Regression results
| Preliminary test: Gender diversity | Model 1: VAIC | Model 2: HCE | Model 3: SCE | Model 4: CEE | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Only controls | Full model | Only controls | Full model | Only controls | Full model | Only controls | Full model | Only controls | Full model | |
| Const. | 0.263 (0.191) | 2.845 (1.323)** | 3.075 (1.483)** | 3.077 (1.528)** | −0.157 (0.929) | 0.635 (0.959) | 2.639 (1.122)** | 3.170 (1.203)** | ||
| DM | 0.007 (0.003)*** | |||||||||
| Recrutiment | 0.101 (0.050)** | 0.156 (0.060)** | 0.007 (0.038) | 0.049 (0.047) | ||||||
| Retention | 0.092 (0.055)* | 0.091 (0.067) | 0.104 (0.040)** | 0.102 (0.053)* | ||||||
| Dev_Train | −0.017 (0.073) | −0.111 (0.087) | −0.070 (0.056) | 0.093 (0.068) | ||||||
| Gov_Infr | −0.136 (0.058)** | −0.086 (0.070) | −0.021 (0.047) | −0.050 (0.055) | ||||||
| WPP | 0.031 (0.029) | 0.005 (0.028) | −0.015 (0.034) | −0.038 (0.034) | 0.009 (0.022) | −0.006 (0.022) | 0.003 (0.026) | −0.016 (0.027) | ||
| Fem_Man | 0.712 (0.085)*** | 0.740 (0.081)*** | −0.063 (0.543) | 0.672 (0.584) | −0.159 (0.618) | 0.853 (0.702) | −0.071 (0.373) | −0.038) (0.429) | 0199 (0.476) | 0.498 (0.553) |
| Fem_Dir | −0.103 (0.218) | −0.199 (0.208) | 1.482 (1.371) | 2.292 (1.339)* | 1.073 (1.605) | 1.669 (1.614) | 0.883 (0.941) | 0.821 (0.989) | −0.320 (1.215) | −0.103 (1.271) |
| Tenure | −0.014 (0.008)* | −0.020 (0.008)** | −0.059 (0.050) | −0.113 (0.049)** | −0.052 (0.059) | −0.103 (0.060)* | 0.003 (0.035) | −0.005 (0.038) | 0.015 (0.045) | −0.001 (0.047) |
| Expertise | 0.032 (0.051) | 0.057 (0.049) | −0.268 (0.311) | −0.298 (0.295) | −0.443 (0.367) | −0.439 (0.358) | −0.557 (0.215)** | −0.569 (0.216)** | −0.102 (0.278) | −0.134 (0.282) |
| Risk_Comm | 0.105 (0.067) | 0.069 (0.065) | 0.007 (0.425) | 0.162 (0.408) | 0.269 (0.493) | 0.334 (0.490) | −0.079 (0.292) | −0.014 (0.296) | 0.610 (0.373) | 0.706 (0.386)* |
| Size | −0.005 (0.009) | −0.010 (0.009) | −0.107 (0.059)* | −0.143 (0.057)** | −0.119 (0.067)* | −0.145 (0.0679** | −0.029 (0.041) | −0.065 (0.043) | −0.373 (0.051)*** | −0.403 (0.053)*** |
| ROE | 7.114e-05 (9.176e-05) | 6.767e-06 (8.998e-05) | 0.000 (0.001) | 0.000 (0.001) | 0.000 (0.001) | 0.001 (0.001) | −2,061e-05 (0.000) | 0.000 (0.000) | 0.000 (0.001) | 0.000 (0.001) |
| Industry | −0.058 (0.043) | −0.034 (0.041) | 0.263 (0.277) | 0.321 (0.270) | 0.144 (0.305) | 0.207 (0.307) | 0.149 (0.193) | 0.075 (0.202) | 1.699 (0.231)*** | 1.643 (0.242)*** |
| Intercept | 0.227 (0.201) | 0.263 (0.191) | 2.476 (1.342)* | 2.845 (1.323)** | 3.082 (1.471)** | 3.077 (1.528)** | −0.156 (0.920) | 0.635 (0.959) | 2.639 (1.114)** | 3.170 (1.203)** |
| Number of observations | 72 | 72 | 70 | 70 | 72 | 72 | 68 | 68 | 72 | 72 |
| R2 | 0.66 | 0.70 | 0.19 | 0.36 | 0.13 | 0.27 | 0.18 | 0.28 | 0.84 | 0.86 |
