Table 2 Summary statistics Panel A –...

Table 2

Summary statistics

Panel A – descriptive statistics
Variables	Mean	SD	Min	P25	Median	P75	Max
Dependent variables
PEG	0.09	0.05	0.01	0.06	0.09	0.11	0.35
MPEG	0.11	0.05	0	0.08	0.10	0.13	0.75
Independent variables
LNFEM	0.89	0.49	0	0	0.69	1.10	2.20
FEMDUM	0.86	0.34	0	1	1	1	1
FEMPER	0.15	0.11	0	0.10	0.14	0.20	0.67
Control variables
LNBOD	2.38	0.30	1.39	2.20	2.40	2.57	3
INDPER	0.74	0.17	0.09	0.67	0.75	0.86	1
CEODUAL	0.58	0.49	0	0	1	1	1
LNMEET	2.11	0.31	2	1.95	2.20	2.20	3.26
BIG4	0.91	0.29	0	1	1	1	1
AUDOPIN	0.32	0.46	0	0	0	1	1
RESTATE	0.05	0.22	0	0	0	0	1
LNSIZE	7.82	1.63	0	6.65	7.70	8.89	13.59
LEVER	0.19	0.17	0	0.04	0.17	0.28	0.85
LOSS	0.06	0.24	0	0	0	0	1
ROA	0.08	0.17	−0.97	0.04	0.09	0.14	0.83
SALEGR	0.08	0.19	−0.85	−0.03	0.07	0.15	2.22
BETA	1.13	0.46	0.04	0.81	1.08	1.37	3.49
Other variables
KCT	0.09	0.03	0	0.07	0.09	0.10	0.61
KGLS	0.09	0.03	0	0.08	0.09	0.11	0.43
FEMCEO	0.04	0.20	0	0	0	0	1
\|DACC\|	0.15	0.10	0	0.08	0.13	0.19	0.85
BIDASK	0.05	0.06	0	0.01	0.02	0.05	0.92

Panel A – descriptive statistics
Variables	Mean	SD	Min	P25	Median	P75	Max
Dependent variables
PEG	0.09	0.05	0.01	0.06	0.09	0.11	0.35
MPEG	0.11	0.05	0	0.08	0.10	0.13	0.75
Independent variables
LNFEM	0.89	0.49	0	0	0.69	1.10	2.20
FEMDUM	0.86	0.34	0	1	1	1	1
FEMPER	0.15	0.11	0	0.10	0.14	0.20	0.67
Control variables
LNBOD	2.38	0.30	1.39	2.20	2.40	2.57	3
INDPER	0.74	0.17	0.09	0.67	0.75	0.86	1
CEODUAL	0.58	0.49	0	0	1	1	1
LNMEET	2.11	0.31	2	1.95	2.20	2.20	3.26
BIG4	0.91	0.29	0	1	1	1	1
AUDOPIN	0.32	0.46	0	0	0	1	1
RESTATE	0.05	0.22	0	0	0	0	1
LNSIZE	7.82	1.63	0	6.65	7.70	8.89	13.59
LEVER	0.19	0.17	0	0.04	0.17	0.28	0.85
LOSS	0.06	0.24	0	0	0	0	1
ROA	0.08	0.17	−0.97	0.04	0.09	0.14	0.83
SALEGR	0.08	0.19	−0.85	−0.03	0.07	0.15	2.22
BETA	1.13	0.46	0.04	0.81	1.08	1.37	3.49
Other variables
KCT	0.09	0.03	0	0.07	0.09	0.10	0.61
KGLS	0.09	0.03	0	0.08	0.09	0.11	0.43
FEMCEO	0.04	0.20	0	0	0	0	1
\|DACC\|	0.15	0.10	0	0.08	0.13	0.19	0.85
BIDASK	0.05	0.06	0	0.01	0.02	0.05	0.92

Panel B – year-wise female director and sample distribution
Year	FEMDUM		FEMPER
Year	0	1	Average	Total
2004	55	322	0.131	377
2005	61	328	0.132	389
2006	86	409	0.130	495
2007	99	432	0.129	531
2008	107	435	0.133	542
2009	122	451	0.129	573
2010	105	431	0.139	536
2011	104	408	0.134	512
2012	65	488	0.150	553
2013	88	542	0.151	630
2014	70	580	0.162	650
2015	57	561	0.172	618
2016	57	581	0.165	638
2017	38	601	0.185	639
2018	20	521	0.196	541
Total	1,134	7,090		8,224

