MEs of female board participation on firm ratings by firm size
| Rating | Small firms | Sig. | Big firms | Sig. |
|---|---|---|---|---|
| AAA | 0.0002077* | 0.068 | 0.00039* | 0.079 |
| AA+ to AA− | 0.0011658*** | 0.000 | 0.001861*** | 0.002 |
| A+ to A− | 0.0131536*** | 0.000 | 0.016402*** | 0.000 |
| BBB+ to BBB− | 0.0186087*** | 0.000 | 0.011255*** | 0.001 |
| BB+ to BB− | −0.0055564*** | 0.000 | −0.010551*** | 0.000 |
| B+ to B− | −0.0082796*** | 0.001 | −0.007515*** | 0.000 |
| CCC+ to D/SD | −0.0192997*** | 0.000 | −0.011843*** | 0.000 |
| Rating | Small firms | Sig. | Big firms | Sig. |
|---|---|---|---|---|
| AAA | 0.0002077* | 0.068 | 0.00039* | 0.079 |
| AA+ to AA− | 0.0011658*** | 0.000 | 0.001861*** | 0.002 |
| A+ to A− | 0.0131536*** | 0.000 | 0.016402*** | 0.000 |
| BBB+ to BBB− | 0.0186087*** | 0.000 | 0.011255*** | 0.001 |
| BB+ to BB− | −0.0055564*** | 0.000 | −0.010551*** | 0.000 |
| B+ to B− | −0.0082796*** | 0.001 | −0.007515*** | 0.000 |
| CCC+ to D/SD | −0.0192997*** | 0.000 | −0.011843*** | 0.000 |
Note(s): Average MEs of female board participation on the probability of obtaining each rating category by firm size. Significance levels are indicated as follows: *** 1% level, ** 5% level and * 10% level
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