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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)