Table 6 Mediating test – female...

Table 6

Mediating test – female directors and cost of equity capital

Variables	(1)	(2)	(3)	(4)	(5)	(6)
Variables	\|DACC\|	BID_ASK	PEG	MPEG	PEG	MPEG
Panel A: LNFEM
Intercept	0.229***	0.102***	0.074***	0.143***	0.073***	0.147***
Intercept	(8.045)	(7.223)	(7.182)	(14.357)	(7.542)	(15.083)
LNFEM	−0.001	−0.003**	−0.002**	−0.006***	−0.004**	−0.006***
LNFEM	(−1.223)	(−2.247)	(−2.001)	(−3.325)	(−2.117)	(−3.354)
\|DACC\|			0.004	0.026***
\|DACC\|			(1.518)	(3.374)
BID_ASK					0.014**	0.013**
BID_ASK					(1.997)	(2.039)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes
Observations	8,224	8,224	8,224	8,224	8,224	8,224
Adj R²	5.442	6.863	14.132	12.155	14.331	11.965
Indirect effect			0.0000	0.0000	0.0000	0.0000
Direct effect			0.0034	0.0058	0.0036	0.0059
Total effect			0.0034	0.0058	0.0037	0.0059
Panel B: FEMDUM
Intercept	0.226***	0.107***	0.080***	0.152***	0.079***	0.158***
Intercept	(8.312)	(8.166)	(8.225)	(15.49)	(8.792)	(17.416)
FEMDUM	−0.009*	−0.003***	−0.005**	−0.003***	−0.005**	−0.003**
FEMDUM	(−1.731)	(−3.240)	(−2.250)	(−2.756)	(−2.346)	(−2.541)
\|DACC\|			0.004	0.026***
\|DACC\|			(0.561)	(3.402)
BID_ASK					0.014**	0.013***
BID_ASK					(1.992)	(4.047)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes
Observations	8,224	8,224	8,224	8,224	8,224	8,224
Adj R²	5.510	6.870	14.160	11.961	14.361	11.777
Indirect effect			0.0000	0.0002	0.0001	0.0000
Direct effect			0.0048	0.0033	0.0050	0.0032
Total effect			0.0048	0.0031	0.0050	0.0032
Panel C: FEMPER
Intercept	0.227***	0.106***	0.079***	0.151***	0.079***	0.156***
Intercept	(8.359)	(8.052)	(8.137)	(16.329)	(8.664)	(17.165)
FEMPER	−0.000	−0.013**	−0.010**	−0.022***	−0.011**	−0.022***
FEMPER	(−0.917)	(−2.421)	(−2.466)	(−3.168)	(−2.453)	(−3.204)
\|DACC\|			0.004**	0.025***
\|DACC\|			(2.501)	(3.352)
BID_ASK					0.014**	0.013**
BID_ASK					(1.997)	(2.022)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes
Observations	8,224	8,224	8,224	8,224	8,224	8,224
Adj R²	5.433	6.870	14.101	12.116	14.308	11.924
Indirect effect			0.0000	0.0001	0.0002	0.0002
Direct effect			0.0101	0.0221	0.1082	0.0224
Total effect			0.0101	0.0222	0.0110	0.0226

Variables	(1)	(2)	(3)	(4)	(5)	(6)
Variables	\|DACC\|	BID_ASK	PEG	MPEG	PEG	MPEG
Panel A: LNFEM
Intercept	0.229***	0.102***	0.074***	0.143***	0.073***	0.147***
Intercept	(8.045)	(7.223)	(7.182)	(14.357)	(7.542)	(15.083)
LNFEM	−0.001	−0.003**	−0.002**	−0.006***	−0.004**	−0.006***
LNFEM	(−1.223)	(−2.247)	(−2.001)	(−3.325)	(−2.117)	(−3.354)
\|DACC\|			0.004	0.026***
\|DACC\|			(1.518)	(3.374)
BID_ASK					0.014**	0.013**
BID_ASK					(1.997)	(2.039)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes
Observations	8,224	8,224	8,224	8,224	8,224	8,224
Adj R²	5.442	6.863	14.132	12.155	14.331	11.965
Indirect effect			0.0000	0.0000	0.0000	0.0000
Direct effect			0.0034	0.0058	0.0036	0.0059
Total effect			0.0034	0.0058	0.0037	0.0059
Panel B: FEMDUM
Intercept	0.226***	0.107***	0.080***	0.152***	0.079***	0.158***
Intercept	(8.312)	(8.166)	(8.225)	(15.49)	(8.792)	(17.416)
FEMDUM	−0.009*	−0.003***	−0.005**	−0.003***	−0.005**	−0.003**
FEMDUM	(−1.731)	(−3.240)	(−2.250)	(−2.756)	(−2.346)	(−2.541)
\|DACC\|			0.004	0.026***
\|DACC\|			(0.561)	(3.402)
BID_ASK					0.014**	0.013***
BID_ASK					(1.992)	(4.047)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes
Observations	8,224	8,224	8,224	8,224	8,224	8,224
Adj R²	5.510	6.870	14.160	11.961	14.361	11.777
Indirect effect			0.0000	0.0002	0.0001	0.0000
Direct effect			0.0048	0.0033	0.0050	0.0032
Total effect			0.0048	0.0031	0.0050	0.0032
Panel C: FEMPER
Intercept	0.227***	0.106***	0.079***	0.151***	0.079***	0.156***
Intercept	(8.359)	(8.052)	(8.137)	(16.329)	(8.664)	(17.165)
FEMPER	−0.000	−0.013**	−0.010**	−0.022***	−0.011**	−0.022***
FEMPER	(−0.917)	(−2.421)	(−2.466)	(−3.168)	(−2.453)	(−3.204)
\|DACC\|			0.004**	0.025***
\|DACC\|			(2.501)	(3.352)
BID_ASK					0.014**	0.013**
BID_ASK					(1.997)	(2.022)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Industry	Yes	Yes	Yes	Yes	Yes	Yes
Year	Yes	Yes	Yes	Yes	Yes	Yes
Observations	8,224	8,224	8,224	8,224	8,224	8,224
Adj R²	5.433	6.870	14.101	12.116	14.308	11.924
Indirect effect			0.0000	0.0001	0.0002	0.0002
Direct effect			0.0101	0.0221	0.1082	0.0224
Total effect			0.0101	0.0222	0.0110	0.0226

Note(s): ***, **, * indicate statistical significance at the 1, 5 and 10 percent levels, respectively, based on a two-tailed test. t-statistics are in parentheses. Standard errors are clustered by firm and year two-way. See Appendix for variable definitions

Source(s): Computed by authors

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