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Table 8 Influence of marketization

From: Resignation of officials as independent directors and firm performance

  (1) (2) (3) (4)
ROA ROE Tobin’s Q LEV
Panel A Influence of marketization index
Treat×Post 0.00004 (0.0018) −0.0013 (0.0038) −0.1848*** (0.0445) 0.1370*** (0.0417)
MKT 0.0005 (0.0012) −0.0001 (0.0024) 0.1001*** (0.0285) −0.0175 (0.0275)
Treat×Post×MKT 0.0014 (0.0009) 0.0046** (0.0019) 0.0881*** (0.0238) −0.0494** (0.0228)
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 0.0600 0.3568 0.0372
F 34.5638 27.8058 127.7309 16.7583
Panel B Influence of financial environment
Treat×Post 0.0005 (0.0018) 0.0003 (0.0035) −0.1605*** (0.0436) 0.1197*** (0.0381)
Fin −0.0019** (0.0009) −0.0028 (0.0017) −0.0347 (0.0214) 0.0529*** (0.0204)
Treat×Post×Fin 0.0008 (0.0008) 0.0030** (0.0015) 0.0789*** (0.0201) −0.0456** (0.0177)
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 0.0758 0.0598 0.3555 0.0377
F 35.0720 27.8401 127.1825 16.7560
Panel C Influence of legal environment
Treat×Post 0.0002 (0.0018) −0.0006 (0.0037) −0.1730*** (0.0441) 0.1297*** (0.0403)
Law −0.0002 (0.0004) −0.0005 (0.0008) 0.0242*** (0.0093) 0.0004 (0.0087)
Treat×Post×Law 0.0004 (0.0003) 0.0014** (0.0007) 0.0267*** (0.0083) −0.0150* (0.0078)
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 0.0755 0.0597 0.3558 0.0369
F 34.5830 27.9979 127.1427 17.0000
  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)