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Financial Innovation

Table 6 Regression results with a lag of dependent variables

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

 

(1)

(2)

(3)

(4)

(5)

Variables

MVAIC i,t

CEE i,t

HCE i,t

SCE i,t

RCEi,t

MVAICi,t-1

0.366***

    
 

(3.573)

    

CEEi,t-1

 

0.075***

   
  

(7.789)

   

HCEi,t-1

  

0.316***

  
   

(7.144)

  

SCEi,t-1

   

0.114***

 
    

(8.586)

 

RCEi,t-1

    

0.646***

     

(4.815)

FEM1

0.021

0.003

0.005

− 0.001

− 0.014

 

(0.978)

(0.178)

(0.198)

(− 0.113)

(− 1.037)

FEM2

0.043*

0.012**

0.028

0.006

0.009

 

(1.698)

(2.553)

(0.932)

(0.484)

(0.595)

FEM3

0.055***

0.058***

0.039***

0.025**

0.015*

 

(3.710)

(5.773)

(4.549)

(2.505)

(1.754)

N

6,450

6,556

6,459

6,970

6,549

R2

28%

32.1%

35.7%

23.3%

26.1%

Control variables

Yes

Yes

Yes

Yes

Yes

Year dummy

Yes

Yes

Yes

Yes

Yes

Industry dummy

Yes

Yes

Yes

Yes

Yes

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