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

Table 9

OLS regression in different transparency levels.

	(1)	(2)
	Investment efficiency	Investment efficiency
Tra1 ∗ post ∗ Ana	0.012
	(1.36)
Tra2 ∗ post ∗ Ana		0.038
		(3.19)
Size	0.010	0.009
	(2.59)	(2.45)
Lev	0.003	0.003
	(3.10)	(3.07)
Cas	0.009	0.008
	(0.37)	(0.32)
Ret	−0.059	−0.059
	(−10.32)	(−10.31)
Rbm	−0.407	−0.408
	(−22.14)	(−22.26)
Roa	−0.111	−0.109
	(−2.05)	(−2.02)
Dev	0.001	0.001
	(6.58)	(6.47)
Yea	Control	Control
Ind	Control	Control
Are	Control	Control
Con	0.246	0.259
	(3.33)	(3.54)
N	3,148	3,148

t statistics are in parentheses. , , and .