DO FAMILY FIRMS AND NON-FAMILY FIRMS DIFFER IN INVESTING? Evidence on Finnish SMEs Abstract
The aim of this study is to examine whether family firms and non-family firms differ in
investment behaviour. More precisely, I investigate whether family ownership has an impact on whether a firm rejects investments or not, and whether family ownership has an influence on the amount of investment. My results suggest that family firms and firms with higher family ownership are less likely to pass up an investment than non-family firms do. Furthermore, although family ownership has a negative influence on the rejection of investments, family ownership does not have any significant impact on the amount of invested. These results could imply that when firms have made investment decision, ownership of family does not decrease or increase the amount of investment. 1. Introduction
In a world of perfect capital markets a firm's internal and external financing are perfect substitutes, and its investment decisions are independent of financing and dividend decisions (Modigliani and Miller 1958). But, capital markets are not perfect and therefore, investment decisions and financing may be related. In prior empirical literature the role that internally generated funds and financial constraints play in determining firm investment decisions is mixed. It has been argued that growth of small firms is constrained by the availability of external and internal finance (Myers and Majluf, 1984; Carpenter and Petersen, 2002). Furthermore, smaller firms are more financially constrained than their larger counterparts because small firms face higher information asymmetry and agency costs (Myers and Majluf, 1984). Fazzari et al. (1988) suggest that if firms face relatively high costs of external finance because of information asymmetry, it will lead to situation, where firms retain most of their income. The aim of this study is to investigate whether family ownership has an impact on investment behavior in small private firms.More precisely, I explore whether family firms are more likely to reject investments than non-family firms do, and whether ownership of family has an impact on the amount of investment. The rationale for this investigation is motivated by the generally held view that family firms are more risk averse than non-family firms because of a higher share of the owner's wealth invested in the firm. Moreover, family firms follow conservative financial behaviour (Gallo and Vilaseca, 1996; Gallo et al., 2004) and also, are more likely to adopt less risky investment policies than non-family firms (Naldi et al., 2007). Furthermore, agency problems and financial constraints, either lack of internal funds or availability of external funds, may limit investing and growth, especially in closely held firms, such as family firms. Based on the previous, family firms may adopt more conservative and more risk avert investment behaviour.
Many previous studies investigate the relationship whether liquidity affects investment without considering whether ownership structure may affect investment behaviour. The number of studies exploring the differences in investment behaviour of small private family and non-family firms is limited. It has also been suggested that the country context should be taken into account because corporate governance structures differ by country. Furthermore, the Finnish financing system has been characterised as being bank-based and banks are the most important sources of funding for small and medium-sized firms. Most prior studies also use data on large listed firms. This study uses data on micro-sized small and medium-sized private family and non-family firms in Finland. My results suggest that family firms and firms with higher family ownership are less likely to pass up an investment than non-family firms are. Furthermore, although family ownership has a negative influence on the rejection of investments, family ownership does not have any significant impact on the amount of investment. These results could imply that when firms have made investment decision, family ownership may not decrease or increase the amount of how much will be invested. The remainder of this paper is as follows. Section 2 reviews the related literature and presents my hypotheses. Section 3 describes the sample, data, and variables. Section 4 presents the results, section 5 includes the discussion, and section 6 concludes the paper. 2 Literature review Modigliani and Miller (1958) argue that in perfect capital markets investment decisions are independent on financing decisions. Therefore, investment policy depends only upon the availability of investment opportunities with a positive net present value. Furthermore, theory of finance implies that every positive-NPV project should be taken regardless of whether internal or external funds are used to pay for it (Myers and Majluf, 1984). However, previous empirical studies suggest that investment decisions depend on the financial factors (e.g. Gugler, 2003) due to that small firms face agency problems and information asymmetry (Myers and Majluf, 1984). The level of information asymmetry is generally larger for smaller firms, such as family firms (Myers and Majluf, 1984) because managers and other insiders are assumed to possess private information about the firm's future earnings, cash flows or investment