Family involvement, firm size, and performance of private-owned enterprises

The Journal of Chinese Sociology

Table 5 OLS estimates of ROE (log scale) regression models (N = 2098)

Variables	Model 4(A)	Model 4(B)	Model 4(C)	Model 4(D)	Model 4(E)
Entrepreneurs’ education (primary education)
Secondary education	0.185****	0.190****	0.213*	0.188****	0.214*
	(0.105)	(0.105)	(0.105)	(0.105)	(0.105)
Higher education	0.129	0.152	0.203*	0.146	0.211*
	(0.098)	(0.098)	(0.100)	(0.099)	(0.100)
Politics relationship (1 = yes)	0.145*	0.145*	0.162**	0.146*	0.158*
	(0.062)	(0.062)	(0.062)	(0.062)	(0.062)
Diversification strategy (1 = yes)	−0.048	−0.052	−0.053	−0.034	−0.046
	(0.069)	(0.069)	(0.069)	(0.069)	(0.069)
Manufacturing (1 = yes)	0.005	0.002	0.009	0.005	0.006
	(0.060)	(0.060)	(0.060)	(0.060)	(0.060)
Firm location (western)
Eastern	0.323***	0.318***	0.323***	0.322***	0.320***
	(0.077)	(0.077)	(0.076)	(0.077)	(0.076)
Central	−0.024	−0.023	−0.031	−0.012	−0.022
	(0.087)	(0.086)	(0.086)	(0.087)	(0.086)
Firm age	0.015*	0.014*	0.014*	0.015*	0.014*
	(0.007)	(0.007)	(0.007)	(0.007)	(0.007)
Firm size	0.046***	0.084***	0.061***	0.041***	0.070***
	(0.008)	(0.019)	(0.010)	(0.008)	(0.020)
Family ownership		0.328**			0.213****
		(0.114)			(0.119)
Family ownership *firm size		−0.051*			−0.022
		(0.024)			(0.025)
Family management			0.382***		0.303**
			(0.097)		(0.105)
Family management *firm size			−0.105*		−0.075
			(0.046)		(0.049)
Family intentions				0.069*	0.028
				(0.032)	(0.034)
Family intentions *firm size				−0.021**	−0.015****
				(0.007)	(0.008)
Constant	1.570***	1.296***	1.417***	1.545***	1.259***
	(0.122)	(0.155)	(0.128)	(0.122)	(0.156)
R2	0.047	0.052	0.055	0.052	0.058