Results
| (Model 1) | (Model 2) | (Model 3) | (Model 4) | |
|---|---|---|---|---|
| Export Intensity | Export Intensity | Export Intensity | Export Intensity | |
| Family Board | 0.055 (0.163) | 0.082** (0.048) | 0.083** (0.045) | 0.081* (0.052) |
| Group | −0.023 (0.320) | −0.016 (0.491) | −0.016 (0.497) | −0.017 (0.461) |
| Family CEO | 0.035 (0.421) | 0.049 (0.257) | 0.053 (0.226) | 0.052 (0.231) |
| CEO duality | 0.030 (0.321) | 0.027 (0.366) | 0.029 (0.336) | 0.027 (0.372) |
| Number board member | 0.055* (0.092) | 0.060* (0.071) | 0.061* (0.062) | 0.059* (0.075) |
| ROI | 0.046 (0.143) | 0.052 (0.103) | 0.053* (0.093) | 0.051 (0.107) |
| Firm age | −0.031 (0.258) | −0.029 (0.281) | −0.030 (0.266) | −0.029 (0.288) |
| Firm size | 0.064* (0.055) | 0.070** (0.035) | 0.066** (0.047) | 0.069** (0.038) |
| Leverage | −0.037 (0.164) | −0.036 (0.196) | −0.040 (0.150) | 0.007 (0.840) |
| Liquidity | −0.035 (0.245) | −0.034 (0.251) | −0.166** (0.019) | −0.044 (0.146) |
| Service | −0.162*** (0.000) | −0.162*** (0.000) | −0.162*** (0.000) | −0.163*** (0.000) |
| Family manager | −0.074 (0.123) | −0.072 (0.192) | −0.074 (0.179) | −0.071 (0.196) |
| Family ownership | −0.391*** (0.002) | −0.436*** (0.001) | −0.340*** (0.007) | |
| Family ownership squared | 0.366*** (0.001) | 0.355*** (0.002) | 0.358*** (0.002) | |
| Family ownership * Liquidity | 0.153* (0.066) | |||
| Family ownership * Leverage | −0.073** (0.029) | |||
| Observations | 1,132 | 1,132 | 1,132 | 1,132 |
| R2 | 0.044 | 0.053 | 0.055 | 0.054 |
| (Model 1) | (Model 2) | (Model 3) | (Model 4) | |
|---|---|---|---|---|
| Export Intensity | Export Intensity | Export Intensity | Export Intensity | |
| Family Board | 0.055 (0.163) | 0.082** (0.048) | 0.083** (0.045) | 0.081* (0.052) |
| Group | −0.023 (0.320) | −0.016 (0.491) | −0.016 (0.497) | −0.017 (0.461) |
| Family CEO | 0.035 (0.421) | 0.049 (0.257) | 0.053 (0.226) | 0.052 (0.231) |
| CEO duality | 0.030 (0.321) | 0.027 (0.366) | 0.029 (0.336) | 0.027 (0.372) |
| Number board member | 0.055* (0.092) | 0.060* (0.071) | 0.061* (0.062) | 0.059* (0.075) |
| ROI | 0.046 (0.143) | 0.052 (0.103) | 0.053* (0.093) | 0.051 (0.107) |
| Firm age | −0.031 (0.258) | −0.029 (0.281) | −0.030 (0.266) | −0.029 (0.288) |
| Firm size | 0.064* (0.055) | 0.070** (0.035) | 0.066** (0.047) | 0.069** (0.038) |
| Leverage | −0.037 (0.164) | −0.036 (0.196) | −0.040 (0.150) | 0.007 (0.840) |
| Liquidity | −0.035 (0.245) | −0.034 (0.251) | −0.166** (0.019) | −0.044 (0.146) |
| Service | −0.162*** (0.000) | −0.162*** (0.000) | −0.162*** (0.000) | −0.163*** (0.000) |
| Family manager | −0.074 (0.123) | −0.072 (0.192) | −0.074 (0.179) | −0.071 (0.196) |
| Family ownership | −0.391*** (0.002) | −0.436*** (0.001) | −0.340*** (0.007) | |
| Family ownership squared | 0.366*** (0.001) | 0.355*** (0.002) | 0.358*** (0.002) | |
| Family ownership * Liquidity | 0.153* (0.066) | |||
| Family ownership * Leverage | −0.073** (0.029) | |||
| Observations | 1,132 | 1,132 | 1,132 | 1,132 |
| 0.044 | 0.053 | 0.055 | 0.054 |
Note(s): Standardized beta coefficients; p-values in parentheses
*p < 0.10, **p < 0.05, ***p < 0.01
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