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Frontiers of Business Research in China

Table 7 Influence of industry-specific background

From: Resignation of officials as independent directors and firm performance

 

(1)

(2)

(3)

(4)

ROA

ROE

Tobin’s Q

LEV

Pro1 × Post

0.0043 (0.0037)

0.0063 (0.0080)

−0.1953** (0.0851)

0.1339 (0.0866)

Pro2 × Post

0.0015 (0.0026)

0.0086 (0.0060)

−0.0582 (0.0871)

0.1152 (0.0716)

Pro3 × Post

−0.0022 (0.0023)

−0.0059 (0.0044)

−0.2044*** (0.0541)

0.1209*** (0.0461)

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

0.0598

0.3543

0.0365

F

34.7835

27.9858

126.0632

16.6648

  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)
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