Table 9 The outcomes of panel data fixed-effects and random-effects regression regarding the impact of board gender diversity on PER
Variables | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
RE | FE | FE | RE | RE | RE | RE | RE | FE | FE | |
NOWOMBRD | 9.07*** | 4.10*** | 4.23*** | 7.39*** | 6.31** | 7.55*** | 7.80** | |||
(3.04) | (2.98) | (3.08) | (2.78) | (2.22) | (2.82) | (2.53) | ||||
PERWOMBRD | 0.91*** | 0.28** | 0.29** | |||||||
(3.25) | (2.11) | (2.17) | ||||||||
PERFEMEXE | ||||||||||
SIZEBRD | − 1.08 | 0.20 | 0.22 | − 2.52 | − 2.40 | |||||
(− 0.54) | (0.21) | (0.23) | (− 1.26) | (− 1.21) | ||||||
INDEPDIR | 0.32 | − 0.72 | 1.05 | 1.19 | − 1.28 | |||||
(0.16) | (− 0.32) | (0.53) | (1.38) | (1.49) | ||||||
AGEYNGDIR | 0.62 | 0.12 | 0.10 | 0.19 | 0.22 | 0.17 | 0.13 | 0.63 | ||
(1.17) | (0.49) | (0.41) | (0.37) | (0.42) | (0.33) | (0.23) | (1.2) | |||
AGEOLDDIR | 1.20** | 1.04* | 1.16** | 1.33** | 0.01 | 0.01 | ||||
(2.04) | (1.79) | (1.98) | (2.12) | (0.04) | (0.04) | |||||
BRDDUR | 1.50 | − 2.62 | − 2.49 | 4.88 | 7.09* | 5.07 | 5.04 | 2.47 | − 2.16 | − 1.96 |
(0.37) | (− 0.89) | (− 0.86) | (1.28) | (1.86) | (1.33) | (1.23) | (0.61) | (− 0.71) | (− 0.65) | |
BRDMEET | − 3.10*** | − 0.62 | − 0.66 | − 2.92*** | − 2.86*** | − 2.90*** | − 3.15*** | − 3.20*** | − 0.42 | − 0.44 |
(− 3.53) | (− 1.02) | (− 1.08) | (− 3.64) | (− 3.55) | (− 3.61) | (− 3.5) | (− 3.66) | (− 0.74) | (− 0.79) | |
EXECOMP | 0.05 | 0.04 | 0.04 | 0.05 | 0.04 | 0.05 | ||||
(1.19) | (1.16) | (1.19) | (1.35) | (0.99) | (1.26) | |||||
BRDCOMP | 0.09 | 0.10 | 1.91 | 1.34 | 1.79 | 2.40 | 0.02 | 0.007 | ||
(0.18) | (0.19) | (1.29) | (0.92) | (1.23) | (1.49) | (0.04) | (0.01) | |||
CFFO | 0.0002 | 0.00008 | 0.0003 | 0.0002 | 0.0001 | |||||
(0.48) | (0.32) | (0.71) | (0.41) | (0.66) | ||||||
CFFF | − 0.00002 | − 0.0001 | − 0.0001 | − 0.00001 | ||||||
(− 0.34) | (− 0.61) | (− 0.66) | (− 0.16) | |||||||
FCF | ||||||||||
TDE | 0.01 | 0.01 | ||||||||
(0.25) | (0.34) | |||||||||
TDC | − 0.20*** | − 0.20*** | − 0.18** | − 0.18** | ||||||
(− 2.88) | (− 2.82) | (− 2.46) | (− 2.4) | |||||||
TDTA | 0.11 | 0.07 | 0.11 | − 0.10 | ||||||
(0.54) | (0.34) | (0.56) | (− 0.45) | |||||||
CR | − 2.85 | − 2.62 | ||||||||
(− 0.77) | (− 0.72) | |||||||||
CURR | − 1.50 | − 1.28 | − 0.81 | − 0.72 | ||||||
(− 0.74) | (− 0.6) | (− 0.42) | (− 0.35) | |||||||
QR | − 4.00 | − 4.99 | − 4.09 | − 3.99 | ||||||
(− 0.98) | (− 1.24) | (-1) | (− 1.16) | |||||||
DPS | − 3.43 | − 3.87 | ||||||||
(− 0.9) | (− 1.03) | |||||||||
DY | − 1.13 | − 1.10 | − 1.25* | − 1.27* | ||||||
