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

Table 3

Regression of investment efficiency and family exit.

	(1)	(2)
	Investment efficiency	Investment efficiency
Tra1 ^∗ post	0.023
	(10.37)
Tra2 ^∗ post		0.011
		(8.32)
Size	−0.009	−0.009
	(−6.81)	(−6.86)
Lev	−0.002	−0.002
	(−5.21)	(−5.39)
Cas	−0.005	−0.006
	(−0.61)	(−0.63)
Ret	0.004	0.003
	(1.79)	(1.38)
Dev	−0.073	−0.077
	(−11.02)	(−11.63)
Roa	−0.075	−0.080
	(−5.87)	(−6.22)
Yea	Control	Control
Ind	Control	Control
Are	Control	Control
Con	0.344	0.360
	(11.93)	(12.48)
N	6,596	6,596

t statistics are in parentheses. , , and .