Family firms, minority investor protection and firm performance over time
| Dependent variable: Tobin’s Q | |||||
|---|---|---|---|---|---|
| Independent variables | (I) | (II) | (III) | (IV) | (V) |
| Family firm | 0.20347 (0.179) | 0.07692 (0.140) | 0.09188 (0.103) | −0.24951 (0.156) | −0.53504 (**) (0.208) |
| Dual class | −0.18881 (0.123) | −0.03776 (0.127) | −0.02968 (0.059) | −0.05188 (0.105) | 0.04861 (0.126) |
| Family firm × dual class | −0.26782 (0.226) | −0.32797 (*) (0.191) | −0.30953 (**) (0.153) | −0.45289 (**) (0.226) | −0.54878 (**) (0.276) |
| Voting rights restrictions | −0.07878 (0.127) | −0.16508 (0.127) | −0.05244 (0.083) | 0.14391 (0.132) | 0.42090 (**) (0.186) |
| Opting out/up | 0.05445 (0.091) | 0.12489 (0.094) | 0.08412 (0.071) | 0.03283 (0.113) | 0.07077 (0.153) |
| Control variables | Included | Included | Included | Included | Included |
| Years | 1998–2002 | 2003–2007 | 2008–2012 | 2013–2019 | 2020–2023 |
| Fixed effects | Industry | Industry | Industry | Industry | Industry |
| Multiple R2 | 50.7% | 49.8% | 39.6% | 47.8% | 47.3% |
| Adjusted R2 | 49.2% | 48.5% | 38.1% | 46.8% | 45.6% |
| F | 33.4*** | 38.9 *** | 27.1*** | 49.1*** | 26.9*** |
| Observations | 738 | 886 | 935 | 1203 | 682 |
| Dependent variable: Tobin’s | |||||
|---|---|---|---|---|---|
| Independent variables | (I) | ( | ( | ( | (V) |
| Family firm | 0.20347 (0.179) | 0.07692 (0.140) | 0.09188 (0.103) | −0.24951 (0.156) | −0.53504 ( |
| Dual class | −0.18881 (0.123) | −0.03776 (0.127) | −0.02968 (0.059) | −0.05188 (0.105) | 0.04861 (0.126) |
| Family firm × dual class | −0.26782 (0.226) | −0.32797 ( | −0.30953 ( | −0.45289 ( | −0.54878 ( |
| Voting rights restrictions | −0.07878 (0.127) | −0.16508 (0.127) | −0.05244 (0.083) | 0.14391 (0.132) | 0.42090 ( |
| Opting out/up | 0.05445 (0.091) | 0.12489 (0.094) | 0.08412 (0.071) | 0.03283 (0.113) | 0.07077 (0.153) |
| Control variables | Included | Included | Included | Included | Included |
| Years | 1998–2002 | 2003–2007 | 2008–2012 | 2013–2019 | 2020–2023 |
| Fixed effects | Industry | Industry | Industry | Industry | Industry |
| Multiple | 50.7% | 49.8% | 39.6% | 47.8% | 47.3% |
| Adjusted | 49.2% | 48.5% | 38.1% | 46.8% | 45.6% |
| 33.4 | 38.9 | 27.1 | 49.1 | 26.9 | |
| Observations | 738 | 886 | 935 | 1203 | 682 |
The table presents OLS coefficient estimates for Tobin’s Q. The sample is based on 4,444 firm-year observations from 1998 to 2023. Cluster-robust Huber/White standard errors are reported in parentheses, and significance at the 1, 5 and 10% levels is indicated by ***, ** and * respectively
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