(− 1.64) | (− 1.58) | (− 1.93) | (− 1.96) | |||||||
DPR | − 0.001 | − 0.001 | − 0.001 | − 0.0003 | ||||||
(− 0.29) | (− 0.41) | (− 0.43) | (− 0.08) | |||||||
EMP | 0.00006 | 0.00007 | 0.00004 | 0.00005 | 0.00006 | |||||
(0.96) | (1.09) | (0.35) | (0.44) | (0.54) | ||||||
TA | ||||||||||
OM | − 2.95*** | − 0.85*** | − 0.85*** | − 2.73*** | − 2.56*** | − 2.71*** | − 2.42*** | − 2.91*** | − 0.80*** | − 0.78*** |
(− 6.77) | (− 3.67) | (− 3.68) | (− 7.27) | (− 6.97) | (− 7.27) | (− 6.18) | (− 6.77) | (− 3.75) | (− 3.67) | |
ETR | 0.07 | 0.02 | 0.02 | 0.09 | 0.10 | 0.09 | 0.05 | 0.07 | 0.02 | 0.02 |
(0.96) | (0.61) | (0.55) | (0.76) | (0.8) | (0.72) | (0.4) | (0.99) | (0.57) | (0.58) | |
R&D | − 0.002 | 0.00007 | 0.00001 | − 0.003 | − 0.003 | − 0.003 | − 0.001 | − 0.002 | 0.0004 | 0.0007 |
(− 1.04) | (0.09) | (0.01) | (− 1.52) | (− 1.42) | (− 1.48) | (− 1.01) | (− 1.03) | (0.57) | (0.89) | |
_cons | 92.06** | 36.10* | 36.51* | 27.55 | 9.44 | 29.45 | − 1.66 | 70.94* | 35.25 | 35.22 |
(2.32) | (1.89) | (1.9) | (0.54) | (0.18) | (0.58) | (− 0.03) | (1.91) | (1.25) | (1.24) | |
F statistics | 4.02*** | 4.02*** | 4.15*** | 4.09*** | ||||||
Wald chi2 | 66.17*** | 81*** | 78.85*** | 80.87*** | 71.35*** | 69.41*** | ||||
R-Sq | 0.2903 | 0.4839 | 0.484 | 0.3375 | 0.3326 | 0.3386 | 0.2957 | 0.3009 | 0.4574 | 0.4539 |
Hausman test | ||||||||||
Prob > chi2 | 0.997 | 0 | 0 | 0.9773 | 0.9714 | 0.9347 | 0.933 | 0.9975 | 0 | 0 |
# Obs | 187 | 87 | 87 | 179 | 179 | 179 | 186 | 187 | 90 | 90 |
Variables | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 |
|---|---|---|---|---|---|---|---|---|---|
RE | RE | RE | FE | FE | FE | RE | RE | RE | |
NOWOMBRD | |||||||||
PERWOMBRD | 0.90*** | 0.84*** | 0.91*** | 0.27 | |||||
(3.31) | (3.44) | (3.31) | (0.74) | ||||||
PERFEMEXE | 0.37 | 0.29 | |||||||
(1.16) | (0.98) | ||||||||
SIZEBRD | |||||||||
INDEPDIR | − 0.02 | 0.10 | 2.97 | 3.47 | 1.88 | 1.86 | |||
(− 0.01) | (0.05) | (1.3) | (1.47) | (0.9) | (0.89) | ||||
AGEYNGDIR | 0.13 | 0.22 | 0.11 | 0.002 | 0.36 | 0.27 | 0.09 | 0.04 | 0.03 |
(0.23) | (0.43) | (0.21) | (0) | (0.55) | (0.42) | (0.18) | (0.07) | (0.06) | |
AGEOLDDIR | 1.44** | 1.20** | 1.42** | 1.66* | 1.08 | 1.14* | 1.35** | 1.40** | |
(2.31) | (2.08) | (2.27) | (1.9) | (1.3) | (1.92) | (2.11) | (2.19) | ||
BRDDUR | 4.84 | 6.68* | 4.95 | − 4.81 | − 5.14 | − 4.33 | 5.04 | 4.77 | 5.01 |
(1.2) | (1.96) | (1.22) | (-1) | (− 1.09) | (− 0.94) | (1.44) | (1.15) | (1.21) | |
BRDMEET | − 3.30*** | − 2.98*** | − 3.28*** | − 2.51** | − 1.96* | − 2.32** | − 2.84*** | − 3.15*** | − 3.15*** |
