Variables^a

Government control

Single family business control

Manager governance

Co-governance

Pred. Sign

Coef.

z-value ^b

Coef.

z-value

Coef.

z-value

Coef.

z-value

DME

+

−0.4970

−1.32

0.0717

1.51

0.2788

3.53***

0.3566

2.37**

SIZE

+/−

1.2005

3.65***

0.1942

4.42***

0.2960

4.38***

0.0858

0.83

DE

+/−

0.1857

0.10

−0.8880

−3.39***

−0.3789

−0.96

0.2488

0.42

ROA

+/−

8.7077

3.62***

1.3074

2.10**

0.7148

0.82

0.8980

0.61

DP

+/−

−1.5391

−1.95*

−0.0016

−6.95***

0.0399

5.70***

0.0262

0.66

BHold

+/−

−4.4055

−1.93*

0.7264

2.26**

0.0189

0.04

0.5940

0.82

MHold

+/−

30.0705

1.51

0.8312

0.40

0.4978

0.39

−1.6709

−0.32

PDM

+/−

−0.6139

−0.16

−0.6484

−2.12**

−0.6847

−1.47

−2.1476

−2.35**

AGE

+/−

−0.0476

−2.46**

−0.0028

−0.79

−0.0254

−3.26***

0.0040

0.52

Foreign

+/−

−5.0603

−1.10

1.0033

1.85*

0.1948

0.46

1.7984

1.77*

Public

+/−

−0.5429

−0.28

7.3270

2.39**

3.1542

1.18

0.8687

0.13

Wald χ²

111.30***

209.48***

148.61***

35.00***

Pseudo R²

44.62%

5.32%

10.08%

7.19%

N

25

631

289

122