Panel B – year-wise female director and sample distribution
Year	FEMDUM		FEMPER
Year	0	1	Average	Total
2004	55	322	0.131	377
2005	61	328	0.132	389
2006	86	409	0.130	495
2007	99	432	0.129	531
2008	107	435	0.133	542
2009	122	451	0.129	573
2010	105	431	0.139	536
2011	104	408	0.134	512
2012	65	488	0.150	553
2013	88	542	0.151	630
2014	70	580	0.162	650
2015	57	561	0.172	618
2016	57	581	0.165	638
2017	38	601	0.185	639
2018	20	521	0.196	541
Total	1,134	7,090		8,224

Panel C – mean-difference test
	(1)	(2)	(3)	(4)
Variables	FEMDUM = 1	FEMDUM = 0	Mean diff	t-statistic
	N = 7,090	N = 1,134
PEG	0.089	0.098	−0.009***	−5.66
MPEG	0.110	0.120	−0.010***	−6.74
LNBOD	2.471	2.260	0.211***	24.19
INDPER	0.762	0.722	0.040***	7.60
CEODUAL	0.575	0.570	0.005	0.30
LNMEET	2.122	2.101	0.021**	2.15
BIG4	0.949	0.877	0.072***	9.31
AUDOPIN	0.305	0.351	−0.046***	−3.14
RESTATE	0.049	0.045	0.004	1.02
LNSIZE	8.226	7.229	0.998***	20.42
LEVER	0.204	0.171	0.033***	5.86
LOSS	0.044	0.069	−0.025***	−3.65
ROA	0.107	0.096	0.012***	2.99
SALEGR	0.072	0.082	−0.010**	−2.01
BETA	1.101	1.156	−0.056***	−3.96
KCT	0.088	0.093	−0.005***	−4.47
KGLS	0.093	0.098	−0.005***	−5.05
\|DACC\|	0.145	0.149	0.004	0.834
BIDASK	0.038	0.048	0.010***	−5.217
Note(s): *, , * Indicate statistical significance at the 1, 5 and 10% levels, respectively, based on a two-tailed test

Panel C – mean-difference test
	(1)	(2)	(3)	(4)
Variables	FEMDUM = 1	FEMDUM = 0	Mean diff	t-statistic
	N = 7,090	N = 1,134
PEG	0.089	0.098	−0.009***	−5.66
MPEG	0.110	0.120	−0.010***	−6.74
LNBOD	2.471	2.260	0.211***	24.19
INDPER	0.762	0.722	0.040***	7.60
CEODUAL	0.575	0.570	0.005	0.30
LNMEET	2.122	2.101	0.021**	2.15
BIG4	0.949	0.877	0.072***	9.31
AUDOPIN	0.305	0.351	−0.046***	−3.14
RESTATE	0.049	0.045	0.004	1.02
LNSIZE	8.226	7.229	0.998***	20.42
LEVER	0.204	0.171	0.033***	5.86
LOSS	0.044	0.069	−0.025***	−3.65
ROA	0.107	0.096	0.012***	2.99
SALEGR	0.072	0.082	−0.010**	−2.01
BETA	1.101	1.156	−0.056***	−3.96
KCT	0.088	0.093	−0.005***	−4.47
KGLS	0.093	0.098	−0.005***	−5.05
\|DACC\|	0.145	0.149	0.004	0.834
BIDASK	0.038	0.048	0.010***	−5.217
Note(s): *, , * Indicate statistical significance at the 1, 5 and 10% levels, respectively, based on a two-tailed test

