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

Table 6

High investment level.

	(1)	(2)
	Investment efficiency	Investment efficiency
Tra1 ^∗ post	−0.009
	(−2.27)
Tra2 ^∗ post		−0.007
		(−2.58)
Size	0.038	0.038
	(16.31)	(16.33)
Lev	0.003	0.003
	(4.24)	(4.23)
Cas	−0.047	−0.047
	(−2.68)	(−2.68)
Ret	0.015	0.015
	(3.69)	(3.78)
Dev	−0.013	−0.011
	(−1.18)	(−1.01)
Roa	0.046	0.050
	(1.40)	(1.51)
Yea	Control	Control
Ind	Control	Control
Are	Control	Control
Con	−0.759	−0.761
	(−12.63)	(−12.66)
N	2693	2693

t statistics are in parentheses. , , and .