Descriptive Statistics of Firms Surveyed.
| Variable | Mean | Median | Min. | Max. | S.D. |
|---|---|---|---|---|---|
| Formal board of directors | 0.45 | 0.00 | 0.00 | 1.00 | 0.50 |
| Formal board x Independent assessment of board | 0.03 | 0.00 | 0.00 | 1.00 | 0.18 |
| Formal advisory board | 0.24 | 0.00 | 0.00 | 1.00 | 0.43 |
| Evaluation of management performance | 0.51 | 1.00 | 0.00 | 1.00 | 0.50 |
| Policy for selection, remuneration & promotion of family employees | 0.26 | 0.00 | 0.00 | 1.00 | 0.44 |
| Shareholders’ agreement | 0.36 | 0.00 | 0.00 | 1.00 | 0.48 |
| Formal reporting of business matters to shareholders | 0.48 | 0.00 | 0.00 | 1.00 | 0.50 |
| Formal reporting of business matters to family members | 0.42 | 0.00 | 0.00 | 1.00 | 0.49 |
| Family council | 0.21 | 0.00 | 0.00 | 1.00 | 0.41 |
| Family constitution / code of conduct | 0.16 | 0.00 | 0.00 | 1.00 | 0.36 |
| Process for welcoming, educating, inducting family members into business | 0.12 | 0.00 | 0.00 | 1.00 | 0.33 |
| Process for incorporating family vision / objectives into business planning | 0.37 | 0.00 | 0.00 | 1.00 | 0.48 |
| Succession plan - Unifying strategy for the future of the business | 0.18 | 0.00 | 0.00 | 1.00 | 0.38 |
| Succession plan - CEO | 0.31 | 0.00 | 0.00 | 1.00 | 0.46 |
| Succession plan - Other senior positions held by family members | 0.20 | 0.00 | 0.00 | 1.00 | 0.40 |
| Succession plan - Estate plans (inc. how ownership will be distributed) | 0.30 | 0.00 | 0.00 | 1.00 | 0.46 |
| Firm age | 47.09 | 38.00 | 1.00 | 184.00 | 36.44 |
| Firm size | 3.24 | 3.00 | 1.00 | 7.00 | 1.61 |
| Industry_Agriculture | 0.08 | 0.00 | 0.00 | 1.00 | 0.27 |
| Industry_Construction | 0.12 | 0.00 | 0.00 | 1.00 | 0.33 |
| Industry_Manufacturing | 0.25 | 0.00 | 0.00 | 1.00 | 0.43 |
| Industry_Retail | 0.10 | 0.00 | 0.00 | 1.00 | 0.30 |
| Industry_Wholesale | 0.09 | 0.00 | 0.00 | 1.00 | 0.29 |
| Generation in control: 1st vs. 2nd+ | 1.59 | 2.00 | 1.00 | 2.00 | 0.49 |
| Variable | Mean | Median | Min. | Max. | S.D. |
|---|---|---|---|---|---|
| Formal board of directors | 0.45 | 0.00 | 0.00 | 1.00 | 0.50 |
| Formal board x Independent assessment of board | 0.03 | 0.00 | 0.00 | 1.00 | 0.18 |
| Formal advisory board | 0.24 | 0.00 | 0.00 | 1.00 | 0.43 |
| Evaluation of management performance | 0.51 | 1.00 | 0.00 | 1.00 | 0.50 |
| Policy for selection, remuneration & promotion of family employees | 0.26 | 0.00 | 0.00 | 1.00 | 0.44 |
| Shareholders’ agreement | 0.36 | 0.00 | 0.00 | 1.00 | 0.48 |
| Formal reporting of business matters to shareholders | 0.48 | 0.00 | 0.00 | 1.00 | 0.50 |
| Formal reporting of business matters to family members | 0.42 | 0.00 | 0.00 | 1.00 | 0.49 |
| Family council | 0.21 | 0.00 | 0.00 | 1.00 | 0.41 |
| Family constitution / code of conduct | 0.16 | 0.00 | 0.00 | 1.00 | 0.36 |
| Process for welcoming, educating, inducting family members into business | 0.12 | 0.00 | 0.00 | 1.00 | 0.33 |
| Process for incorporating family vision / objectives into business planning | 0.37 | 0.00 | 0.00 | 1.00 | 0.48 |
| Succession plan - Unifying strategy for the future of the business | 0.18 | 0.00 | 0.00 | 1.00 | 0.38 |
| Succession plan - CEO | 0.31 | 0.00 | 0.00 | 1.00 | 0.46 |
| Succession plan - Other senior positions held by family members | 0.20 | 0.00 | 0.00 | 1.00 | 0.40 |
| Succession plan - Estate plans (inc. how ownership will be distributed) | 0.30 | 0.00 | 0.00 | 1.00 | 0.46 |
| Firm age | 47.09 | 38.00 | 1.00 | 184.00 | 36.44 |
| Firm size | 3.24 | 3.00 | 1.00 | 7.00 | 1.61 |
| Industry_Agriculture | 0.08 | 0.00 | 0.00 | 1.00 | 0.27 |
| Industry_Construction | 0.12 | 0.00 | 0.00 | 1.00 | 0.33 |
| Industry_Manufacturing | 0.25 | 0.00 | 0.00 | 1.00 | 0.43 |
| Industry_Retail | 0.10 | 0.00 | 0.00 | 1.00 | 0.30 |
| Industry_Wholesale | 0.09 | 0.00 | 0.00 | 1.00 | 0.29 |
| Generation in control: 1st vs. 2nd+ | 1.59 | 2.00 | 1.00 | 2.00 | 0.49 |
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