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Table 6 The outcomes of pooled OLS regarding the impact of board gender diversity on ROA

From: Does board gender diversity affect firm performance? Empirical evidence from Standard & Poor’s 500 Information Technology Sector

Variables

1

2

3

4

5

6

7

8

9

10

NOWOMBRD

0.35

− 0.10

− 0.39

0.72

0.60

0.73

0.74

   
 

(0.3720)

(0.6916)

(0.6887)

(0.3659)**

(0.3748)

(0.3795)*

(0.3696)**

   
 

(0.4036)

(0.7323)

(0.7482)

(0.3802)*

(0.3676)*

(0.3828)*

(0.3709)**

   

PERWOMBRD

       

0.01

− 0.02

− 0.04

        

(0.0350)

(0.0661)

(0.0662)

        

(0.0374)

(0.0690)

(0.0729)

PERFEMEXE

          

SIZEBRD

− 0.53

0.09

− 0.12

− 0.48

 

− 0.68

    
 

(0.2288)**

(0.5300)

(0.5058)

(0.2567)*

 

(0.2593)**

    
 

(0.2596)**

(0.4986)

(0.4466)

(0.2430)*

 

(0.2516)***

    

INDEPDIR

    

− 0.50

 

− 0.28

− 0.34

0.68

0.68

     

(0.2471)**

 

(0.2287)

(0.2029)*

(0.4098)

(0.4180)

     

(0.2887)*

 

(0.2421)

(0.2436)

(0.4187)

(0.4035)*

AGEYNGDIR

− 0.20

− 0.34

− 0.38

− 0.24

− 0.20

− 0.21

− 0.10

− 0.21

  
 

(0.0591)***

(0.1374)**

(0.1430)***

(0.0624)***

(0.0658)***

(0.0655)***

(0.0585)*

(0.0594)***

  
 

(0.0642)***

(0.1398)**

(0.1406)***

(0.0632)***

(0.0692)***

(0.0682)***

(0.0734)

(0.0628)***

  

AGEOLDDIR

   

− 0.05

− 0.05

− 0.04

− 0.09

 

− 0.22

− 0.23

    

(0.0690)

(0.0719)

(0.0715)

(0.0693)

 

(0.1569)

(0.1582)

    

(0.0542)

(0.0592)

(0.0575)

(0.0567)*

 

(0.1421)

(0.1463)

BRDDUR

− 2.13

− 2.55

− 2.78

− 1.70

− 1.65

− 1.62

− 1.44

− 2.15

− 2.86

− 3.00

 

(0.3833)***

(1.671194)

(1.6653)*

(0.4071)***

(0.4334)***

(0.4244)***

(0.4204)***

(0.3958)***

(1.9153)

(1.9247)

 

(0.3467)***

(1.17031)**

(1.1785)**

(0.4027)***

(0.4668)***

(0.4277)***

(0.4225)***

(0.3847)***

(1.6066)*

(1.6163)*

BRDMEET

0.07

− 0.72

− 0.78

− 0.04

− 0.08

− 0.09

− 0.06

0.08

− 0.46

− 0.47

 

(0.1134)

(0.3090)**

(0.3037)**

(0.1184)

(0.1231)

(0.1219)

(0.1214)

(0.1146)

(0.2621)*

(0.2652)*

 

(0.1045)

(0.3186)**

(0.3192)**

(0.1167)

(0.1240)

(0.1234)

(0.1211)

(0.1063)

(0.2530)*

(0.2485)*

EXECOMP

0.003

  

− 0.0003

0.007

0.009

0.009

0.001

  
 

(0.0056)

  

(0.0057)

(0.0054)

(0.0053)*

(0.0053)*

(0.0056)

  
 

(0.0087)

  

(0.0066)

(0.0085)

(0.0075)

(0.0082)

(0.0091)

  

BRDCOMP

 

0.003

− 0.0008

0.02

− 0.15

− 0.04

− 0.10

 

0.24

0.23

  

(0.3532)

(0.3533)

(0.2159)

(0.2156)

(0.2233)

