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 |