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

Table 4

Regression results of violation punishment and total factor productivity of director-interlocked firms.

	TFP_OPt+1
	−0.032
	(−2.24)
Age	−0.867
	(−38.07)
Lev	0.710
	(15.11)
Size	0.381
	(55.13)
State	0.109
	(6.97)
Grow	0.126
	(5.85)
ROE	1.484
	(14.78)
Independ	0.010
	(0.08)
Dual	−0.008
	(−0.49)
Constant	0.450
	(2.11)
Ind/year	Yes
Adj_R^2	0.624
F	208.471
N	7202

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.