Variable definitions and acronyms
| Label | Name of variable | Explanation |
|---|---|---|
| Dependent variable | ||
| WOMMCDUM | Women in Management Committee | A binary variable coded 1 if a senior management team/management committee consists of at least one female executive; and 0 otherwise |
| WOMMC | Women in Management Committee | The proportion of female executives to the total number of executives in the senior management team/management committee |
| Independent variable | ||
| BGENDIV | Board gender diversity | The proportion of female directors to the total number of directors on the corporate board |
| 1WOMAN | Board gender diversity | A binary variable is coded 1 if one member of the corporate board is female and 0 otherwise |
| 2WOMEN | Board gender diversity | A binary variable coded 1 if two members of the corporate board are female, and 0 otherwise |
| ≥3WOMEN | Board gender diversity | A binary variable coded 1 if three or more women are present in boardrooms, and 0 otherwise |
| Control variables | ||
| LNBSIZE | Board size | The natural log of the total members of the board |
| BINDP | Board independence | The fraction of independent directors to the number of directors on the board |
| FSIZE | Firm size | The natural log of total assets |
| ROA | Profitability | The ratio of net income to total assets |
| LEV | Leverage | The ratio of total debt to total equity |
| LFAGE | Firm age | The natural log of the number of years since inception |
| Variables used in robustness tests | ||
| WOMMC_BLAU | Women in Management Committee | 1-∑ni = 1 Pi2, Pi refers to the fraction of executive members in each category of a given attribute; n is the number of groups of a given trait |
| WOMMC_SHANNON | Women in Management Committee | -∑ni = 1 PiInPi, Pi refers to the fraction of executive members in each group of a given attribute, n is the number of groups of a given trait, In is the natural log of each category |
| BLAU | Board gender diversity | 1-∑ni = 1 Pi2, Pi refers to the fraction of board members in each category of a given attribute; n is the number of groups of a given trait |
| SHANNON | Board gender diversity | -∑ni = 1 PiInPi, Pi refers to the fraction of board members in each group of a given attribute, n is the number of groups of a given trait, In is the natural log of each category |
| Label | Name of variable | Explanation |
|---|---|---|
| Women in Management Committee | A binary variable coded 1 if a senior management team/management committee consists of at least one female executive; and 0 otherwise | |
| Women in Management Committee | The proportion of female executives to the total number of executives in the senior management team/management committee | |
| Board gender diversity | The proportion of female directors to the total number of directors on the corporate board | |
| Board gender diversity | A binary variable is coded 1 if one member of the corporate board is female and 0 otherwise | |
| Board gender diversity | A binary variable coded 1 if two members of the corporate board are female, and 0 otherwise | |
| Board gender diversity | A binary variable coded 1 if three or more women are present in boardrooms, and 0 otherwise | |
| | Board size | The natural log of the total members of the board |
| | Board independence | The fraction of independent directors to the number of directors on the board |
| | Firm size | The natural log of total assets |
| | Profitability | The ratio of net income to total assets |
| | Leverage | The ratio of total debt to total equity |
| | Firm age | The natural log of the number of years since inception |
| Women in Management Committee | 1-∑ni = 1 Pi2, Pi refers to the fraction of executive members in each category of a given attribute; n is the number of groups of a given trait | |
| Women in Management Committee | -∑ni = 1 Pi | |
| Board gender diversity | 1-∑ni = 1 Pi2, Pi refers to the fraction of board members in each category of a given attribute; n is the number of groups of a given trait | |
| Board gender diversity | -∑ni = 1 Pi | |
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