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Table 6 GMM Estimation Results for Big-Six Families

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

 

(7)

(8)

Growth i,t:

Family firm definition: Big-Six Families are the largest block holders

Growth i,t:

Family firm definition: Big-Six Families have at least 50% of the shares

Growth i,t-1

− 0.0676

− 0.0674

(− 1.66)

(− 1.65)

Lev i,t

0.0582

0.0503

(0.47)

(0.42)

K/Ai,t-1

−0.0269

− 0.0877

(−0.15)

(− 0.48)

Sizei,t

0.184***

0.186***

(3.87)

(3.83)

Nonfamfi,t*CFi,t/Ki,t-1

0.137*

0.147*

(2.08)

(2.13)

famfi,t*CFi,t/Ki,t-1

0.0502

0.0356

(1.06)

(0.72)

Time fixed effects

Yes

Yes

N

1338

1338

AR(1)

0.00

0.00

AR(2)

0.13

0.12

Hansen J Test, p val.

0.31

0.50

Wald Test, p val.

0.00

0.00

  1. t statistics in parentheses. * p < 0.05, ** p < 0.01, *** p < 0.001. All the estimations are based on heteroscedasticity and autocorrelation robust standard error. Coefficients for time dummies are not reported. For each econometric estimation, the number of instruments is less than the number of groups (see Roodman 2009). The lag structure: t-2 to t-4. The variables are defined in Table 2