Fig 1.
Conceptual framework.
Table 1.
Measurement of variable.
Table 2.
Sample data description.
Table 3.
Correlation matrix.
Table 4.
Hausman specification test.
Table 5.
Fixed effect method results.
Table 6.
Random effect results.
Table 7.
Ownership concentration as moderating variable.
Table 8.
Family ownership as moderating variable.
Table 9.
Hypothesis decisions and reasons.