Skip to main content

Table 4 Influence of tenure

From: Resignation of officials as independent directors and firm performance

  (1) (2) (3) (4)
ROA ROE Tobin’s Q LEV
Tenure1 × Post −0.0006 (0.0022) −0.0036 (0.0044) −0.1208** (0.0591) 0.1614*** (0.0543)
Tenure2 × Post −0.0011 (0.0026) −0.0032 (0.0053) −0.1339** (0.0668) 0.0988** (0.0500)
Tenure3 × Post 0.0099** (0.0046) 0.0249*** (0.0092) −0.2968*** (0.0886) 0.0271 (0.0923)
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 0.0760 0.0605 0.3541 0.0367
F 35.5552 28.4967 125.7621 16.8195
  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)