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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)