Note(s): This table reports regression results of the relation between the cost of equity capital and female directors who are appointed for the first time. The dependent variables are PEG and MPEG. ***, **, * 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 two-way clustered by firm and year to correct for cross-sectional and time-series dependence. See Appendix for variable definitions