Table 7 The outcomes of pooled OLS regarding the impact of board gender diversity on PER

NOWOMBRD

5.98

3.74

3.70

4.47

2.14

4.55

1.96

(3.4668)*

(1.5628)**

(1.5492)**

(3.3853)

(3.3791)

(3.3916)

(3.2331)

(3.3701)*

(1.4002)***

(1.3405)***

(2.5207)*

(2.7229)

(2.5749)*

(2.5191)

PERWOMBRD

0.52

0.42

0.45

(0.3239)

(0.1498)***

(0.1510)***

(0.31345)*

(0.1691)**

(0.1684)***

PERFEMEXE

SIZEBRD

− 0.68

− 0.51

− 0.18

− 6.29

− 5.78

(2.1464)

(1.1977)

(1.1377)

(2.3751)***

(2.3174)**

(2.2296)

(1.0463)

(1.0474)

(2.9122)**

(2.7425)**

INDEPDIR

− 1.90

− 2.44

1.33

− 2.16

− 1.80

(2.2280)

(2.0007)

(1.8867)

(0.9284)**

(0.9537)*

(2.5105)

(2.0554)

(2.4917)

(0.9069)**

(0.9926)*

AGEYNGDIR

− 0.67

− 0.14

− 0.29

− 0.83

− 0.70

− 0.81

− 1.09

− 0.69

(0.5521)

(0.3105)

(0.3216)

(0.5779)

(0.5940)***

(0.5859)

(0.5119)**

(0.5502)

(0.3699)*

(0.2749)

(0.2768)

(0.3818)**

(0.3678)*

(0.3830)**

(0.3925)***

(0.3686)*

AGEOLDDIR

3.54

3.38

3.55

3.42

0.21

0.20

(0.6384)***

(0.6482)

(0.6397)***

(0.6069)***

(0.3555)

(0.3608)

(1.0921)***

(1.0736)***

(1.0945)***

(1.0215)***

(0.4030)

(0.3983)

BRDDUR

15.95

− 0.39

− 0.19

12.54

13.33

12.67

13.34

16.86

− 0.78

− 0.23

(3.5715)***

(3.7764)

(3.7456)

(3.7662)***

(3.9074)***

(3.7928)***

(3.6782)***

(3.6596)***

(4.3385)

(4.3906)

(6.3001)**

(2.6077)

(2.5612)

(5.5575)**

(6.1555)**

(5.6994)**

(5.4790)**

(6.6157)**

(2.9509)

(3.1207)

BRDMEET

− 3.06

− 0.17

− 0.03

− 2.52

− 2.43

− 2.42

− 2.51

− 3.16

− 0.58

− 0.35

(1.0736)***

(0.6983)

(0.6832)

(1.0953)**

(1.1101)**

(1.0900)**

(1.0622)**

(1.0774)***

(0.5937)

(0.6051)

(1.0381)***

(0.5770)

(0.5368)

(0.9508)***

(0.9854)**

(0.9578)**

(0.9052)***

(1.0757)***

(0.5825)

(0.5792)

EXECOMP

0.06

− 0.01

− 0.04

− 0.04

− 0.05

0.07

(0.0528)

(0.0528)

(0.0487)

(0.0473)

(0.0470)

(0.0519)

(0.0488)

(0.0301)

(0.0276)*

(0.0246)*

(0.0259)*

(0.0520)

BRDCOMP

0.26

0.16

3.03

1.89

3.26

1.70

0.31

0.29

(0.7983)

(0.7946)

(1.9979)

(1.9441)

(1.9956)

(1.8619)

(0.7701)

(0.7813)

(0.6629)

(0.6693)

(3.1501)

(2.7675)

(3.2403)

(2.5145)

(0.5821)

(0.6004)

CFFO

− 0.0002

− 0.0001

− 0.0005

− 0.0002

− 0.0001

(0.0004)

(0.0001)

(0.0004)

(0.0003)

(0.0001)

(0.0002)

(0.0000)

(0.0002)*

(0.0002)

