We investigate the non-linearity between family control and firm financial sustainability and the manner in which CEO tenure and education moderate the non-linear relationship. We apply fixed-effects panel regression and several alternative tests, including two-stage least squares, in studying 2844 firm-year observations of Malaysian publicly listed firms during the period 2009–2019. We find a non-linear U-shaped relationship between family control and firm financial sustainability. Specifically, once levels of family control exceed a certain threshold, the relationship between family control and firm financial sustainability becomes positive. Moreover, CEO tenure and education moderate this non-linearity. That is, when family control is at a low (high) level, both moderators lessen (increase) the negative (positive) effects of family control on firm financial sustainability.

我们研究了家族控制与公司财务可持续性之间的非线性关系，以及 CEO 任期和教育如何调节非线性关系。我们应用固定效应面板回归和几个替代检验，包括两阶段最小二乘法，研究 2009-2019 年期间马来西亚上市公司的 2844 个公司年度观察。我们发现家族控制与企业财务可持续性之间存在非线性 U 型关系。具体而言，一旦家族控制水平超过一定阈值，家族控制与企业财务可持续性之间的关系就会变为正相关。此外，CEO 任期和教育缓和了这种非线性。也就是说，当家庭控制处于低（高）水平时，