(− 3.72) | (− 3.76) | (− 3.7) | (− 2.35) | (− 1.89) | (− 2.29) | (− 3.44) | (− 3.44) | (− 3.44) | |
EXECOMP | 0.04 | 0.05 | 0.05 | 0.03 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 |
(1.06) | (1.37) | (1.21) | (0.46) | (0.74) | (0.58) | (1.22) | (0.97) | (0.93) | |
BRDCOMP | 2.65* | 1.53 | 2.52 | − 2.29 | − 1.57 | 2.04 | 2.65 | 2.62 | |
(1.64) | (1.11) | (1.59) | (− 0.94) | (− 0.68) | (1.42) | (1.62) | (1.6) | ||
CFFO | 0.0002 | − 0.0002 | |||||||
(0.6) | (− 0.47) | ||||||||
CFFF | − 0.0001 | − 0.0001 | − 0.0001 | − 0.0001 | |||||
(− 0.66) | (− 0.43) | (− 0.24) | (− 0.19) | ||||||
FCF | − 0.0003 | ||||||||
(− 0.4) | |||||||||
TDE | 0.01 | ||||||||
(0.56) | |||||||||
TDC | |||||||||
TDTA | − 0.09 | 0.08 | − 0.09 | 0.03 | 0.04 | 0.09 | − 0.12 | − 0.13 | |
(− 0.41) | (0.43) | (− 0.42) | (0.14) | (0.19) | (0.46) | (− 0.51) | (− 0.55) | ||
CR | 0.98 | ||||||||
(0.35) | |||||||||
CURR | |||||||||
QR | − 2.87 | − 3.81 | − 3.02 | 2.69 | 1.78 | − 5.82 | − 3.80 | − 3.90 | |
(− 0.83) | (− 0.96) | (− 0.88) | (0.98) | (0.7) | (− 1.42) | (− 1.07) | (− 1.11) | ||
DPS | − 0.02 | ||||||||
(− 0.01) | |||||||||
DY | |||||||||
DPR | − 0.0001 | − 0.0016 | − 0.0007 | − 0.004 | − 0.004 | − 0.001 | − 0.0004 | − 0.0002 | |
(− 0.04) | (− 0.38) | (− 0.15) | (− 0.48) | (− 0.56) | (− 0.26) | (− 0.09) | (− 0.06) | ||
EMP | 0.0001 | 0.0001 | 0.00002 | ||||||
(0.47) | (1.17) | (0.17) | |||||||
TA | − 0.0001 | ||||||||
(− 0.67) | |||||||||
OM | − 2.55*** | − 2.66*** | − 2.53*** | − 2.23*** | − 2.20*** | − 2.18*** | − 2.53*** | − 2.29*** | − 2.27*** |
(− 6.44) | (− 7.59) | (− 6.44) | (− 5.18) | (− 5.32) | (− 5.53) | (− 7.04) | (− 5.78) | (− 5.78) | |
ETR | 0.03 | 0.08 | 0.03 | 0.32 | − 0.04 | 0.25 | 0.11 | 0.06 | 0.07 |
(0.27) | (0.65) | (0.24) | (1.61) | (− 0.84) | (1.34) | (0.9) | (0.47) | (0.49) | |
R&D | − 0.002 | − 0.003 | − 0.002 | − 0.001 | − 0.0007 | − 0.0004 | |||
(− 1.17) | (− 1.58) | (− 1.1) | (− 0.66) | (− 0.37) | (− 0.33) | ||||
_cons | -15.54 | − 1.53 | -14.07 | -32.10 | 55.51 | -26.68 | 21.22 | -10.48 | -13.98 |
(− 0.29) | (− 0.03) | (− 0.26) | (− 0.47) | (1.32) | (− 0.41) | (0.43) | (− 0.19) | (− 0.25) | |
F statistics | 2.8*** | 3.09*** | 3.3*** | ||||||
Wald chi2 | 77.58*** | 86.64*** | 77.32*** | 70.12*** | 62.69*** | 63.04*** | |||
R-Sq | 0.3202 | 0.3542 | 0.3161 | 0.0673 | 0.0802 | 0.0981 | 0.2996 | 0.2662 | 0.2652 |
Hausman test Prob > chi2 | 0.9808 | 0.8539 | 0.9781 | 0.0316 | 0 | 0.001 | 0.5933 | 0.8861 | 0.785 |
# Obs | 186 | 179 | 186 | 478 | 506 | 507 | 179 | 186 | 186 |