Regressions of three-day CARs on gendered measures for family complexity
| Dependent variable - CAR | Full sample | Less equal | More equal | Full sample | Less equal | More equal | Full sample | Less equal | More equal | Full sample | Less equal | More equal | Full sample | Less equal | More equal |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sons | 1.04 (1.87)* | 1.37 (1.31) | 0.41 (0.58) | 0.92 (1.70)* | 1.7 (1.61) | 0.31 (0.44) | 1 (1.85)* | 1.46 (1.40) | 0.3 (0.43) | 0.8 (1.36) | 0.79 (0.60) | 1.22 (1.60) | 0.95 (1.29) | 1.47 (0.90) | 1.2 (1.32) |
| Daughters | 0.79 (1.30) | −0.49 (0.39) | 1.28 (1.54) | 0.77 (1.29) | −0.63 (0.52) | 1.24 (1.51) | 0.71 (1.20) | −0.31 (0.26) | 1.07 (1.30) | 0.74 (1.14) | −0.69 (0.49) | 2.27 (2.26)** | 0.85 (1.01) | −0.01 (0.00) | 1.44 (1.20) |
| Partners | 1.68 (1.64) | −0.17 (0.07) | 0.8 (0.56) | 1.85 (1.86)* | −0.26 (0.10) | 0.92 (0.65) | 1.66 (1.67)* | 0.2 (0.08) | 0.59 (0.41) | 1.18 (1.02) | 0.13 (0.05) | 2.43 (1.46) | 1.37 (0.97) | 1.13 (0.37) | 1.83 (0.90) |
| Family complexity (boys) | −0.71 (2.10)** | −1.26 (1.73)* | −0.06 (0.14) | −0.75 (2.30)** | −1.52 (2.10)** | −0.1 (0.23) | −0.77 (2.36)** | −1.23 (1.70)* | −0.06 (0.13) | −0.71 (2.01)** | −1.33 (1.34) | −0.54 (1.14) | −0.81 (1.94)* | −1.34 (1.08) | −0.5 (0.94) |
| Family complexity (girls) | −0.52 (1.23) | 0.43 (0.39) | −0.51 (0.96) | −0.51 (1.24) | 0.67 (0.62) | −0.55 (1.05) | −0.45 (1.11) | 0.28 (0.26) | −0.41 (0.76) | −0.4 (0.91) | 0.5 (0.38) | −0.85 (1.26) | −0.48 (0.87) | 0.06 (0.04) | −0.51 (0.63) |
| Deceased executive | 3.06 (2.07)** | 4.75 (1.96)* | 1.03 (0.56) | 2.89 (1.97)* | 4.13 (1.71)* | 0.76 (0.41) | 3.09 (1.98)** | 3.91 (1.46) | 0.17 (0.09) | 3.33 (1.80)* | 5.7 (1.65) | 1.03 (0.42) | |||
| Deceased founder | 2.49 (2.82)*** | 2.74 (1.76)* | 2.06 (2.20)** | 2.44 (2.79)*** | 2.3 (1.49) | 2.03 (2.18)** | 2.34 (2.51)** | 2.26 (1.31) | 1.13 (1.12) | 2.69 (2.27)** | 3.99 (1.50) | 0.63 (0.51) | |||
| Deceased founder executive | −6.2 (2.65)*** | −9.37 (2.50)** | −1.72 (0.61) | −5.92 (2.55)** | −8.79 (2.38)** | −1.25 (0.44) | −5.52 (2.22)** | −6.64 (1.61) | −0.48 (0.17) | −5.98 (2.10)** | −10.17 (1.86)* | −0.62 (0.18) | |||
| Shareholder challenge | −1.51 (1.80)* | −3.03 (1.75)* | −1.12 (1.28) | −1.29 (1.46) | −0.93 (0.47) | 0.15 (0.15) | −1.94 (1.66) | −4 (1.20) | 0.56 (0.39) | ||||||
| Firm size | 0.15 (0.86) | 0.94 (2.38)** | −0.46 (2.49)** | 0.22 (1.05) | 0.92 (1.86)* | −0.49 (2.12)** | |||||||||
| ROE | 0.02 (1.05) | 0.03 (0.96) | −0.03 (0.93) | 0.03 (1.22) | 0.02 (0.46) | −0.04 (0.96) | |||||||||
| Leverage | −1.96 (0.83) | −7.89 (1.50) | −3.58 (1.50) | −0.75 (0.26) | −5.94 (0.83) | −2.27 (0.78) | |||||||||
| Succession plan | −0.55 (0.54) | −0.45 (0.19) | 0.6 (0.54) | ||||||||||||
| Constant | −1.8 (1.17) | 1.24 (0.41) | −2.06 (1.01) | −2.92 (1.90)* | −0.69 (0.23) | −2.69 (1.32) | −1.81 (1.10) | 1.63 (0.50) | −1.79 (0.84) | −4.02 (1.45) | −5.23 (0.99) | −0.67 (0.20) | −5.29 (1.53) | −6.84 (1.03) | −0.96 (0.24) |
| Industry FE | No | No | No | No | No | No | No | No | No | Yes | Yes | Yes | Yes | Yes | Yes |
| Adj. R2 | 15.15% | 20.13% | −1.32% | 20.46% | 25.49% | 1.92% | 21.93% | 28.19% | 3.03% | 20.23% | 29.67% | 8.85% | 19.36% | 29.05% | −11.57% |
| N | 128 | 64 | 64 | 128 | 64 | 64 | 128 | 64 | 64 | 125 | 61 | 64 | 100 | 49 | 51 |
