Table 7. Results of a subsample of...

Table 7.

Results of a subsample of family business, when the independent variable is ROA

Indicator/Variables	(1)	(2)	(3)	(4)	(5)
const	5.021	5.189	4.848	3.895	3.409
ESG	0.025*
Envir		0.020*
Social			0.028**
Governance				0.001
env_bin					0.946
lev	−0.039***	−0.040***	−0.039***	−0.039***	−0.039***
tac	0.131***	0.132***	0.132***	0.129***	0.128***
cash_ratio	24.921***	24.919***	24.600***	26.384***	25.816***
size	−0.037	−0.033	−0.026	0.018	0.013
bs	−0.187***	−0.190***	−0.210***	−0.127*	−0.139*
EPS	0.000***	0.000***	0.000***	0.063	0.066
sector	0.085	0.109	0.068	0.000***	0.000***
rsquared	0.768	0.768	0.770	0.765	0.766
rsquared_overall	0.768	0.768	0.770	0.765	0.766
rsquared_betwee	0.668	0.674	0.666	0.662	0.666
rsquared_within	0.756	0.756	0.758	0.754	0.754
Number of obs	322	322	322	322	322
Years periods	9	9	9	9	9

Indicator/Variables	(1)	(2)	(3)	(4)	(5)
const	5.021	5.189	4.848	3.895	3.409
ESG	0.025*
Envir		0.020*
Social			0.028**
Governance				0.001
env_bin					0.946
lev	−0.039***	−0.040***	−0.039***	−0.039***	−0.039***
tac	0.131***	0.132***	0.132***	0.129***	0.128***
cash_ratio	24.921***	24.919***	24.600***	26.384***	25.816***
size	−0.037	−0.033	−0.026	0.018	0.013
bs	−0.187***	−0.190***	−0.210***	−0.127*	−0.139*
EPS	0.000***	0.000***	0.000***	0.063	0.066
sector	0.085	0.109	0.068	0.000***	0.000***
rsquared	0.768	0.768	0.770	0.765	0.766
rsquared_overall	0.768	0.768	0.770	0.765	0.766
rsquared_betwee	0.668	0.674	0.666	0.662	0.666
rsquared_within	0.756	0.756	0.758	0.754	0.754
Number of obs	322	322	322	322	322
Years periods	9	9	9	9	9

Note(s):

The results are the parameters of the fixed-effects model, which includes both individual and time effects. When applying the Breusch and Pagan (1979) test, we found evidence to reject the null hypothesis of homoscedasticity in columns 1, 2 and 3, using robust standard errors. The variable sector and the binary variable family are not included in the results because the fixed-effect model absorbs time-invariant characteristics. The ***, ** and *indicate parameter significance at 1, 5 and 10%, respectively

Source(s): Own elaboration

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