“…Using this information, we identify three different levels of family involvement and include these separately in our regressions (Feldman, Amit, & Villalonga, ). The three dummy variables, respectively, Family , FB_any , and FB_majority , take value 1 if the ultimate owner, that is, the one with the largest share exceeding the usual threshold of 20% (Faccio & Lang, ), is a family ( Family ), if the ultimate owner is a family and at least one family member is on the board ( FB_any ), and if the family has both majority ownership and majority board seats ( FB_majority ).…”