Table 3 Results of regression models... | Emerald Publishing

Table 3

Results of regression models (standard errors are robust to heteroskedasticity and serial correlation)

	ROE	M&A	ROE
	Model 1 β	Model 2 β	Model 3 β
Control variables
TMT size	0.047	0.006	−0.009
Generation	0.009	−0.899*	−0.899*
Firm age	−0.002	−0.004	−0.007
Firm size	0.001*	0.001	0.001
Manufacturing	−0.207	−0.093	−0.963
Service	0.043	−0.078	−0.076
Independent/mediating variable
Family-TMT (percentage)	0.448**	0.317**	0.356*
M&A			0.293**
R²	0.153	0.125	0.185
F	9.30***	11.70***	13.50***
N	111	111	111

	ROE	M&A	ROE
	Model 1 β	Model 2 β	Model 3 β
Control variables
TMT size	0.047	0.006	−0.009
Generation	0.009	−0.899*	−0.899*
Firm age	−0.002	−0.004	−0.007
Firm size	0.001*	0.001	0.001
Manufacturing	−0.207	−0.093	−0.963
Service	0.043	−0.078	−0.076
Independent/mediating variable
Family-TMT (percentage)	0.448**	0.317**	0.356*
M&A			0.293**
R²	0.153	0.125	0.185
F	9.30***	11.70***	13.50***
N	111	111	111

Note(s): *p < 0.10; **p < 0.05; ***p < 0.01