Table 7 Endogeneity test using...

Table 7

Endogeneity test using Instrumental Variable approach (2SLS)

	DV= BGENDIV	DV = WOMMCDUM		DV = WOMMC
	(1)	(2)	(3)	(4)	(5)
LAGBGENDIV	0.893^***
LAGBGENDIV	(27.16)
BGENDIV_IND	0.612^***
BGENDIV_IND	(3.25)
BGENDIV_PRED		0.832^***		0.176^***
BGENDIV_PRED		(3.22)		(2.87)
≥3WOMEN_PRED			0.329^***		0.069^***
≥3WOMEN_PRED			(3.34)		(3.00)
LNBSIZE	−0.015	0.009	−0.165^*	0.004	−0.033
LNBSIZE	(−1.31)	(0.11)	(−1.75)	(0.21)	(−1.63)
BINDP	0.019	0.268	0.328	−0.105	−0.092
BINDP	(0.28)	(0.74)	(0.89)	(−1.49)	(−1.31)
FSIZE	0.001	−0.010	−0.005	0.004	0.005
FSIZE	(0.09)	(−0.20)	(−0.10)	(0.42)	(0.53)
ROA	−0.010	−0.099	0.010	−0.023	−0.000
ROA	(−0.24)	(−0.29)	(0.03)	(−0.43)	(−0.00)
LEV	0.000	0.017^*	0.016^*	0.007^**	0.006^**
LEV	(0.20)	(1.76)	(1.71)	(2.50)	(2.57)
LFAGE	−0.003	−0.186^***	−0.210^***	−0.029^**	−0.034^**
LFAGE	(−0.44)	(−3.25)	(−3.70)	(−2.19)	(−2.56)
Intercept	−0.052	0.519	0.973	−0.020	0.075
Intercept	(−0.55)	(0.81)	(1.53)	(−0.16)	(0.61)
Year FE	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes
Observations	295	296	296	296	296
Adjusted/Pseudo R²	0.836	0.213	0.246	0.146	0.196
Underidentification test
Kleibergen−Paap rk LM statistic		109.85	77.73	109.85	77.73
p-value		0.000	0.000	0.000	0.000
Weak identification test
Cragg-Donald F statistic		450.22	86.42	450.22	86.42

	DV= BGENDIV	DV = WOMMCDUM		DV = WOMMC
	(1)	(2)	(3)	(4)	(5)
LAGBGENDIV	0.893^***
LAGBGENDIV	(27.16)
BGENDIV_IND	0.612^***
BGENDIV_IND	(3.25)
BGENDIV_PRED		0.832^***		0.176^***
BGENDIV_PRED		(3.22)		(2.87)
≥3WOMEN_PRED			0.329^***		0.069^***
≥3WOMEN_PRED			(3.34)		(3.00)
LNBSIZE	−0.015	0.009	−0.165^*	0.004	−0.033
LNBSIZE	(−1.31)	(0.11)	(−1.75)	(0.21)	(−1.63)
BINDP	0.019	0.268	0.328	−0.105	−0.092
BINDP	(0.28)	(0.74)	(0.89)	(−1.49)	(−1.31)
FSIZE	0.001	−0.010	−0.005	0.004	0.005
FSIZE	(0.09)	(−0.20)	(−0.10)	(0.42)	(0.53)
ROA	−0.010	−0.099	0.010	−0.023	−0.000
ROA	(−0.24)	(−0.29)	(0.03)	(−0.43)	(−0.00)
LEV	0.000	0.017^*	0.016^*	0.007^**	0.006^**
LEV	(0.20)	(1.76)	(1.71)	(2.50)	(2.57)
LFAGE	−0.003	−0.186^***	−0.210^***	−0.029^**	−0.034^**
LFAGE	(−0.44)	(−3.25)	(−3.70)	(−2.19)	(−2.56)
Intercept	−0.052	0.519	0.973	−0.020	0.075
Intercept	(−0.55)	(0.81)	(1.53)	(−0.16)	(0.61)
Year FE	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes
Observations	295	296	296	296	296
Adjusted/Pseudo R²	0.836	0.213	0.246	0.146	0.196
Underidentification test
Kleibergen−Paap rk LM statistic		109.85	77.73	109.85	77.73
p-value		0.000	0.000	0.000	0.000
Weak identification test
Cragg-Donald F statistic		450.22	86.42	450.22	86.42

Note(s): This table presents the results of 2SLS regressions. Column 1 shows the first-stage regression results. Columns 2–5 show the second-stage results where the independent variable is predicted based on first-stage regression. The t-statistics reported in parentheses are based on robust standard errors. Superscripts ***, **, and * denote significance at the 1%, 5%, and 10% levels, respectively. All variables are defined in Appendix

Source(s): Authors’ own work

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