The Complexity of Interaction between Executive Board Gender Diversity and Financial Performance: A Panel Analysis Approach Based on Random Effects

Table 1

Summary of variables.

Variables description	Abbreviation of variables	Measurement
Return on equity	ROE	Net profit/equity
Return on assets	ROA	Net profit/total assets
Earnings per share	EPS	Net profit/average number of ordinary shares outstanding for the reported year
Solvability	SOL	Total assets/total liabilities
Financial performance index	FP_index	Composite indicator built by applying MPCA based on panel data
Disclosure index	D_index	, where xi = scores given according to the disclosure degree of the information on managers’ characteristics and n = number of characteristics
Blau index	BI	, where Pi is the percentage of women and men on the board and n is 2 describing the number of categories (women and men)
Women on board	RWD	The proportion of women on the executive board of directors
Board size	BS	Number of top executive managers on the management board
Corporate governance report	GOV_R	Publication of the governance report within the annual report of the analyzed companies
Audit report	Big4_R	Publication of the audit report prepared by Big4 within the annual report of the selected companies
Industry	Ind dummy	Industry dummy variables for each of the eight industries, having an industry as a benchmark to avoid dummy variable trap and year dummy variables for each year from 2011 to 2019.