Table 4.
Firm characteristics by financing type
| Internal financing | Bank debt | Family capital | External capital | F | |
|---|---|---|---|---|---|
| Financial variables | |||||
| Liquidity | 0.187 | 0.098 | 0.091 | 0.103 | 52.07*** |
| Profitability | 0.064 | 0.044 | 0.025 | 0.039 | 15.71*** |
| Sizea | 7,443,721.6 | 7,932,043 | 8,937,831 | 10,017,527 | 4.40*** |
| Agea | 36.433 | 33.091 | 32.879 | 36.276 | 8.18*** |
| Risk | 3.060 | 4.479 | 5.424 | 4.657 | 2.42* |
| Effective tax rate | 0.255 | 0.280 | 0.205 | 0.230 | 5.77*** |
| Family firm variables | |||||
| SEW F | 5.243 | 5.111 | 5.247 | 4.688 | 4.33** |
| SEW R | 5.581 | 5.300 | 5.707 | 5.667 | 6.34*** |
| Family charter | 0.174 | 0.142 | 0.203 | 0.432 | 14.33*** |
| Non-family CEO | 0.278 | 0.249 | 0.176 | 0.238 | 2.74** |
aFor these variables, we report the absolute value (whereas in the regression analyses, natural logarithm of these variables is included). This table provides the mean values of the explanatory variables for every financing type. The F-score of the analysis of variance is given. *, **, and *** significant at the 10%, 5%, and 1% level, respectively