opportunities (Harris and Raviv, 1991). Agency problems and information asymmetry may lead to financial constraints and hamper firm's ability to invest unless the firms can rely on internally generated funds (Myers and Majluf, 1984; Degryse and Jong, 2006). As a result of information asymmetry small firms tend to finance their investment need in a hierarchical fashion: first using internally generated funds, then short and long term debts, and finally outside equity (Myers and Majluf, 1984). Agency problems arise due to separation of ownership and control (Jensen and Meckling, 1976). Divergence of interests may lead to situation that managers may prefer growth rather than value of the firm which may lead to overinvestment (Jensen, 1986). Family firm is an important type of firm with concentrated ownership. Family firms should be exempt from agency problems because ownership and management overlap (Jensen and Meckling, 1976). However, family firms cannot be regarded as a homogeneous group of people with joint interests (Sharma et al., 1997). Agency costs may also arise from altruism or because managers act for the controlling family (Chrisman et al., 2004; Morck and Yeung, 2005; Schulze et al., 2003). But, it is more likely that family firms face agency problems between the firm and its potential outside suppliers of funds, which increases the
premium paid for external financing (Myers and Majluf, 1984), and drives a gap between the costs of internal and external funding (Gugler, 2003). Free cash flow theory suggests that managers may have incentives to invest free cash flows to unprofitable projects or increase dividends (Jensen, 1986). Jensen (1986) suggests that firms increase investment in response to the availability of cash flows but firms decrease investment with leverage because current debt and interest payments force cash out of the firm. Therefore, debt can be an effective mechanism to reduce the agency cost of free cash flow (Jensen, 1986). Investment- cash flow sensitivity and the likelihood that a manager wastes internally generated funds can be mitigated by other governance mechanisms such as dividends (Degryse and Jong, 2006) and by managerial ownership (Hadlock, 1998). However, managerial ownership and alignment of interests may be non-monotonic (Morck et al., 1988; McConnell and Servaes, 1990) and investment-cash flow sensitivity are related in a non-monotonic way (Pawlina and Renneboog, 2005; Andres, 2009). At lower levels increases in managerial ownership may lead to reduced investment-cash flow sensitivities, whereas at higher levels of managerial ownership investment-cash flow sensitivity increases. Previous empirical literature, e.g. Georgen and Renneboog (2001) and Fazzari et al. (1988), suggests that in firms with financial constraints investment spending is positively related to internally generated funds, while Kaplan and Zingales (1997), Cleary (1999) and Kadapakkam et al. (1998) find opposite results; the more constrained a firm is, the less sensitive investments are to the cash flows. However, some other studies argue that investment-cash flow sensitivity is higher in medium-sized firms than their smaller or larger counterparts (e.g. Audretsch and Elston, 2002), and that investment-cash flow sensitivities increase with managerial alignment (Hadlock, 1998). On the other hand, because smaller firms may be forced to undertake investments due to lower flexibility of timing investments, and consequently, independent on the funding, there might be a weaker link between investments and cash flows for small firms (Kadapakkam et al., 1998). However, Gugler (2003) find a positive relationship between investment and cash flows in family firms, while Andres (2009) suggests that family firms are more sensitive to their investment opportunities and seem to invest regardless cash flow availability although their investment are more sensitive to external financing constraints. Growth of small firms is constrained by internal finance (Carpenter and Petersen, 2002) and in case of financial distress firms may pass up valuable investment opportunities (Myers and Majluf, 1984; Hyytinen and Väänänen, 2006). Hutchinson (1995) argues that in small owner-managed firms investment and financing strategies are interdependent. Furthermore, a firm may reject good investment opportunities because creditors include into cost of capital a risk premium reflecting the risk of an average investment project (Myers and Majluf, 1984; Stiglitz and Weiss, 1981). Family firms follow a peculiar financial logic due to their personal preferences concerning growth, risk, and ownership-control (Gallo et al., 2004). Consequently, family firms use less debt and their investments are based on the availability of internally generated funds (Hadlock, 1998; Poutziouris, 2001). Family owner-managers are more likely to postpone an investment rather than give up control over their company (Gugler, 2003). Because family firms are less growth oriented (Poutziouris, 2001), more risk averse (Naldi et al., 2007), and conservative in their funding behaviour (Gallo and Vilaseca, 1996, Gallo et al. 2004), family firms may be more likely to reject an investment than non-family firms are. Based on the previous, I hypothesize: H1: Family firms and firms with high family ownership rates are more likely to pass up an investment than non-family firms are.
