Research Article
The Complexity of Interaction between Executive Board Gender Diversity and Financial Performance: A Panel Analysis Approach Based on Random Effects
Table 7
Impact of executive board gender diversity on financial performance using panel data analysis (random-effects model).
| | Models | M1 | M2 | M3 | M4 | M5 | M6 | M7 | M8 | M9 | M10 | | Robustness tests: alternative measures of management board gender diversity and alternative measures for firm performance | | Indep. Variables | Comp index | FPindex | ROE | ROA | EPS | SOL | ROE | ROA | EPS | SOL |
| | Proportion of female MN | 9.58 | | 0.179 | 0.033 | 1.09 | 11.81 | | | | | | Blau index | | 6.27 | | | | | 0.153 | 0.04 | 1.103 | 7.62 | | Board size | 0.98 | 0.95 | 0.0073 | 0.003 | 0.86 | 0.125 | 0.007 | 0.003 | 0.86 | 0.09 | | Big4 R | 2.41 | 2.56 | 0.087 | 0.02 | 1.83 | −0.51 | 0.09 | 0.02 | 1.83 | −0.466 | | GOV R | −2.44 | −2.72 | −0.261 | −0.155 | −0.54 | −1.04 | −0.26 | −0.015 | −0.53 | −1.07 | | Industry dummy | −12.45 | | −0.097 | −0.0003 | 0.141 | −6.18 | | | | −5.84 | | Constant | 51.18 | 43.86 | −0.016 | −0.004 | −4.82 | 6.94 | −0.07 | −0.003 | −4.65 | 8.16 | | Observations | 513 | 513 | 513 | 513 | 513 | 513 | 513 | 513 | 513 | 513 | | F-test | 3.56 | 3.12 | 2.58 | 2.33 | 7.03 | 5.32 | 2.85 | 2.77 | 8.91 | 2.52 | | S.E. of reg. | 19.94 | 19.86 | 0.69 | 0.097 | 12.50 | 11.70 | 0.69 | 0.096 | 12.50 | 11.86 | | R2 | 0.33 | 0.32 | 0.24 | 0.22 | 0.36 | 0.49 | 0.03 | 0.02 | 6.55 | 0.24 | | Jarque–Bera test | 17.92 (0.00) | 29.79 (0.00) | 62.22 (0.00) | 13.56 (0.00) | 36.27 (0.00) | 39.68 (0.00) | 6.24 (0.00) | 13.24 (0.00) | 36.35 (0.00) | 45.39 (0.00) | | Random-effects Lagrange multiplier test | 322.98 (0.000) | 422.37 (0.00) | 38.80 (0.00) | 81.55 (0.00) | 10.65 (0.00) | 101.43 (0.00) | 42.56 (0.00) | 89.30 (0.00) | 10.87 (0.00) | 102.71 (0.00) | | Hausman test prob. | 0.156 | 0.1043 | 0.6686 | 0.78 | 0.4732 | 0.3048 | 0.7173 | 0.5467 | 0.4508 | 0.2334 |
| | Residual cross-sectional dependence test | | Breusch–Pagan LM test | 2960.32 (0.00) | 2877.62 (0.00) | 2891.22 (0.00) | 2558.86 (0.00) | 2871.20 (0.00) | 3382.34 (0.00) | 2931.91 (0.00) | 2575.12 (0.00) | 2911.89 (0.00) | 3222.52 (0.00) | | Pesaran scaled LM test | 24.14 (0.00) | 22.68 (0.00) | 22.92 (0.00) | 17.02 (0.00) | 22.57 (0.00) | 31.61 (0.00) | 23.64 (0.00) | 17.33 (0.00) | 23.29 (0.00) | 27.78 (0.00) | | Pesaran CD test | −0.47 (0.66) | −0.44 (065) | −0.76 (0.44) | 0.61 (0.53) | −0.48 (0.62) | 0.39 (0.69) | −0.82 (0.41) | 0.75 (0.45) | −0.49 (0.61) | 0.16 (0.86) | | Panel cross-sectional heteroscedasticity LR test | 135.84 (0.00) | 149.41 (0.00) | 2403.84 (0.00) | 1006.06 (0.00) | 4696.61 (0.00) | 2140.25 (0.00) | 2409.62 (0.00) | 991.77 (0.00) | 4660) (0.00) | 2139.92 (0.00) |
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Note., , and mean statistically significant at 1%, 5%, and 10%; () represents the probability. |
