Compensation and gender pay gap for executive directors
| Independent variable | Dependent variable | ||
|---|---|---|---|
| Total compensation | Fixed compensation | Variable compensation | |
| Coefficient (p-value) | Coefficient (p-value) | Coefficient (p-value) | |
| Gender | −0.369** (0.026) | −0.325** (0.015) | −2.100*** (0.000) |
| Factime | 1.576*** (0.000) | 2.033*** (0.000) | 3.289*** (0.000) |
| Tenure | 0.101* (0.056) | −0.139*** (0.000) | −0.168* (0.066) |
| Committees | −0.241*** (0.003) | −0.171*** (0.009) | −0.038 (0.861) |
| CEO | 0.292*** (0.000) | 0.447*** (0.000) | 0.766*** (0.000) |
| Chairperson | 0.267*** (0.002) | 0.304*** (0.004) | 1.355*** (0.000) |
| PhD | −0.302*** (0.007) | 0.180** (0.041) | −0.583* (0.055) |
| Relationships | −0.008 (0.900) | 0.020 (0.714) | 0.159 (0.376) |
| Board_Size | 0.432*** (0.001) | 0.492*** (0.000) | 1.465*** (0.000) |
| Board_Own | −0.784*** (0.000) | −0.617*** (0.000) | −0.808** (0.015) |
| NCC_Indep | 0.203* (0.081) | −0.116 (0.182) | 0.575* (0.073) |
| NCC_Women | 0.161*** (0.004) | 0.087** (0.039) | 0.115 (0.423) |
| GRP_Index | 0.329* (0.057) | −0.090 (0.444) | 0.558 (0.173) |
| CEO_duality | 0.110 (0.104) | 0.044 (0.353) | 0.115 (0.483) |
| Firm_Size | 0.292*** (0.000) | 0.244*** (0.000) | 0.517*** (0.000) |
| Leverage | 0.071* (0.099) | 0.099*** (0.001) | −1.404*** (0.000) |
| Performance | 0.099 (0.337) | 0.099 (0.204) | 1.709*** (0.003) |
| Constant | 1.151*** (0.003) | −0.235** (0.015) | −7.358*** (0.000) |
| Year dummies | Yes | Yes | Yes |
| Sector dummies | Yes | Yes | Yes |
| Observations | 1,600 | 1,600 | 1,600 |
| Rho (ρ) | 0.7171 | 0.7620 | 0.7526 |
| Hausman test | 85.85*** (0.000) | 70.83*** (0.000) | 79.25*** (0.000) |
| Likelihood test | 932.64*** (0.000) | 1,607.44*** (0.000) | 855.83*** (0.000) |
| Independent variable | Dependent variable | ||
|---|---|---|---|
| Total compensation | Fixed compensation | Variable compensation | |
| Coefficient ( | Coefficient ( | Coefficient ( | |
| Gender | −0.369 | −0.325 | −2.100 |
| Factime | 1.576 | 2.033 | 3.289 |
| Tenure | 0.101 | −0.139 | −0.168 |
| Committees | −0.241 | −0.171 | −0.038 (0.861) |
| 0.292 | 0.447 | 0.766 | |
| Chairperson | 0.267 | 0.304 | 1.355 |
| PhD | −0.302 | 0.180 | −0.583 |
| Relationships | −0.008 (0.900) | 0.020 (0.714) | 0.159 (0.376) |
| Board_Size | 0.432 | 0.492 | 1.465 |
| Board_Own | −0.784 | −0.617 | −0.808 |
| NCC_Indep | 0.203 | −0.116 (0.182) | 0.575 |
| NCC_Women | 0.161 | 0.087 | 0.115 (0.423) |
| GRP_Index | 0.329 | −0.090 (0.444) | 0.558 (0.173) |
| CEO_duality | 0.110 (0.104) | 0.044 (0.353) | 0.115 (0.483) |
| Firm_Size | 0.292 | 0.244 | 0.517 |
| Leverage | 0.071 | 0.099 | −1.404 |
| Performance | 0.099 (0.337) | 0.099 (0.204) | 1.709 |
| Constant | 1.151 | −0.235 | −7.358 |
| Year dummies | Yes | Yes | Yes |
| Sector dummies | Yes | Yes | Yes |
| Observations | 1,600 | 1,600 | 1,600 |
| Rho ( | 0.7171 | 0.7620 | 0.7526 |
| Hausman test | 85.85 | 70.83 | 79.25 |
| Likelihood test | 932.64 | 1,607.44 | 855.83 |
*Significant at 10%. **Significant at 5%. ***Significant at 1%
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