Table 1 Descriptive statistics for...

Table 1

Descriptive statistics for family and non-family firms

	Family firms					Non-family firms
	Mean	S.D.	Minimum	Maximum	Obs.	Mean	S.D.	Minimum	Maximum	Obs.	t-test^a
ROIC	0.0891	0.0810	−0.6482	0.6763	4,920	0.0978	0.1045	−1.5352	2.1569	6,370	4.783^***
Risk	0.0706	0.0484	0.0005	0.4561	4,920	0.0762	0.0499	0.0015	0.4735	6,370	6.016^***
Risk_level1	0.0403	0.0496	0	0.4063	1,135	0.0462	0.0542	0	0.0542	1,479	6.0453^***
Risk_level2	0.0124	0.0335	0	0.3900	938	0.0114	0.0315	0	0.3565	1,105	−1.708^*
Risk_level3	0.0177	0.0404	0	0.0404	2,847	0.0184	0.0418	0	0.4203	3,786	0.908
Efficiency ratio	0.0369	0.0463	−0.6969	0.5900	4,920	0.0372	0.0519	−1.053	0.9775	6,370	0.349
Firm size	3.8154	1.0005	0.6931	9.015	4,920	4.2164	1.0583	0.6931	9.5435	6,370	20.419^***
Firm age	3.5557	0.2909	3.0910	4.9190	4,920	3.6170	0.3232	3.0910	4.9126	6,370	10.42^***

	Family firms					Non-family firms
	Mean	S.D.	Minimum	Maximum	Obs.	Mean	S.D.	Minimum	Maximum	Obs.	t-test^a
ROIC	0.0891	0.0810	−0.6482	0.6763	4,920	0.0978	0.1045	−1.5352	2.1569	6,370	4.783^***
Risk	0.0706	0.0484	0.0005	0.4561	4,920	0.0762	0.0499	0.0015	0.4735	6,370	6.016^***
Risk_level1	0.0403	0.0496	0	0.4063	1,135	0.0462	0.0542	0	0.0542	1,479	6.0453^***
Risk_level2	0.0124	0.0335	0	0.3900	938	0.0114	0.0315	0	0.3565	1,105	−1.708^*
Risk_level3	0.0177	0.0404	0	0.0404	2,847	0.0184	0.0418	0	0.4203	3,786	0.908
Efficiency ratio	0.0369	0.0463	−0.6969	0.5900	4,920	0.0372	0.0519	−1.053	0.9775	6,370	0.349
Firm size	3.8154	1.0005	0.6931	9.015	4,920	4.2164	1.0583	0.6931	9.5435	6,370	20.419^***
Firm age	3.5557	0.2909	3.0910	4.9190	4,920	3.6170	0.3232	3.0910	4.9126	6,370	10.42^***

Note(s): ^*, ^** and ^*** indicate statistical significance at the 10%, 5%, and 1% levels, respectively. ^aThe t-test is built under the assumption of equal variances between groups. The t-value test is the maximum level of significant to reject the hypothesis null of equal variances (Greene, 2003)

Abbreviation: ROIC, return on invested capital

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