Independent variables | Model 1 | Model 2 | Model 3 | Model 4 | Model 5 | Model 6 |
Cash flow rights | −0.0745a (<0.0001) | −0.0805a (<0.0001) | −0.0815a (<0.0001) | −0.0847a (<0.0001) | −0.0731a (<0.0001) | −0.0861a (<0.0001) |
Control minus cash flow rights | 0.0462a (0.0023) | 0.0382a (0.0021) |
|
|
|
|
Control exceeds cash flow rights, high |
|
| 0.1925a (0.0312) | 0.2015a (0.0428) | 0.1028 (0.3572) | 0.1182 (0.4195) |
Control exceeds cash flow rights, high |
|
|
|
| 0.2563c (0.0752) | 0.2349c (0.0657) |
Family | 0.1952b (0.0413) | 0.2014b (0.0486) | 0.2175c (0.0501) | 0.1945b (0.0491) | 0.2183b (0.0437) | 0.1852b (0.0453) |
Cash flow rights × Family |
| −0.0068a (0.0012) |
| −0.0458a (0.0023) |
| −0.0058a (0.0015) |
(Control minus Cash flow rights) × Family |
| 0.0051a (0.0034) |
|
|
|
|
(Control exceeds Cash flow rights dummy) × Family |
|
|
| 0.0194b (0.0384) |
| 0.0154c (0.0915) |
(Control exceeds Cash flow rights, high) × Family |
|
|
|
|
| 0.0286c (0.0752) |
Market-to-book ratio | 0.0211c (0.0537) | 0.0194c (0.0586) | 0.01829c (00519) | 0.01946b (0.0431) | 0.0173c (0.0618) | 0.0143c (0.0692) |
Long-term leverage ratio | 0.1495c (0.0813) | 0.1739c (0.0746) | 0.1532c (0.0825) | 0.1439c (0.0761) | 0.1826c (0.0862) | 0.1731c (0.0792) |
Log of total assets | −0.2145a (0.0001) | −0.2167a (0.0001) | −0.2201a (0.0001) | −0.2187a (0.0001) | −0.2123a (0.0001) | −0.2119a (0.0001) |
Absolute difference in net income | 0.1583a (0.0001) | 0.1438a (0.0001) | 0.1574a (0.0001) | 0.14462a (0.0001) | 0.1479a (0.0001) | 0.1537a (0.0001) |
Negative net income dummy | 0.0375 (0.2138) | 0.0361 (0.2687) | 0.0345 (0.2461) | 0.0358 (0.2315) | 0.0345 (0.2649) | 0.0386 (0.2492) |
Absolute value of ROA | 0.0219c (0.0912) | 0.0253c (0.0937) | 0.0274c (0.0877) | 0.0236c (0.0769) | 0.0296c (0.0816) | 0.0276c (0.0877) |
Intercept | −0.8523c (0.0514) | −0.6489c (0.0922) | −0.7291c (0.0739) | −0.8001c (0.0821) | −0.9132c (0.0751) | −0.8421c (0.0825) |
Adjusted R2 | 0.4459 | 0.4578 | 0.4489 | 0.4509 | 0.4523 | 0.4673 |
Number of observations | 2148 | 2148 | 2148 | 2148 | 2148 | 2148 |