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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
  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)