| Dependent variable - | Full sample | Less equal | More equal | Full sample | Less equal | More equal | Full sample | Less equal | More equal | Full sample | Less equal | More equal | Full sample | Less equal | More equal |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sons | 1.04 (1.87)* | 1.37 (1.31) | 0.41 (0.58) | 0.92 (1.70)* | 1.7 (1.61) | 0.31 (0.44) | 1 (1.85)* | 1.46 (1.40) | 0.3 (0.43) | 0.8 (1.36) | 0.79 (0.60) | 1.22 (1.60) | 0.95 (1.29) | 1.47 (0.90) | 1.2 (1.32) |
| Daughters | 0.79 (1.30) | −0.49 (0.39) | 1.28 (1.54) | 0.77 (1.29) | −0.63 (0.52) | 1.24 (1.51) | 0.71 (1.20) | −0.31 (0.26) | 1.07 (1.30) | 0.74 (1.14) | −0.69 (0.49) | 2.27 (2.26)** | 0.85 (1.01) | −0.01 (0.00) | 1.44 (1.20) |
| Partners | 1.68 (1.64) | −0.17 (0.07) | 0.8 (0.56) | 1.85 (1.86)* | −0.26 (0.10) | 0.92 (0.65) | 1.66 (1.67)* | 0.2 (0.08) | 0.59 (0.41) | 1.18 (1.02) | 0.13 (0.05) | 2.43 (1.46) | 1.37 (0.97) | 1.13 (0.37) | 1.83 (0.90) |
| Family complexity (boys) | −0.71 (2.10)** | −1.26 (1.73)* | −0.06 (0.14) | −0.75 (2.30)** | −1.52 (2.10)** | −0.1 (0.23) | −0.77 (2.36)** | −1.23 (1.70)* | −0.06 (0.13) | −0.71 (2.01)** | −1.33 (1.34) | −0.54 (1.14) | −0.81 (1.94)* | −1.34 (1.08) | −0.5 (0.94) |
| Family complexity (girls) | −0.52 (1.23) | 0.43 (0.39) | −0.51 (0.96) | −0.51 (1.24) | 0.67 (0.62) | −0.55 (1.05) | −0.45 (1.11) | 0.28 (0.26) | −0.41 (0.76) | −0.4 (0.91) | 0.5 (0.38) | −0.85 (1.26) | −0.48 (0.87) | 0.06 (0.04) | −0.51 (0.63) |
| Deceased executive | 3.06 (2.07)** | 4.75 (1.96)* | 1.03 (0.56) | 2.89 (1.97)* | 4.13 (1.71)* | 0.76 (0.41) | 3.09 (1.98)** | 3.91 (1.46) | 0.17 (0.09) | 3.33 (1.80)* | 5.7 (1.65) | 1.03 (0.42) | |||
| Deceased founder | 2.49 (2.82)*** | 2.74 (1.76)* | 2.06 (2.20)** | 2.44 (2.79)*** | 2.3 (1.49) | 2.03 (2.18)** | 2.34 (2.51)** | 2.26 (1.31) | 1.13 (1.12) | 2.69 (2.27)** | 3.99 (1.50) | 0.63 (0.51) | |||
| Deceased founder executive | −6.2 (2.65)*** | −9.37 (2.50)** | −1.72 (0.61) | −5.92 (2.55)** | −8.79 (2.38)** | −1.25 (0.44) | −5.52 (2.22)** | −6.64 (1.61) | −0.48 (0.17) | −5.98 (2.10)** | −10.17 (1.86)* | −0.62 (0.18) | |||
| Shareholder challenge | −1.51 (1.80)* | −3.03 (1.75)* | −1.12 (1.28) | −1.29 (1.46) | −0.93 (0.47) | 0.15 (0.15) | −1.94 (1.66) | −4 (1.20) | 0.56 (0.39) | ||||||
| Firm size | 0.15 (0.86) | 0.94 (2.38)** | −0.46 (2.49)** | 0.22 (1.05) | 0.92 (1.86)* | −0.49 (2.12)** | |||||||||
| 0.02 (1.05) | 0.03 (0.96) | −0.03 (0.93) | 0.03 (1.22) | 0.02 (0.46) | −0.04 (0.96) | ||||||||||
| Leverage | −1.96 (0.83) | −7.89 (1.50) | −3.58 (1.50) | −0.75 (0.26) | −5.94 (0.83) | −2.27 (0.78) | |||||||||
| Succession plan | −0.55 (0.54) | −0.45 (0.19) | 0.6 (0.54) | ||||||||||||
| Constant | −1.8 (1.17) | 1.24 (0.41) | −2.06 (1.01) | −2.92 (1.90)* | −0.69 (0.23) | −2.69 (1.32) | −1.81 (1.10) | 1.63 (0.50) | −1.79 (0.84) | −4.02 (1.45) | −5.23 (0.99) | −0.67 (0.20) | −5.29 (1.53) | −6.84 (1.03) | −0.96 (0.24) |
| Industry | No | No | No | No | No | No | No | No | No | Yes | Yes | Yes | Yes | Yes | Yes |
| Adj. | 15.15% | 20.13% | −1.32% | 20.46% | 25.49% | 1.92% | 21.93% | 28.19% | 3.03% | 20.23% | 29.67% | 8.85% | 19.36% | 29.05% | −11.57% |
| 128 | 64 | 64 | 128 | 64 | 64 | 128 | 64 | 64 | 125 | 61 | 64 | 100 | 49 | 51 |
*p < 0.1; **p < 0.05; ***p < 0.01
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.