Table 8. Results of a subsample of...

Table 8.

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

Indicator/Variables	(1)	(2)	(3)	(4)	(5)
const	11.58	8.408	9.041	17.73	3.582
ESG	0.127***
Envir		0.036
Social			0.105***
Governance				0.161***
env_bin					4.364
lev	0.04	0.059	0.051	0.03	0.056
tac	0.162**	0.154**	0.165**	0.148**	0.142**
cash_ratio	66.21***	70.7***	67.04***	65.91***	71.13***
size	−0.564	−0.395	−0.433	−0.975*	−0.318
bs	−0.209	−0.012	−0.219	−0.004	0.045
EPS	0.466***	0.974**	0.461***	0.487***	0.906**
sector	1.011***	0.473***	0.91***	1.064***	0.471***
rsquared	0.361	0.346	0.362	0.375	0.348
rsquared_overall	0.361	0.346	0.362	0.375	0.348
rsquared_betwee	0.286	0.269	0.287	0.287	0.28
rsquared_within	0.418	0.419	0.419	0.404	0.415
Number of obs	319	319	319	319	319
Years periods	9	9	9	9	9

Indicator/Variables	(1)	(2)	(3)	(4)	(5)
const	11.58	8.408	9.041	17.73	3.582
ESG	0.127***
Envir		0.036
Social			0.105***
Governance				0.161***
env_bin					4.364
lev	0.04	0.059	0.051	0.03	0.056
tac	0.162**	0.154**	0.165**	0.148**	0.142**
cash_ratio	66.21***	70.7***	67.04***	65.91***	71.13***
size	−0.564	−0.395	−0.433	−0.975*	−0.318
bs	−0.209	−0.012	−0.219	−0.004	0.045
EPS	0.466***	0.974**	0.461***	0.487***	0.906**
sector	1.011***	0.473***	0.91***	1.064***	0.471***
rsquared	0.361	0.346	0.362	0.375	0.348
rsquared_overall	0.361	0.346	0.362	0.375	0.348
rsquared_betwee	0.286	0.269	0.287	0.287	0.28
rsquared_within	0.418	0.419	0.419	0.404	0.415
Number of obs	319	319	319	319	319
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, 3 and 4, 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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