Results of Equation (2) family management
| Internal R&D | External R&D | External knowledge | New to firm product (NtF) | Process innovation | New to market product (NtM) | |
|---|---|---|---|---|---|---|
| Family management dummy (25–49%) | 0.0150 (0.0476) | 0.00285 (0.0296) | −0.0493* (0.0256) | −0.0694 (0.0500) | −0.0321 (0.0352) | −0.0398 (0.0410) |
| Family management dummy (50–74%) | −0.0643*** (0.0224) | −0.0348*** (0.0128) | −0.0435** (0.0191) | −0.0822** (0.0320) | −0.0263 (0.0243) | −0.0492* (0.0264) |
| Family management dummy (75–100%) | −0.0671*** (0.0252) | −0.0274* (0.0164) | −0.0133 (0.0198) | −0.0739** (0.0304) | −0.0844*** (0.0243) | −0.0287 (0.0248) |
| National market | 0.113*** (0.00913) | 0.0504*** (0.00647) | 0.0537*** (0.00760) | 0.0691*** (0.0105) | 0.0513*** (0.00837) | 0.0544*** (0.00905) |
| International market | 0.127*** (0.0215) | 0.0965*** (0.0179) | 0.114*** (0.0201) | 0.0577** (0.0228) | 0.115*** (0.0208) | 0.0494** (0.0200) |
| Level of competition | −0.0301*** (0.00614) | −0.0156*** (0.00404) | −0.0114** (0.00516) | −0.0545*** (0.00782) | −0.0291*** (0.00575) | −0.0347*** (0.00657) |
| Internationalization | 0.000776*** (0.000204) | 0.000146 (0.000131) | −0.000107 (0.000175) | 0.000681** (0.000276) | −0.000112 (0.000199) | 0.000153 (0.000231) |
| Foreign involvement(foreign) | −0.000207 (0.000184) | −0.000166 (0.000117) | 0.000211 (0.000149) | 0.000237 (0.000241) | 0.000178 (0.000172) | 0.000196 (0.000197) |
| Firm size | 0.0411*** (0.00319) | 0.0271*** (0.00206) | 0.0258*** (0.00267) | 0.0244*** (0.00408) | 0.0225*** (0.00307) | 0.0198*** (0.00344) |
| Firm age | 0.00280 (0.00583) | −0.00419 (0.00385) | −0.00109 (0.00489) | −0.0100 (0.00714) | −0.00841 (0.00550) | −0.00390 (0.00606) |
| Manufacture | 0.0670* (0.0354) | 0.0191 (0.0234) | 0.0531 (0.0325) | 0.241*** (0.0507) | 0.233*** (0.0705) | 0.206*** (0.0498) |
| Service | 0.0522 (0.0406) | 0.0237 (0.0275) | 0.114** (0.0452) | 0.237*** (0.0626) | 0.274** (0.109) | 0.212*** (0.0683) |
| Retail | 0.0164 (0.0386) | 0.0251 (0.0286) | 0.0907** (0.0450) | 0.239*** (0.0643) | 0.271** (0.114) | 0.214*** (0.0713) |
| Competition × family management dummy (25–49%) | 0.00112 (0.0136) | −0.000515 (0.00918) | 0.0183 (0.0117) | 0.0274 (0.0174) | 0.0162 (0.0126) | 0.0212 (0.0143) |
| Competition × family management dummy (50–74%) | 0.0242*** (0.00861) | 0.0164*** (0.00564) | 0.0153** (0.00734) | 0.0166 (0.0111) | −0.00151 (0.00841) | 0.00982 (0.00935) |
| Competition × family management dummy (75–100%) | 0.0171** (0.00674) | 0.00965** (0.00445) | 0.00477 (0.00566) | 0.0166* (0.00852) | 0.0189*** (0.00632) | 0.00473 (0.00717) |
| Observations | 9,633 | 9,633 | 9,633 | 9,633 | 9,633 | 9,633 |
| LR χ2 (22) | 1,111.59 | 623.85 | 499.56 | 904.24 | 647.09 | 614.31 |
| Prob > χ2 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Pseudo R2 | 0.1219 | 0.1104 | 0.0707 | 0.0796 | 0.0773 | 0.0659 |
| Log likelihood | −4001.8652 | −2513.6477 | −3282.8967 | −5229.0808 | −3859.5463 | −4352.948 |
| Internal R&D | External R&D | External knowledge | New to firm product (NtF) | Process innovation | New to market product (NtM) | |
|---|---|---|---|---|---|---|
