Variables

Model 1

Model 2

Model 3

Family Ownership

0.007***

[2.72]

Family Management

0.006***

[7.70]

Family Control

−0.010***

[−10.70]

Constant

0.051***

[8.74]

0.049***

[8.71]

0.054***

[9.64]

Size

−0.001***

[−3.93]

−0.002***

[−4.67]

−0.001**

[−2.54]

Debt

−0.024***

−0.023***

−0.022***

[−15.62]

[−14.72]

[−14.40]

Age

−0.014***

[−11.80]

−0.013***

[−11.58]

−0.012***

[−10.96]

Profitability

0.008

[1.44]

0.008

[1.36]

0.008

[1.45]

Growth

−0.001*

[−1.94]

−0.001**

[−2.02]

−0.001*

[−1.71]

N

4773

4773

4773

F-value

121.57

124.97

128.59

R Square

0.390

0.397

0.404

Adjusted R Square

0.387

0.394

0.401