| R_ratio | R_fre | R_ratio | R_fre | R_ratio | R_fre |
(1) | (2) | (3) | (4) | (5) | (6) | |
Fam_loose | 0.144* | 0.126** | 0.094 | 0.161** | 0.049 | 0.170*** |
(0.086) | (0.049) | (0.133) | (0.074) | (0.107) | (0.061) | |
Manage |
|
| −0.465 | 0.270 |
|
|
|
| (0.536) | (0.282) |
|
| |
Fam_loose*Manage |
|
| −0.202 | −0.266*** |
|
|
|
| (0.139) | (0.093) |
|
| |
FD |
|
|
|
| −0.997* | −0.779** |
|
|
|
| (0.519) | (0.339) | |
Fam_loose*FD |
|
|
|
| 0.260* | 0.300*** |
|
|
|
| (0.150) | (0.102) | |
Life | −1.049** | −0.567 | −1.531*** | −0.769** | −1.384*** | −0.719* |
(0.439) | (0.361) | (0.535) | (0.361) | (0.517) | (0.367) | |
Ind_ratio | 3.406** | −0.819 | 2.990** | −1.320 | 3.692*** | −0.996 |
(1.377) | (0.848) | (1.345) | (0.858) | (1.381) | (0.835) | |
Sameflag | 0.355* | −0.277** | 0.248 | −0.352*** | 0.322* | −0.287*** |
(0.185) | (0.115) | (0.178) | (0.115) | (0.186) | (0.109) | |
Debt_ratio | 0.676 | −0.315 | 0.081 | −0.121 | 0.142 | −0.026 |
(0.509) | (0.302) | (0.408) | (0.287) | (0.417) | (0.282) | |
Tb_q | −0.061** | 0.029 |
|
|
|
|
(0.030) | (0.031) |
|
|
|
| |
Size | −0.206 | 0.156* |
|
|
|
|
(0.146) | (0.092) |
|
|
|
| |
ROA |
|
| −0.881 | 1.198 | −1.792 | 0.573 |
|
| (1.204) | (0.991) | (1.351) | (0.988) | |
H5_ratio |
|
| −1.086 | −0.638 | −1.705** | −0.820 |
|
| (0.686) | (0.624) | (0.701) | (0.613) | |
Cir_ratio |
|
| 0.032 | 0.085 | 0.027 | 0.119 |
|
| (0.493) | (0.487) | (0.516) | (0.492) | |
Bkflag |
|
| −0.116 | −0.085 | −0.040 | −0.024 |
|
| (0.114) | (0.063) | (0.114) | (0.060) | |
Constant | 6.499* | −2.357 | 3.488*** | 1.525 | 3.299*** | 1.305 |
(3.519) | (2.275) | (1.275) | (1.096) | (1.131) | (1.095) | |
Year, Industry | control | control | control | control | control | control |
R-squared | 0.113 | 0.099 | 0.149 | 0.114 | 0.116 | 0.100 |