Research Article
The Complexity of Interaction between Executive Board Gender Diversity and Financial Performance: A Panel Analysis Approach Based on Random Effects
Table 8
Impact of executive board gender diversity on financial performance when the proportion of women on board exceeds a threshold (over 50%).
| | Models | M1 | M2 | M3 | M4 | M5 |
| | Indep. variables | Comp index | ROE | ROA | EPS | SOL | | Proportion of women managers ≥50% | 6.85 | 0.115 | 0.0054 | −0.639 | 6.60 | | Board size | 1.07 | 0.0096 | 0.003 | 0.83 | 0.304 | | Big4 R | 1.57 | −0.318 | −0.158 | −32.23 | 7.26 | | GOV R | −1.36 | −0.249 | −0.021 | 33.36 | 0.292 | | Audit R | 0.507 | 0.386 | 0.173 | −1.81 | −7.79 | | Constant | 43.41 | −0.211 | −0.142 | −4.82 | 9.98 | | Observations | 513 | 513 | 513 | 513 | 513 | | F-test | 3.80 | 2.69 | 6.78 | 20.90 | 3.32 | | S.E. of reg. | 19.92 | 0.69 | 0.095 | 12.01 | 11.74 | | R2 | 0.37 | 0.25 | 0.66 | 0.39 | 0.46 | | Jarque–Bera test | 26.54 (0.00) | 62.22 (0.00) | 77.85 (0.00) | 21.55 (0.00) | 40.04 (0.00) | | Random-effects Lagrange multiplier test | 403.16 (0.000) | 43.06 (0.00) | 73.90 (0.00) | 5.85 (0.00) | 129.41 (0.00) | | Hausman test prob. | 0.16 | 0.838 | 0.128 | 0.48 | 0.18 | | Breusch–Pagan LM test | 2985.655 (0.00) | 2883.391 (0.00) | 2638.482 (0.00) | 2862.560 (0.00) | 2868.142 (0.00) | | Pesaran scaled LM test | 24.59 (0.00) | 22.78657 (0.00) | 18.45 (0.00) | 22.41 (0.00) | 22.51 (0.00) | | Pesaran CD test | −0.57 (0.56) | 0.248 (0.80) | 0.36 (0.71) | 1.01 (0.62) | −0.49 (0.62) |
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Note., , and mean statistically significant at 1%, 5%, and 10%; () represents the probability. |
