Family Exit and Firms’ Investment Efficiency Based on Dynamic Changes: Evidence from Chinese Family Firms

Table 1

Variable definitions.

Investment efficiency	Based on the research of Richardson [6], our paper establishes a model using the model residual to measure investment efficiency. The larger the absolute value of the residual, the lower the investment efficiency.
Tra1/2	Hiring nonfamily members, transfer1 takes the value of 1, and vice versa. Selling firms, transfer2 takes the value of 1, and vice versa.
Siz	The natural log of firms’ total assets
Lev	The firms’ leverage
Cas	The firms’ operating net cash flow
Ret	The firms’ stock yearly return
Tob	The firms’ value
Rbm	The ratio of assets to market value
Roa	The firms’ return on assets
Dev	The firms’ net profit growth rate
Ana	The natural log of firms’ analyst numbers