Table 8. GMM estimation of the effect of...

Table 8.

GMM estimation of the effect of female governance on the default probability

Variable	Model 4	Model 5
DP_t−1	0.3951***	0.4364***
Femaleboard	−0.0362***
Bequitable		−0.1140**
Boardindep	0.0153	0.0085
Duality	−0.0154	0.0114
Leverage	0.0998***	0.0803***
Interestcoverage	−0.0220	−0.0057
Loss	0.2188***	−0.1252
Tangibility	0.0019	0.0181*
ROA	0.0094	−0.0152
Size	−0.1029*	−0.1301**
MtB	0.0039	0.1081**
Audit	−0.0057	−0.0102
Financial	−0.0738*	−0.0837**
m1	−1.68 (sig 0.093)	−1.77 (sig 0.077)
m2	−0.54 (sig 0.590)	−0.60 (sig 0.551)
Hansen test	28.33 (0.846)	166.07 (0.295)
Number of observations	5,303	5,740
Number of instruments	140	179
Number of groups	1,037	1,033

Variable	Model 4	Model 5
DP_t−1	0.3951***	0.4364***
Femaleboard	−0.0362***
Bequitable		−0.1140**
Boardindep	0.0153	0.0085
Duality	−0.0154	0.0114
Leverage	0.0998***	0.0803***
Interestcoverage	−0.0220	−0.0057
Loss	0.2188***	−0.1252
Tangibility	0.0019	0.0181*
ROA	0.0094	−0.0152
Size	−0.1029*	−0.1301**
MtB	0.0039	0.1081**
Audit	−0.0057	−0.0102
Financial	−0.0738*	−0.0837**
m1	−1.68 (sig 0.093)	−1.77 (sig 0.077)
m2	−0.54 (sig 0.590)	−0.60 (sig 0.551)
Hansen test	28.33 (0.846)	166.07 (0.295)
Number of observations	5,303	5,740
Number of instruments	140	179
Number of groups	1,037	1,033

Note(s): Determinants of the default probability using the difference-GMM estimator. 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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