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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)