Summary statistics
| Variable | Sample | Family firm | Nonfamily firm | ||
|---|---|---|---|---|---|
| Number of observations | 3,229 | 1,372 | 1,857 | t-test/ | |
| Mean | SD | Mean | Mean | (Wilcoxon test) | |
| Panel A: Firm governance | |||||
| Family firm | 0.42 | 0.49 | ─ | ─ | |
| Dual class | 0.15 | 0.36 | 0.28 | 0.06 | ***/(***) |
| Voting rights restrictions | 0.27 | 0.44 | 0.17 | 0.34 | ***/(***) |
| Opting out/opting up | 0.26 | 0.44 | 0.46 | 0.11 | ***/(***) |
| Board independence | 0.50 | 0.26 | 0.42 | 0.55 | ***/(***) |
| Panel B: Firm performance | |||||
| Tobin’s Q | 1.77 | 1.15 | 1.75 | 1.79 | ─/(─) |
| Panel C: Firm characteristics | |||||
| Size (in CHF million) | 25,820 | 135,211 | 3,729 | 42,137 | ***/(***) |
| Diversification | 0.65 | 0.48 | 0.74 | 0.58 | ***/(***) |
| Sales growth | 0.04 | 0.21 | 0.04 | 0.04 | ─/(─) |
| Firm age (in years) | 76 | 63 | 69 | 81 | ***/(***) |
| Profitability | 0.08 | 0.11 | 0.10 | 0.07 | ***/(***) |
| Liquidity | 0.17 | 0.16 | 0.18 | 0.16 | ***/(***) |
| Investments | 0.03 | 0.03 | 0.04 | 0.03 | ***/(***) |
| Tangibility | 0.22 | 0.21 | 0.25 | 0.20 | ***/(***) |
| R&D | 0.03 | 0.07 | 0.03 | 0.03 | ─/(***) |
| Leverage | 0.56 | 0.24 | 0.50 | 0.60 | ***/(***) |
| Variable | Sample | Family firm | Nonfamily firm | ||
|---|---|---|---|---|---|
| Number of observations | 3,229 | 1,372 | 1,857 | ||
| Mean | Mean | Mean | (Wilcoxon test) | ||
| Family firm | 0.42 | 0.49 | ─ | ─ | |
| Dual class | 0.15 | 0.36 | 0.28 | 0.06 | ***/(***) |
| Voting rights restrictions | 0.27 | 0.44 | 0.17 | 0.34 | ***/(***) |
| Opting out/opting up | 0.26 | 0.44 | 0.46 | 0.11 | ***/(***) |
| Board independence | 0.50 | 0.26 | 0.42 | 0.55 | ***/(***) |
| Tobin’s | 1.77 | 1.15 | 1.75 | 1.79 | ─/(─) |
| Size (in | 25,820 | 135,211 | 3,729 | 42,137 | ***/(***) |
| Diversification | 0.65 | 0.48 | 0.74 | 0.58 | ***/(***) |
| Sales growth | 0.04 | 0.21 | 0.04 | 0.04 | ─/(─) |
| Firm age (in years) | 76 | 63 | 69 | 81 | ***/(***) |
| Profitability | 0.08 | 0.11 | 0.10 | 0.07 | ***/(***) |
| Liquidity | 0.17 | 0.16 | 0.18 | 0.16 | ***/(***) |
| Investments | 0.03 | 0.03 | 0.04 | 0.03 | ***/(***) |
| Tangibility | 0.22 | 0.21 | 0.25 | 0.20 | ***/(***) |
| R&D | 0.03 | 0.07 | 0.03 | 0.03 | ─/(***) |
| Leverage | 0.56 | 0.24 | 0.50 | 0.60 | ***/(***) |
The table provides summary statistics for the variables. The sample is based on 3,229 firm-year observations from 2005 to 2023
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