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

Table 6

Regression results of violation punishment and total factor productivity of director-interlocked firms measured by the LP method.

	TFP_LPt+1
	−0.027
	(−1.86)
Age	0.192
	(8.64)
Lev	0.782
	(16.55)
Size	0.553
	(78.50)
State	0.076
	(4.79)
Grow	0.102
	(4.82)
ROE	1.974
	(19.10)
Independ	0.010
	(0.08)
Dual	−0.005
	(−0.32)
Constant	−2.753
	(−13.34)
Ind/Year	Yes
Adj_R^2	0.739
F	390.652
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.