Table 13. GMM estimation of the effect...

Table 13.

GMM estimation of the effect of female governance on the cost of debt

Variable	Model 6
Cost of deb_t−1	0.3069**
Femaleboard	−0.0002**
Boardindep	0.0015**
Duality	0.0011
Leverage	−0.0003
Interestcoverage	−0.0391*
Loss	0.0105**
Tangibility	0.0012
ROA	−0.0019
Size	−0.0404
MtB	−0.0239
Audit	−0.0791**
Financial	−0.0034
m1	−2.08**
m2	−0.69
Hansen	266.98 (0.160)
Number of observations	5,284
Number of instruments	116
Number of groups	1,036

Variable	Model 6
Cost of deb_t−1	0.3069**
Femaleboard	−0.0002**
Boardindep	0.0015**
Duality	0.0011
Leverage	−0.0003
Interestcoverage	−0.0391*
Loss	0.0105**
Tangibility	0.0012
ROA	−0.0019
Size	−0.0404
MtB	−0.0239
Audit	−0.0791**
Financial	−0.0034
m1	−2.08**
m2	−0.69
Hansen	266.98 (0.160)
Number of observations	5,284
Number of instruments	116
Number of groups	1,036

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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