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Table 1 Correlations of the variables

From: Resignation of officials as independent directors and firm performance

  Mean S.D. ROA ROE Tobin’s Q LEV Treat×Post Lnasset Lnfirmage E/D SGR PPE Duality InDir LnDirector Largest Herfindahl
ROA 0.0431 0.0533 1               
ROE 0.0724 0.100 0.886*** 1              
Tobin’s Q 2.191 1.431 0.219*** 0.092*** 1             
LEV 1.409 1.075 −0.553*** − 0.320*** − 0.265*** 1            
Treat×Post 0.130 0.337 −0.070*** − 0.066*** 0.050*** 0.030*** 1           
Lnasset 21.95 1.307 −0.125*** 0.088*** −0.528*** 0.311*** 0.162*** 1          
Lnfirmage 2.731 0.399 −0.159*** −0.069*** −0.00200 0.159*** 0.156*** 0.196*** 1         
E/D 2.636 3.495 0.438*** 0.047*** 0.334*** −0.633*** −0.025*** −0.485*** − 0.211*** 1        
SGR 0.136 0.334 0.031*** 0.002 0.044*** −0.038*** 0.014* −0.069*** − 0.062*** 0.068*** 1       
PPE 0.222 0.168 −0.151*** − 0.163*** −0.063*** 0.295*** 0.00800 0.051*** −0.00800 −0.086*** − 0.022*** 1      
Duality 0.263 0.440 0.100*** 0.030*** 0.098*** −0.127*** −0.028*** − 0.205*** −0.106*** 0.168*** 0.047*** −0.090*** 1     
InDir 0.373 0.0553 −0.031*** −0.029*** 0.022*** −0.013* 0.023*** −0.00700 − 0.00900 0.017** 0.023*** −0.063*** 0.101*** 1    
LnDirector 2.257 0.178 −0.008 0.044*** −0.170*** 0.098*** 0.014** 0.246*** 0.013* −0.151*** −0.044*** 0.149*** −0.188*** − 0.531*** 1   
Largest 35.73 15.42 0.108*** 0.151*** −0.190*** −0.043*** − 0.031*** 0.174*** − 0.135*** −0.053*** − 0.017** 0.060*** − 0.034*** 0.034*** 0.00500 1  
Herfindahl 0.132 0.0822 −0.031*** 0.048*** −0.087*** 0.018** −0.104*** 0.023*** −0.058*** −0.144*** − 0.025*** −0.170*** − 0.077*** −0.00600 0.084*** 0.038*** 1
  1. Notes. *** p < 0.01, ** p < 0.05, * p < 0.1 (two-sided test)