Table 9. Results of a subsample of...

Table 9.

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

Indicator/Variable	(1)	(2)	(3)	(4)	(5)
const	−27.87	−18.13	−30.94	−41.99	−47.38
ESG	0.173
Envir		0.269**
Social			0.144
Governance				−0.084
env_bin					24.25**
lev	−0.869***	−0.877***	−0.865***	−0.862***	−0.862***
tac	0.674***	0.7*	0.676***	0.658***	0.621***
cash_ratio	−41.09	−50.64	−40	−26.47	−45.93
size	2.252	1.934	2.424	3.02	2.446
bs	−0.215	−0.635	−0.224	0.277	−0.112
EPS	2.978**	7E-04***	2.845**	2.732**	2.902**
sector	8E-04***	3.443***	8E-04***	8E-04***	7E-04***
rsquared	0.534	0.541	0.535	0.533	0.541
rsquared_overall	0.534	0.541	0.535	0.533	0.541
rsquared_betwee	0.494	0.526	0.491	0.49	0.518
rsquared_within	0.485	0.489	0.486	0.486	0.484
Number of obs	322	322	322	322	322
Years periods	9	9	9	9	9

Indicator/Variable	(1)	(2)	(3)	(4)	(5)
const	−27.87	−18.13	−30.94	−41.99	−47.38
ESG	0.173
Envir		0.269**
Social			0.144
Governance				−0.084
env_bin					24.25**
lev	−0.869***	−0.877***	−0.865***	−0.862***	−0.862***
tac	0.674***	0.7*	0.676***	0.658***	0.621***
cash_ratio	−41.09	−50.64	−40	−26.47	−45.93
size	2.252	1.934	2.424	3.02	2.446
bs	−0.215	−0.635	−0.224	0.277	−0.112
EPS	2.978**	7E-04***	2.845**	2.732**	2.902**
sector	8E-04***	3.443***	8E-04***	8E-04***	7E-04***
rsquared	0.534	0.541	0.535	0.533	0.541
rsquared_overall	0.534	0.541	0.535	0.533	0.541
rsquared_betwee	0.494	0.526	0.491	0.49	0.518
rsquared_within	0.485	0.489	0.486	0.486	0.484
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 against the null of homoscedasticity in column 2, 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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