324*** (15.41)3.096*** (22.89)
Leverage6.166*** (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)
IndustryYesYesYesYes
CountryYesYesYesYes
_cons−23.47*** (−28.74)−40.27*** (−35.81)−4.191*** (−3.78)−24.36*** (−24.50)
N24,30224,30224,30224,302
R20.4420.4120.1790.409
adj. R20.4420.4110.1770.408
Note(s):

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

Source(s): Authors’ own work

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