Non-family chair and corporate performance

Frontiers of Business Research in China

Table 2 Summary statistics

Panel A: Summary statistics
Variable	Obs.	Mean	Std. dev.	P25	Median	P75
A. Firm performance
ROA	7902	0.036	0.078	0.014	0.038	0.068
OROA	7902	0.036	0.081	0.011	0.039	0.073
ROS	7886	0.049	0.352	0.025	0.070	0.138
OROS	7886	0.037	0.373	0.021	0.071	0.148
B. Firm characteristics
Size	7902	21.350	0.883	20.770	21.280	21.890
MB	7902	2.701	2.852	1.400	1.887	2.993
Leverage	7902	0.432	0.319	0.224	0.408	0.578
Tangibility	7902	0.212	0.148	0.097	0.186	0.300
Firm age	7902	11.540	5.246	8	11	15
CapEx	7902	0.059	0.062	0.015	0.044	0.088
C. Board characteristics
NFChair	7902	0.274	0.446	0	0	1
Board	7902	2.134	0.194	1.946	2.197	2.197
Independence	7902	0.359	0.071	0.333	0.333	0.400
Duality	7902	0.302	0.459	0	0	1
D. Ownership structure
Top1	7902	33.400	14.310	22.560	30.040	42.540
Top25	7902	20.420	11.650	11.190	19.370	28.670
Institution	7902	0.044	5.832	0	1.915	6.677
Foreign	7902	0.031	0.173	0	0	0
Panel B: Firm performance of the subsample firms
	Non-family-chair firms (Obs. = 2169)		Family-chair firms (Obs. = 5733)		Difference
Variable	Mean	Median	Mean	Median	Mean	Median
ROA	0.015	0.026	0.043	0.042	−0.028***	−0.016***
OROA	0.013	0.026	0.045	0.044	−0.033***	− 0.018***
ROS	−0.025	0.048	0.077	0.079	−0.102***	−0.031***
OROS	−0.052	0.047	0.070	0.080	−0.122***	− 0.033***

Panel A presents the summary statistics of firm characteristics including firm performance, ownership, board and other characteristics for the full sample. The sample consists of 7902 firm-years for 1466 A-share nonfinancial firms listed on the Shanghai and Shenzhen Stock Exchanges during 1999–2014. See the Appendix for the detailed definitions of the variables. Panel B presents the performance difference between non-family-chair firms and family-chair firms, and the last two columns show the significance of the differences in mean from a mean-comparison test and the median based on a nonparametric Wilcoxon test. Significance at the 1% (***), 5% (**) or 10% (*) level is indicated