Note(s): FAM is a family-ownership dummy variable that equals 1 for family firms and 0 otherwise; DOMFAM (NDOMFAM) is a family-firm dummy variable that equals 1 for family firms with (without) a dominant shareholder, and 0 otherwise; and YNGFAM (OLDFAM) is a family-firm dummy variable that equals 1 for young (old) family firms and 0 otherwise. Other variables are defined as in Table 2 z₁ denotes a Wald test of the joint significance of the reported coefficients, asymptotically distributed as χ² under the null of no relationship (degrees of freedom in parentheses). z₂ represents a Wald test of the joint significance of the time dummies, asymptotically distributed as χ² under the null of no relationship (degrees of freedom in parentheses). z₃ indicates a Wald test of the joint significance of the country dummies, asymptotically distributed as χ² under the null of no relationship (degrees of freedom in parentheses). m_i corresponds to a serial correlation test of order i using residuals in first differences, asymptotically distributed as N(0,1) under the null of no serial correlation. And Hansen refers to a test of overidentifying restrictions, asymptotically distributed as $X2$ under the null of no correlation between the instruments and the error term (degrees of freedom in parentheses); ^***, ^** and ^* indicate significance levels of 0.01, 0.05 and 0.10, respectively