Matching with size and age results
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variable | ESG | ENV | CG | SOC |
| Family | 2.593** (2.46) | 2.110** (2.53) | 3.812*** (2.87) | 2.368* (1.81) |
| AGE | 2.806*** (6.99) | 4.283*** (8.14) | 2.177*** (4.30) | 2.566*** (5.13) |
| TA | 3.866*** (11.52) | 4.057*** (9.22) | 1.854*** (4.38) | 5.047*** (12.07) |
| Equity | 3.537*** (9.73) | 4.670*** (9.80) | 3.330*** (7.26) | 2.806*** (6.19) |
| Leverage | 3.841** (2.08) | 2.832 (1.17) | 4.876** (2.09) | 4.323 (1.88) |
| ROA | 8.554** (2.52) | 8.864** (1.99) | 21.09*** (4.93) | 3.581 (0.85) |
| Industry | Yes | Yes | Yes | Yes |
| Country | Yes | Yes | Yes | Yes |
| _cons | −21.91*** (−6.87) | −39.01*** (−9.33) | 2.484 (0.62) | −27.19*** (−6.85) |
| N | 1,855 | 1,855 | 1,855 | 1,855 |
| R2 | 0.508 | 0.534 | 0.300 | 0.492 |
| adj. R2 | 0.499 | 0.525 | 0.287 | 0.482 |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Variable | ||||
| 2.593 | 2.110 | 3.812 | 2.368 | |
| 2.806 | 4.283 | 2.177 | 2.566 | |
| 3.866 | 4.057 | 1.854 | 5.047 | |
| 3.537 | 4.670 | 3.330 | 2.806 | |
| 3.841 | 2.832 (1.17) | 4.876 | 4.323 (1.88) | |
| 8.554 | 8.864 | 21.09 | 3.581 (0.85) | |
| Yes | Yes | Yes | Yes | |
| Yes | Yes | Yes | Yes | |
| −21.91 | −39.01 | 2.484 (0.62) | −27.19 | |
| 1,855 | 1,855 | 1,855 | 1,855 | |
| 0.508 | 0.534 | 0.300 | 0.492 | |
| adj. | 0.499 | 0.525 | 0.287 | 0.482 |
This table presents the outcomes of the matching analysis, integrating size and age variables to refine the examination of the relationship between family ownership and environmental, social and governance (ESG) performance. Coefficients and associated t-statistics are reported for each predictor, offering insights into the impact of family ownership, firm age, total assets (TA), equity, leverage, and return on assets (ROA) on ESG-related dimensions. The inclusion of industry and country fixed effects ensures the consideration of sector- and country-specific factors. With a focused sample size of 1,855 observations, the matching approach enhances the precision of the analysis, providing a more nuanced understanding of the nuanced dynamics within family firms and their ESG performance. *, ** and *** Indicate statistical significance at the 10, 5 and 1% levels, respectively
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.