Independent variables

Model 1

Model 2

Model 3

Model 4

Model 5

Cash flow rights

−0.0825^a

(<0.0001)

−0.0859^a

(<0.0001)

−0.0755^a

(<0.0001)

−0.0839^a

(<0.0001)

−0.0800^a

(<0.0001)

Pyramidal holding dummy

0.2164^a

(0.0014)

0.2232^a

(0.0036)

Multiple classes of shares dummy

0.2981^a

(0.0017)

0.2897^a

(0.0023)

Crossholding dummy

0.1315

(0.1524)

−0.0075

(0.9437)

Market-to-book ratio

0.0104^c

(0.0762)

0.0134^c

(0.0921)

0.0076^c

(0.0826)

0.0189^c

(0.0796)

0.0164^c

(0.0962)

Long-term leverage ratio

0.1605^c

(0.0758)

0.1503^c

(0.0976)

0.1387

(0.1265)

0.1534^c

(0.0905)

0.1309

(0.1510)

Log of total assets

−0.2103^a

(0.0001)

−0.2138^a

(0.0001)

−0.21609^a

(0.0001)

−0.21151^a

(0.0001)

−0.21928^a

(0.0001)

Absolute difference in ROA

0.1176^a

(0.0001)

0.1196^a

(0.0001)

0.1214^a

(0.0001)

0.1170^a

(0.0001)

0.1229^a

(0.0001)

Negative net income dummy

0.0223

(0.4395)

0.0253

(0.3819)

0.0240

(0.4059)

0.0234

(0.4172)

0.0276

(0.3394)

Absolute value of ROA

0.0158^c

(0.0891)

0.0146^c

(0.0549)

0.0191^c

(0.0618)

0.0255^c

(0.0682)

0.0173^c

(0.0764)

Intercept

−0.6046^c

(0.0610)

−0.7080^b

(0.0280)

−0.5218

(0.1077)

−0.6314^b

(0.0499)

−0.6100^c

(0.0588)

Adjusted R²

0.4710

0.4697

0.4675

0.4709

0.4650

Number of observations

2148

2148

2148

2148

2148