Skip to main content
Frontiers of Business Research in China

Table 4 Ordinary least square (OLS) regressions of firm performance

From: Non-family chair and corporate performance

 

ROA

OROA

ROS

OROS

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

NFChair

−0.023***

− 0.014***

− 0.029***

− 0.015***

− 0.083***

− 0.048***

− 0.104***

− 0.048***

 

(−7.41)

(− 4.93)

(−7.66)

(− 5.03)

(− 5.96)

(− 3.65)

(− 6.39)

(−3.49)

Size

 

0.016***

 

0.021***

 

0.049***

 

0.070***

  

(10.66)

 

(13.17)

 

(7.97)

 

(9.55)

Leverage

 

−0.037***

 

−0.081***

 

− 0.159***

 

− 0.373***

  

(−4.38)

 

(−11.50)

 

(−3.13)

 

(−7.38)

MB

 

−0.001

 

−0.000

 

−0.009***

 

−0.004

  

(−1.39)

 

(−0.05)

 

(−2.68)

 

(−1.32)

Board

 

0.000

 

0.003

 

0.026

 

0.047

  

(0.07)

 

(0.53)

 

(0.86)

 

(1.29)

Independence

 

−0.014

 

−0.014

 

0.003

 

0.035

  

(−0.61)

 

(−0.63)

 

(0.03)

 

(0.31)

Duality

 

−0.003

 

−0.006***

 

−0.009

 

−0.019*

  

(−1.50)

 

(−2.61)

 

(−0.90)

 

(−1.77)

Top1

 

0.001***

 

0.001***

 

0.002***

 

0.002***

  

(7.11)

 

(8.60)

 

(4.66)

 

(5.92)

Top25

 

0.001***

 

0.001***

 

0.001***

 

0.001**

  

(5.21)

 

(5.52)

 

(2.91)

 

(2.05)

Institution

 

0.002***

 

0.002***

 

0.003***

 

0.003***

  

(8.21)

 

(7.61)

 

(3.69)

 

(4.10)

Foreign

 

0.002

 

−0.007

 

0.035

 

0.000

  

(0.25)

 

(−0.77)

 

(0.79)

 

(0.01)

Tangibility

 

−0.005

 

−0.022**

 

0.050

 

0.033

  

(−0.58)

 

(−2.29)

 

(1.17)

 

(0.71)

Firm age

 

−0.000

 

0.000

 

−0.001

 

−0.000

  

(−0.94)

 

(0.19)

 

(−0.97)

 

(−0.35)

CapEx

 

0.012

 

0.043**

 

0.056

 

0.177**

  

(0.72)

 

(2.47)

 

(0.73)

 

(2.10)

Intercept

0.041***

−0.304***

0.041***

−0.411***

0.170***

−0.927***

0.156***

−1.348***

 

(3.20)

(−8.80)

(2.78)

(−11.00)

(3.06)

(−6.69)

(2.61)

(−7.98)

Industry fixed effects

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Year fixed effects

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Obs.

7902

7902

7902

7902

7886

7886

7886

7886

Adjusted R2

0.075

0.169

0.067

0.271

0.053

0.099

0.044

0.173

  1. This table presents the regression results of firm performance on the indicator of a non-family chair. In columns 1–2 and 3–4, we use measures of a return on assets including net income on assets (ROA) and operating income on assets (OROA) as the dependent variables. In columns 5–6 and 7–8, the dependent variables are return on sales including net income on sales (ROS) and operating income on sales (OROS). All regressions include year and industry dummies, but their coefficients are not reported for the sake of brevity. See the Appendix for detailed descriptions of the variables. The values in parentheses are standard errors that are robust to heteroskedasticity and clustered at the firm level. Asterisks denote statistical significance at the 1% (***), 5% (**) or 10% (*) level, respectively
Back to article page