Family firms, minority investor protection and firm performance
| Dependent variable: Tobin’s Q | ||||
|---|---|---|---|---|
| Independent variables | (I) | (II) | (III) | (IV) |
| Family firm | 0.08309 (0.096) | 0.11080 (0.097) | 0.14625 (0.110) | 0.16595 (0.109) |
| Dual class | −0.32855 (**) (0.148) | 0.02493 (0.089) | −0.38867 (0.268) | −0.04413 (0.148) |
| Family firm × dual class | −0.49247 (***) (0.175) | −0.47274 (*) (0.250) | ||
| Voting rights restrictions | −0.11318 (0.124) | −0.10068 (0.121) | −0.25067 (0.168) | −0.24143 (0.165) |
| Opting out/up | 0.20682 (0.181) | 0.22136 (0.180) | 0.28583 (0.272) | 0.30087 (0.272) |
| Board independence | 0.21999 (**) (0.108) | 0.20759 (*) (0.107) | 0.21722 (*) (0.115) | 0.19923 (*) (0.114) |
| Control variables | Included | Included | Included | Included |
| Fixed effects | Industry, years | Industry, years | Firms, years | Firms, years |
| Method | Random | Random | Fixed | Fixed |
| Multiple R2 | 28.8% | 29.0% | 26.3% | 26.4% |
| Adjusted R2 | 27.9% | 28.0% | 19.8% | 19.9% |
| F-statistic | 1199.7*** | 1211.4*** | 32.1*** | 31.3 *** |
| Dependent variable: Tobin’s | ||||
|---|---|---|---|---|
| Independent variables | (I) | ( | ( | ( |
| Family firm | 0.08309 (0.096) | 0.11080 (0.097) | 0.14625 (0.110) | 0.16595 (0.109) |
| Dual class | −0.32855 ( | 0.02493 (0.089) | −0.38867 (0.268) | −0.04413 (0.148) |
| Family firm × dual class | −0.49247 ( | −0.47274 ( | ||
| Voting rights restrictions | −0.11318 (0.124) | −0.10068 (0.121) | −0.25067 (0.168) | −0.24143 (0.165) |
| Opting out/up | 0.20682 (0.181) | 0.22136 (0.180) | 0.28583 (0.272) | 0.30087 (0.272) |
| Board independence | 0.21999 ( | 0.20759 ( | 0.21722 ( | 0.19923 ( |
| Control variables | Included | Included | Included | Included |
| Fixed effects | Industry, years | Industry, years | Firms, years | Firms, years |
| Method | Random | Random | Fixed | Fixed |
| Multiple | 28.8% | 29.0% | 26.3% | 26.4% |
| Adjusted | 27.9% | 28.0% | 19.8% | 19.9% |
| 1199.7 | 1211.4 | 32.1 | 31.3 | |
The table presents random and fixed effects for performance variables. The sample is based on 3,229 firm-year observations from 2005 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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