Table 4 Influence of tenure
From: Resignation of officials as independent directors and firm performance
| Â | (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 |