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Table 10 Influence of firm ownership

From: Resignation of officials as independent directors and firm performance

  (1) (2) (3) (4)
ROA ROE Tobin’s Q LEV
Treat×Post 0.0008 (0.0024) 0.0053 (0.0046) 0.1004 (0.0614) 0.0476 (0.0443)
Ownership −0.0136** (0.0055) −0.0234** (0.0110) −0.1014 (0.1335) 0.2845** (0.1322)
Treat×Post×Ownership −0.0003 (0.0030) −0.0098 (0.0061) −0.5183*** (0.0721) 0.1395** (0.0667)
Control variable YES YES YES YES
Firm fixed effect YES YES YES YES
Year fixed effect YES YES YES YES
N 18,942 18,798 18,026 17,444
Adj_R2 0.0768 0.0606 0.3592 0.0384
F 34.9520 28.1526 128.7995 17.0776
  1. Notes.(1) Cluster robust standard errors at firm level are in parentheses; (2) *** p < 0.01, ** p < 0.05, * p < 0.1 (two-sided test)