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

Table 8

OLS regression in different list levels.

	(1)	(2)
	Investment efficiency	Investment efficiency
Tra1 ∗ post ∗ list	0.011
	(1.34)
Tra2 ∗ post ∗ list		0.041
		(3.48)
Size	0.003	0.003
	(0.74)	(0.79)
Lev	0.003	0.003
	(2.52)	(2.55)
Cas	−0.035	−0.037
	(−1.26)	(−1.34)
Ret	−0.076	−0.076
	(−9.99)	(−9.94)
Rbm	−0.445	−0.445
	(−20.92)	(−21.01)
Roa	−0.068	−0.064
	(−1.04)	(−0.98)
Dev	0.001	0.001
	(6.68)	(6.56)
Yea	Control	Control
Ind	Control	Control
Are	Control	Control
Con	0.346	0.337
	(3.92)	(3.83)
N	2,297	2,297

t statistics are in parentheses. , , and .