Robustness test – manufacturing sector
| Variables | (1) First test: E | (2) First test: S | (3) First test: G | (4) Second test: E | (5) Second test: S | (6) Second test: G |
|---|---|---|---|---|---|---|
| Fam | 123.916*(1.89) | 61.311(0.70) | 274.871**(2.25) | 37.374**(2.27) | 15.489(0.67) | 84.715***(3.10) |
| Investor | 2.041(1.18) | 1.875(0.82) | 5.710*(1.82) | 1.043(1.14) | 1.497(1.22) | 3.261**(2.20) |
| Fam × investor (centered) | −27.143*(−1.82) | −20.73(−1.05) | −67.275**(−2.43) | −18.003**(−2.22) | −13.764(−1.26) | −44.951***(−3.36) |
| Manufacturing | −2.907(−1.22) | −0.604(−0.22) | −7.412(−1.55) | |||
| Family × manufacturing | −104.914*(−1.89) | −56.925(−0.77) | −228.023**(−2.21) | |||
| Firm age | −1.212(−1.56) | −0.898(−0.85) | −4.302***(−2.98) | −1.417**(−2.04) | −1.138(−1.16) | −4.435***(−3.88) |
| Firm size | 1.160***(4.41) | 1.483***(5.24) | 0.785*(1.67) | 1.077***(4.71) | 1.379***(4.54) | 0.606*(1.75) |
| Leverage rate | −1.255(−0.79) | 2.226(1.57) | −14.254***(−6.53) | 1.117(1.62) | 3.632***(3.59) | −9.735***(−7.87) |
| ROE | −3.758*(−1.86) | 3.251(1.33) | 3.522(0.93) | −3.586**(−2.14) | 4.953**(2.17) | 4.977(1.35) |
| Book-to-market ratio | −0.323(−1.08) | −1.016**(−2.18) | 0.989*(1.79) | −1.599***(−3.53) | −1.586**(−2.49) | −1.847**(−2.55) |
| Management fee | −1.627(−0.73) | −4.763*(−1.81) | −9.542**(−2.19) | −2.474(−1.23) | −5.561*(−1.88) | −13.405***(−3.75) |
| Opinion | 0.434(0.64) | 0.551(0.70) | 2.670**(2.08) | 2.122***(3.38) | 0.975(1.16) | 5.420***(5.33) |
| Top10 holdings | −17.270*(−1.85) | −9.063(−0.73) | −40.388**(−2.34) | −13.738**(−2.27) | −5.41(−0.65) | −32.370***(−3.24) |
| Observations | 9,498 | 9,498 | 9,498 | 7,821 | 7,821 | 7,821 |
| R-squared | −0.568 | 0.001 | −1.143 | −0.066 | 0.081 | −0.111 |
| Number of firm | 1,561 | 1,561 | 1,561 | 1,301 | 1,301 | 1,301 |
| Firm FE | YES | YES | YES | YES | YES | YES |
| Year FE | YES | YES | YES | YES | YES | YES |
| Variables | (1) First test: E | (2) First test: S | (3) First test: G | (4) Second test: E | (5) Second test: S | (6) Second test: G |
|---|---|---|---|---|---|---|
| Fam | 123.916*(1.89) | 61.311(0.70) | 274.871**(2.25) | 37.374**(2.27) | 15.489(0.67) | 84.715***(3.10) |
| Investor | 2.041(1.18) | 1.875(0.82) | 5.710*(1.82) | 1.043(1.14) | 1.497(1.22) | 3.261**(2.20) |
| Fam × investor (centered) | −27.143*(−1.82) | −20.73(−1.05) | −67.275**(−2.43) | −18.003**(−2.22) | −13.764(−1.26) | −44.951***(−3.36) |
| Manufacturing | −2.907(−1.22) | −0.604(−0.22) | −7.412(−1.55) | |||
| Family × manufacturing | −104.914*(−1.89) | −56.925(−0.77) | −228.023**(−2.21) | |||
| Firm age | −1.212(−1.56) | −0.898(−0.85) | −4.302***(−2.98) | −1.417**(−2.04) | −1.138(−1.16) | −4.435***(−3.88) |
| Firm size | 1.160***(4.41) | 1.483***(5.24) | 0.785*(1.67) | 1.077***(4.71) | 1.379***(4.54) | 0.606*(1.75) |
| Leverage rate | −1.255(−0.79) | 2.226(1.57) | −14.254***(−6.53) | 1.117(1.62) | 3.632***(3.59) | −9.735***(−7.87) |
| −3.758*(−1.86) | 3.251(1.33) | 3.522(0.93) | −3.586**(−2.14) | 4.953**(2.17) | 4.977(1.35) | |
| Book-to-market ratio | −0.323(−1.08) | −1.016**(−2.18) | 0.989*(1.79) | −1.599***(−3.53) | −1.586**(−2.49) | −1.847**(−2.55) |
| Management fee | −1.627(−0.73) | −4.763*(−1.81) | −9.542**(−2.19) | −2.474(−1.23) | −5.561*(−1.88) | −13.405***(−3.75) |
| Opinion | 0.434(0.64) | 0.551(0.70) | 2.670**(2.08) | 2.122***(3.38) | 0.975(1.16) | 5.420***(5.33) |
| Top10 holdings | −17.270*(−1.85) | −9.063(−0.73) | −40.388**(−2.34) | −13.738**(−2.27) | −5.41(−0.65) | −32.370***(−3.24) |
| Observations | 9,498 | 9,498 | 9,498 | 7,821 | 7,821 | 7,821 |
| −0.568 | 0.001 | −1.143 | −0.066 | 0.081 | −0.111 | |
| Number of firm | 1,561 | 1,561 | 1,561 | 1,301 | 1,301 | 1,301 |
| Firm | ||||||
| Year |
t-statistics based on robust standard errors are reported in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1
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