Panel A: Univariate DID tests | |||
 | Treatment (Family-to-nonfamily) | Control (Family-to-family) | DID (Treat-control) |
Full sample of chair transitions | |||
 Difference (after-before) | − 0.013 | 0.023** | − 0.036** |
(− 1.14) | (2.01) | (− 2.23) | |
[170] | [165] | [335] | |
First chair transition event | |||
 Difference (after-before) | −0.011 | 0.026** | − 0.037** |
(−0.98) | (2.10) | (−2.20) | |
[165] | [150] | [315] | |
Panel B: DID regressions of firm performance during chair transitions | |||
 | (1) | (2) | |
 | Full sample of chair transitions | First chair transition | |
Treat*Post | −0.031** | −0.032** | |
 | (−2.26) | (−2.01) | |
Treat | 0.018 | 0.019 | |
 | (1.23) | (1.18) | |
Post | 0.022 | 0.027 | |
 | (1.61) | (1.53) | |
Intercept | −0.287 | −0.338 | |
 | (−1.32) | (−1.50) | |
Other controls | Yes | Yes | |
Industry fixed effects | Yes | Yes | |
Year fixed effects | Yes | Yes | |
Obs. | 335 | 315 | |
Adjusted R2 | 0.134 | 0.132 |