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

Table 4

Market reaction on family punishment.

	(1)
	CAR
Punish	0.016
	(2.29)
Lev	−0.001
	(−0.99)
Size	0.001
	(0.17)
Roa	0.005
	(3.79)
Tob	0.001
	(1.01)
Ind	Control
Are	Control
Yea	Control
Con	0.0964
	(1.37)
N	1305

t statistics are in parentheses. , , and .