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%)