MEs of an increase in female board participation on changes in firm rating
| Rating changes | AMEs | Sig. |
|---|---|---|
| Downgrade to speculative grade | −0.00117* | 0.075 |
| No change | 0.00038 | 0.171 |
| Upgrade to investment grade rating | 0.000787* | 0.081 |
| Rating changes | AMEs | Sig. |
|---|---|---|
| Downgrade to speculative grade | −0.00117* | 0.075 |
| No change | 0.00038 | 0.171 |
| Upgrade to investment grade rating | 0.000787* | 0.081 |
Note(s): Average MEs of the increase in female board participation on the probability of a transitioning between speculative-grade and investment-grade ratings. Significance levels are indicated as follows: ***1% level, ** 5% level and * 10% level
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