(0.2128)

 

(0.3399)

(0.3425)

  

(0.2666)

(0.2664)

(0.1598)

(0.1712)

(0.1691)

(0.1768)

 

(0.2739)

(0.2774)

CFFO

0.0001

0.0001

 

0.0001

   

0.0001

0.00009

 
 

(0.0000)**

(0.0000)**

 

(0.0000)***

   

(0.0000)***

(0.0000)*

 
 

(0.0000)***

(0.0000)**

 

(0.0000)***

   

(0.0000)***

(0.0000)**

 

CFFF

  

− 0.0001

 

− 0.00005

− 0.00004

   

− 0.00006

   

(0.0000)**

 

(0.0000)

(0.0000)

   

(0.0000)

   

(0.0000)**

 

(0.0000)*

(0.0000)*

   

(0.0000)**

FCF

          

TDE

− 0.03

      

− 0.03

  
 

(0.0068)***

      

(0.0066)***

  
 

(0.0090)***

      

(0.0089)***

  

TDC

 

− 0.15

− 0.17

     

− 0.14

− 0.16

  

(0.0288)***

(0.0290)***

     

(0.0299)***

(0.0309)***

  

(0.0327)***

(0.0350)***

     

(0.0363)***

(0.0389)***

TDTA

   

− 0.11

− 0.12

− 0.11

− 0.10

   
    

(0.0212)***

(0.0220)***

(0.0220)***

(0.0218)***

   
    

(0.0198)***

(0.0212)***

(0.0204)***

(0.0210)***

   

CR

0.54

      

0.43

  
 

(0.4177)

      

(0.4107)

  
 

(0.5838)

      

(0.5620)

  

CURR

 

− 0.95

− 0.87

     

− 1.41

− 1.71

  

(0.9639)

(0.9729)

     

(0.8153)*

(0.7705)**

  

(0.9830)

(1.0250)

     

(0.7850)*

(0.7718)**

QR

   

0.16

− 0.61

− 0.35

− 0.94

   
    

(0.4960)

(0.4830)

(0.5014)

(0.3756)**

   
    

(0.7770)

(0.7556)

(0.7590)

(0.5069)*

   

DPS

2.58

      

2.62

  
 

(0.3952)***

      

(0.3956)***

  
 

(0.6104)***

      

(0.6090)***

  

DY

 

1.84

1.91

     

1.63

1.70

  

(0.3300)***

(0.3325)***

     

(0.3233)***

(0.3242)***

  

(0.4698)***

(0.4457)***

     

(0.4719)***

(0.4631)***

DPR

   

0.002

0.002

0.001

0.002

   
    

(0.0007)***

(0.0007)***

(0.0007)**

(0.0007)**

   
    

(0.0007)***

(0.0007)***

(0.0007)***

(0.0008)**

   

EMP

 

0.00001

0.00002

0.00001

0.00001

0.00001

    
  

(0.0000)**

(0.0000)**

(0.0000)***

(0.0000)***

(0.0000)***

    
  

(0.0000)**

(0.0000)***

(0.0000)***

(0.0000)***

(0.0000)***

    

TA

          

OM

0.36

0.30

0.32

0.38

0.39

0.38

0.37

0.36

0.36

0.38

 

(0.0362)***

(0.0723)***

(0.0738)***

(0.0327)***

(0.0339)***

(0.0341)***

(0.0338)***

(0.0371)***

(0.0774)***

(0.0803)***

 

(0.0355)***

(0.0664)***

(0.0678)***

(0.0319)***

(0.0307)***

(0.0321)***

(0.0309)***

(0.0346)***

(0.0676)***

(0.0696)***

ETR

− 0.02

− 0.09

− 0.09

− 0.11

− 0.11

− 0.11

− 0.10

− 0.02

− 0.08

− 0.08

 

(0.011)**

(0.0255)***

(0.0259)***

(0.0213)***

(0.0225)***

(0.0221)***

(0.0225)***

(0.0110)**

(0.0254)***

(0.0258)***

 