(0.0000)**

CFFF

− 0.0001

0.0003

0.0003

− 0.00002

(0.0001)

(0.0003)

(0.0003)

(0.0001)

(0.0000)

(0.0002)

(0.0002)*

(0.0000)

FCF

TDE

− 0.07

− 0.08

0.01

(0.0635)

(0.0619)

(0.0678)

(0.0517)

(0.0508)

(0.0581)

TDC

0.03

0.03

0.01

(0.0652)

(0.0654)

(0.0705)

(0.0600)

(0.0647)

(0.0639)

TDTA

− 0.25

− 0.28

− 0.21

− 0.32

(0.1962)

(0.1987)

(0.1969)

(0.1908)*

(0.1708)

(0.1763)

(0.1705)

(0.1768)*

CR

− 1.75

− 1.79

(3.9378)

(3.8330)

(6.1160)

(5.9022)

CURR

− 1.89

− 1.05

− 0.60

0.76

(2.1783)

(2.1883)

(1.8468)

(1.7577)

(2.2593)

(2.4952)

(1.7394)

(1.7345)

QR

− 5.90

− 8.42

− 5.24

− 5.54

(4.5880)

(4.3543)*

(4.4808)

(3.2855)*

(6.2949)

(6.8278)

(6.2875)

(4.0850)

DPS

− 3.36

− 3.41

(3.7425)

(3.7171)

(4.3179)

(4.4687)

DY

1.21

1.32

1.29

1.19

(0.7458)

(0.7479)*

(0.7325)*

(0.7396)

(1.4399)

(1.4626)

(1.3521)

(1.3549)

DPR

− 0.0009

0.001

0.001

0.0008

(0.0068)

(0.0071)

(0.0069)

(0.0068)

(0.0036)

(0.0038)

(0.0036)

(0.0036)

EMP

− 0.00004

− 0.00004

− 0.00001

− 0.0001

− 0.00002

(0.0000)*

(0.0000)*

(0.0000)

(0.0000)

(0.0000)

(0.0000)**

(0.0000)*

(0.0000)

(0.0000)

(0.0000)

TA

OM

− 2.31

0.07

0.10

− 1.52

− 1.35

− 1.54

− 1.31

− 2.29

− 0.11

− 0.11

(0.3426)***

(0.1634)

(0.1661)

(0.3031)***

(0.3058)***

(0.3047)***

(0.2959)***

(0.3476)***

(0.1753)

(0.1832)

(0.6598)***

(0.1671)

(0.1661)

(0.4339)***

(0.4157)***

(0.4430)***

(0.3969)***

(0.6572)***

(0.2240)

(0.2338)

ETR

0.07

− 0.09

− 0.10

0.10

0.12

0.11

0.08

0.08

− 0.07

− 0.07

(0.1143)

(0.0577)

(0.0584)*

(0.1977)

(0.2029)

(0.1981)

(0.1975)

(0.1140)

(0.0576)

(0.0590)

(0.0796)

(0.1009)

(0.1049)

(0.1842)

(0.1826)

(0.1865)

(0.1811)

(0.0823)

(0.1022)

(0.1046)

R&D

0.001

− 0.0003

− 0.0009

0.003

0.002

0.002

0.0008

0.001

0.00005

− 0.0008

(0.0017)

(0.0006)

(0.0004)*

(0.0019)

(0.0014)

(0.0014)

(0.0009)

(0.0017)

(0.0006)

(0.0004)*

(0.0015)

(0.0005)

(0.0006)

(0.0018)*

(0.0014)

(0.0014)

(0.0007)

(0.0016)

(0.0005)

(0.0005)

_cons

114.04

32.97

34.66

-89.75

-122.57

-98.28

-104.22

98.10

23.73

16.56

(33.7247)***

(21.7472)

(21.6944)

(49.3484)*

(50.0761)**

(49.7598)*

(47.2286)**

(32.9288)***

(28.3881)

(28.5540)

(27.9184)***

(21.0156)

(21.9717)

(54.2176)*

(62.5617)*

(57.3167)*

(53.2063)*

(27.3981)***

(25.6836)

