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

Simionescu, Liliana Nicoleta; Gherghina, Ştefan Cristian; Tawil, Hiba; Sheikha, Ziad

doi:10.1186/s40854-021-00265-x

Financial Innovation

Table 8 The outcomes of panel data fixed-effects and random-effects regression 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
	FE	FE	FE	RE	FE	FE	RE	FE	FE	FE
NOWOMBRD	− 0.05	− 0.30	− 0.25	0.04	0.11	0.01	0.02
	(− 0.14)	(− 0.37)	(− 0.31)	(0.12)	(0.26)	(0.03)	(0.07)
PERWOMBRD								− 0.0002	− 0.05	− 0.04
								(− 0.01)	(− 0.65)	(− 0.61)
PERFEMEXE
SIZEBRD	0.27	0.86	0.80	0.12		0.50*
	(− 1.06)	(1.45)	(1.36)	(0.47)		(1.7)
INDEPDIR					0.18		0.08	0.09	0.46	0.46
					(0.61)		(0.33)	(0.37)	(0.9)	(0.91)
AGEYNGDIR	− 0.09	− 0.09	− 0.13	− 0.11*	− 0.10	− 0.09	− 0.08	− 0.09
	(− 1.33)	(− 0.6)	(− 0.83)	(− 1.67)	(− 1.26)	(− 1.15)	(− 1.23)	(− 1.39)
AGEOLDDIR				− 0.06	− 0.03	− 0.05	− 0.05		− 0.16	− 0.17
				(− 0.82)	(− 0.35)	(− 0.61)	(− 0.78)		(− 0.85)	(− 0.92)
BRDDUR	− 0.11	0.76	0.68	− 0.94*	− 0.42	− 0.16	− 0.83*	− 0.27	− 0.0009	− 0.009
	(− 0.22)	(0.44)	(0.4)	(− 1.95)	(− 0.73)	(− 0.29)	(− 1.75)	(− 0.53)	(0)	(− 0.01)
BRDMEET	0.10	− 0.28	− 0.31	0.06	0.09	0.10	0.07	0.09	− 0.31	− 0.32
	(− 0.94)	(− 0.79)	(− 0.86)	(0.57)	(0.79)	(0.89)	(0.73)	(0.89)	(− 0.93)	(− 0.96)
EXECOMP	0.006			0.008	0.009	0.008	0.01**	0.007
	(− 1.26)			(1.59)	(1.61)	(1.48)	(2.05)	(1.31)
BRDCOMP		− 0.27	− 0.24	− 0.13	− 0.10	− 0.15	− 0.13		− 0.26	− 0.25
		(− 0.81)	(− 0.73)	(− 0.65)	(− 0.47)	(− 0.72)	(− 0.68)		(− 0.78)	(− 0.75)
CFFO	− 0.00007	− 0.00007		0.00005				− 0.00006	− 0.00001
	(− 1.17)	(− 0.47)		(1.02)				(− 1.08)	(− 0.06)
CFFF			− 0.00004		− 0.00003	− 0.00003				− 0.00003
			(− 0.98)		(− 0.92)	(− 0.86)				(− 0.62)
FCF
TDE	− 0.02***							− 0.02***
	(− 4.68)							(− 4.55)
TDC		− 0.22***	− 0.22***						− 0.20***	− 0.20***
		(− 5.27)	(− 5.07)						(− 4.67)	(− 4.46)
TDTA				− 0.13***	− 0.13***	− 0.14***	− 0.13***
				(− 5.08)	(− 4.25)	(− 4.49)	(− 4.91)
CR	− 1.21**							− 1.15**
	(− 2.55)							(− 2.44)
CURR		− 1.42	− 0.95						− 0.97	− 0.70
		(− 1.18)	(− 0.74)						(− 0.83)	(− 0.57)
QR				− 0.05	0.13	− 0.01	− 0.31
				(− 0.11)	(0.22)	(− 0.02)	(− 0.76)
DPS	1.71***							1.65***
	(− 3.52)							(3.37)
DY		1.48***	1.54***						1.26***	1.27***
		(3.59)	(3.72)						(3.25)	(3.3)
DPR				0.002***	0.001***	0.001***	0.001***
				(3.32)	(2.91)	(3.02)	(3.24)
EMP		0.00006	0.00006	0.00001	0.00002	0.00002
		(1.48)	(1.59)	(1.22)	(0.97)	(0.86)
TA
OM	0.54***	0.47***	0.45***	0.41***	0.41***	0.44***	0.41***	0.52***	0.42***	0.41***
	(− 9.46)	(3.44)	(3.29)	(9.53)	(7.33)	(7.63)	(9.33)	(9.34)	(3.35)	(3.29)
ETR	− 0.01	− 0.07***	− 0.07***	− 0.12***	− 0.12***	− 0.12***	− 0.12***	− 0.01	− 0.06**	− 0.06**
	(− 1.62)	(− 2.71)	(− 2.85)	(− 6.94)	(− 6.91)	(− 6.88)	(− 7.08)	(− 1.61)	(− 2.3)	(− 2.36)
R&D	− 0.0003	0.0001	− 0.0003	− 0.0004	− 0.0006*	− 0.0006	− 0.0001	− 0.0003	0.0003	0.00006
	(− 1.31)	(0.25)	(− 0.62)	(− 1.6)	(− 1.67)	(− 1.62)	(− 0.99)	(− 1.32)	(0.63)	(0.14)
_cons	3.18	3.87	6.172917	16.54***	11.91	9.51	15.49**	5.64	21.64	22.84
	(− 0.65)	(0.34)	(0.54)	(2.68)	(1.51)	(1.24)	(2.46)	(1.23)	(1.29)	(1.36)
F statistics	11.68***	4.63***	4.74***		10.69***	11.04***		11.53***	4.77***	4.83***
Wald chi2				205.47***			199.94***
R-Sq	0.4998	0.5192	0.5251	0.5412	0.5499	0.5578	0.5334	0.4965	0.4923	0.4953
Hausman test
Prob > chi2	0	0	0	0.1926	0.0155	0	0.8961	0.0401	0	0
# Obs	188	87	87	179	179	179	186	188	90	90

