| Panel A Total observations | ||
|
| Firm-Years | |
| All observations available on TEJ database from 2011-2019 | 18,456 | |
| Less: Financial services firms | 407 | |
| Observations with zero and negative equity | 1573 | |
| Data cannot be used to determine whether or not it is a family firm | 3685 | |
| Data not available to estimate the measures of tax sheltering | 1274 | |
| Data not available to estimate the ratio of cash flow rights over control rights of the largest controlling shareholders | 1764 | |
| Data not available to compute control variables | 2316 | |
| Subsidiary of another firm | 508 | |
| Total observations | 6929 | |
| Panel B Total observations 6929 | ||
| Observations belonging to family firms | Observations belonging to nonfamily firms | |
| 4235 (61.12%) | 2694 (38.88%) | |
| Panel C Firm-year observations of replacing CEOs or presidents during sample period 318 | ||
| Family succession (appointing family members as CEOs or presidents) | Non-family succession (not appointing family members as CEOs or presidents) | |
| 197 (62%) | 121 (38%) | |