Compensation and gender pay gap for independent directors
| Independent variable | Dependent variable | ||
|---|---|---|---|
| Total compensation | Fixed compensation | Variable compensation | |
| Coefficient (p-value) | Coefficient (p-value) | Coefficient (p-value) | |
| Gender | 0.060 (0.299) | 0.046 (0.451) | 0.227 (0.744) |
| Factime | 1.982*** (0.000) | 1.968*** (0.000) | 2.023*** (0.008) |
| Tenure | 0.166** (0.012) | 0.197*** (0.004) | −1.466 (0.133) |
| Committees | −0.018 (0.415) | −0.045* (0.055) | 0.774*** (0.008) |
| CEO | 0.196*** (0.000) | 0.184*** (0.000) | 0.732 (0.197) |
| Chairperson | |||
| PhD | 0.662*** (0.000) | 0.511*** (0.000) | 1.552 (0.357) |
| Relationships | 0.000 (0.994) | 0.018 (0.763) | −0.571 (0.464) |
| Board_Size | 0.106* (0.098) | 0.066 (0.327) | 0.370 (0.721) |
| Board_Own | −0.570*** (0.000) | −0.548*** (0.000) | −1.950* (0.088) |
| NCC_Indep | 0.032 (0.569) | 0.062 (0.286) | −3.221*** (0.000) |
| NCC_Women | 0.012 (0.658) | 0.036 (0.183) | −0.691* (0.058) |
| GRP_Index | 0.225*** (0.001) | 0.214*** (0.002) | 1.206 (0.272) |
| CEO_duality | 0.086*** (0.005) | 0.058* (0.067) | 0.637 (0.165) |
| Firm_Size | 0.280*** (0.000) | 0.283*** (0.000) | −0.141 (0.412) |
| Leverage | 0.049* (0.056) | 0.067** (0.012) | −1.178 (0.218) |
| Performance | 0.230*** (0.001) | 0.137** (0.050) | 5.858*** (0.005) |
| Constant | −0.151 (0.431) | −0.211 (0.295) | −8.557*** (0.004) |
| Year dummies | Yes | Yes | Yes |
| Sector dummies | Yes | Yes | Yes |
| Observations | 4,351 | 4,351 | 4,351 |
| Rho (ρ) | 0.7335 | 0.7470 | 0.8172 |
| Hausman test | 168.74*** (0.000) | 181.91*** (0.000) | 45.94*** (0.005) |
| Likelihood test | 2,281.61*** (0.000) | 2,630.01*** (0.000) | 530.83*** (0.000) |
| Independent variable | Dependent variable | ||
|---|---|---|---|
| Total compensation | Fixed compensation | Variable compensation | |
| Coefficient ( | Coefficient ( | Coefficient ( | |
| Gender | 0.060 (0.299) | 0.046 (0.451) | 0.227 (0.744) |
| Factime | 1.982 | 1.968 | 2.023*** (0.008) |
| Tenure | 0.166 | 0.197 | −1.466 (0.133) |
| Committees | −0.018 (0.415) | −0.045 | 0.774*** (0.008) |
| 0.196 | 0.184 | 0.732 (0.197) | |
| Chairperson | |||
| PhD | 0.662 | 0.511 | 1.552 (0.357) |
| Relationships | 0.000 (0.994) | 0.018 (0.763) | −0.571 (0.464) |
| Board_Size | 0.106 | 0.066 (0.327) | 0.370 (0.721) |
| Board_Own | −0.570 | −0.548 | −1.950 |
| NCC_Indep | 0.032 (0.569) | 0.062 (0.286) | −3.221 |
| NCC_Women | 0.012 (0.658) | 0.036 (0.183) | −0.691 |
| GRP_Index | 0.225 | 0.214 | 1.206 (0.272) |
| CEO_duality | 0.086 | 0.058 | 0.637 (0.165) |
| Firm_Size | 0.280 | 0.283 | −0.141 (0.412) |
| Leverage | 0.049 | 0.067 | −1.178 (0.218) |
| Performance | 0.230 | 0.137 | 5.858 |
| Constant | −0.151 (0.431) | −0.211 (0.295) | −8.557 |
| Year dummies | Yes | Yes | Yes |
| Sector dummies | Yes | Yes | Yes |
| Observations | 4,351 | 4,351 | 4,351 |
| Rho ( | 0.7335 | 0.7470 | 0.8172 |
| Hausman test | 168.74 | 181.91 | 45.94 |
| Likelihood test | 2,281.61 | 2,630.01 | 530.83 |
*Significant at 10%. **Significant at 5%. ***Significant at 1%
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