Variable definitions
| Variable | Detailed definition |
|---|---|
| Robot | The logarithm of the sum of robot penetration at the enterprise level and one |
| Fned | The ratio of the number of family non-executive directors to the number of the board of directors |
| Size | The logarithm of total assets |
| Lev | The ratio of debt to assets |
| Growth | The growth rate of sales revenue |
| Age | The logarithm of the firms listing years plus 1 |
| ROA | Return on assets |
| Board | The logarithm of the number of directors |
| Indep | The proportion of independent directors |
| Dual | If the chairman and the CEO are the same person, the score is one, and the score is zero otherwise |
| Mshare | The ratio of managerial ownership |
| FM | The proportion of family members as directors, supervisors and executives |
| Child | If the descendants of the family participate in the management, the score is one, and the score is zero otherwise |
| HT | If the family firm belongs to the high-tech industry, the score is one, and the score is zero otherwise |
| Law | China marketisation index |
| Cashflow | The ratio of liquid assets to the book value of total assets net of liquid assets |
| Marriage | The natural logarithm difference between the number of registered marriages and the number of divorce cases per 10,000 people in the region |
| Archway | The number of archways in the Ming and Qing Dynasties in various provinces and regions of China |
| RiskT | The annual volatility of monthly stock returns |
| FO | The shareholding ratio of the controlling family |
| FP | the average return on total assets of enterprises in the next two years |
| Variable | Detailed definition |
|---|---|
| The logarithm of the sum of robot penetration at the enterprise level and one | |
| The ratio of the number of family non-executive directors to the number of the board of directors | |
| The logarithm of total assets | |
| The ratio of debt to assets | |
| The growth rate of sales revenue | |
| The logarithm of the firms listing years plus 1 | |
| Return on assets | |
| The logarithm of the number of directors | |
| The proportion of independent directors | |
| If the chairman and the CEO are the same person, the score is one, and the score is zero otherwise | |
| The ratio of managerial ownership | |
| The proportion of family members as directors, supervisors and executives | |
| If the descendants of the family participate in the management, the score is one, and the score is zero otherwise | |
| If the family firm belongs to the high-tech industry, the score is one, and the score is zero otherwise | |
| China marketisation index | |
| The ratio of liquid assets to the book value of total assets net of liquid assets | |
| The natural logarithm difference between the number of registered marriages and the number of divorce cases per 10,000 people in the region | |
| The number of archways in the Ming and Qing Dynasties in various provinces and regions of China | |
| The annual volatility of monthly stock returns | |
| The shareholding ratio of the controlling family | |
| the average return on total assets of enterprises in the next two years |
Source(s): Table by authors