Table 9.2. Regression Analysis of...

Table 9.2.

Regression Analysis of Family-Oriented Performance.

FAMILY-ORIENTED PERFORMANCE	β	β	β	β	β	β	β	β	β	β	β	β	β	β	β	β	β
Formal board of directors		0.039
Formal board x Independent assessment of board			−0.005
Formal advisory board				0.095*
Evaluation of management performance					0.023
Policy for selection, remuneration & promotion of family employees						0.102*
Shareholders’ agreement							0.043
Formal reporting of business matters to shareholders								0.049
Formal reporting of business matters to family members									0.164***
Family council										0.049
Family constitution / code of conduct											0.051
Process for welcoming, educating, inducting family members into business												0.100*
Process for incorporating family vision / objectives into business planning													0.066
Succession plan - Unifying strategy for the future of the business														0.165***
Succession plan - CEO															0.169***
Succession plan - Other senior positions held by family members																0.135**
Succession plan - Estate plans (inc. how ownership will be distributed)																	0.163***
Firm age	0.059	0.054	0.039	0.090	0.051	0.027	0.063	0.078	0.082	0.056	0.057	0.056	0.060	0.057	0.048	0.065	0.056
Firm size	0.039	0.048	0.057	0.008	0.056	0.003	0.016	0.029	0.023	0.051	0.043	0.043	0.045	0.038	0.039	0.033	0.032
Industry_Agriculture	−0.030	−0.043	−0.053	−0.024	−0.048	−0.040	−0.031	−0.044	−0.028	−0.028	−0.027	−0.024	−0.029	−0.026	−0.038	0.032	−0.034
Industry_Construction	−0.014	−0.022	−0.052	−0.034	−0.022	−0.019	−0.019	−0.040	−0.002	−0.013	−0.012	−0.004	−0.009	−0.012	−0.024	0.014	−0.009
Industry_Manufacturing	−0.050	−0.050	−0.045	−0.064	−0.038	−0.076	−0.041	−0.066	−0.034	−0.036	−0.038	−0.033	−0.034	−0.036	−0.048	−0.060	−0.032
Industry_Retail	0.042	0.013	0.002	0.008	−0.012	0.024	0.022	0.001	0.004	0.044	0.042	0.050	0.046	0.052	0.033	0.035	0.046
Industry_Wholesale	0.146***	0.151**	0.143**	0.151**	0.145**	0.148**	0.164***	0.147**	0.167***	0.157***	0.153***	0.148**	0.148**	0.139**	0.135**	0.151**	0.143**
Generation in control: 1st vs. 2nd+	−0.059	−0.087	−0.059	−0.111*	−0.076	−0.101	0.094	−0.078	−0.112*	−0.079	−0.080	−0.075	−0.080	−0.077	−0.077	−0.079	−0.084
R2	0.036	0.040	0.037	0.051	0.038	0.051	0.042	0.043	0.069	0.040	0.040	0.047	0.042	0.062	0.065	0.055	0.061
F statistic	1.803*	1.477	1.349	1.866*	1.510	1.796*	1.524	1.606	2.601***	1.521	1.669	1.821*	1.597	2.405**	2.570***	2.134**	2.361**
Observation	396	331	324	324	327	307	321	329	326	340	340	340	340	337	340	340	337

FAMILY-ORIENTED PERFORMANCE	β	β	β	β	β	β	β	β	β	β	β	β	β	β	β	β	β
Formal board of directors		0.039
Formal board x Independent assessment of board			−0.005
Formal advisory board				0.095*
Evaluation of management performance					0.023
Policy for selection, remuneration & promotion of family employees						0.102*
Shareholders’ agreement							0.043
Formal reporting of business matters to shareholders								0.049
Formal reporting of business matters to family members									0.164***
Family council										0.049
Family constitution / code of conduct											0.051
Process for welcoming, educating, inducting family members into business												0.100*
Process for incorporating family vision / objectives into business planning													0.066
Succession plan - Unifying strategy for the future of the business														0.165***
Succession plan - CEO															0.169***
Succession plan - Other senior positions held by family members																0.135**
Succession plan - Estate plans (inc. how ownership will be distributed)																	0.163***
Firm age	0.059	0.054	0.039	0.090	0.051	0.027	0.063	0.078	0.082	0.056	0.057	0.056	0.060	0.057	0.048	0.065	0.056
Firm size	0.039	0.048	0.057	0.008	0.056	0.003	0.016	0.029	0.023	0.051	0.043	0.043	0.045	0.038	0.039	0.033	0.032
Industry_Agriculture	−0.030	−0.043	−0.053	−0.024	−0.048	−0.040	−0.031	−0.044	−0.028	−0.028	−0.027	−0.024	−0.029	−0.026	−0.038	0.032	−0.034
Industry_Construction	−0.014	−0.022	−0.052	−0.034	−0.022	−0.019	−0.019	−0.040	−0.002	−0.013	−0.012	−0.004	−0.009	−0.012	−0.024	0.014	−0.009
Industry_Manufacturing	−0.050	−0.050	−0.045	−0.064	−0.038	−0.076	−0.041	−0.066	−0.034	−0.036	−0.038	−0.033	−0.034	−0.036	−0.048	−0.060	−0.032
Industry_Retail	0.042	0.013	0.002	0.008	−0.012	0.024	0.022	0.001	0.004	0.044	0.042	0.050	0.046	0.052	0.033	0.035	0.046
Industry_Wholesale	0.146***	0.151**	0.143**	0.151**	0.145**	0.148**	0.164***	0.147**	0.167***	0.157***	0.153***	0.148**	0.148**	0.139**	0.135**	0.151**	0.143**
Generation in control: 1st vs. 2nd+	−0.059	−0.087	−0.059	−0.111*	−0.076	−0.101	0.094	−0.078	−0.112*	−0.079	−0.080	−0.075	−0.080	−0.077	−0.077	−0.079	−0.084
R2	0.036	0.040	0.037	0.051	0.038	0.051	0.042	0.043	0.069	0.040	0.040	0.047	0.042	0.062	0.065	0.055	0.061
F statistic	1.803*	1.477	1.349	1.866*	1.510	1.796*	1.524	1.606	2.601***	1.521	1.669	1.821*	1.597	2.405**	2.570***	2.134**	2.361**
Observation	396	331	324	324	327	307	321	329	326	340	340	340	340	337	340	340	337

***p < 0.01.

**p < 0.05.

*p < 0.10.

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