Descriptive statistics
| Family firms | |||
|---|---|---|---|
| Number of observations | 313 | ||
| 1st Gen 102 | 2nd Gen 144 | 3rd Gen 67 | |
| Family board ownership (%) | 51.73 | ||
| 1st Gen 59.06 | 2nd Gen 50.62 | 3rd Gen 43.14 | |
| Control variables | |||
| Return on assets (%) | 6.72 | ||
| Growth opportunity (Sales0/Sales−1) (%) | 14.61 | ||
| Leverage (total debt/total assets) | 42.50 | ||
| Firm’s size (total assets) (thousand euros) | 27,309.48 | ||
| Firm’s age (years) | 40 | ||
| Family firms | |||
|---|---|---|---|
| Number of observations | 313 | ||
| 1st Gen | 2nd Gen | 3rd Gen | |
| Family board ownership (%) | 51.73 | ||
| 1st Gen | 2nd Gen | 3rd Gen | |
| Return on assets (%) | 6.72 | ||
| Growth opportunity (Sales0/Sales−1) (%) | 14.61 | ||
| Leverage (total debt/total assets) | 42.50 | ||
| Firm’s size (total assets) (thousand euros) | 27,309.48 | ||
| Firm’s age (years) | 40 | ||
Sources: Data of ownership structure and board of directors were obtained from the survey. Financial information was obtained from SABI
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