Table 8.
Continuation-ratio logit estimations
| Model 1 | Model 2 | Model 3 | |
|---|---|---|---|
| Financial variables | |||
| Liquidity | − 5.515 (− 7.62)*** | 1.453 (1.74)* | − 3.522 (− 1.64) |
| Profitability | − 2.209 (− 1.76)* | − 4.827 (− 3.60)*** | − 0.383 (− 0.13) |
| Size | − 0.031 (− 0.37) | 0.058 (0.72) | − 0.257 (− 1.44) |
| Age | − 1.060 (− 4.54)*** | − 0.251 (− 1.09) | 0.523 (1.02) |
| Risk | 0.019 (1.59) | 0.011 (1.50) | − 0.007 (− 0.54) |
| Effective tax rate | 0.269 (0.81) | − 0.733 (− 2.68)*** | 0.716 (1.44) |
| Family firm variables | |||
| SEW F | − 0.016 (− 0.22) | − 0.141 (− 2.14)** | − 0.468 (− 3.13)*** |
| SEW R | − 0.089 (− 1.29) | 0.198 (3.15)*** | − 0.014 (− 0.10) |
| Family Charter | − 0.321 (− 1.49) | 0.728 (3.68)*** | 1.425 (3.78)*** |
| Non-family CEO | − 0.486 (− 2.51)** | − 0.443 (− 2.19)** | 0.259 (0.57) |
| Constant included | Yes | Yes | Yes |
| Controlled for year | Yes | Yes | Yes |
| Controlled for industry | Yes | Yes | Yes |
| X2 | 161.56*** | 72.69*** | 36.43*** |
| Pseudo-R2 | 0.1381 | 0.0680 | 0.1208 |
| Number of observ | 1,087 | 838 | 281 |
In model 1, the choice between internal and external financing is investigated; in model 2, the choice between bank debt and extra capital is investigated, and in model 3, the choice between family capital and external capital is investigated. Absolute value of z-statistics between parentheses. *, **, and *** significant at the 10%, 5%, and 1% level, respectively