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 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
ROE | 0.0724 | 0.100 | 0.886*** | 1 | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
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 |