Female directors in the boardroom and intellectual capital performance: Does the “critical mass” matter?

Financial Innovation

Table 10 Robustness check with alternative method—two-step system GMM estimation

Variables	(1)	(2)	(3)	(4)	(5)
Variables	MVAIC _i,t	CEE_i,t	HCE_i,t	SCE_i,t	RCE_i,t
MVAIC_i,t-1	0.182***
	(0.001)
CEE_i,t-1		0.511***
		(0.000)
HCE_i,t-1			0.078**
			(0.010)
SCE_i,t-1				0.218***
				(0.000)
RCE_i,t-1					0.430***
					(0.001)
FEM1	0.032*	0.026	0.026	0.003	0.039
	(0.069)	(0.354)	(0.128)	(0.370)	(0.378)
FEM2	0.035**	0.032*	0.041**	0.068*	0.064
	(0.007)	(0.067)	(0.015)	(0.026)	(0.444)
FEM3	0.096**	0.076***	0.052*	0.087**	0.071***
	(0.004)	(0.000)	(0.067)	(0.005)	(0.000)
Control variables	Yes	Yes	Yes	Yes	Yes
Industry dummy	Yes	Yes	Yes	Yes	Yes
Observations	6,145	6,143	6,144	6,153	6,137
AR1 (p-value)	0.001	0.004	0.019	0.005	0.000
AR2 (p-value)	0.441	0.815	0.373	0.410	0.642
Hansen (p-value)	0.245	0.671	0.563	0.739	0.312
Difference-in-Hansen test (p-values)	0.358	0.426	0.539	0.222	0.409
Number of instruments	120	120	120	120	120

The p-values are given in parentheses. ***, **, and * denotes significance at 1%, 5%, and 10%, respectively. Variable definitions are provided in Table 1