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Table 9 Influence of guanxi

From: Resignation of officials as independent directors and firm performance

  (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
  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)