One of the prime objectives of family firms is to transfer business ownership to the next generation (Anderson et al. 2003; Chua et al., 2003). Family firms have also non-economic goals (Chrisman et al., 2003) and make decisions on longer time horizons than non-family firms do (Bartholomewz and Tanewski, 2006). Families' interest is the firm's long term survival and concern for both the firm's and family's reputation (Anderson et al., 2003). Furthermore, families may be more dependent on steady dividend payments are more likely to withdraw funds that might otherwise be invested (Andres, 2009). The generally held view is that family firms are regarded as more risk averse than non-family firms. Owner-managed firms such as family firms may pursue low-risk investment strategy to moderate the level of business risk (Hutchinson, 1995). Family firms often overlook growth opportunities (Poutziouris, 2001) and tend to take lower risks than non-family firms do (Naldi et al., 2007). Also Shleifer and Vishny (1986) propose that large and undiversified investors, e.g. families, will exercise risk reduction strategies. Prior empirical studies suggest that family firms and non-family firms differ in their investment behaviour. Cho (1998) find a non-monotonic relation between insider ownership and investment. Croci, Doukas and Gonenc (2009) propose that family firms invest more in low-risk, fixed-asset capital expenditures than in high-risk, R&D expenditures, confirming their non-risk seeking behavior. Gallo, Tapiens and Cappuyns (2004) argue that family businesses devote a smaller proportion of sales revenue to their own mid- and long-term development than non-family firms do. Based on the previous discussion, my hypothesis is the following: H2: The amount of investments is lower in family firms than in non-family firms. 3 Data and variables
3.1 Data and methodology
The data for this study was collected through a private survey in autumn 2006 and financial data is collected from the Voitto+ register. Observations include the years 2000-2005. The sample consists of 600 SMEs operating in Finland. The sample firms are limited liabilities with at least two employees and represent all industries, excluding primary production. The firms were asked to provide information on their ownership structure, their willingness to grow and the amount of investments in 2000-2005, for each year separately. Firms were also asked whether they have rejected investments during the years 2000-2005 or not, and the reason why if they have passed up an investment. Because of the quantitative nature of the data, I use panel data estimation models to investigate whether rejection of investments and the amount of investment differ by family ownership and between family firms and non-family firms. 3.2 Variables
3.2.1 Dependent variables
Rejection of investments. Firms were asked whether they have rejected investments or not. This variable is a dummy variable which gets the value 1 if the firm has rejected an investment, otherwise 0. Investments and Investments/Total assets Firms were asked the amount of investments each year and timing. Investments are the amount of investment, and investments/total assets are calculated by dividing investments by total assets. 3.2.2 Explanatory variables
Family influence/ownership. I perform the analysis using four alternative indicators of family influence. First, I use family ownership rate (a continuous variable). Second, I use a binary variable to identify family firms and non-family firms. A firm is regarded as a family firm if family ownership exceeds 50 %, otherwise a firm is regarded as a non-family firm. Third, I usequartiles of family ownership (0-25, 26-50, 51-75 and 76-100 %) as my measure of family influence. 3.2.3 Control variables
Firm size Ln (Total assets) Previous literature suggests that growth of small firms is constrained by the availability of finance. E.g. Michaelas et al. (1999) suggest that smaller firms may experience greater difficulty for getting funding than larger firms. I use Ln(Total assets) as a proxy for firm size. Firm age Ln(1+Age) My measure of firm age is the natural log of (1+age). Leverage Financial constraints have been suggested to be one of the most important barriers to growth (Storey, 1994). It has also been suggested, that especially small firms face difficulties in obtaining outside funding and that small firms often have access only to private equity and debt markets. Investments may decrease with leverage, because high current debt payments force cash out of the firm. Leverage is included as control variables because high leverage typically makes it difficult for a firm to obtain additional debts. Becchetti and Trovato (2002) find that firms which have been credit rationed by their financial institutions are likely to have lower growth rates. I use debt-to-total assets ratio as our proxy for leverage.
