Table 2.

Effect of clan culture on family management involvement.

	Family executive relative proportion		Family executive absolute number
Variable	Model 1	Model 2	Model 3	Model 4
Clan culture		0.182**		0.013+
		(0.064)		(0.007)
Employee number	−0.187+	−0.183+	0.023+	0.023+
	(0.106)	(0.106)	(0.012)	(0.012)
Firm age	0.035	0.036	0.001	0.001
	(0.023)	(0.023)	(0.003)	(0.003)
ROA	−8.722***	−8.556***	−0.300	−0.288
	(2.135)	(2.134)	(0.232)	(0.232)
Cash ratio	0.036+	0.039*	0.003	0.003
	(0.019)	(0.019)	(0.002)	(0.002)
Board independence	1.965	2.101	−0.879***	−0.867***
	(1.833)	(1.831)	(0.208)	(0.208)
Chairperson age	0.055***	0.054***	0.005***	0.005***
	(0.012)	(0.012)	(0.001)	(0.001)
Chairperson gender	−1.814***	−1.783***	−0.079+	−0.077+
	(0.393)	(0.393)	(0.043)	(0.043)
Family executive ownership	0.099***	0.096***	0.005+	0.004+
	(0.025)	(0.025)	(0.003)	(0.003)
Family executive education	−0.293*	−0.261+	−0.022	−0.020
	(0.144)	(0.144)	(0.016)	(0.016)
Regional market index	0.236**	0.166+	0.001	−0.004
	(0.081)	(0.085)	(0.009)	(0.009)
Regional population size	0.076	0.129	0.004	0.008
	(0.195)	(0.196)	(0.022)	(0.022)
Year	Control	Control	Control	Control
Industry	Control	Control	Control	Control
N	3,126	3,126	3,126	3,126
R2/Pseudo R2	0.060	0.063	0.008	0.008
F/Chi2	5.64	5.72	75.24	78.70

Standard errors are in parentheses. ⁺p < 0.1, ^*p < 0.05, ^**p < 0.01, ^***p < 0.001.