Effect of financial constraints on the growth of family and nonfamily firms in Turkey

Financial Innovation

Table 2 Descriptive Statistics

Variable	Notation	Mean	Std. Dev.	Observations
Whole Sample
Firm Growth	Growth _i,t	0.0285245	0.2015702	N = 1805
Leverage	Lev_i,t	0.5011674	0.3446351	N = 1846
Asset Tangibility	K_i,t/A_i,t	0.3749051	0.2877649	N = 1847
Firm size	Size_i,t	18.65363	1.55895	N = 1846
Cash Flow Rate	CF_i,t/K_i,t-1	0.4000716	0.4982892	N = 1807
Family Firms
Variable	Notation	Mean	Std. Dev.	Observations
Firm Growth	Growth _i,t	0.0328215	0.1910388	N = 1015
Leverage	Lev_i,t	0.5098699	0.3377788	N = 1048
Asset Tangibility	K_i,t/A_i,t	0.3530055	0.1755016	N = 1052
Firm size	Size_i,t	18.58501	1.561491	N = 1052
Cash Flow Rate	CF_i,t/K_i,t-1	0.4361685	0.5331479	N = 1019
Non- Family Firms
Firm Growth	Growth _i,t	0.0230037	0.2143399	N = 790
Leverage	Lev_i,t	0.4897385	0.3533249	N = 798
Asset Tangibility	K_i,t/A_i,t	0.4038841	0.3876573	N = 795
Firm size	Size_i,t	18.74454	1.551887	N = 794
Cash Flow Rate	CF_i,t/K_i,t-1	0.3533929	0.4452312	N = 788