From: Resignation of officials as independent directors and firm performance
 | (1) | (2) | (3) | (4) |
---|---|---|---|---|
ROA | ROE | Tobin’s Q | LEV | |
Treat×Post | 0.0005 (0.0018) | 0.0005 (0.0035) | − 0.1556*** (0.0438) | 0.1166*** (0.0377) |
Lnasset | 0.0022 (0.0016) | 0.0066** (0.0032) | −1.0720*** (0.0494) | 0.0386 (0.0302) |
Lnfirmage | −0.0216*** (0.0052) | −0.0148 (0.0097) | 1.0827*** (0.1345) | 0.1084 (0.0984) |
E/D | 0.0012*** (0.0003) | −0.0012*** (0.0004) | − 0.0540*** (0.0067) | − 0.0312*** (0.0034) |
SGR | −0.0010 (0.0010) | −0.0015 (0.0023) | − 0.0397* (0.0209) | 0.0212 (0.0226) |
PPE | −0.0694*** (0.0081) | −0.1383*** (0.0167) | − 0.4029** (0.1758) | 1.3493*** (0.1607) |
Duality | 0.0022 (0.0017) | 0.0037 (0.0034) | −0.0311 (0.0372) | −0.0176 (0.0340) |
InDir | −0.0014 (0.0147) | − 0.0125 (0.0311) | 0.8037** (0.3182) | 0.3114 (0.3446) |
LnDirector | 0.0147** (0.0060) | 0.0222* (0.0124) | 0.1420 (0.1416) | −0.0419 (0.1167) |
Largest | 0.0008*** (0.0001) | 0.0016*** (0.0002) | −0.0101*** (0.0023) | −0.0074*** (0.0018) |
Herfindahl | 0.0112 (0.0141) | 0.0137 (0.0232) | −2.0202*** (0.3940) | 0.5066*** (0.1748) |
Constant | 0.0029 (0.0417) | −0.0931 (0.0849) | 22.9555*** (1.1704) | 0.2026 (0.7720) |
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 | 0.0754 | 0.0594 | 0.3539 | 0.0366 |
F | 38.1214 | 30.5470 | 139.0495 | 18.3673 |