(26.3553)

F statistics

6.16***

2.92***

3.00***

6.22***

5.65***

6.18***

6.79***

6.19***

2.68***

2.44***

R-Sq

0.3163

0.3622

0.3686

0.3806

0.358

0.379

0.3571

0.3176

0.3141

0.2946

Mean VIF

2.45

3.6

3.11

2.45

1.87

1.94

1.48

2.26

2.89

2.46

# Obs

187

87

87

179

179

179

186

187

90

90

NOWOMBRD

PERWOMBRD

0.36

0.31

0.38

− 0.16

(0.3069)

(0.3154)

(0.3074)

(0.2435)

(0.2427)

(0.2529)

(0.2481)

(0.2429)

PERFEMEXE

0.45

0.20

(0.2162)**

(0.1954)

(0.2464)*

(0.2102)

SIZEBRD

INDEPDIR

− 2.45

− 2.51

− 1.32

− 2.91

− 2.08

− 1.95

(1.8709)

(1.8705)

(1.3914)

(1.3986)**

(1.8409)

(1.8276)

(2.0052)

(2.0344)

(0.8613)

(0.9472)***

(1.9756)

(1.9180)

AGEYNGDIR

− 1.04

− 0.65

− 1.00

0.07

0.42

0.02

− 0.67

− 1.02

− 1.10

(0.5224)**

(0.5884)

(0.5247)*

(0.4777)

(0.4870)

(0.4584)

(0.5876)

(0.5253)*

(0.5109)**

(0.3909)***

(0.3785)*

(0.3828)**

(0.3227)

(0.4214)

(0.3415)

(0.3655)*

(0.3727)***

(0.3876)***

AGEOLDDIR

3.40

3.28

3.43

0.95

1.04

3.35

3.48

3.45

(0.6050)***

(0.6338)***

(0.6052)***

(0.5197)*

(0.5005)**

(0.6290)***

(0.6049)***

(0.6030)***

(1.0116)***

(1.0328)***

(1.0195)***

(0.5008)*

(0.4659)**

(1.049)***

(1.0406)***

(1.0283)***

BRDDUR

14.20

14.68

14.37

3.32

1.12

1.27

13.75

13.43

13.07

(3.7567)***

(3.8263)***

(3.7589)***

(2.7229)

(2.8845)

(2.7331)

(3.7076)***

(3.6872)***

(3.6434)***

(5.7250)**

(6.3871)**

(5.8267)**

(2.6244)

(2.3616)

(2.6004)

(6.2714)**

(5.6588)**

(5.4939)**

BRDMEET

− 2.64

− 2.55

− 2.65

− 1.94

− 1.46

− 1.57

− 2.47

− 2.58

− 2.49

(1.0780)**

(1.1056)**

(1.0688)**

(0.8072)**

(0.8074)*

(0.7616)**

(1.1023)**

(1.0691)**

(1.0598)**

(0.9420)***

(1.0393)**

(0.9460)***

(0.6015)***

(0.5811)**

(0.5965)***

(1.007)**

(0.9174)***

(0.8917)***

EXECOMP

− 0.03

− 0.03

− 0.04

0.00

0.03

− 0.00

− 0.04

− 0.05

− 0.05

(0.0517)

(0.0478)

(0.0472)

(0.0637)

(0.0643)

(0.0619)

(0.0472)

(0.0468)

(0.0467)

(0.0291)

(0.0234)

(0.0261)*

(0.0471)

(0.0495)

(0.0472)

(0.0240)*

(0.0271)**

(0.0268)**

BRDCOMP

1.60

1.58

1.74

2.94

2.68

1.67

1.70

1.76

(1.8951)

(1.8850)

(1.8586)

(1.7955)

(1.8048)

(1.8823)

(1.8612)

(1.8563)

(2.4888)

(2.6425)

(2.4811)

(1.8879)

(1.8035)

(2.6991)

(2.5213)

(2.5368)

CFFO

− 0.0002

(0.0002)

(0.0002)

CFFF

0.0003

0.0003

0.0003

0.0002

(0.0003)