Variables	11	12	13	14	15	16	17	18	19	20	21
	RE	FE	RE	FE	FE	FE	RE	FE	FE	RE	RE
NOWOMBRD
PERWOMBRD	0.005	0.01	0.007	0.01
	(0.16)	(0.37)	(0.23)	(0.5)
PERFEMEXE					− 0.01	− 0.01	− 0.01	− 0.02
					(− 0.98)	(− 0.52)	(− 0.52)	(− 1.47)
SIZEBRD
INDEPDIR	0.03		0.01		0.28**	0.52***		0.26*		0.02	0.09
	(0.13)		(0.05)		(2.03)	(2.63)		(1.94)		(0.09)	(0.4)
AGEYNGDIR	− 0.09	− 0.10	− 0.08	− 0.04	− 0.03	0.06	− 0.05	− 0.03	− 0.10	− 0.09	− 0.08
	(− 1.37)	(− 1.28)	(− 1.35)	(− 1.15)	(− 0.86)	(1.04)	(-1)	(− 0.93)	(− 1.3)	(− 1.38)	(− 1.24)
AGEOLDDIR	− 0.06	− 0.03	− 0.07	− 0.02				− 0.01	− 0.03	− 0.07	− 0.05
	(− 0.87)	(− 0.36)	(− 0.97)	(− 0.42)				(− 0.3)	(− 0.38)	(-1)	(− 0.78)
BRDDUR	− 1.02**	− 0.61	− 1.08**	− 0.33	0.07	0.09	− 0.23	− 0.24	− 0.64	− 1.11**	− 0.83*
	(− 2.2)	(− 1.18)	(− 2.35)	(− 1.21)	(0.25)	(0.21)	(− 0.51)	(− 0.92)	(− 1.26)	(− 2.43)	(− 1.76)
BRDMEET	0.06	0.09	0.05	− 0.02	0.02	− 0.0004	− 0.16*	− 0.01	0.09	0.05	0.07
	(0.62)	(0.78)	(0.53)	(− 0.42)	(0.38)	(0)	(− 1.81)	(− 0.28)	(0.8)	(0.53)	(0.73)
EXECOMP	0.01*	0.01*	0.01**	0.009**	0.001			0.007*	0.01*	0.01**	0.01**
	(1.91)	(1.72)	(2.17)	(2.11)	(0.32)			(1.77)	(1.72)	(2.17)	(2.06)
BRDCOMP	− 0.09	− 0.06	− 0.12	0.008		− 0.19	− 0.08	− 0.16	− 0.05	− 0.12	− 0.13
	(− 0.47)	(− 0.29)	(− 0.63)	(0.06)		(− 1.07)	(− 0.47)	(− 1.25)	(− 0.26)	(− 0.63)	(− 0.68)
CFFO	0.00005							− 0.00004
	(1)							(− 1.2)
CFFF		− 0.00003	− 0.00001				− 0.00004		− 0.00003	− 0.00001
		(− 0.91)	(− 0.19)				(− 1.36)		(− 0.88)	(− 0.19)
FCF				− 0.00001
				(− 0.42)
TDE					− 0.003*
					(− 1.66)
TDC						− 0.04***	− 0.03***
						(− 3.71)	(− 2.97)
TDTA	− 0.12***	− 0.13***	− 0.12***	− 0.10***				− 0.09***	− 0.13***	− 0.12***	− 0.13***
	(− 4.9)	(− 4.21)	(− 4.97)	(− 6.87)				(− 7.2)	(− 4.21)	(-5)	(− 4.93)
CR					0.26
					(1.54)
CURR						0.49***	0.43**
						(2.63)	(2.45)
QR	− 0.25	0.15	− 0.36	0.30**				0.20	0.12	− 0.37	− 0.31