| Preliminary test: Gender diversity | Model 1: VAIC | Model 2: HCE | Model 3: SCE | Model 4: CEE | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Only controls | Full model | Only controls | Full model | Only controls | Full model | Only controls | Full model | Only controls | Full model | |
| Const. | 0.263 (0.191) | 2.845 (1.323) | 3.075 (1.483) | 3.077 (1.528) | −0.157 (0.929) | 0.635 (0.959) | 2.639 (1.122) | 3.170 (1.203) | ||
| DM | 0.007 (0.003) | |||||||||
| Recrutiment | 0.101 (0.050) | 0.156 (0.060) | 0.007 (0.038) | 0.049 (0.047) | ||||||
| Retention | 0.092 (0.055) | 0.091 (0.067) | 0.104 (0.040) | 0.102 (0.053) | ||||||
| Dev_Train | −0.017 (0.073) | −0.111 (0.087) | −0.070 (0.056) | 0.093 (0.068) | ||||||
| Gov_Infr | −0.136 (0.058) | −0.086 (0.070) | −0.021 (0.047) | −0.050 (0.055) | ||||||
| WPP | 0.031 (0.029) | 0.005 (0.028) | −0.015 (0.034) | −0.038 (0.034) | 0.009 (0.022) | −0.006 (0.022) | 0.003 (0.026) | −0.016 (0.027) | ||
| Fem_Man | 0.712 (0.085) | 0.740 (0.081) | −0.063 (0.543) | 0.672 (0.584) | −0.159 (0.618) | 0.853 (0.702) | −0.071 (0.373) | −0.038) (0.429) | 0199 (0.476) | 0.498 (0.553) |
| Fem_Dir | −0.103 (0.218) | −0.199 (0.208) | 1.482 (1.371) | 2.292 (1.339) | 1.073 (1.605) | 1.669 (1.614) | 0.883 (0.941) | 0.821 (0.989) | −0.320 (1.215) | −0.103 (1.271) |
| Tenure | −0.014 (0.008) | −0.020 (0.008) | −0.059 (0.050) | −0.113 (0.049) | −0.052 (0.059) | −0.103 (0.060) | 0.003 (0.035) | −0.005 (0.038) | 0.015 (0.045) | −0.001 (0.047) |
| Expertise | 0.032 (0.051) | 0.057 (0.049) | −0.268 (0.311) | −0.298 (0.295) | −0.443 (0.367) | −0.439 (0.358) | −0.557 (0.215) | −0.569 (0.216) | −0.102 (0.278) | −0.134 (0.282) |
| Risk_Comm | 0.105 (0.067) | 0.069 (0.065) | 0.007 (0.425) | 0.162 (0.408) | 0.269 (0.493) | 0.334 (0.490) | −0.079 (0.292) | −0.014 (0.296) | 0.610 (0.373) | 0.706 (0.386) |
| Size | −0.005 (0.009) | −0.010 (0.009) | −0.107 (0.059) | −0.143 (0.057) | −0.119 (0.067) | −0.145 (0.0679 | −0.029 (0.041) | −0.065 (0.043) | −0.373 (0.051) | −0.403 (0.053) |
| ROE | 7.114e-05 (9.176e-05) | 6.767e-06 (8.998e-05) | 0.000 (0.001) | 0.000 (0.001) | 0.000 (0.001) | 0.001 (0.001) | −2,061e-05 (0.000) | 0.000 (0.000) | 0.000 (0.001) | 0.000 (0.001) |
| Industry | −0.058 (0.043) | −0.034 (0.041) | 0.263 (0.277) | 0.321 (0.270) | 0.144 (0.305) | 0.207 (0.307) | 0.149 (0.193) | 0.075 (0.202) | 1.699 (0.231) | 1.643 (0.242) |
| Intercept | 0.227 (0.201) | 0.263 (0.191) | 2.476 (1.342) | 2.845 (1.323) | 3.082 (1.471) | 3.077 (1.528) | −0.156 (0.920) | 0.635 (0.959) | 2.639 (1.114) | 3.170 (1.203) |
| Number of observations | 72 | 72 | 70 | 70 | 72 | 72 | 68 | 68 | 72 | 72 |
| 0.66 | 0.70 | 0.19 | 0.36 | 0.13 | 0.27 | 0.18 | 0.28 | 0.84 | 0.86 | |
Note(s):
*** p < 0.01; **p < 0.05; *p < 0.1; Standard errors in parentheses