Table 7. Supplementary First-Stage...

Table 7.

Supplementary First-Stage evidence for instrument relevance

Dependent variable: Family control (fam)	coefficient	Std. Err.	t
General manager (IV)	0.013***	0.004	3.03
Institutional ownership	0.004	0.01	0.38
Firm age	0.088***	0.012	7.07
Firm size	0.002	0.004	0.35
Leverage	0.025*	0.015	1.65
Return on equity	0.086***	0.011	7.53
Book-to-market ratio	0.017***	0.003	5.19
Management fee	0.035	0.031	1.11
Audit opinion	−0.014*	0.007	−1.88
Top 10 holdings	0.329***	0.031	10.54
Firm FE	YES
Year FE	YES
Observations	9,615
Number of firms	1,678
Within R²	0.387

Dependent variable: Family control (fam)	coefficient	Std. Err.	t
General manager (IV)	0.013***	0.004	3.03
Institutional ownership	0.004	0.01	0.38
Firm age	0.088***	0.012	7.07
Firm size	0.002	0.004	0.35
Leverage	0.025*	0.015	1.65
Return on equity	0.086***	0.011	7.53
Book-to-market ratio	0.017***	0.003	5.19
Management fee	0.035	0.031	1.11
Audit opinion	−0.014*	0.007	−1.88
Top 10 holdings	0.329***	0.031	10.54
Firm FE	YES
Year FE	YES
Observations	9,615
Number of firms	1,678
Within R²	0.387

Note(s):

Robust standard errors clustered by firm. The first-stage sample is slightly larger than the final 2SLS estimation sample (9,498) due to additional sample restrictions in the second-stage estimation. *** p < 0.01, **p < 0.05, *p < 0.1

Source(s): Authors’ own work

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