|(15)|0.533_∗∗_<br>(0.2680)|0.307_∗∗_<br>(0.1144)|-1.060_∗∗_<br>(0.3215)|||-0.463<br>(0.3087)<br>-1.172_∗∗∗_<br>(0.1741)<br>1.518_∗∗∗_<br>(0.4866)|X<br>133<br>0.31<br>112954<br>5||
|---|---|---|---|---|---|---|---|---|
|(14)|0.154<br>(0.4542)|-0.396_∗∗_<br>(0.1599)|-0.215<br>(0.5823)|||-0.823_∗_<br>(0.4881)<br>-1.687_∗∗∗_<br>(0.2610)<br>2.878_∗∗∗_<br>(0.6844)|X<br>133<br>0.34<br>112954<br>4|cts.<br>efned<br> <br>only<br>r<br>0%|
|(13)|-0.036<br>(0.3119)|-0.335_∗∗∗_<br>(0.1165)|0.190<br>(0.4170)|||-0.341<br>(0.3507)<br>-1.515_∗∗∗_<br>(0.2418)<br>2.155_∗∗∗_<br>(0.5485)|X<br>133<br>0.33<br>112954<br>3|try fxed effe<br>y measure d<br>listed under<br>cations, but<br>uity cutoff fo<br>more than 2|
|(12)|-0.118<br>(0.2104)|-0.204_∗∗∗_<br>(0.0667)|0.194<br>(0.2331)|||-0.412<br>(0.3622)<br>-1.088_∗∗∗_<br>(0.2754)<br>1.382_∗∗∗_<br>(0.6128)|X<br>126<br>0.25<br>61228<br>2|IC and coun<br>is complexit<br>ne family is<br>main specif<br>ith a 40% eq<br>eholder with|
|(11)|-0.048<br>(0.3296)|-0.339_∗∗∗_<br>(0.1180)|0.206<br>(0.4243)|||-0.358<br>(0.3673)<br>-1.546_∗∗∗_<br>(0.2415)<br>2.197_∗∗∗_<br>(0.5531)|X<br>133<br>0.33<br>112954<br>1|l as 3 digit S<br>e. Complex<br>ed as FM if o<br>o that in the<br>ations but w<br>largest shar<br>r title.|
|(10)|0.679_∗∗∗_<br>(0.1731)|0.368_∗∗∗_<br>(0.1167)|-1.668_∗∗∗_<br>(0.3814)|-0.179_∗∗_<br>(0.0891)|-0.072<br>(0.0775)|0.248<br>(0.2133)|X<br>133<br>0.36<br>41778<br>5|cated, as wel<br>land, Ukrain<br>frm is defn<br>s analogous t<br>main specifc<br>name as the<br>string in thei|
|(9)|0.526_∗∗_<br>(0.1841)|-0.262_∗∗_<br>(0.1147)|-0.867_∗∗∗_<br>(0.3239)|-0.315_∗∗_<br>(0.1128)|-0.201_∗∗∗_<br>(0.0682)|0.361_∗∗_<br>(0.1512)|X<br>133<br>0.40<br>41778<br>4|college edu<br>ain, Switzer<br>ifcation 1, a<br>defnition i<br>that in the<br>he same last<br>a CEO-like|
|(8)|0.452_∗∗∗_<br>(0.1416)|0.016<br>(0.0906)|-1.102_∗∗∗_<br>(0.2731)|-0.216_∗∗_<br>(0.0935)|-0.122_∗∗_<br>(0.0555)|0.244_∗_<br>(0.1466)|X<br>133<br>0.38<br>41778<br>3|lation that is<br>s, Poland, Sp<br>and. In spec<br>on 2, the FM<br>analogous to<br>agers with t<br>anager with|
|(7)|0.530_∗∗∗_<br>(0.1931)|0.148<br>(0.1026)|-1.127_∗∗∗_<br>(0.3832)|-0.010<br>(0.1267)|-0.068<br>(0.0641)|0.207<br>(0.1997)|X<br>122<br>0.32<br>24682<br>2|hare of popu<br>Netherland<br>and Switzerl<br>In specifcati<br>defnition is<br>share of man<br>quity has a m|
|(6)|0.470_∗∗∗_<br>(0.1431)|0.011<br>(0.0932)|-1.093_∗∗∗_<br>(0.2783)|-0.214_∗∗_<br>(0.0954)|-0.114_∗∗_<br>(0.0558)|0.214<br>(0.1430)|X<br>133<br>0.38<br>41778<br>1|capita and s<br>rmany, Italy,<br>ds, Finland<br>areholders. <br>n 3, the FM<br>fned as the<br>than 20% e|
|(5)|0.697_∗∗∗_<br>(0.1680)|0.504_∗∗∗_<br>(0.1287)|-2.035_∗∗∗_<br>(0.4226)||||X<br>133<br>0.30<br>112954<br>5|l log gdp per<br>a, Finland, Ge<br>ny, Netherlan<br>individual sh<br>In specifcatio<br>us measure de<br>ner with more|
|(4)|0.125<br>(0.1495)|-0.493_∗∗∗_<br>(0.0950)|-0.181<br>(0.2691)||||X<br>133<br>0.34<br>112954<br>4|age, regiona<br>vina, Estoni<br>ntries Germa<br>uity held by<br>re included. <br>s a continuo<br>e largest ow|
|(3)|0.192<br>(0.1312)|-0.207_∗∗∗_<br>(0.0778)|-0.515_∗∗_<br>(0.2203)||||X<br>133<br>0.32<br>112954<br>3|for log frm<br>nd Herzogo<br>e of law cou<br>least 20% eq<br>areholder a<br>tion 4, FM i<br>d as FM if th|
|(2)|0.398_∗∗_<br>(0.1973)|0.029<br>(0.0916)|-0.780_∗∗_<br>(0.3395)||||X<br>126<br>0.24<br>61228<br>2|de controls<br>a, Bosnia a<br>or high rul<br>e owns at<br>ted as a sh<br>n specifca<br>m is defne|
|Dependent:<br>ln_L_<br>(1)|<br>Trust<br>0.203<br>(0.1341)|FM<br>-0.208_∗∗∗_<br>(0.0793)|Trust_×_FM<br>-0.517_∗∗_<br>(0.2244)|Complex_×_Trust|Complex_×_FM|HighRol_×_Trust<br>HighRol_×_FM<br>Trust_×_FM_×_Complex<br>Trust_×_FM_×_HighRol|Controls<br>X<br>No. Clusters<br>133<br>_R_2<br>0.32<br>_N_<br>112954<br>Specifcation<br>1|Notes: All specifcations inclu<br>Full sample consists of Bulgari<br>in text. HighRol is a dummy f<br>management and that last nam<br>frms without any company lis<br>ownership (rather than 20%). I<br>equity. In specifcation 5, a fr|

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