Table 7 Alternative measures of board...

Table 7

Alternative measures of board gender diversity

	Dep. Var. = CEOCOMP
	(1)	(2)	(3)	(4)	(5)	(6)
BLAUIDX	0.261^***	0.632^***	0.688^***
BLAUIDX	(4.76)	(6.07)	(5.63)
BLAUIDX × INSTOWN		−2.138^***	−2.262^***
BLAUIDX × INSTOWN		(−5.16)	(−4.82)
BLAUIDX × FRGNOWN			−1.133^*
BLAUIDX × FRGNOWN			(−1.91)
SHANIDX				0.187^***	0.428^***	0.459^***
SHANIDX				(4.99)	(6.02)	(5.55)
SHANIDX × INSTOWN					−1.448^***	−1.506^***
SHANIDX × INSTOWN					(−4.87)	(−4.56)
BLAUIDX × FRGNOWN						−0.725^*
BLAUIDX × FRGNOWN						(−1.73)
INSTOWN		0.842^***	0.854^***		0.876^***	0.885^***
INSTOWN		(6.38)	(6.39)		(6.17)	(6.16)
FRGNOWN			0.372^*			0.379^*
FRGNOWN			(1.87)			(1.86)
Intercept	6.752^***	6.291^***	6.350^***	6.732^***	6.260^***	6.336^***
Intercept	(21.98)	(23.81)	(19.77)	(22.21)	(23.96)	(19.91)
Control variables	Yes	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Industry fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Observations	410	410	410	410	410	410
Adjusted R²	0.496	0.545	0.545	0.498	0.545	0.545

	Dep. Var. = CEOCOMP
	(1)	(2)	(3)	(4)	(5)	(6)
BLAUIDX	0.261^***	0.632^***	0.688^***
BLAUIDX	(4.76)	(6.07)	(5.63)
BLAUIDX × INSTOWN		−2.138^***	−2.262^***
BLAUIDX × INSTOWN		(−5.16)	(−4.82)
BLAUIDX × FRGNOWN			−1.133^*
BLAUIDX × FRGNOWN			(−1.91)
SHANIDX				0.187^***	0.428^***	0.459^***
SHANIDX				(4.99)	(6.02)	(5.55)
SHANIDX × INSTOWN					−1.448^***	−1.506^***
SHANIDX × INSTOWN					(−4.87)	(−4.56)
BLAUIDX × FRGNOWN						−0.725^*
BLAUIDX × FRGNOWN						(−1.73)
INSTOWN		0.842^***	0.854^***		0.876^***	0.885^***
INSTOWN		(6.38)	(6.39)		(6.17)	(6.16)
FRGNOWN			0.372^*			0.379^*
FRGNOWN			(1.87)			(1.86)
Intercept	6.752^***	6.291^***	6.350^***	6.732^***	6.260^***	6.336^***
Intercept	(21.98)	(23.81)	(19.77)	(22.21)	(23.96)	(19.91)
Control variables	Yes	Yes	Yes	Yes	Yes	Yes
Year fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Industry fixed effects	Yes	Yes	Yes	Yes	Yes	Yes
Observations	410	410	410	410	410	410
Adjusted R²	0.496	0.545	0.545	0.498	0.545	0.545

Note(s): The table presents the regression results using alternative measures of board gender diversity. Columns 1–3 show the results where board gender diversity is measured using the Blau Index (BLAUIDX), whereas columns 4–6 report the results using the Shannon Index (SHANIDX). Numbers in parentheses are t-statistics. Superscripts ^***, ^**, and ^* denote significance at the 1%, 5%, and 10% levels, respectively

Source(s): Authors’ own work

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