Table 9 Influence of guanxi
From: Resignation of officials as independent directors and firm performance
| Â | (1) | (2) | (3) | (4) |
|---|---|---|---|---|
ROA | ROE | Tobin’s Q | LEV | |
Treat×Post | 0.0006 (0.0018) | 0.0007 (0.0035) | −0.1484*** (0.0440) | 0.1172*** (0.0376) |
Guanxi | −0.0004 (0.0075) | 0.0012 (0.0174) | −0.0249 (0.1547) | −0.0691 (0.1440) |
Treat×Post×Guanxi | −0.0002 (0.0008) | −0.0011 (0.0017) | −0.0450** (0.0198) | −0.0039 (0.0189) |
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 | 0.0753 | 0.0594 | 0.3545 | 0.0365 |
F | 34.4928 | 27.6818 | 126.1402 | 16.6422 |