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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)