Table 5 Influence of serving status
From: Resignation of officials as independent directors and firm performance
| Â | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
ROA | ROE | Tobin’s Q | LEV | |
Present×Post | −0.0032 (0.0030) | −0.0029 (0.0061) | −0.2260*** (0.0793) | 0.1173** (0.0585) |
Previous×Post | 0.0021 (0.0020) | 0.0022 (0.0040) | −0.1276*** (0.0488) | 0.1156*** (0.0439) |
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 | 0.0756 | 0.0594 | 0.3540 | 0.0365 |
F | 36.3544 | 29.0245 | 132.4052 | 17.4480 |