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