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Table 2 Results of DID strategy

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
  1. (1) Cluster robust standard errors at firm level are in parentheses; (2) *** p < 0.01, ** p < 0.05, * p < 0.1 (two-sided test)