Table 7 Characteristics of family...

Table 7

Characteristics of family non-executive director test results

Variable	Blood	Marriage	Blood	Marriage	FO	FO1	FO2	FO3	Nfoc
Variable	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
Fned	−1.543^***	2.944^***	−1.560^***	4.616^***	1.191^***	0.840^**	0.688	0.972^**	−1.339^***
Fned	(−3.01)	(4.54)	(−2.70)	(2.88)	(3.23)	(2.49)	(1.63)	(2.39)	(−3.71)
RiskT			−0.633^***	−0.369^**
RiskT			(−2.91)	(−2.42)
Fned×FO			−4.851^*	−11.871
Fned×FO			(−1.84)	(−1.38)
FO					0.000
FO					(0.04)
Fned×FO					−0.104^***
Fned×FO					(−6.33)
FO1						0.019
FO1						(0.32)
Fned×FO1						0.974
Fned×FO1						(1.46)
FO2							0.011
FO2							(0.29)
Fned×FO2							2.005^**
Fned×FO2							(2.27)
FO3								−0.003
FO3								(−0.07)
Fned×FO3								−3.234^***
Fned×FO3								(−4.97)
Size	0.068	0.083^**	0.062	0.075^*	0.053	0.059	0.080^*	0.075	0.054
Size	(1.56)	(2.00)	(1.61)	(1.79)	(1.05)	(1.39)	(1.79)	(1.54)	(1.51)
Lev	0.346	0.353	0.343	0.367	0.393	0.345	0.272	0.274	0.372
Lev	(0.85)	(0.89)	(0.90)	(0.91)	(0.90)	(0.84)	(0.70)	(0.69)	(0.97)
Growth	−0.169	−0.168^*	−0.130	−0.146	−0.157	−0.160	−0.167^*	−0.179^*	−0.136
Growth	(−1.44)	(−1.75)	(−1.24)	(−1.43)	(−1.56)	(−1.59)	(−1.65)	(−1.65)	(−1.37)
Age	−0.307^**	−0.325^***	−0.326^**	−0.342^***	−0.235^**	−0.300^**	−0.338^***	−0.309^**	−0.280^**
Age	(−2.34)	(−2.99)	(−2.59)	(−3.09)	(−2.40)	(−2.39)	(−2.91)	(−2.39)	(−2.56)
ROA	1.266	1.302^*	1.134	1.242^*	1.228^*	1.264	1.219^*	1.001	1.441^*
ROA	(1.48)	(1.87)	(1.63)	(1.68)	(1.71)	(1.63)	(1.71)	(1.49)	(1.84)
Board	0.157	0.112	0.092	0.091	0.277^*	0.205	0.243	0.241	0.221
Board	(0.72)	(0.54)	(0.48)	(0.43)	(1.77)	(1.11)	(1.09)	(1.17)	(1.14)
Indep	−0.418	−0.484	−0.536	−0.442	−0.549	−0.289	−0.321	−0.482	−0.381
Indep	(−0.65)	(−0.86)	(−0.95)	(−0.81)	(−0.99)	(−0.49)	(−0.57)	(−0.83)	(−0.63)
Dual	0.123^*	0.168^***	0.040	0.170^***	0.123^**	0.167^***	0.172^***	0.157^***	0.079
Dual	(2.25)	(2.90)	(1.06)	(3.14)	(2.00)	(2.96)	(2.75)	(2.66)	(1.30)
Mshare	0.678^***	0.698^***	0.621^***	0.705^***	0.657^***	0.657^***	0.667^***	0.694^***	0.535^***
Mshare	(6.93)	(8.04)	(6.32)	(8.10)	(6.28)	(6.33)	(7.72)	(7.94)	(6.35)
FM	1.250^***	0.950^***	2.329^***	0.877^***	0.324	1.039^**	1.060^***	0.693^**	1.792^***
FM	(3.73)	(3.34)	(6.42)	(3.31)	(1.04)	(2.59)	(3.33)	(2.12)	(6.98)
Child	0.206^***	0.199^***	0.193^***	0.209^***	0.169^***	0.198^***	0.212^***	0.207^***	0.184^***
Child	(5.14)	(5.97)	(4.54)	(6.46)	(3.43)	(4.71)	(4.66)	(5.11)	(3.95)
HT	−0.339^***	−0.351^***	−0.384^***	−0.353^***	−0.388^***	−0.378^***	−0.368^***	−0.370^***	−0.398^***
HT	(−6.67)	(−7.30)	(−7.64)	(−7.01)	(−8.40)	(−8.84)	(−9.06)	(−8.10)	(−8.13)
Law	−0.031^*	−0.027^**	−0.025^*	−0.027^**	−0.031^**	−0.028^**	−0.027^**	−0.029^**	−0.030^*
Law	(−2.26)	(−2.14)	(−1.85)	(−2.31)	(−2.58)	(−2.20)	(−2.07)	(−2.41)	(−1.93)
Year	Y	Y	Y	Y	Y	Y	Y	Y	Y
Industry	Y	Y	Y	Y	Y	Y	Y	Y	Y
Cons	−1.205	−1.387	−0.818	−1.144	−1.123	−1.142	−1.633	−1.334	−1.126
Cons	(−0.70)	(−0.86)	(−0.54)	(−0.70)	(−0.70)	(−0.68)	(−0.94)	(−0.75)	(−0.79)
N	1,129	1,129	1,129	1,129	1,129	1,129	1,129	1,129	1,129
R²	0.463	0.466	0.462	0.468	0.473	0.459	0.461	0.465	0.468