Panel D – correlation analysis
Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)
(1) PEG	1.00
(2) MPEG	0.40*	1.00
(3) LNFEM	−0.10*	−0.16*	1.00
(4) FEMDUM	−0.08*	−0.11*	0.69*	1.00
(5) FEMPER	−0.08*	−0.12*	0.72*	0.73*	1.00
(6) LNBOD	−0.08*	−0.15*	0.66*	0.48*	0.39*	1.00
(7) INDPER	−0.02^†	−0.03	0.24*	0.18*	0.19*	0.18*	1.00
(8) CEODUAL	0.02	−0.05*	−0.02^†	−0.01	−0.01	−0.06*	0.01	1.00
(9) LNMEET	0.09*	0.01	0.09*	0.06*	0.07*	0.10*	0.09*	−0.09*	1.00
(10) BIG4	−0.05*	−0.06*	0.23*	0.23*	0.18*	0.23*	0.09*	−0.01	0.02^†	1.00
(11) AUDOPIN	0.08*	0.01	−0.07*	−0.04*	−0.06*	−0.06*	0.00	0.04*	0.03*	0.06*	1.00
(12) RESTATE	0.02^†	0.04*	−0.01	−0.01*	−0.01	0.00	−0.05*	−0.02^†	0.01	−0.01	0.01	1.00
(13) LNSIZE	−0.08*	−0.13*	0.50*	0.40*	0.38*	0.53*	0.18*	0.06*	0.11*	0.34*	0.01	−0.01	1.00
(14) LEVER	0.09*	0.06*	0.20*	0.15*	0.14*	0.24*	0.09*	−0.01	0.10*	0.10*	0.02	0.03^†	0.27*	1.00
(15) LOSS	0.25*	0.19*	−0.11*	−0.10*	−0.09*	−0.10*	−0.02^†	−0.05*	0.06*	−0.11*	0.02	0.01	−0.19*	−0.05*	1.00
(16) ROA	−0.25*	−0.19*	0.04*	0.02^†	0.04*	0.02^†	−0.01	0.03*	−0.09*	0.06*	−0.04*	−0.01	0.09*	−0.12*	−0.38*	1.00
(17) SALEGR	−0.08*	−0.01^†	−0.07*	−0.06*	−0.07*	−0.03*	−0.04*	−0.05*	0.01	−0.03*	0.01	0.00	−0.01	−0.03*	−0.19*	0.22*	1.00
(18) BETA	0.21*	0.21*	−0.11*	−0.09*	−0.11*	−0.06*	−0.02	−0.05*	0.05*	−0.03*	0.03*	−0.04*	−0.07*	−0.03*	0.15*	−0.15*	−0.01	1.00

Panel D – correlation analysis
Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)	(13)	(14)	(15)	(16)	(17)	(18)
(1) PEG	1.00
(2) MPEG	0.40*	1.00
(3) LNFEM	−0.10*	−0.16*	1.00
(4) FEMDUM	−0.08*	−0.11*	0.69*	1.00
(5) FEMPER	−0.08*	−0.12*	0.72*	0.73*	1.00
(6) LNBOD	−0.08*	−0.15*	0.66*	0.48*	0.39*	1.00
(7) INDPER	−0.02^†	−0.03	0.24*	0.18*	0.19*	0.18*	1.00
(8) CEODUAL	0.02	−0.05*	−0.02^†	−0.01	−0.01	−0.06*	0.01	1.00
(9) LNMEET	0.09*	0.01	0.09*	0.06*	0.07*	0.10*	0.09*	−0.09*	1.00
(10) BIG4	−0.05*	−0.06*	0.23*	0.23*	0.18*	0.23*	0.09*	−0.01	0.02^†	1.00
(11) AUDOPIN	0.08*	0.01	−0.07*	−0.04*	−0.06*	−0.06*	0.00	0.04*	0.03*	0.06*	1.00
(12) RESTATE	0.02^†	0.04*	−0.01	−0.01*	−0.01	0.00	−0.05*	−0.02^†	0.01	−0.01	0.01	1.00
(13) LNSIZE	−0.08*	−0.13*	0.50*	0.40*	0.38*	0.53*	0.18*	0.06*	0.11*	0.34*	0.01	−0.01	1.00
(14) LEVER	0.09*	0.06*	0.20*	0.15*	0.14*	0.24*	0.09*	−0.01	0.10*	0.10*	0.02	0.03^†	0.27*	1.00
(15) LOSS	0.25*	0.19*	−0.11*	−0.10*	−0.09*	−0.10*	−0.02^†	−0.05*	0.06*	−0.11*	0.02	0.01	−0.19*	−0.05*	1.00
(16) ROA	−0.25*	−0.19*	0.04*	0.02^†	0.04*	0.02^†	−0.01	0.03*	−0.09*	0.06*	−0.04*	−0.01	0.09*	−0.12*	−0.38*	1.00
(17) SALEGR	−0.08*	−0.01^†	−0.07*	−0.06*	−0.07*	−0.03*	−0.04*	−0.05*	0.01	−0.03*	0.01	0.00	−0.01	−0.03*	−0.19*	0.22*	1.00
(18) BETA	0.21*	0.21*	−0.11*	−0.09*	−0.11*	−0.06*	−0.02	−0.05*	0.05*	−0.03*	0.03*	−0.04*	−0.07*	−0.03*	0.15*	−0.15*	−0.01	1.00

Note(s): ^† and * shows statistical significance at the 0.05 and 0.01 levels

Source(s): Computed by authors

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