Table 3 Preliminary Analysis: Panel Fixed Effects Regressions
From: Effect of financial constraints on the growth of family and nonfamily firms in Turkey
(1) | (2) | (2) | |
|---|---|---|---|
Growth i,t: Main model. Family firm definition: Families are the largest block holders | Growth i,t: Family firm definition: At least 50% family ownership | Growth i,t: Family firm definition: At least 20% family ownership | |
Growth i,t-1 | −0.130*** | − 0.129*** | − 0.131*** |
(−4.62) | (−4.58) | (−4.64) | |
Lev i,t | 0.0615 | 0.0561 | 0.0623 |
(1.33) | (1.20) | (1.35) | |
K/A i,t | −0.0623 | − 0.0634 | − 0.0591 |
(− 0.84) | (− 0.85) | (− 0.80) | |
Sizei,t | 0.0827*** | 0.0854*** | 0.0822*** |
(3.79) | (3.91) | (3.73) | |
famfi,t*CFi,t/Ki,t-1 | 0.114*** | 0.114*** | 0.115*** |
(4.21) | (3.63) | (4.51) | |
Nonfamfi,t*CFi,t/Ki,t-1 | 0.207*** | 0.177*** | 0.223*** |
(6.38) | (6.00) | (5.89) | |
β0 | −1.597*** | −1.645*** | −1.589*** |
(−3.99) | (−4.09) | (−3.93) | |
N | 1525 | 1525 | 1525 |
R2 within | 0.09 | 0.08 | 0.09 |
F stat., p val. | 0.00 | 0.00 | 0.00 |