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

Table 7

OLS regression in different marketization levels.

	(1)	(2)
	Investment efficiency	Investment efficiency
Tra1 ^∗ post ^∗ Fangang	−0.017
	(−6.46)
Tra2 ^∗ post ^∗ Fangang		−0.030
		(−8.91)
Size	0.011	0.011
	(3.02)	(3.01)
Lev	0.004	0.004
	(3.38)	(3.43)
Cas	0.014	0.011
	(0.58)	(0.46)
Ret	−0.058	−0.058
	(−10.12)	(−10.18)
Rbm	−0.398	−0.399
	(−21.74)	(−22.02)
Roa	−0.096	−0.084
	(−1.77)	(−1.57)
Dev	0.001	0.001
	(6.35)	(6.40)
Yea	Control	Control
Ind	Control	Control
_con	0.198	0.202
	(2.76)	(2.85)
N	3,146	3,146

t statistics are in parentheses. , , and .