| R_ratio (1) | R_fre (2) | R_ratio (3) | R_fre (4) |
Fam_type | 0.325 | 0.426** |
|
|
(0.336) | (0.191) |
|
| |
Manage | −0.585 | −0.048 |
|
|
(0.368) | (0.183) |
|
| |
Fam_type*Manage | −0.700* | −0.661*** |
|
|
(0.383) | (0.241) |
|
| |
Fam_type |
|
| 0.116 | 0.349** |
|
| (0.252) | (0.143) | |
FD |
|
| −0.615* | −0.328 |
|
| (0.319) | (0.231) | |
Fam_type*FD |
|
| 0.651* | 0.649** |
|
| (0.371) | (0.261) | |
Life | −1.375*** | −0.666* | −1.342*** | −0.734** |
(0.454) | (0.349) | (0.436) | (0.368) | |
H5_ratio | −1.083 | −0.551 | −1.851*** | −1.830*** |
(0.692) | (0.640) | (0.649) | (0.618) | |
Ind_ratio | 2.877** | −1.427* | 3.487*** | −0.783 |
(1.337) | (0.864) | (1.341) | (0.825) | |
ROA | −0.265 | 0.597* | −0.092 | 0.087 |
(0.477) | (0.311) | (0.133) | (0.075) | |
Sameflag | 0.236 | −0.357*** | 0.329* | −0.262** |
(0.174) | (0.117) | (0.180) | (0.112) | |
Cir_ratio | 0.0643 | 0.0656 | 0.530 | −0.245 |
(0.497) | (0.482) | (0.508) | (0.285) | |
Constant | 3.398*** | 1.734* | 5.097 | −0.122 |
(1.068) | (0.983) | (3.133) | (1.905) | |
Year, Industry | control | control | control | control |
R-squared | 0.148 | 0.111 | 0.114 | 0.108 |