RETRACTED: Violation Punishment and Total Factor Productivity, Based on the Spillover Effect between Director-Interlocked Firms

Table 3

Regression results of violation punishment and violation punishment of director interlocked firms.

	A t+1	A t+1
	(1)	(2)
P	0.151	0.155
	(5.97)	(6.09)
Age		0.262
		(5.53)
Lev		1.539
		(17.97)
Size		−0.163
		(−12.68)
State		−0.259
		(−8.70)
Grow		0.012
		(0.54)
ROE		−1.675
		(−14.85)
Independ		−0.333
		(−1.33)
Dual		0.153
		(4.91)
Constant	−1.241	1.149
	(−4.67)	(2.79)
Ind/Year	Yes	Yes
N	94717	94717

Note. , , and indicate that the variables pass the test at the significance level of 1%, 5%, and 10%, respectively. The numbers in parentheses are t values, which are all two tailed.