	(− 0.61)	(0.25)	(− 0.89)	(1.97)				(1.4)	(0.2)	(− 0.92)	(− 0.77)
DPS					− 0.02
					(− 0.19)
DY						− 0.02	0.04
						(− 0.38)	(0.58)
DPR	0.001***	0.001***	0.001***	0.001***				0.001***	0.001***	0.001***	0.001***
	(3.23)	(2.98)	(3.05)	(3.25)				(3.39)	(3)	(3.05)	(3.25)
EMP		0.00002		− 0.00001			0.00001*		0.00
		(0.93)		(− 1.15)			(1.77)		(0.92)
TA					− 0.00003***	− 0.00004***	− 0.00002***
					(− 4.89)	(− 4.29)	(− 2.81)
OM	0.40***	0.40***	0.40***	0.49***	0.54***	0.47***	0.38***	0.51***	0.41***	0.40***	0.41***
	(9.48)	(7.37)	(9.79)	(20.35)	(21.53)	(13.03)	(11.67)	(22.52)	(7.46)	(10.05)	(9.46)
ETR	− 0.12***	− 0.13***	− 0.12***	− 0.11***	− 0.004	− 0.008***	− 0.008***	− 0.12***	− 0.12***	− 0.12***	− 0.12***
	(− 6.9)	(− 6.93)	(− 6.73)	(-10.19)	(− 1.32)	(− 3.01)	(− 3.12)	(-10.99)	(− 6.95)	(− 6.7)	(− 7.1)
R&D	− 0.0003	− 0.0006	− 0.0001						− 0.0006	− 0.0001	− 0.0001
	(− 1.27)	(− 1.64)	(− 0.62)						(− 1.6)	(− 0.57)	(− 1.01)
_cons	16.88***	13.68*	17.71***	7.56*	− 1.65	− 4.96	7.58**	5.05	14.09*	17.96***	15.47**
	(2.78)	(1.85)	(2.95)	(1.95)	(− 0.64)	(− 1.27)	(2.21)	(1.34)	(1.94)	(3.01)	(2.48)
F statistics		11.4***		46.29***	52.76***	27.39***		55.8***	12.27***
Wald chi2	203.94***		204.01***				257.27***			205.79***	201.12***
R-Sq	0.5267	0.548	0.526	0.6201	0.5955	0.5499	0.4976	0.6466	0.5475	0.5255	0.5334
Hausman test
Prob > chi2	0.9983	0	0.9784	0	0	0.0033	0.1035	0	0	0.5711	0.9064
# Obs	186	179	186	479	510	328	310	509	179	186	186

Source: Authors’ computations. Notes: *, **, and *** represent significance at 10%, 5%, and 1%, respectively. FE indicates fixed-effects within the regression, RE indicates random-effects Generalized Least Squares (GLS) regression. The number between the brackets is the t-statistic for FE and z-statistic for RE. For the definition of variables, please see Table 2

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