Table 3 Testing heterogeneity in family...

Table 3

Testing heterogeneity in family firm efficiency terciles

Panel A: Summary of family firm efficiency groups
Efficiency terciles	No. obs.	Mean	Std dev	Min	Max
1	2,928	0.5141	0.1214	0.0138	0.6831
2	2,947	0.6587	0.0464	0.5097	0.7452
3	2,937	0.7375	0.0394	0.6210	0.8568

Panel A: Summary of family firm efficiency groups
1	2,928	0.5141	0.1214	0.0138	0.6831
2	2,947	0.6587	0.0464	0.5097	0.7452
3	2,937	0.7375	0.0394	0.6210	0.8568

Panel B: Tests of equality of means
	Difference	t-value	p-value
Tercile 1 vs. 2	−0.1446	−60.38	<0.0001
Tercile 1 vs. 3	−0.2234	−94.85	<0.0001
Tercile 2 vs. 3	−0.0788	−70.17	<0.0001

Panel B: Tests of equality of means
Tercile 1 vs. 2	−0.1446	−60.38	<0.0001
Tercile 1 vs. 3	−0.2234	−94.85	<0.0001
Tercile 2 vs. 3	−0.0788	−70.17	<0.0001

Panel C: Tests of equality of variances
	F-value	p-value
Tercile 1 vs. 2	6.83	<0.0001
Tercile 1 vs. 3	9.51	<0.0001
Tercile 2 vs. 3	1.39	<0.0001

Panel C: Tests of equality of variances
Tercile 1 vs. 2	6.83	<0.0001
Tercile 1 vs. 3	9.51	<0.0001
Tercile 2 vs. 3	1.39	<0.0001

Note(s): The table presents results for tests of Hypothesis 1 from Section 4. Panel A shows summary statistics of the three terciles in family firm efficiency. Tercile 1 is the lowest efficiency group, and Tercile 3 is the highest efficiency group. Panel B presents tests of equality in average efficiency across the different terciles, based on the Satterthwaite test, which allows for unequal variances. Panel C presents tests for equality in variance across terciles, based on the Folded F test. For background on the tests, see Casella and Berger (1990). Observations are based on efficiency as in Figure 4. The sample period comprises fiscal years 1992–2018

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