Table 5 BGD, critical mass, and women’s...

Table 5

BGD, critical mass, and women’s presence in TMT

	DV = WOMMCDUM			DV = WOMMC
	(1)	(2)	(3)	(4)	(5)	(6)
1WOMAN	−0.189			−0.019^*
1WOMAN	(−0.57)			(−1.77)
2WOMEN		−0.438			−0.023^**
2WOMEN		(−1.46)			(−2.13)
≥3WOMEN			1.380^***			0.060^***
≥3WOMEN			(4.03)			(4.31)
LNBSIZE	−0.238	−0.055	−0.705	−0.011	0.004	−0.025
LNBSIZE	(−0.54)	(−0.14)	(−1.61)	(−0.62)	(0.23)	(−1.42)
BINDP	1.817	2.147	1.527	−0.083	−0.061	−0.094
BINDP	(1.16)	(1.34)	(0.86)	(−1.36)	(−1.00)	(−1.47)
FSIZE	−0.295	−0.323	−0.271	−0.007	−0.006	−0.003
FSIZE	(−0.86)	(−0.95)	(−0.77)	(−0.76)	(−0.71)	(−0.29)
ROA	−0.125	−0.348	0.616	0.016	0.001	0.035
ROA	(−0.08)	(−0.23)	(0.38)	(0.27)	(0.02)	(0.66)
LEV	0.073^*	0.063^*	0.085^**	0.007^***	0.006^***	0.007^***
LEV	(1.93)	(1.68)	(2.18)	(3.09)	(2.75)	(3.28)
LFAGE	−0.757^***	−0.756^***	−0.921^***	−0.029^**	−0.028^**	−0.034^***
LFAGE	(−2.61)	(−2.76)	(−3.31)	(−2.39)	(−2.43)	(−2.97)
Intercept	4.013	4.001	4.736	0.239^**	0.198^**	0.224^**
Intercept	(1.11)	(1.11)	(1.26)	(2.34)	(1.99)	(2.21)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes	Yes
Observations	341	341	341	390	390	390
Adjusted/Pseudo R²	0.105	0.109	0.147	0.147	0.150	0.199

	DV = WOMMCDUM			DV = WOMMC
	(1)	(2)	(3)	(4)	(5)	(6)
1WOMAN	−0.189			−0.019^*
1WOMAN	(−0.57)			(−1.77)
2WOMEN		−0.438			−0.023^**
2WOMEN		(−1.46)			(−2.13)
≥3WOMEN			1.380^***			0.060^***
≥3WOMEN			(4.03)			(4.31)
LNBSIZE	−0.238	−0.055	−0.705	−0.011	0.004	−0.025
LNBSIZE	(−0.54)	(−0.14)	(−1.61)	(−0.62)	(0.23)	(−1.42)
BINDP	1.817	2.147	1.527	−0.083	−0.061	−0.094
BINDP	(1.16)	(1.34)	(0.86)	(−1.36)	(−1.00)	(−1.47)
FSIZE	−0.295	−0.323	−0.271	−0.007	−0.006	−0.003
FSIZE	(−0.86)	(−0.95)	(−0.77)	(−0.76)	(−0.71)	(−0.29)
ROA	−0.125	−0.348	0.616	0.016	0.001	0.035
ROA	(−0.08)	(−0.23)	(0.38)	(0.27)	(0.02)	(0.66)
LEV	0.073^*	0.063^*	0.085^**	0.007^***	0.006^***	0.007^***
LEV	(1.93)	(1.68)	(2.18)	(3.09)	(2.75)	(3.28)
LFAGE	−0.757^***	−0.756^***	−0.921^***	−0.029^**	−0.028^**	−0.034^***
LFAGE	(−2.61)	(−2.76)	(−3.31)	(−2.39)	(−2.43)	(−2.97)
Intercept	4.013	4.001	4.736	0.239^**	0.198^**	0.224^**
Intercept	(1.11)	(1.11)	(1.26)	(2.34)	(1.99)	(2.21)
Year FE	Yes	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes	Yes
Observations	341	341	341	390	390	390
Adjusted/Pseudo R²	0.105	0.109	0.147	0.147	0.150	0.199

Note(s): This table reports the regression results of the association between BGENDIV and women’s presence in the TMT highlighting the role of critical mass. The t-statistics reported in parentheses are based on robust standard errors. Superscripts ***, **, and * denote significance at the 1%, 5%, and 10% levels, respectively. The definitions of variables are given in Appendix

Source(s): Authors’ own work

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