| Family management dummy (25–49%) | 0.0150 (0.0476) | 0.00285 (0.0296) | −0.0493* (0.0256) | −0.0694 (0.0500) | −0.0321 (0.0352) | −0.0398 (0.0410) |
| Family management dummy (50–74%) | −0.0643*** (0.0224) | −0.0348*** (0.0128) | −0.0435** (0.0191) | −0.0822** (0.0320) | −0.0263 (0.0243) | −0.0492* (0.0264) |
| Family management dummy (75–100%) | −0.0671*** (0.0252) | −0.0274* (0.0164) | −0.0133 (0.0198) | −0.0739** (0.0304) | −0.0844*** (0.0243) | −0.0287 (0.0248) |
| National market | 0.113*** (0.00913) | 0.0504*** (0.00647) | 0.0537*** (0.00760) | 0.0691*** (0.0105) | 0.0513*** (0.00837) | 0.0544*** (0.00905) |
| International market | 0.127*** (0.0215) | 0.0965*** (0.0179) | 0.114*** (0.0201) | 0.0577** (0.0228) | 0.115*** (0.0208) | 0.0494** (0.0200) |
| Level of competition | −0.0301*** (0.00614) | −0.0156*** (0.00404) | −0.0114** (0.00516) | −0.0545*** (0.00782) | −0.0291*** (0.00575) | −0.0347*** (0.00657) |
| Internationalization | 0.000776*** (0.000204) | 0.000146 (0.000131) | −0.000107 (0.000175) | 0.000681** (0.000276) | −0.000112 (0.000199) | 0.000153 (0.000231) |
| Foreign involvement( | −0.000207 (0.000184) | −0.000166 (0.000117) | 0.000211 (0.000149) | 0.000237 (0.000241) | 0.000178 (0.000172) | 0.000196 (0.000197) |
| Firm size | 0.0411*** (0.00319) | 0.0271*** (0.00206) | 0.0258*** (0.00267) | 0.0244*** (0.00408) | 0.0225*** (0.00307) | 0.0198*** (0.00344) |
| Firm age | 0.00280 (0.00583) | −0.00419 (0.00385) | −0.00109 (0.00489) | −0.0100 (0.00714) | −0.00841 (0.00550) | −0.00390 (0.00606) |
| Manufacture | 0.0670* (0.0354) | 0.0191 (0.0234) | 0.0531 (0.0325) | 0.241*** (0.0507) | 0.233*** (0.0705) | 0.206*** (0.0498) |
| Service | 0.0522 (0.0406) | 0.0237 (0.0275) | 0.114** (0.0452) | 0.237*** (0.0626) | 0.274** (0.109) | 0.212*** (0.0683) |
| Retail | 0.0164 (0.0386) | 0.0251 (0.0286) | 0.0907** (0.0450) | 0.239*** (0.0643) | 0.271** (0.114) | 0.214*** (0.0713) |
| Competition × family management dummy (25–49%) | 0.00112 (0.0136) | −0.000515 (0.00918) | 0.0183 (0.0117) | 0.0274 (0.0174) | 0.0162 (0.0126) | 0.0212 (0.0143) |
| Competition × family management dummy (50–74%) | 0.0242*** (0.00861) | 0.0164*** (0.00564) | 0.0153** (0.00734) | 0.0166 (0.0111) | −0.00151 (0.00841) | 0.00982 (0.00935) |
| Competition × family management dummy (75–100%) | 0.0171** (0.00674) | 0.00965** (0.00445) | 0.00477 (0.00566) | 0.0166* (0.00852) | 0.0189*** (0.00632) | 0.00473 (0.00717) |
| Observations | 9,633 | 9,633 | 9,633 | 9,633 | 9,633 | 9,633 |
| LR | 1,111.59 | 623.85 | 499.56 | 904.24 | 647.09 | 614.31 |
| Prob > | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 | 0.0000 |
| Pseudo R2 | 0.1219 | 0.1104 | 0.0707 | 0.0796 | 0.0773 | 0.0659 |
| Log likelihood | −4001.8652 | −2513.6477 | −3282.8967 | −5229.0808 | −3859.5463 | −4352.948 |
Note(s): (1) The model controls for location size effects and country dummies but they are not reported
(2) Marginal effects are reported in the table. ***significant at 1%; **significant at 5%; *significant at 10%
(3) Reference category is construction
(4) Reference category is family management dummy (0–24%)
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