Descriptives
| Mean | St. Dev | Min | Max | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Export Intensity | 0.38 | 0.28 | 0.0 | 1.0 | 1 | ||||||||||||
| Family ownership | 0.71 | 0.36 | 0.0 | 1.0 | −0.01 | 1 | |||||||||||
| Leverage | 0.57 | 0.21 | 0.0 | 1.2 | −0.05 | −0.09* | 1 | ||||||||||
| Liquidity | 1.49 | 1.24 | 0.1 | 9.7 | −0.01 | 0.07* | −0.29* | 1 | |||||||||
| Family board | 0.57 | 0.39 | 0.0 | 1.0 | −0.00 | 0.63* | −0.04 | 0.02 | 1 | ||||||||
| Group | 0.99 | 0.10 | 0.0 | 1.0 | −0.03 | 0.06* | −0.013 | 0.03 | 0.06 | 1 | |||||||
| Family CEO | 0.64 | 0.48 | 0.0 | 1.0 | 0.01 | 0.58* | −0.02 | 0.02 | 0.55* | 0.04 | 1 | ||||||
| CEO duality | 0.34 | 0.47 | 0.0 | 1.0 | 0.03 | −0.03 | 0.02 | −0.00 | −0.01 | 0.02 | 0.13* | 1 | |||||
| Number Board Member | 2.16 | 1.27 | 1.0 | 11.0 | 0.07* | −0.07* | −0.09* | 0.06* | −0.30* | −0.06* | −0.11* | −0.02 | 1 | ||||
| ROI | 0.08 | 0.11 | −0.3 | 1.8 | 0.04 | 0.04 | −0.02 | 0.07* | 0.07* | 0.02 | 0.06* | 0.01 | −0.06* | 1 | |||
| Age | 38.73 | 19.59 | 2.0 | 195.0 | −0.01 | 0.17* | −0.09* | 0.10* | −0.00 | −0.05 | 0.07* | −0.01 | 0.15* | −0.05 | 1 | ||
| Firm Size | 16.31 | 0.82 | 13.8 | 19.2 | 0.09* | 0.01 | −0.26* | 0.06* | −0.19* | −0.09* | −0.02 | −0.03 | 0.4* | −0.08* | 0.22* | 1 | |
| Service | 0.17 | 0.37 | 0.0 | 1.0 | −0.17* | −0.02 | 0.03 | −0.03 | 0.00 | 0.00 | −0.04 | 0.00 | −0.04 | −0.08 | −0.05 | −0.06* | 1 |
| Family Manager | 0.61 | 0.38 | 0.0 | 1.0 | −0.02 | 0.74* | −0.04 | 0.00 | 0.67* | 0.08* | 0.75* | −0.00 | −0.15* | 0.05 | 0.10* | −0.06* | −0.02 |
| Mean | St. Dev | Min | Max | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | (13) | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Export Intensity | 0.38 | 0.28 | 0.0 | 1.0 | 1 | ||||||||||||
| Family ownership | 0.71 | 0.36 | 0.0 | 1.0 | −0.01 | 1 | |||||||||||
| Leverage | 0.57 | 0.21 | 0.0 | 1.2 | −0.05 | −0.09* | 1 | ||||||||||
| Liquidity | 1.49 | 1.24 | 0.1 | 9.7 | −0.01 | 0.07* | −0.29* | 1 | |||||||||
| Family board | 0.57 | 0.39 | 0.0 | 1.0 | −0.00 | 0.63* | −0.04 | 0.02 | 1 | ||||||||
| Group | 0.99 | 0.10 | 0.0 | 1.0 | −0.03 | 0.06* | −0.013 | 0.03 | 0.06 | 1 | |||||||
| Family CEO | 0.64 | 0.48 | 0.0 | 1.0 | 0.01 | 0.58* | −0.02 | 0.02 | 0.55* | 0.04 | 1 | ||||||
| CEO duality | 0.34 | 0.47 | 0.0 | 1.0 | 0.03 | −0.03 | 0.02 | −0.00 | −0.01 | 0.02 | 0.13* | 1 | |||||
| Number Board Member | 2.16 | 1.27 | 1.0 | 11.0 | 0.07* | −0.07* | −0.09* | 0.06* | −0.30* | −0.06* | −0.11* | −0.02 | 1 | ||||
| ROI | 0.08 | 0.11 | −0.3 | 1.8 | 0.04 | 0.04 | −0.02 | 0.07* | 0.07* | 0.02 | 0.06* | 0.01 | −0.06* | 1 | |||
| Age | 38.73 | 19.59 | 2.0 | 195.0 | −0.01 | 0.17* | −0.09* | 0.10* | −0.00 | −0.05 | 0.07* | −0.01 | 0.15* | −0.05 | 1 | ||
| Firm Size | 16.31 | 0.82 | 13.8 | 19.2 | 0.09* | 0.01 | −0.26* | 0.06* | −0.19* | −0.09* | −0.02 | −0.03 | 0.4* | −0.08* | 0.22* | 1 | |
| Service | 0.17 | 0.37 | 0.0 | 1.0 | −0.17* | −0.02 | 0.03 | −0.03 | 0.00 | 0.00 | −0.04 | 0.00 | −0.04 | −0.08 | −0.05 | −0.06* | 1 |
| Family Manager | 0.61 | 0.38 | 0.0 | 1.0 | −0.02 | 0.74* | −0.04 | 0.00 | 0.67* | 0.08* | 0.75* | −0.00 | −0.15* | 0.05 | 0.10* | −0.06* | −0.02 |
Note(s): N = 1,132; *p < 0.05
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.