Cash/total assets I use cash to total assets (lagged value t-1) as a measure of liquid assets. Cash flow Cash flow is a proxy measure of the degree to which a firm is subjected to liquidity constraints. Cash flow/net fixed assets is a lagged value (t-1) and calculated as (earnings+depreciation/fixed assets). Willingness to grow According to Storey (1994), SMEs with growth ambitions above average have better access to external finance. Willingness to grow is a dummy variable which gets the value of 1 if the firm is willing to grow little or more, otherwise the value is 0. Industry Harris and Raviv (1991) suggest that firms within an industry have more in common with each other than with firms in different industries, and that there are differences in industry leverage ratios. Coleman and Carsky (1999) find that service sector may need less capital and have less capital expenditure. Industry dummies are binary variables that capture industry fixed effects. I add 7 different industry dummies into my models to control for industry effects. Year (dummy variable) I add year dummies to my models to control for year effects. 4 Empirical results 4.1 Descriptive statistics
Table 1 lists descriptive statistics for the key variables. The numbers represent average rates across the entire period of the survey. The average family ownership is 53.54 % and over 53 % of the firms are family firms. The results show that the average operating profit is 7.038 €, profit for the financial year is 71.463 € and return on assets is 16.47 %, on average. The average figures of other measures are the following: sales 1855.555 t€, change in sales 28.88 %, total assets 1125.796 t€, and retained earnings 60.771 t€. The results show that the average firm age is 13.78 years. Firms have leverage of 62.18 %, on average. Cash to total assets are 20.046 t€, cash flow 9.220 t€, investments 106.55 t€, investments per total assets 27.982 and rejection of investments is 9 %, on average. (Table 1)
Table 2 presents Pearson correlations. The correlations between the variables do not exceed +/- 0.310 except between the family ownership variables. We dot observe any serious correlations between the variables. Although the correlation results indicated no serious correlation between the variables, I investigate a model with a VIF-test. I do not find any serious multicollinearity because the highest VIF-value is 2.026, and in industry dummies the highest value is 4.960.
I investigate the descriptive statistics and investment variables in more detail in Table 3, where I divide the data into family firms and non-family firms. I use a T-test for independent samples to compare the means to investigate whether variables may differ between family firms and non-family firms. The average size measured by total assets is higher in non-family firms, but profitability is higher in family firms. Leverage and cash per total assets are higher in non-family firms, whereas cash flow and cash flow per total assets are higher in family firms.
4.2 Rejection of investments
I measure rejection of investment by using a dummy variable rejection of investment, which gets the value of 1 if the firm has rejected on investment, otherwise 0. I employ panel estimation method in my analyses. More specifically, I run my models using fixed effects model. I investigate the influence that family ownership may have on the rejection of investments with 3 different family influence variables in Tables 4 and 5. Column I in Table 4 presents the results on the continuous family ownership variable. The results in column I suggest that as family ownership increases, firms are less likely to reject an investment. This result is not expected. The results in column II show that family firms are less likely to reject an investment. This finding is not expected. In column III my findings suggest that when family ownership is 0-25 %, firms are more likely to reject an
investment. This result is not expected. In column I in Table 5 the results on family ownership 26-50 % are similar, but not significant. The findings in column II show that when family ownership is 51-75 %, firms are less likely to reject an investment. Finally, in column III I find that in the highest levels of family ownership, 76-100 %, the rejection of investments is, again, lower, but this finding not significant. As far as my control variables are concerned, the results show that firms which are older and willing to grow are more likely face the situation that an investment will be rejected. This could indicate that those firms may be financially constrained.
(Tables 4 and 5)
I further continue to explore investment behaviour in Table 6 by investigating the amount of invested and whether there are differences by family ownership rates and between family firms and non-family firms. The dependent variable is the amount of investments. In column I in Table 6 my measure of family influence is a continuous family ownership variable and in column II in Table 6 I divide firms into family firms and non-family firms. The results in column I and II show that neither family ownership rate nor family firm dummy is significant, which could indicate that although family influence have an impact on the rejection of investments, it does not have an impact on the amount of investment after the decision on implementing an investment is done. As far as my control variables are concerned, the results in Table 6 indicate that there is a positive relation between the cash flows and the amount of investments. This could indicate that firms may make their investment decisions based on the cash flows. (Table 6) 5 Conclusions
The aim of this study was to investigate the impact of family ownership on whether firms with family ownership and family firms are more likely to reject an investment and whether family ownership is associated with the amount of investment. Most studies use data on large listed firms. My study is one of the few that shed light on the relation between investment and ownership structure, more precisely how family ownership affect investment behavior in a sample of micro- sized, small and medium-sized firms. My results suggest that both firms with higher family ownership levels and family firms are less likely to pass up an investment than non-family firms do. Furthermore, although family ownership has a negative influence on the rejection of investments, family ownership does not have any significant impact on the amount of investment. These results could imply that when firms have made investment decisions, ownership of family may not decrease or increase the amount of how much will be invested. Furthermore, I used cash flow as a control variable when investigating the relationship between family ownership and the amount of investment, and cash flow tend to be increase the amount of how much is invested. This could imply that more liquid firms have better financing and investment opportunities, and they invest more. My findings contribute to the current literature by adding understanding on the relationship between family ownership structure and investment behaviour of the small and medium-sized private family and non-family firms. References
Anderson, R.C., Mansi, S.A. and Reeb, D.M. (2003). "Founding family ownership and the agency costs of debt", Journal of Financial Economics 68, 263-285. Andres, C. (2009). "Family Ownership, Financing Constraints and Investment Decisions", Working Papers. http://ssrn.com/abstract=1101453. Audretsch, D.B. and Elston, J.A. (2002). "Does firm size matter? Evidence on the impact of liquidity constraints on firm investment behaviour in Germany", International Journal of Industrial organization 20, 1-17. Becchetti, L. and Trovato, G. (2002), "The Determinants of Growth of Small and Medium Sized Firms: The Role of the Availability of External Finance", Small Business Economics, 19, 291-306.
