Table 6 Regression results analysis.

Succession_i,t

−0.162***

−0.124***

−0.198***

(−5.623)

(−3.457)

(−4.293)

EAC_i,t

0.519***

(27.230)

Succession×EAC_i,t

−0.065***

(−2.884)

P_year_i,t

0.021***

(3.203)

Succession×P_year_i,t

−0.011**

(−2.099)

ROA_i,t

−0.442***

−0.443***

−0.592***

−0.449***

(−5.902)

(−5.912)

(−7.864)

(−6.005)

Leverage_i,t

0.128***

0.128***

0.167***

0.133***

(3.681)

(3.701)

(4.843)

(3.829)

Growth_i,t

−0.011***

−0.011***

−0.009***

−0.011***

(−3.003)

(−2.976)

(−2.645)

(−2.914)

EC_i,t

0.072

0.071

0.161**

0.078

(1.144)

(1.118)

(2.556)

(1.232)

EB_i,t

−0.002

−0.002

0.007

−0.002

(−0.165)

(−0.176)

(0.486)

(−0.117)

Invest_i,t

0.230***

0.231***

0.123***

0.243***

(5.174)

(5.192)

(2.723)

(5.438)

MS_i,t

0.023

0.031

−0.129**

0.042

(0.363)

(0.495)

(−2.025)

(0.669)

LS_i,t

−0.001

−0.002

−0.006

−0.003

(−0.060)

(−0.149)

(−0.340)

(−0.175)

BS_i,t

0.025***

0.025***

0.024***

0.025***

(5.511)

(5.470)

(5.296)

(5.408)

BI_i,t

0.479***

0.477***

0.460***

0.485***

(3.585)

(3.566)

(3.468)

(3.626)

Size_i,t

0.772***

0.772***

0.738***

0.769***

(123.468)

(123.479)

(107.915)

(122.155)

Age_i,t

0.006***

0.006***

0.007***

0.006***

(5.679)

(5.596)

(6.977)

(5.492)

Ind Fixed effect

Y

Y

Y

Y

Year-Fixed effect

Y

Y

Y

Y

cons

1.813***

1.828***

2.448***

1.855***

(11.945)

(12.010)

(15.320)

(12.149)

N

9214

9214

9214

9214

Adj R²

0.793

0.793

0.797

0.794