Independent variables

Model 1

Model 2

Model 3

Model 4

Model 5

Model 6

Cash flow rights

−0.0646^a

(0.0006)

−0.0674^a

(0.0003)

−0.0644^a

(0.0006)

−0.0695^a

(0.0001)

−0.0723^a

(0.0001)

−0.0696^a

(0.0001)

Control minus cash flow rights

0.0484^b

(0.0273)

0.0454^b

(0.0353)

Control exceeds cash flow rights dummy

0.2197^a

(0.0072)

0.1231

(0.2297)

0.2094^a

(0.0090)

0.1137

(0.2659)

Control exceeds cash flow rights, high

0.2035

(0.1190)

0.1976

(0.1313)

Second ultimate owner dummy

−0.1141

(0.1851)

−0.1435

(0.1059)

−0.1313

(0.1394)

Second ultimate owner control rights over first ultimate owner control rights

−0.1135^c

(0.0899)

−0.1335^c

(0.0550)

−0.1317^c

(0.0574)

Market-to-book ratio

0.0018

(0.6045)

0.0013

(0.7047)

0.0018

(0.5936)

0.0017

(0.6171)

0.0013

(0.7055)

0.0017

(0.6069)

Long-term leverage ratio

0.1370

(0.1329)

0.1424

(0.1177)

0.1338

(0.1411)

0.1320

(0.1490)

0.1352

(0.1395)

0.1279

(0.1614)

Log of total assets

−0.2121^a

(0.0001)

−0.2114^a

(0.0001)

−0.2126^a

(0.0001)

−0.2115^a

(0.0001)

−0.2106^a

(0.0001)

−0.2122^a

(0.0001)

Absolute difference in ROA

0.1184

(0.0001)

0.1197^a

(0.0001)

0.1196^a

(0.0001)

0.1176^a

(0.0001)

0.1187^a

(0.0001)

0.1188^a

(0.0001)

Negative net income dummy

0.0236

(0.4148)

0.0230

(0.4263)

0.0258

(0.3726)

0.0229

(0.4272)

0.0225

(0.4354)

0.0251

(0.3850)

Absolute value of ROA

0.0186^c

(0.0951)

0.0234

(0.1230)

0.0239

(0.1152)

0.0253^c

(0.0819)

0.0158^c

(0.0982)

0.0236

(0.0851)

Intercept

−0.5828^c

(0.0692)

−0.6121^c

(0.0568)

−0.5998^c

(0.0608)

−0.5737^c

(0.0759)

−0.5975^c

(0.0654)

−0.5913^c

(0.0668)

Adjusted R²

0.4677

0.4684

0.4575

0.4660

0.4664

0.4563

Number of observations

2148

2148

2148

2148

2148

2148