Table 2. Regressions of three-day CARs... | Emerald Publishing

Table 2.

Regressions of three-day CARs on measures for family complexity

Dependent variable - CAR	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
Children	0.87 (2.92)***		0.92 (3.08)***		0.91 (3.09)***		0.79 (2.32)**		0.88 (2.04)**
Partners	1.47 (1.63)	1.24 (1.35)	1.85 (2.10)**	1.63 (1.82)*	1.69 (1.92)*	1.44 (1.62)	1.12 (1.09)	0.97 (0.94)	1.2 (1.02)	0.91 (0.76)
Family complexity	−0.54 (4.02)***		−0.58 (4.47)***		−0.56 (4.32)***		−0.49 (3.19)***		−0.53 (2.90)***
Sons		1.14 (2.31)**		1.11 (2.28)**		1.16 (2.40)**		0.96 (1.77)*		1.14 (1.71)*
Daughters		0.51 (0.97)		0.63 (1.22)		0.57 (1.10)		0.61 (1.08)		0.66 (0.90)
Family complexity (boys)		−0.86 (2.97)***		−0.88 (3.17)***		−0.89 (3.22)***		−0.78 (2.50)**		−0.87 (2.40)**
Family complexity (girls)		−0.18 (0.58)		−0.25 (0.81)		−0.19 (0.63)		−0.21 (0.64)		−0.2 (0.53)
Deceased executive			3.71 (2.76)***	3.73 (2.78)***	3.66 (2.74)***	3.68 (2.76)***	2.77 (1.88)*	2.8 (1.90)*	2.99 (1.74)*	3.05 (1.77)*
Deceased founder			2.09 (2.50)**	2.14 (2.56)**	2.09 (2.53)**	2.14 (2.58)**	2.16 (2.41)**	2.2 (2.46)**	2.42 (2.15)**	2.5 (2.22)**
Deceased founder executive			−6.65 (2.99)***	−6.71 (3.01)***	−6.58 (2.98)***	−6.62 (2.99)***	−5.09 (2.13)**	−5.23 (2.18)**	−5.53 (2.05)**	−5.73 (2.11)**
Shareholder challenge					−1.35 (1.66)*	−1.39 (1.71)*	−1.3 (1.52)	−1.29 (1.50)	−1.85 (1.65)	−1.86 (1.65)
Firm size							0.17 (1.05)	0.14 (0.84)	0.24 (1.25)	0.2 (1.00)
ROE							0.02 (1.10)	0.02 (1.11)	0.03 (1.20)	0.03 (1.19)
Leverage							−2.19 (1.00)	−2.33 (1.06)	−1.69 (0.63)	−1.58 (0.59)
Succession plan									−0.38 (0.39)	−0.45 (0.46)
Constant	−1.6 (1.17)	−1.26 (0.91)	−3.24 (2.29)**	−2.91 (2.03)**	−2.21 (1.43)	−1.82 (1.17)	−4.16 (1.59)	−3.72 (1.41)	−5.12 (1.59)	−4.56 (1.40)
Industry FE	No	No	No	No	No	No	Yes	Yes	Yes	Yes
Adj. R²	12.80%	12.82%	18.37%	18.63%	19.41%	19.79%	19.57%	19.67%	18.33%	18.26%
N	143	143	143	143	143	143	132	132	107	107

Dependent variable - CAR	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
Children	0.87 (2.92)***		0.92 (3.08)***		0.91 (3.09)***		0.79 (2.32)**		0.88 (2.04)**
Partners	1.47 (1.63)	1.24 (1.35)	1.85 (2.10)**	1.63 (1.82)*	1.69 (1.92)*	1.44 (1.62)	1.12 (1.09)	0.97 (0.94)	1.2 (1.02)	0.91 (0.76)
Family complexity	−0.54 (4.02)***		−0.58 (4.47)***		−0.56 (4.32)***		−0.49 (3.19)***		−0.53 (2.90)***
Sons		1.14 (2.31)**		1.11 (2.28)**		1.16 (2.40)**		0.96 (1.77)*		1.14 (1.71)*
Daughters		0.51 (0.97)		0.63 (1.22)		0.57 (1.10)		0.61 (1.08)		0.66 (0.90)
Family complexity (boys)		−0.86 (2.97)***		−0.88 (3.17)***		−0.89 (3.22)***		−0.78 (2.50)**		−0.87 (2.40)**
Family complexity (girls)		−0.18 (0.58)		−0.25 (0.81)		−0.19 (0.63)		−0.21 (0.64)		−0.2 (0.53)
Deceased executive			3.71 (2.76)***	3.73 (2.78)***	3.66 (2.74)***	3.68 (2.76)***	2.77 (1.88)*	2.8 (1.90)*	2.99 (1.74)*	3.05 (1.77)*
Deceased founder			2.09 (2.50)**	2.14 (2.56)**	2.09 (2.53)**	2.14 (2.58)**	2.16 (2.41)**	2.2 (2.46)**	2.42 (2.15)**	2.5 (2.22)**
Deceased founder executive			−6.65 (2.99)***	−6.71 (3.01)***	−6.58 (2.98)***	−6.62 (2.99)***	−5.09 (2.13)**	−5.23 (2.18)**	−5.53 (2.05)**	−5.73 (2.11)**
Shareholder challenge					−1.35 (1.66)*	−1.39 (1.71)*	−1.3 (1.52)	−1.29 (1.50)	−1.85 (1.65)	−1.86 (1.65)
Firm size							0.17 (1.05)	0.14 (0.84)	0.24 (1.25)	0.2 (1.00)
ROE							0.02 (1.10)	0.02 (1.11)	0.03 (1.20)	0.03 (1.19)
Leverage							−2.19 (1.00)	−2.33 (1.06)	−1.69 (0.63)	−1.58 (0.59)
Succession plan									−0.38 (0.39)	−0.45 (0.46)
Constant	−1.6 (1.17)	−1.26 (0.91)	−3.24 (2.29)**	−2.91 (2.03)**	−2.21 (1.43)	−1.82 (1.17)	−4.16 (1.59)	−3.72 (1.41)	−5.12 (1.59)	−4.56 (1.40)
Industry FE	No	No	No	No	No	No	Yes	Yes	Yes	Yes
Adj. R²	12.80%	12.82%	18.37%	18.63%	19.41%	19.79%	19.57%	19.67%	18.33%	18.26%
N	143	143	143	143	143	143	132	132	107	107

Note(s):

*p < 0.1; **p < 0.05; ***p < 0.01

Source(s): Authors’ own work