Family firms, minority investor protection, board independence and firm performance
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Independent variables | Tobin’s Q | Family firm | Dual class | Family firm × dual class |
| Family firm | −2.37992 (***) (0.602) | 0.36944 (***) (0.120) | ||
| Dual class | 5.66157 (***) (1.582) | −0.12828 (0.115) | ||
| Voting rights restrictions | −0.03750 (0.122) | −0.16739 (***) (0.019) | −0.02042 (0.024) | −0.04608 (***) (0.013) |
| Opting out/up | 0.93962 (***) (0.155) | 0.35580 (***) (0.019) | −0.04907 (0.044) | 0.12081 (***) (0.013) |
| Board independence | 0.34742 (0.256) | −0.41394 (***) (0.045) | −0.15226 (***) (0.051) | −0.20226 (***) (0.023) |
| Family firm × dual class | −4.53524 (**) (2.117) | |||
| Divorce rate | −0.00883 (***) (0.001) | |||
| Political voting participation rate | −0.00223 (***) (0.001) | |||
| People without religious affiliation | −0.13461 (**) (0.063) | |||
| Control variables | Included | Included | Included | Included |
| Fixed effects | Industry, years | Industry, years | Industry, years | Industry, years |
| (1) | (2) | (3) | (4) | |
|---|---|---|---|---|
| Independent variables | Tobin’s | Family firm | Dual class | Family firm × dual class |
| Family firm | −2.37992 ( | 0.36944 ( | ||
| Dual class | 5.66157 ( | −0.12828 (0.115) | ||
| Voting rights restrictions | −0.03750 (0.122) | −0.16739 ( | −0.02042 (0.024) | −0.04608 ( |
| Opting out/up | 0.93962 ( | 0.35580 ( | −0.04907 (0.044) | 0.12081 ( |
| Board independence | 0.34742 (0.256) | −0.41394 ( | −0.15226 ( | −0.20226 ( |
| Family firm × dual class | −4.53524 ( | |||
| Divorce rate | −0.00883 ( | |||
| Political voting participation rate | −0.00223 ( | |||
| People without religious affiliation | −0.13461 ( | |||
| Control variables | Included | Included | Included | Included |
| Fixed effects | Industry, years | Industry, years | Industry, years | Industry, years |
The table presents 3SLS estimates for Tobin’s Q, family firm, dual class and family firm × dual class. The sample is based on 3,207 firm-year observations from 2005 to 2023. Standard errors are reported in parentheses, and significance at the 1, 5 and 10% levels is indicated by ***, ** and * respectively
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