The independent variable was the number of generations involved in the operations of the
family business. The nominal measure was one, two or three or more generations.
From Sonfield and Lussier (2002), the dependent variables to test Hypotheses 1-11 were
as follows. (1) The percentage non-family managers. (2) The percentage of female family
members involved in the operation of the firm. Hypotheses 3-10 were 7-point Likert
interval scales of: “describes our firm” to “does not describe our firm”: (3) degree of all
family members involved in decision-making, (4) level of family conflict, (5) formulation
of succession plans, (6) use of outside advisors, (7) amount of long-range/strategic
thinking, (8) use of sophisticated financial management tools, (9) influence of founder,
and (10) consideration of going public. (11) The use of debt or equity financing was a
nominal measure of one or the other. Descriptive statistical data included number of