Descriptive statistics
| All firms | Non-family firms | Family firms | T-Test | |
|---|---|---|---|---|
| ABSDA | 0.058 (0.072) | 0.061 (0.074) | 0.057 (0.071) | 0.77 |
| NDA | −0.055 (0.066) | −0.059 (0.071) | −0.053 (0.062) | −1.11 |
| PDA | 0.063 (0.079) | 0.063 (0.077) | 0.062 (0.080) | 0.04 |
| RMCFO | −0.000 (0.091) | −0.007 (0.101) | 0.005 (0.084) | −2.16** |
| RMPROD | 0.000 (0.234) | −0.021 (0.205) | 0.015 (0.249) | −2.72*** |
| RMDISX | −0.000 (0.230) | 0.017 (0.225) | −0.013 (0.232) | 2.31** |
| RPT | 0.070 (0.113) | 0.101 (0.154) | 0.052 (0.077) | 6.18*** |
| AbRPT | 0.000 (0.101) | 0.017 (0.136) | −0.010 (0.074) | 3.64*** |
| ROA | 0.056 (0.125) | 0.049 (0.150) | 0.061 (0.107) | −1.65* |
| MKTBK | 0.805 (0.998) | 0.800 (1.168) | 0.814 (0.885) | −0.36 |
| WBD | 0.326 (0.147) | 0.339 (0.150) | 0.318 (0.145) | 2.29** |
| FMWBD/WBD | 21.2% | |||
| FMWBD/FMBD | 25.2% | |||
| FOWN | 0.363 (0.305) | – | 0.586 (0.139) | – |
| CEOD | 0.334 (0.472) | 0.269 (0.444) | 0.374 (0.484) | −3.62*** |
| OWCEO/CEOD | 56.5% | |||
| FMCEO/CEOD | 95.7% | |||
| FMBD | 0.166 (0.175) | – | 0.263 (0.150) | – |
| BIG4 | 0.806 (0.396) | 0.801 (0.400) | 0.809 (0.393) | −0.33 |
| SIZE | 12.82 (2.10) | 13.11 (2.54) | 12.64 (1.75) | 3.64*** |
| BSIZE | 9.52 (3.41) | 9.10 (3.65) | 9.79 (3.22) | −3.30*** |
| LEV | 0.280 (0.156) | 0.276 (0.161) | 0.282 (0.153) | −0.62 |
| AGE | 48.79 (35.38) | 48.30 (41.47) | 49.09 (31.02) | −0.37 |
| All firms | Non-family firms | Family firms | ||
|---|---|---|---|---|
| ABSDA | 0.058 (0.072) | 0.061 (0.074) | 0.057 (0.071) | 0.77 |
| NDA | −0.055 (0.066) | −0.059 (0.071) | −0.053 (0.062) | −1.11 |
| PDA | 0.063 (0.079) | 0.063 (0.077) | 0.062 (0.080) | 0.04 |
| RMCFO | −0.000 (0.091) | −0.007 (0.101) | 0.005 (0.084) | −2.16** |
| RMPROD | 0.000 (0.234) | −0.021 (0.205) | 0.015 (0.249) | −2.72*** |
| RMDISX | −0.000 (0.230) | 0.017 (0.225) | −0.013 (0.232) | 2.31** |
| RPT | 0.070 (0.113) | 0.101 (0.154) | 0.052 (0.077) | 6.18*** |
| AbRPT | 0.000 (0.101) | 0.017 (0.136) | −0.010 (0.074) | 3.64*** |
| ROA | 0.056 (0.125) | 0.049 (0.150) | 0.061 (0.107) | −1.65* |
| MKTBK | 0.805 (0.998) | 0.800 (1.168) | 0.814 (0.885) | −0.36 |
| WBD | 0.326 (0.147) | 0.339 (0.150) | 0.318 (0.145) | 2.29** |
| FMWBD/WBD | 21.2% | |||
| FMWBD/FMBD | 25.2% | |||
| FOWN | 0.363 (0.305) | – | 0.586 (0.139) | – |
| CEOD | 0.334 (0.472) | 0.269 (0.444) | 0.374 (0.484) | −3.62*** |
| OWCEO/CEOD | 56.5% | |||
| FMCEO/CEOD | 95.7% | |||
| FMBD | 0.166 (0.175) | – | 0.263 (0.150) | – |
| BIG4 | 0.806 (0.396) | 0.801 (0.400) | 0.809 (0.393) | −0.33 |
| SIZE | 12.82 (2.10) | 13.11 (2.54) | 12.64 (1.75) | 3.64*** |
| BSIZE | 9.52 (3.41) | 9.10 (3.65) | 9.79 (3.22) | −3.30*** |
| LEV | 0.280 (0.156) | 0.276 (0.161) | 0.282 (0.153) | −0.62 |
| AGE | 48.79 (35.38) | 48.30 (41.47) | 49.09 (31.02) | −0.37 |