Frontiers of Business Research in China

Table 6 Influence of academic background

From: Resignation of officials as independent directors and firm performance

	(1)	(2)	(3)	(4)
	ROA	ROE	Tobin’s Q	LEV
Academy×Post	−0.0005 (0.0019)	−0.0010 (0.0038)	−0.1508^*** (0.0474)	0.0984^** (0.0414)
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	0.0754	0.0594	0.3537	0.0362
F	38.0330	30.5166	138.9966	18.3155

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)

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