GMM estimation of the effect of female governance on leverage
| Variable | Model 1 |
|---|---|
| Leveraget−1 | 0.9514 *** |
| Femaleboard | −0.0018 |
| Boardindep | −0.0103 |
| Duality | 0.0075 |
| Interestcoverage | 0.0451*** |
| Loss | −0.0415 |
| Tangibility | 0.0890* |
| ROA | 0.0590 |
| Size | −0.0404 |
| MtB | −0.0355 |
| Audit | −0.0791** |
| Financial | 0.0281 |
| Grade | 0.0207 |
| m1 | −2.08** |
| m2 | −0.69 |
| Hansen | 266.98 (0.160) |
| Number of observations | 5015 |
| Number of instruments | 266 |
| Number of groups | 907 |
| Variable | Model 1 |
|---|---|
| 0.9514 *** | |
| −0.0018 | |
| −0.0103 | |
| 0.0075 | |
| 0.0451*** | |
| −0.0415 | |
| 0.0890* | |
| 0.0590 | |
| −0.0404 | |
| −0.0355 | |
| −0.0791** | |
| 0.0281 | |
| 0.0207 | |
| m1 | −2.08** |
| m2 | −0.69 |
| Hansen | 266.98 (0.160) |
| Number of observations | 5015 |
| Number of instruments | 266 |
| Number of groups | 907 |
Note(s): Determinants of the leverage ratio using the difference-GMM estimator. Significance levels are indicated as follows: ***1 level, **5 level and *10% level
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