(0.0161)*

(0.0339)***

(0.0315)***

(0.0179)***

(0.0198)***

(0.0189)***

(0.0211)***

(0.0162)*

(0.0334)**

(0.0330)**

R&D

− 0.0005

− 0.0005

− 0.0003

− 0.0006

− 0.0001

− 0.0001

0.00008

− 0.0006

− 0.0003

− 0.0001

 

(0.0001)***

(0.0002)*

(0.0002)

(0.0002)***

(0.0001)

(0.0001)

(0.0001)

(0.0001)***

(0.0002)

(0.0002)

 

(0.0002)***

(0.0002)*

(0.0002)

(0.0002)***

(0.0001)

(0.0001)

(0.0001)

(0.0002)***

(0.0002)

(0.0001)

_cons

19.75

33.77

38.73

27.86

27.81

29.11

23.45

18.17

27.09

28.89

 

(3.6139)***

(9.6238)***

(9.6454)***

(5.3350)***

(5.5547)***

(5.5682)***

(5.3992)***

(3.5587)***

(12.5326)**

(12.5175)**

 

(3.8662)***

(8.7564)***

(8.7270)***

(5.2876)***

(5.5026)***

(5.5394)***

(5.2919)***

(3.7200)***

(12.1702)**

(12.1583)**

F statistics

22.81***

7.88***

7.89***

20.85***

18.26***

18.72***

19.58***

22.31***

22.21***

7.77***

R-Sq

0.6302

0.6051

0.6054

0.6732

0.6434

0.6489

0.6158

0.625

0.6036

0.5706

Mean VIF

2.43

3.6

3.11

2.45

1.87

1.94

1.48

2.23

2.89

2.46

# Obs

188

87

87

179

179

179

186

188

188

90

Variables

11

12

13

14

15

16

17

18

19

20

21

NOWOMBRD

           

PERWOMBRD

0.06

0.05

0.06

0.09

       
 

(0.0339)*

(0.0353)

(0.0352)*

(0.0192)***

       
 

(0.0360)*

(0.0363)

(0.0362)*

(0.0182)***

       

PERFEMEXE

    

− 0.04

− 0.03

− 0.01

− 0.03

   
     

(0.0191)**

(0.0230)*

(0.0217)

(0.0165)**

   
     

(0.0201)**

(0.0241)

(0.0237)

(0.0166)**

   

SIZEBRD

           

INDEPDIR

− 0.08

 

− 0.15

 

0.23

0.59

 

0.29

 

− 0.07

− 0.10

 

(0.2066)

 

(0.2143)

 

(0.1228)*

(0.1594)***

 

(0.1182)**

 

(0.2123)

(0.2111)

 

(0.2324)

 

(0.2405)

 

(0.1325)*

(0.1626)***

 

(0.1288)**

 

(0.2493)

(0.2469)

AGEYNGDIR

− 0.14

− 0.19

− 0.11

− 0.06

− 0.04

− 0.12

− 0.19

− 0.05

− 0.20

− 0.11

− 0.10

 

(0.0577)**

(0.0659)***

(0.0601)*

(0.0375)*

(0.0429)

(0.0575)**

(0.0585)***

(0.0385)

(0.0660)***

(0.0606)*

(0.0590)*

 

(0.0694)**

(0.0723)***

(0.0737)

(0.0380)*

(0.0434)

(0.0601)**

(0.0608)***

(0.0377)

(0.0744)***

(0.0750)

(0.0743)

AGEOLDDIR

− 0.09

− 0.07

− 0.09

− 0.08

   

− 0.08

− 0.06

− 0.08

− 0.08

 

(0.0668)

(0.0709)

(0.0693)

(0.0411)**

   

(0.0423)**

(0.0706)

(0.0697856)

(0.0696)

 

(0.0525)*

(0.0571)

(0.0555)*

(0.0345)**

   

(0.0368)**

(0.0561)

(0.054362)

(0.0547)

BRDDUR

− 1.61

− 1.39

− 1.44

− 1.17

− 1.20

− 0.64

− 0.92

− 0.88

− 1.55

− 1.61

− 1.54

 

