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Table 3 Influence of different administrative levels

From: Resignation of officials as independent directors and firm performance

 

(1)

(2)

(3)

(4)

ROA

ROE

Tobin’s Q

LEV

Level1 × Post

0.0071 (0.0059)

0.0225* (0.0121)

−0.0155 (0.1462)

− 0.0872 (0.1093)

Level2 × Post

0.0075** (0.0036)

0.0112 (0.0074)

−0.1705* (0.0895)

0.1248* (0.0721)

Level3 × Post

−0.0009 (0.0025)

−0.0035 (0.0047)

− 0.2621*** (0.0641)

0.1094* (0.0569)

Level4 × Post

−0.0026 (0.0031)

−0.0049 (0.0067)

− 0.0687 (0.0734)

0.1693** (0.0679)

Level5 × Post

−0.0042 (0.0054)

−0.0038 (0.0104)

0.0168 (0.1261)

0.0984 (0.0984)

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

0.0761

0.0600

0.3545

0.0367

F

32.4989

25.7171

115.0241

15.2755

  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)