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