Carpenter, R., and Petersen, B. (2002)." Is the growth of small firms constrained by internal finance?", Review of Economics and Statistics 84, 298-309. Cho, M-H. (1998). "Ownership structure, investment, and the corporate value: an empirical analysis", Journal of Financial Economics 47, 103-121. Chrisman, J.J., Chua, J.H. and Litz, R.A. (2004). "Comparing the Agency Costs of Family Firms: Conceptual Issues and Explanatory Evidence", Entrepreneurship: Theory and Practice 28, 335-354. Cleary, S. (1999). "The Relationship between Firm Investment and Financial Status", Journal of Finance 54, 673-692. Coleman, S. and Carsky, M. (1999), "Sources of Capital for Small Family-Owned Businesses: Evidence from the National Survey of Small Business Finances", Family Business Review XII, 73-86. Croci, E., Doukas J.A. and Gonenc, H. (2009)." Family Control and Financing Decisions", Working Papers in SSRN. Degryse, H. and de Jong, A. (2006). "Investment and Internal finance: Asymmetric information or managerial discretion?", Journal of Industrial Organization 24, 125-147. Fazzari, S.M., Hubbard, R.G. and Petersen, B.C. (1988). "Financing Constraints and Corporate Investment", Brookings Papers on Economic Activity 1, 141-206. Gallo, Á.M., Tàpies, J. and Cappuyns, K. (2004). "Comparison of Family and Nonfamily Business: Financial Logic and Personal Preferences", Family Business Review 17, 303-318. Gallo, M.A. and Vilaseca, A. (1996), "Finance in Family Business", Family Business Review 9, 387-401. Georgen, M and Renneboog, L. (2001). "Investment Policy, Internal Funding and Ownership Concentration in the UK", Journal of Corporate Finance 7, 257-284.
Gugler, K.( 2003). "Corporate Governance and Investment", International Journal of the Economics of Business 10, 261-289. Hadlock, C.J. (1998). "Ownership, liquidity, and investment", RAND Journal of Economics 29, 487-508. Harris, M. & Raviv, A. (1991). "The Theory of Capital Structure", Journal of Finance 46, 297-356. Hutchinson, R.W. (1995). "The Capital Structure and Investment Decisions of the Small Owner-Managed Firm: Some Explonatory Issues", Small Business Economics 7, 231-239. Hyytinen, A. and Väänänen, L. (2006). "Where Do Financial Constraints Originate From? An Empirical Analysis of Adverse Selection and Moral Hazard in Capital Markets", Small Business Economics 27, 323-348. Jensen, M.C. (1986). "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers", American Economic Review 76, 323-329. Jensen, M.C. & Meckling, W.H. (1976). "Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure", Journal of Financial Economics 3, 305-360. Kadapakkam, P-R., Kumar, P.C. and Riddick, L.A. (1998). "The impact of cash flows and firms size on investment: The international evidence", Journal of Banking and Finance 22, 293-320. Kaplan, S. and Zingales, L. (1997). "Do investment-cash flow sensitivities provide useful measures of financing constraints", Quarterly Journal of Economics 62, 169-215. Michaelas, N., Chittenden, F. and Poutziouris, P. (1998). "A model of capital structure decision making in small firms", Journal of Small Business and Enterprise Development 5, 246-260. McConnell, J. and Servaes, H. (1990), "Additional Evidence on Equity Ownership and Corporate Value", Journal of Financial Economics, Vol. 27, pp. 595-612.