(0.4150)***

(0.4285)***

(0.4306)***

(0.2152)***

(0.2550)***

(0.4436)

(0.4550)**

(0.2302)***

(0.4166)***

(0.4253)***

(0.4209)***

 

(0.4325)***

(0.4035)***

(0.4414)***

(0.1756)***

(0.2341)***

(0.4190)

(0.4396)**

(0.2135)***

(0.3742)***

(0.4233)***

(0.4204)***

BRDMEET

0.01

− 0.11

− 0.05

− 0.33

− 0.31

− 0.49

− 0.40

− 0.34

− 0.09

− 0.03

− 0.05

 

(0.1190)

(0.1238)

(0.1224)

(0.0639)***

(0.0715)***

(0.0909)***

(0.0920)***

(0.0645)***

(0.1238)

(0.1233)

(0.1224)

 

(0.1227)

(0.1198)

(0.1230)

(0.0647)***

(0.0678)***

(0.0878)***

(0.0911)***

(0.0621)***

(0.1217)

(0.1241)

(0.1242)

EXECOMP

0.001

0.009

0.01

− 0.003

0.001

  

− 0.003

0.008

0.009

0.00

 

(0.0057)

(0.0053)*

(0.0054)*

(0.0050)

(0.0057)

  

(0.0052)

(0.0053)

(0.0054)*

(0.0053)

 

(0.0069)

(0.0076)

(0.0082)

(0.0090)

(0.0108)

  

(0.0075)

(0.0073)

(0.0079)

(0.0078)

BRDCOMP

0.07

− 0.22

− 0.06

− 0.14

 

− 0.18

− 0.18

− 0.04

− 0.20

− 0.07

− 0.08

 

(0.2093)

(0.2111)

(0.2129)

(0.1422)

 

(0.1898)

(0.1866)

(0.1529)

(0.2115)

(0.2146)

(0.2144)

 

(0.1715)

(0.1894)

(0.1794)

(0.1376)

 

(0.1478)

(0.1574)

(0.1360)

(0.1911)

(0.1828)

(0.1809)

CFFO

0.0001

      

0.0001

   
 

(0.0000)***

      

(0.0000)***

   
 

(0.0000)***

      

(0.0000)***

   

CFFF

 

− 0.00004

− 0.00002

   

− 0.0001

 

− 0.0001

− 0.00004

 
  

(0.0000)

(0.0000)

   

(0.0000)**

 

(0.0000)

(0.0000)

 
  

(0.0000)*

(0.0000)

   

(0.0000)***

 

(0.0000)**

(0.0000)*

 

FCF

   

0.00006

       
    

(0.0000)**

       
    

(0.0000)***

       

TDE

    

− 0.004

      
     

(0.0021)*

      
     

(0.0026)

      

TDC

     

− 0.04

− 0.03

    
      

(0.0098)***

(0.0100)***

    
      

(0.0110)***

(0.0111)***

    

TDTA

− 0.09

− 0.12

− 0.10

− 0.06

   

− 0.07

− 0.13

− 0.11

− 0.11

 

(0.0211)***

(0.0220)***

(0.0219)***

(0.0112)***

   

(0.0114)***

(0.0217)***

(0.0216)***

(0.0216)***

 

(0.0198)***

(0.0207)***

(0.0208)***

(0.0115)***

   

(0.0117)***

(0.0204)***

(0.0212)***

(0.0212)***

CR

    

0.50

      
     

(0.1624)***

      
     

(0.1651)***

      

CURR

     

0.35

0.46

    
      

(0.1627)**

(0.1632)***

    
      

(0.1692)**

(0.1780)***

    

QR

− 0.32

− 0.74

− 0.78

0.71

   

0.53

− 0.77

− 0.74

− 0.85

 

(0.3910)

(0.4756)

(0.3895)**

(0.1385)***

   

(0.1392)***

(0.4766)

(0.3922)*

(0.3762)**

 

(0.5202)

(0.6781)

(0.5075)

(0.1561)***

   

