Table 8 Influence of marketization
From: Resignation of officials as independent directors and firm performance
| Â | (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 |