Variable	Blood	Marriage	Blood	Marriage	FO	FO1	FO2	FO3	Nfoc
Variable	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
Fned	−1.543^***	2.944^***	−1.560^***	4.616^***	1.191^***	0.840^**	0.688	0.972^**	−1.339^***
Fned	(−3.01)	(4.54)	(−2.70)	(2.88)	(3.23)	(2.49)	(1.63)	(2.39)	(−3.71)
RiskT			−0.633^***	−0.369^**
RiskT			(−2.91)	(−2.42)
Fned×FO			−4.851^*	−11.871
Fned×FO			(−1.84)	(−1.38)
FO					0.000
FO					(0.04)
Fned×FO					−0.104^***
Fned×FO					(−6.33)
FO1						0.019
FO1						(0.32)
Fned×FO1						0.974
Fned×FO1						(1.46)
FO2							0.011
FO2							(0.29)
Fned×FO2							2.005^**
Fned×FO2							(2.27)
FO3								−0.003
FO3								(−0.07)
Fned×FO3								−3.234^***
Fned×FO3								(−4.97)
Size	0.068	0.083^**	0.062	0.075^*	0.053	0.059	0.080^*	0.075	0.054
Size	(1.56)	(2.00)	(1.61)	(1.79)	(1.05)	(1.39)	(1.79)	(1.54)	(1.51)
Lev	0.346	0.353	0.343	0.367	0.393	0.345	0.272	0.274	0.372
Lev	(0.85)	(0.89)	(0.90)	(0.91)	(0.90)	(0.84)	(0.70)	(0.69)	(0.97)
Growth	−0.169	−0.168^*	−0.130	−0.146	−0.157	−0.160	−0.167^*	−0.179^*	−0.136
Growth	(−1.44)	(−1.75)	(−1.24)	(−1.43)	(−1.56)	(−1.59)	(−1.65)	(−1.65)	(−1.37)
Age	−0.307^**	−0.325^***	−0.326^**	−0.342^***	−0.235^**	−0.300^**	−0.338^***	−0.309^**	−0.280^**
Age	(−2.34)	(−2.99)	(−2.59)	(−3.09)	(−2.40)	(−2.39)	(−2.91)	(−2.39)	(−2.56)
ROA	1.266	1.302^*	1.134	1.242^*	1.228^*	1.264	1.219^*	1.001	1.441^*
ROA	(1.48)	(1.87)	(1.63)	(1.68)	(1.71)	(1.63)	(1.71)	(1.49)	(1.84)
Board	0.157	0.112	0.092	0.091	0.277^*	0.205	0.243	0.241	0.221
Board	(0.72)	(0.54)	(0.48)	(0.43)	(1.77)	(1.11)	(1.09)	(1.17)	(1.14)
Indep	−0.418	−0.484	−0.536	−0.442	−0.549	−0.289	−0.321	−0.482	−0.381
Indep	(−0.65)	(−0.86)	(−0.95)	(−0.81)	(−0.99)	(−0.49)	(−0.57)	(−0.83)	(−0.63)
Dual	0.123^*	0.168^***	0.040	0.170^***	0.123^**	0.167^***	0.172^***	0.157^***	0.079
Dual	(2.25)	(2.90)	(1.06)	(3.14)	(2.00)	(2.96)	(2.75)	(2.66)	(1.30)
Mshare	0.678^***	0.698^***	0.621^***	0.705^***	0.657^***	0.657^***	0.667^***	0.694^***	0.535^***
Mshare	(6.93)	(8.04)	(6.32)	(8.10)	(6.28)	(6.33)	(7.72)	(7.94)	(6.35)
FM	1.250^***	0.950^***	2.329^***	0.877^***	0.324	1.039^**	1.060^***	0.693^**	1.792^***
FM	(3.73)	(3.34)	(6.42)	(3.31)	(1.04)	(2.59)	(3.33)	(2.12)	(6.98)
Child	0.206^***	0.199^***	0.193^***	0.209^***	0.169^***	0.198^***	0.212^***	0.207^***	0.184^***
Child	(5.14)	(5.97)	(4.54)	(6.46)	(3.43)	(4.71)	(4.66)	(5.11)	(3.95)
HT	−0.339^***	−0.351^***	−0.384^***	−0.353^***	−0.388^***	−0.378^***	−0.368^***	−0.370^***	−0.398^***
HT	(−6.67)	(−7.30)	(−7.64)	(−7.01)	(−8.40)	(−8.84)	(−9.06)	(−8.10)	(−8.13)
Law	−0.031^*	−0.027^**	−0.025^*	−0.027^**	−0.031^**	−0.028^**	−0.027^**	−0.029^**	−0.030^*
Law	(−2.26)	(−2.14)	(−1.85)	(−2.31)	(−2.58)	(−2.20)	(−2.07)	(−2.41)	(−1.93)
Year	Y	Y	Y	Y	Y	Y	Y	Y	Y
Industry	Y	Y	Y	Y	Y	Y	Y	Y	Y
Cons	−1.205	−1.387	−0.818	−1.144	−1.123	−1.142	−1.633	−1.334	−1.126
Cons	(−0.70)	(−0.86)	(−0.54)	(−0.70)	(−0.70)	(−0.68)	(−0.94)	(−0.75)	(−0.79)
N	1,129	1,129	1,129	1,129	1,129	1,129	1,129	1,129	1,129
R²	0.463	0.466	0.462	0.468	0.473	0.459	0.461	0.465	0.468

Note(s): This table shows the regression results for the characteristics of family non-executive directors. Columns (1)–(4) are used to test the effect of kinship; Columns (5)–(8) are used to test the heterogeneity of family shareholding mode; Column (9) reports the result of the effect of excessive family directors. We report t-statistics in parentheses. All models include year and industry-fixed effects. *, ** and *** indicate two-tailed statistical significance at the 10%, 5% and 1% levels, respectively. All variables are defined in Appendix

Source(s): Table by authors

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