Compensation and gender pay gap for proprietary directors
| Independent variable | Dependent variable | ||
|---|---|---|---|
| Total compensation | Fixed compensation | Variable compensation | |
| Coefficient (p-value) | Coefficient (p-value) | Coefficient (p-value) | |
| Gender | 0.069 (0.616) | 0.177 (0.215) | −0.337 (0.653) |
| Factime | 2.077*** (0.000) | 2.088*** (0.000) | 2.296*** (0.007) |
| Tenure | 0.091** (0.030) | 0.043 (0.295) | 1.316*** (0.000) |
| Committees | 0.262*** (0.000) | 0.223*** (0.000) | −0.282 (0.615) |
| CEO | |||
| Chairperson | 0.303** (0.015) | 0.126 (0.292) | 0.591 (0.547) |
| PhD | −0.036 (0.768) | −0.082 (0.493) | −0.665 (0.423) |
| Relationships | 0.025 (0.568) | 0.041 (0.316) | −0.485 (0.367) |
| Board_Size | 0.254* (0.052) | 0.227* (0.074) | −0.200 (0.857) |
| Board_Own | −0.091 (0.507) | −0.121 (0.356) | 1.998* (0.080) |
| NCC_Indep | 0.040 (0.663) | 0.008 (0.929) | −0.014 (0.987) |
| NCC_Women | 0.100** (0.017) | 0.129*** (0.001) | −1.211*** (0.003) |
| GRP_Index | 0.320*** (0.001) | 0.354*** (0.000) | −1.056 (0.248) |
| CEO_duality | 0.142** (0.017) | 0.086 (0.128) | 2.530*** (0.000) |
| Firm_Size | 0.282*** (0.000) | 0.281*** (0.000) | 0.070 (0.723) |
| Leverage | −0.058 (0.217) | −0.024 (0.612) | −0.668 (0.547) |
| Performance | −0.321** (0.021) | −0.378*** (0.010) | 12.027*** (0.000) |
| Constant | −1.733*** (0.000) | −1.766*** (0.000) | −12.472*** (0.000) |
| Year dummies | Yes | Yes | Yes |
| Sector dummies | Yes | Yes | Yes |
| Observations | 3,990 | 3,990 | 3,990 |
| Rho (ρ) | 0.8956 | 0.9078 | 0.8157 |
| Hausman test | 141.90*** (0.000) | 157.88*** (0.000) | 124.20*** (0.000) |
| Likelihood test | 4,529.91*** (0.000) | 8,821.47*** (0.000) | 410.06*** (0.000) |
| Independent variable | Dependent variable | ||
|---|---|---|---|
| Total compensation | Fixed compensation | Variable compensation | |
| Coefficient ( | Coefficient ( | Coefficient ( | |
| Gender | 0.069 (0.616) | 0.177 (0.215) | −0.337 (0.653) |
| Factime | 2.077 | 2.088 | 2.296 |
| Tenure | 0.091 | 0.043 (0.295) | 1.316 |
| Committees | 0.262 | 0.223 | −0.282 (0.615) |
| Chairperson | 0.303 | 0.126 (0.292) | 0.591 (0.547) |
| PhD | −0.036 (0.768) | −0.082 (0.493) | −0.665 (0.423) |
| Relationships | 0.025 (0.568) | 0.041 (0.316) | −0.485 (0.367) |
| Board_Size | 0.254 | 0.227 | −0.200 (0.857) |
| Board_Own | −0.091 (0.507) | −0.121 (0.356) | 1.998 |
| NCC_Indep | 0.040 (0.663) | 0.008 (0.929) | −0.014 (0.987) |
| NCC_Women | 0.100 | 0.129 | −1.211 |
| GRP_Index | 0.320 | 0.354 | −1.056 (0.248) |
| CEO_duality | 0.142 | 0.086 (0.128) | 2.530 |
| Firm_Size | 0.282 | 0.281 | 0.070 (0.723) |
| Leverage | −0.058 (0.217) | −0.024 (0.612) | −0.668 (0.547) |
| Performance | −0.321 | −0.378 | 12.027 |
| Constant | −1.733 | −1.766 | −12.472 |
| Year dummies | Yes | Yes | Yes |
| Sector dummies | Yes | Yes | Yes |
| Observations | 3,990 | 3,990 | 3,990 |
| Rho ( | 0.8956 | 0.9078 | 0.8157 |
| Hausman test | 141.90 | 157.88 | 124.20 |
| Likelihood test | 4,529.91 | 8,821.47 | 410.06 |
*Significant at 10%. **Significant at 5%. ***Significant at 1%
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