Note(s): The table presents summary statistics of the variables used in our analysis. Family firms are those that have at least 5 years being classified as a family firm in the combined datasets of Anderson and Reeb (2003), and Anderson et al. (2012). Nonfamily firms are those with less than 5 years of this classification. We remove lone founder firms from the Anderson-Reeb dataset. LNME and LNBE denote logarithms of the market value and book value of shareholder's equity, respectively, both in millions of dollars. LNAT and LNSALE denote the logarithm of total assets and total sales, respectively. DEBT denotes the ratio of long-term debt to total assets. CAPEX denotes the ratio of capital expenditures to total sales. RND and ADV denote research and development and advertising expenses, respectively, both of which are divided by total sales. The dummy variables XRD_D and XAD_D represent missing observations on RND or ADV, respectively. When a particular observation is missing, the corresponding dummy variable is set to 0, otherwise it is set to 1. PPEN is the ratio of property, plant and equipment to total assets. EBITDAAT is EBITDA divided by total assets. IVOL denotes idiosyncratic volatility as assessed by the Fama-French three-factor model, evaluated using daily returns over the particular fiscal year. TNVR denotes the average monthly turnover of stocks (trading volume divided by shares outstanding) during the relevant fiscal year. MEBE denotes the fiscal year-end market to book ratio. ROA denotes the return on assets during the relevant fiscal year. SPRD is computed as the daily bid-ask spread scaled by its midpoint, then averaged over the particular fiscal year. If the daily spread is less than or equal to zero, or greater than 50%, then it is removed from the sample. RET denotes the average daily log return over the relevant fiscal year. VOL is the average total volatility of the stock return over the relevant fiscal year. All of the above data are retrieved from COMPUSTAT, with the exception of stock returns, spreads and volume, which are retrieved from CRSP. EFF_C and EFF_P correspond to the efficiency estimated by cross-section and panel methods, respectively. The sample comprises nonfinancial, nonutility firms listed on the NYSE, AMEX and NASDAQ exchanges. The sample period comprises fiscal years 1992–2018