(0.0003)

(0.0003)

(0.0003)

(0.0002)

(0.0001)

(0.0002)

(0.0001)

FCF

− 0.0001

(0.0003)

(0.0002)

TDE

− 0.06

(0.0247)**

(0.0273)**

TDC

TDTA

− 0.31

− 0.28

− 0.29

− 0.17

− 0.13

− 0.32

− 0.33

− 0.34

(0.1914)

(0.1968)

(0.1911)

(0.1422)

(0.1362)

(0.1935)*

(0.1879)*

(0.1873)*

(0.1762)*

(0.1767)

(0.1744)*

(0.1611)

(0.1456)

(0.1797)*

(0.1806)*

(0.1808)*

CR

− 1.60

(1.8270)

(1.2211)

CURR

QR

− 6.17

− 8.85

− 6.18

− 2.32

− 2.14

− 9.04

− 5.95

− 5.30

(3.5400)*

(4.2463)**

(3.4004)*

(1.7493)

(1.6444)

(4.2413)**

(3.4007)*

(3.2564)

(4.3891)

(6.6768)

(4.4440)

(1.0308)**

(0.8666)**

(6.6387)

(4.4140)

(4.0908)

DPS

− 1.50

(1.8325)

(1.4770)

DY

DPR

0.0004

0.0005

0.001

− 0.004

− 0.005

0.0009

0.001

0.0009

(0.0068)

(0.0070)

(0.0069)

(0.0092)

(0.0091)

(0.0070)

(0.0069)

(0.0068)

(0.0037)

(0.0039)

(0.0036)

(0.0034)

(0.0038)

(0.0039)

(0.0036)

(0.0036)

EMP

− 0.0001

− 0.0001

− 0.0001

(0.0000)

(0.0000)**

(0.0000)

(0.0000)*

(0.0000)***

(0.0000)*

TA

− 0.0001

(0.0000)

(0.0000)**

OM

− 1.36

− 1.32

− 1.39

− 0.86

− 0.97

− 0.70

− 1.24

− 1.28

− 1.26

(0.2995)***

(0.2939)***

(0.3008)***

(0.2127)***

(0.2159)***

(0.1928)***

(0.2823)***

(0.2873)***

(0.2860)***

(0.4100)***

(0.4033)***

(0.4196)***

(0.2525)***

(0.2849)***

(0.2352)***

(0.3913)***

(0.40068)***

(0.3936)***

ETR

0.08

0.14

0.08

0.35

0.12

0.34

0.15

0.10

0.09

(0.1971)

(0.2003)

(0.1970)

(0.1895)*

(0.0478)***

(0.1814)*

(0.2001)

(0.1969)

(0.1965)

(0.1810)

(0.1945)

(0.1816)

(0.2052)*

(0.0595)**

(0.2003)*

(0.1923)

(0.1795)

(0.1785)

R&D

0.001

0.002

0.001

0.002

0.001

0.0009

(0.0016)

(0.0014)

(0.0012)

(0.0014)

(0.0012)

(0.0009)

(0.0012)

(0.0014)

(0.0010)

(0.0014)

(0.0010)

(0.0007)

_cons

-107.40

-134.49

-111.29

-16.94

51.35

− 7.37

-133.70

-111.75

-108.22

(46.7375)**

(48.3777)***

(46.9686)**

(43.0349)

(28.0742)*

(41.1471)

(48.3661)***

(47.0405)**

(46.6802)**

(53.4346)**

(62.1733)**

(55.0738)**

(35.2621)

(19.6373)***

(31.0901)

(61.8780)**

(55.2773)**

(53.5548)**

F statistics

6.43***

6.07***

6.47***

3.06***

3.44***

2.79***

6.44***

6.80***

7.31***

R-Sq

0.362

0.3584

0.3633

0.0846

0.0773

0.0734

0.3546

0.3575

0.3558

Mean VIF

2.06

1.73

1.62

1.3

1.4

1.31

1.73

1.61

1.42

# Obs

186

179

186

478

506

507

179

186

186