Research Article
The Complexity of Interaction between Executive Board Gender Diversity and Financial Performance: A Panel Analysis Approach Based on Random Effects
| Correlation t-statistic | Probability | Comp_index | ROE | ROA | EPS | SOL | Proportion of female MN | Blau index | Disclosure index | GOV R | Big4 R | Board size |
| FPindex | 1.000000 | | | | | | | | | | | — | | | | | | | | | | | — | | | | | | | | | | |
| ROE | 0.287154 | 1.000000 | | | | | | | | | | 6.776593 | — | | | | | | | | | | 0.0000 | — | | | | | | | | | |
| ROA | 0.600458 | 0.270508 | 1.000000 | | | | | | | | | 16.97421 | 6.351722 | — | | | | | | | | | 0.0000 | 0.0000 | — | | | | | | | | |
| EPS | 0.216443 | 0.118805 | 0.653260 | 1.000000 | | | | | | | | 5.011571 | 2.704789 | 19.50403 | — | | | | | | | | 0.0000 | 0.0071 | 0.0000 | — | | | | | | | |
| SOL | 0.308530 | 0.040945 | 0.057245 | 0.018326 | 1.000000 | | | | | | | 7.332129 | 0.926361 | 1.296166 | 0.414345 | — | | | | | | | 0.0000 | 0.3547 | 0.1955 | 0.6788 | — | | | | | | |
| Proportion of female MN | 0.213855 | 0.077191 | 0.107147 | 0.035638 | 0.197575 | 1.000000 | | | | | | 4.948754 | 1.750137 | 2.436111 | 0.806119 | 4.556052 | — | | | | | | 0.0000 | 0.0807 | 0.0152 | 0.4205 | 0.0000 | — | | | | | |
| Blau index | 0.163245 | 0.061417 | 0.069311 | 0.076494 | 0.126394 | 0.647608 | 1.000000 | | | | | 3.740367 | 1.390972 | 1.570581 | 1.734251 | 2.880281 | 19.21244 | — | | | | | 0.0002 | 0.1648 | 0.1169 | 0.0835 | 0.0041 | 0.0000 | — | | | | |
| Disclosure index | 0.035131 | 0.077769 | 0.105707 | 0.028737 | 0.043209 | −0.042997 | 0.000447 | 1.000000 | | | | 0.794630 | 1.763332 | 2.403009 | 0.649874 | 0.977671 | −0.972860 | 0.010108 | — | | | | 0.4272 | 0.0784 | 0.0166 | 0.5161 | 0.3287 | 0.3311 | 0.9919 | — | | | |
| GOV R | −0.070881 | −0.156265 | −0.052695 | −0.027142 | −0.084453 | 0.089285 | 0.099236 | 0.062255 | 1.000000 | | | −1.606317 | −3.576365 | −1.192835 | −0.613784 | −1.915930 | 2.026415 | 2.254393 | 1.410024 | — | | | 0.1088 | 0.0004 | 0.2335 | 0.5396 | 0.0559 | 0.0432 | 0.0246 | 0.1591 | — | | |
| Big4 R | 0.077571 | 0.075761 | 0.153421 | 0.166042 | −0.006305 | 0.100101 | 0.121524 | 0.087271 | 0.098604 | 1.000000 | | 1.758817 | 1.717547 | 3.509691 | 3.806272 | −0.142521 | 2.274246 | 2.767598 | 1.980347 | 2.239895 | — | | 0.0792 | 0.0865 | 0.0005 | 0.0002 | 0.8867 | 0.0234 | 0.0059 | 0.0482 | 0.0255 | — | |
| Board size | 0.319363 | 0.091396 | 0.193720 | 0.323505 | 0.016792 | 0.021985 | 0.186040 | −0.018676 | −0.050448 | 0.087332 | 1.000000 | 7.618261 | 2.074723 | 4.463668 | 7.728522 | 0.379634 | 0.497093 | 4.280225 | −0.422247 | −1.141843 | 1.981742 | — | 0.0000 | 0.0385 | 0.0000 | 0.0000 | 0.7044 | 0.6193 | 0.0000 | 0.6730 | 0.2541 | 0.0480 | — |
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Note. The table shows the correlations, the value of the t-test, and its probability.
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