Table 1 Mean comparison table.
Variables | Others | Non-family CEO | T-test score | Other | Family CEO & actual controller | T-test score | Other | Family CEO | T-test score |
|---|---|---|---|---|---|---|---|---|---|
R&D | 0.0022115 | 0.0016529 | 4.6239*** | 0.0016378 | 0.0023835 | −5.9525*** | 0.0019456 | 0.0013245 | 2.5503** |
Managerial Ability | 0.5853274 | 0.5879986 | −1.7849* | 0.587701 | 0.5851573 | 1.6423 | 0.5863451 | 0.592602 | −2.1145** |
Leverage | 0.332449 | 0.4025498 | −17.5911*** | 0.3993922 | 0.3199571 | 19.3223*** | 0.3700927 | 0.373647 | −0.4466 |
ROE | 0.0788211 | 0.0699163 | 4.1482*** | 0.0688863 | 0.082979 | −6.3395*** | 0.0738262 | 0.0762297 | −0.5620 |
Size | 21.2788 | 21.40522 | −6.4426*** | 21.40492 | 21.2465 | 7.8005*** | 21.33675 | 21.49259 | −4.0196*** |
CEO Pay | 12.94866 | 12.94769 | 0.0572 | 12.93613 | 12.96937 | −1.9075* | 12.95242 | 12.89053 | 1.8765* |
CEO Power | 0.2358878 | 0.2312572 | 2.6560*** | 0.2306833 | 0.2381137 | −4.1124*** | 0.2340631 | 0.2239746 | 2.9510*** |
CEO Overconfidence | 0.2382561 | 0.3521603 | −10.6735*** | 0.3426133 | 0.2214603 | 10.7964*** | 0.3060029 | 0.254386 | 2.5794*** |
Ind_Director_Ratio | 0.3783636 | 0.3709861 | 7.0007*** | 0.3711986 | 0.3799081 | −7.9886*** | 0.3745925 | 0.3714442 | 1.5154 |