Table 5 Regression results for female director’s critical mass perspective

FEM1

0.011**

0.008

0.012

0.004

0.017

(2.415)

(0.506)

(0.478)

(0.501)

(1.168)

FEM2

0.045*

0.017**

0.031*

0.013**

0.024***

(1.726)

(2.375)

(2.040)

(2.255)

(3.231)

FEM3

0.078***

0.089***

0.040**

0.024***

0.062***

(4.314)

(3.718)

(2.318)

(3.326)

(5.141)

BS

0.023***

0.021***

0.003**

0.003*

0.010*

(3.104)

(3.227)

(2.309)

(1.792)

(1.659)

BI

− 0.313

− 0.069

− 0.284

− 0.097

0.143

(− 1.325)

(− 0.414)

(− 1.053)

(− 1.062)

(0.906)

FS

0.165***

− 0.137

0.334***

− 0.011

0.337***

(7.772)

(− 0.467)

(3.874)

(− 1.460)

(4.081)

CEOD

0.053**

0.019

0.079***

0.013

0.059***

(2.262)

(1.187)

(2.993)

(1.445)

(3.800)

FA

− 0.043***

0.006

− 0.080***

0.006**

0.066***

(− 6.401)

(1.309)

(− 10.547)

(2.425)

(4.913)

ROA

0.147***

0.624***

0.209***

0.208***

0.760***

(5.402)

(3.760)

(5.238)

(3.618)

(3.962)

LEV

− 0.406***

0.042***

− 0.709***

0.021

0.665***

(− 5.433)

(4.317)

(− 8.350)

(0.752)

(3.441)

N

7,920

8,018

7,928

8,276

8,011

R²

27%

38.6%

27.7%

29.1%

47.3%

Year dummy

Yes

Yes

Yes

Yes

Yes

Industry dummy

Yes

Yes

Yes

Yes

Yes