Morck, R., Shleifer, A. and Vishny, R.W. (1988), "Management Ownership and Market Valuation", Journal of Financial Economics,Vol.20, pp.293-315. Morck, R. & Yeung, B. (2003). "Agency Problems in Large Family Business Groups", Entrepreneurship Theory and Practice Summer, 367-382. Modialiani, F. and Miller, M. (1958). "The cost of capital, corporate finance and the theory of investment", American Economic Review 48, 261-297. Myers, S.C. and Majluf, N.S. (1984). "Corporate financing and investment decisions when firms have information that investors do not have", Journal of Financial Economics 13, 187-221. Schulze, W.S., Lubatkin, M.H. and Dino, D.N. (2003). "Towards a theory of agency and altruism in family firms", Journal of Business Venturing 18, 473-490. Schulze, W.S., Lubatkin, M.H., Dino, R.N. and Buchholtz, A.K. (2001). "Agency relationships in family firms: Theory and evidence", Organization Science 12, 99-116.
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Table 1. Descriptives
This table presents the descriptive statistics on the sample firms. Column I presents the variables. Column II presents the number of observations. Column III presents the average values of the variables and column IV the standard deviations.
Variables Mean t€ Std. deviation Table 2. Correlation matrix -0.957 -0.906 0.985 ¤ 1.000 1 0.762 1.000 -0.669 ¤ 0.944 0.908 -0.823 ¤
-0.002 -0.002 0.007 -0.016 -0.015 0.002 0.310 0.098 0.110 -0.124 0.080 0.112 0.079 0.274 -0.129 -0.021 0.062 -0.053 0.007 0.037 0.063 -0.087 -0.080 0.090 -0.047 -0.030 -0.075
-0.018 0.033 0.051 -0.135 -0.037 0.115 0.089 -0.059 0.062 0.033 0.052 0.070 0.029 0.026 1 -0.109 -0.101 0.103 -0.039 -0.039 -0.099 -0.110 0.008 -0.040 -0.242 -0.199 -0.068 -0.057 0.161 -0.029 0.015 -0.166
-0.007 -0.017 -0.021 -0.003 -0.147 0.073 0.062 -0.081 0.071 0.024
-0.049 -0.032 -0.066
0.017 -0.018 -0.295 -0.074 0.242 0.309
This table presents Pearson correlations. Data cover years from 2000 to 2005. Correlations significant at the 0.05 confidence level are reported with bold characters.
Table 3. Descriptive statistics by family ownership
This table presents the descriptive statistics. Column I presents results for the family firms and column II for the non-family firms. Column III presents p-values of the t-test for the equality of means between the two sub samples.
Non-Family Family firms Significance of difference 8.96 0.000 18.35 0.002 0.0397 0.003 Table 4. Rejection of investments
This table presents the results on regressing rejection of investments on explanatory variables. Column I presents the results on family ownership rate, column II presents the results on family dummy variable, and column III presents the results on family ownership rate of 0-25 %.
Rejection of Rejection of Rejection of investments investments investments
-0.0081772 0.493 -0.0111778 0.329 -0.0488392 0.000
Explanatory variables -0.0004053 -0.339915 0.0428138 Firm characteristics -0.0007782 0.0025488
0.0000158 0.497 0.0000161 0.490 0.0000155 0.507
-0.0000149 0.828 -0.0000157 0.819 -0.0000146 0.831
Table 5. Rejection of investments
This table presents the results on regressing rejection of investments on explanatory variables. Column I presents the results on family ownership rate of 26-50, column II presents the results on family ownership rate of 51-75, and column III presents the results on family ownership rate of 76-100.
Rejection of Rejection of Rejection of investments investments investments
-0.024042 0.026 -0.0239749 0.025 -0.0198766 0.084
Explanatory variables -0.0824941 Firm characteristics 0.0025607
0.0000163 0.486 0.0000156 0.502 0.0000163 0.485
0.000 0.3205326 Table 6. Investments
This table presents the results on regressing the amount of investments on family ownership variables. Column I presents the results on the continuous variable family ownership rate and column II presents the results on family firm/non-family firm dummy variable.
Explanatory variables Firm characteristics 11.30458 11.30374 Industry dummies
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