Table 5.

Assessment of the MEs of female board representation on rating categories

RatingAMEsSig.
AAA0.0002077***0.006
AA+ to AA−0.0011658***0.000
A+ to A−0.0131536***0.000
BBB+ to BBB−0.0186087***0.000
BB+ to BB−−0.0055564***0.000
B+ to B−−0.0082796***0.000
CCC+ to D/SD−0.0192997***0.000

Note(s): Average MEs of female representation on the board on the probability of receiving each rating category. Significance levels are indicated as follows: ***1 level, **5 level and *10% level

Source(s): Authors’ own work

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