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 |