| Variables | Type | N | Mean | SD | Measurement |
| RD | Dependent Variable | 4773 | 0.0183 | 0.0317 | measured as the ratio of R & D expenditures to the total assets |
| Family Ownership | Independent Variable | 4773 | 0.3609 | 0.1518 | measured as the number of shares held by family members divided by the total shares outstanding |
| Family Management | Independent Variable | 4773 | 0.6539 | 0.4758 | family firm with a family member as the CEO is coded as 1, and 0 otherwise [19] |
| Family Control | Independent Variable | 4773 | 0.7637 | 0.4249 | family firm with a pyramid structure is coded as 1, and 0 otherwise [19] |
| Institution | Moderator | 4773 | 9.1722 | 2.0667 | measured as marketization index |
| Size | Control Variable | 4773 | 7.0476 | 1.2318 | measured as the logarithm of the number of employees |
| Debt | Control Variable | 4773 | 0.4526 | 0.2786 | measured as the ratio of total debt to total assets |
| Age | Control Variable | 4773 | 2.5779 | 0.3494 | measured as the logarithm of the years that family firm had been in existence [16] |
| Profitability | Control Variable | 4773 | 0.0487 | 0.0761 | measured as return on assets |
| Growth | Control Variable | 4773 | 0.2361 | 1.0176 | measured as percentage annual growth of sales |