Table 6. OLR model of the effect of the...

Table 6.

OLR model of the effect of the equitable distribution of gender on boards and rating

Variable	Model 3	Standard error
Bequitable	0.4145***	0.1605
Boardindep	0.1197**	0.0524
Duality	0.4028**	0.1322
Leverage	−0. 4420***	0.1027
Interestcoverage	−1.1328***	0. 3474
Loss	−0.1427	0.2211
Tangibility	0.3370**	0.5324
ROA	0.1159*	0.0698
Size	3.8893*	0.1657
MtB	0.8620	0.7437
Audit	−0.3669	0.3497
N	5,816
sigma2_u	24.77

Variable	Model 3	Standard error
Bequitable	0.4145***	0.1605
Boardindep	0.1197**	0.0524
Duality	0.4028**	0.1322
Leverage	−0. 4420***	0.1027
Interestcoverage	−1.1328***	0. 3474
Loss	−0.1427	0.2211
Tangibility	0.3370**	0.5324
ROA	0.1159*	0.0698
Size	3.8893*	0.1657
MtB	0.8620	0.7437
Audit	−0.3669	0.3497
N	5,816
sigma2_u	24.77

Note(s): Determinants of the rating considering a critical mass of women on the boards using OLR. The models include year dummies. Significance levels are indicated as follows: ***1 level, **5 level and *10% level

Source(s): Authors’ own work

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