Skip to main content

Table 7 Regression result with ownership structure perspective (POEs sub-sample)

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

 

(1)

(2)

(3)

(4)

(5)

Variables

MVAIC i,t

CEEi,t

HCEi,t

SCEi,t

RCEi,t

FEM1

0.032

− 0.002

0.011

0.012

− 0.003

 

(1.306)

(− 0.098)

(0.414)

(1.430)

(− 0.617)

FEM2

0.048*

0.008*

0.032

0.013

0.008

 

(1.690)

(1.523)

(1.004)

(1.406)

(0.436)

FEM3

0.096***

0.103***

0.045**

0.036***

0.011**

 

(2.697)

(2.857)

(2.543)

(3.537)

(2.476)

BS

0.006

0.023***

0.001

0.003

− 0.014**

 

(0.570)

(3.168)

(0.081)

(0.757)

(− 2.026)

BI

− 0.490*

0.120

− 0.499*

− 0.045

− 0.097

 

(− 1.862)

(0.661)

(− 1.666)

(− 0.517)

(− 0.553)

FS

0.183***

− 0.139***

0.337***

− 0.012*

− 0.374***

 

(7.767)

(− 8.830)

(2.699)

(− 1.666)

(− 4.153)

CEOD

0.056**

0.017

0.090***

0.009

− 0.060***

 

(2.291)

(0.982)

(3.225)

(1.105)

(− 3.686)

FA

− 0.050***

0.009

− 0.085***

0.006*

0.077***

 

(− 5.827)

(1.497)

(− 8.712)

(1.910)

(13.429)

ROA

0.279***

0.384***

0.033***

0.131**

− 0.436***

 

(2.608)

(5.508)

(3.557)

(2.517)

(− 8.338)

LEV

− 0.387***

2.021***

− 0.723***

0.032

0.689***

 

(− 4.800)

(7.634)

(− 7.907)

(1.209)

(2.943)

N

6,647

6,729

6,653

6,907

6,725

R2

28.9%

39.9%

29%

22.2%

37.7%

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