Table 5

Matching with size and age results

(1) (2) (3) (4)
VariableESGENVCGSOC
Family2.593** (2.46)2.110** (2.53)3.812*** (2.87)2.368* (1.81)
AGE2.806*** (6.99)4.283*** (8.14)2.177*** (4.30)2.566*** (5.13)
TA3.866*** (11.52)4.057*** (9.22)1.854*** (4.38)5.047*** (12.07)
Equity3.537*** (9.73)4.670*** (9.80)3.330*** (7.26)2.806*** (6.19)
Leverage3.841** (2.08)2.832 (1.17)4.876** (2.09)4.323 (1.88)
ROA8.554** (2.52)8.864** (1.99)21.09*** (4.93)3.581 (0.85)
IndustryYesYesYesYes
CountryYesYesYesYes
_cons−21.91*** (−6.87)−39.01*** (−9.33)2.484 (0.62)−27.19*** (−6.85)
N1,8551,8551,8551,855
R20.5080.5340.3000.492
adj. R20.4990.5250.2870.482
Note(s):

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

Source(s): Authors’ own work

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