Variables

Model 4

Model 5

Model 6

Family Ownership

0.010***

[3.71]

Family Management

0.007***

[8.55]

Family Control

−0.009***

[−10.04]

Constant

0.039***

[6.34]

0.041***

[6.83]

0.042***

[7.12]

Institution

0.001***

[5.82]

0.001***

[4.72]

0.001***

[5.52]

Institution * Family Ownership

−0.015***

[−5.90]

Institution * Family Management

−0.006***

[−5.26]

Institution*Family Control

−0.006***

[−5.37]

Size

−0.001***

[−4.01]

−0.002***

[−4.83]

−0.001**

[−2.56]

Debt

−0.024***

[−15.50]

−0.023***

[−14.62]

−0.022***

[−14.35]

Age

−0.014***

[−11.86]

−0.013***

[−11.70]

−0.013***

[−11.08]

Profitability

0.007

[1.19]

0.007

[1.20]

0.007

[1.23]

Growth

−0.001**

[−1.98]

−0.001**

[−2.09]

−0.001*

[−1.78]

N

4773

4773

4773

F-value

115.175

117.715

121.262

R Square

0.396

0.401

0.408

Adjusted R Square

0.392

0.398

0.405