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Just the base energy value of the branch office as far as i know.
I pulled my response for a moment, to check my priors. But yeah, branch office value is an energy credit value that is derivative from the planet's trade value. Subsidiary production from the branch office is a "corporate empire effect" from the building and seems to be subject to empire-wide modifiers.
Anyways, the nitty gritty for modders is found here if you really want to go investigate the mechanics: https://stellaris.paradoxwikis.com/Economy_modding#Branch_Office
I can see how the main entry in the wiki is confusingly phrased, in that it uses the term "branch office value" without really defining it. But I'm pretty sure it's trying to imply that the branch office value is the energy sum equal to half the planet's trade value.
Firing your clerks would lower your trade value which in turn would lower the branch office value to the corporation. I agree with GD that it wouldn't impact the building production.