Table 2. Cash holdings of FFF and...

Table 2.

Cash holdings of FFF and non-FFF

	Family firms		Non-Family firms
	Observations	Mean	Observations	Mean	Diff	t-statistic	p-value
Panel A: Cash
Full sample	6,215	0.147	21,898	0.145	0.002	0.78	0.43
Low LMR country-years (⁠ $LMR < Q 10 %$ ⁠)	241	0.168	1,499	0.173	–0.006	–0.52	0.30
High LMR country-years (⁠ $LMR \geq Q 90 %$ ⁠)	543	0.155	1,386	0.135	0.019	2.58	0.01
Panel B: CashToNetAssets
Full sample	6,215	0.237	21,898	0.253	–0.016	–2.19	0.03
Low LMR country-years (⁠ $LMR < Q 10 %$ ⁠)	241	0.262	1,499	0.318	–0.056	–1.29	0.10
High LMR country-years (⁠ $LMR \geq Q 90 %$ ⁠)	543	0.267	1,386	0.221	0.046	1.92	0.03

	Family firms		Non-Family firms
	Observations	Mean	Observations	Mean	Diff	t-statistic	p-value
Panel A: Cash
Full sample	6,215	0.147	21,898	0.145	0.002	0.78	0.43
Low LMR country-years ( $LMR < Q 10 %$ )	241	0.168	1,499	0.173	–0.006	–0.52	0.30
High LMR country-years ( $LMR \geq Q 90 %$ )	543	0.155	1,386	0.135	0.019	2.58	0.01
Panel B: CashToNetAssets
Full sample	6,215	0.237	21,898	0.253	–0.016	–2.19	0.03
Low LMR country-years ( $LMR < Q 10 %$ )	241	0.262	1,499	0.318	–0.056	–1.29	0.10
High LMR country-years ( $LMR \geq Q 90 %$ )	543	0.267	1,386	0.221	0.046	1.92	0.03

Note(s):

This table compares cash holdings of FFF and non-FFF. Thereby it differentiates between the full sample and country-year observations with low and high LMR. Panel A reports results for Cash, Panel B for CashToNetAssets. Variables are defined in Table A1 in the Appendix

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