Centralization and Firm Performance: New Evidence on the Role of Firm Size

Table 10

Regression results for family and nonfamily businesses.

	Family businesses			Nonfamily businesses
Variables	(1) ROE	(2) ROA1	(3) ROA2	(4) ROE	(5) ROA1	(6) ROA2
Cen ()	196.773 (1.85)	36.598 (2.16)	32.377 (2.20)	24.556 (3.30)	15.711 (3.18)	14.382 (3.44)
Cen ()	7.156 (2.10)	2.765 (1.86)	3.040 (2.38)	1.851 (0.77)	1.388 (1.14)	1.104 (1.50)
Constant	21.339 (6.64)	13.587 (7.48)	11.291 (7.25)	22.016 (11.03)	13.143 (15.58)	10.533 (14.05)
Threshold							19.751	19.751	19.750	19.855	19.656	19.395
Control variable	Yes	Yes	Yes	Yes	Yes	Yes
	1800	1800	1800	9738	9738	9738
	0.143	0.149	0.155	0.052	0.107	0.116
	10.35	14.74	16.62	66.80	51.77	61.54

Standard errors in parentheses. , , and .