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Table 5 Influence of serving status

From: Resignation of officials as independent directors and firm performance

  (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
  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)