(0.1429)***

(0.6820)

(0.5058)

(0.5011)*

DPS

    

0.32

      
     

(0.1629)**

      
     

(0.2229)

      

DY

     

0.14

0.12

    
      

(0.0932)

(0.0910)

    
      

(0.1615)

(0.1509)

    

DPR

0.002

0.001

0.001

0.001

   

0.001

0.001

0.001

0.002

 

(0.0007)***

(0.0007)**

(0.0007)**

(0.0007)

   

(0.0007)**

(0.0007)**

(0.0008)**

(0.0007)**

 

(0.0008)***

(0.0007)**

(0.0008)**

(0.0005)**

   

(0.0005)***

(0.0007)***

(0.0008)**

(0.0008)**

EMP

 

0.00001

 

0.00001

  

0.00001

 

0.00001

  
  

(0.0000)**

 

(0.0000)***

  

(0.0000)***

 

(0.0000)**

  
  

(0.0000)***

 

(0.0000)***

  

(0.0000)***

 

(0.0000)***

  

TA

    

0.00001

0.00001

− 0.00001

    
     

(0.0000)

(0.0000)**

(0.0000)

    
     

(0.0000)

(0.0000)**

(0.0000)

    

OM

0.36

0.40

0.37

0.28

0.27

0.24

0.28

0.26

0.41

0.39

0.38

 

(0.0330)***

(0.0329)***

(0.0344)***

(0.0168)***

(0.0190)***

(0.0247)***

(0.0275)***

(0.0163)***

(0.0317)***

(0.0331)***

(0.0330)***

 

(0.0310)***

(0.0343)***

(0.0319)***

(0.0200)***

(0.0225)***

(0.0267)***

(0.0310)***

(0.0193)***

(0.0313)***

(0.0301)***

(0.0300)***

ETR

− 0.10

− 0.10

− 0.10

− 0.09

− 0.006

− 0.008

− 0.009

− 0.10

− 0.10

− 0.10

− 0.10

 

(0.0217)***

(0.0224)***

(0.0225)***

(0.0150)***

(0.0041)*

(0.0035)**

(0.0035)**

(0.0153)***

(0.0224)***

(0.0227)***

(0.0227)***

 

(0.01)***

(0.0196)***

(0.0212)***

(0.0143)***

(0.0054)

(0.0031)***

(0.0028)***

(0.0147)***

(0.0195)***

(0.0213)***

(0.0209)***

R&D

− 0.0004

− 0.0001

0.00001

     

− 0.0001

0.00003

0.00

 

(0.0001)**

(0.0001)

(0.0001)

     

(0.0001)

(0.0001)

(0.0001)

 

(0.0001)***

(0.0001)

(0.0001)

     

(0.0001)

(0.0001)

(0.0000)

_cons

22.32

24.67

22.62

18.52

8.77

12.47

18.51

18.24

24.80

22.54

21.93

 

(5.1632)***

(5.4185)***

(5.3811)***

(3.3909)***

(2.4709)***

(3.2567)***

(3.1437)***

(3.4687)***

(5.4351)***

(5.4261)***

(5.3937)***

 

(4.9336)***

(5.4235)***

(5.0672)***

(3.2113)***

(2.4010)***

(3.3496)***

(3.3155)***

(3.3418)***

(5.5496)***

(5.1910)***

(5.1703)***

F statistics

20.49***

19.04***

18.32***

43.8***

30.95***

20.42***

20.89***

37.99***

20.12***

19.03***

20.41***

R-Sq

0.6439

0.6366

0.6178

0.5693

0.4277

0.4375

0.4785

0.5184

0.6321

0.609

0.6067

Mean VIF

2.06

1.73

1.62

1.3

1.39

1.24

1.46

1.31

1.73

1.61

1.42

# Obs

186

179

186

479

510

328

310

509

179

186

186

  1. Source: Authors’ computations. Notes: *, **, and *** represent significance at 10%, 5%, and 1%, respectively. The first and second numbers between the brackets are the standard error and robust standard error, respectively. For the definition of variables, please see Table 2