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

Table 2

Variable description.

Panel A: dummy variable description
Variable	Obs	Mean		Std. dev.
Tra1	6,842	0.379		0.485
Tra2	6,842	0.410		0.796
Panel B: continuous variables description
Variable	Obs	Mean	Std. dev.	Min	Max
Investment efficiency	6,842	0.100	0.088	0.002	0.442
Siz	6,842	21.755	1.183	18.475	24.788
Lev	6,842	3.250	3.081	0.424	21.925
Cas	6,838	0.154	0.127	0.002	0.764
Ret	6,842	0.252	0.758	−0.714	3.172
Tob	6,835	0.030	0.086	−0.556	0.226
Roa	6,607	0.572	0.239	0.114	1.096
Dev	6,842	0.379	0.485	0.002	0.442