Table 5

Basic model

(1)(2)(3)(4)(5)(6)
SRSRSRSRSRSR
Intercept0.0200.0140.0280.158***0.160***0.174***
(0.527)(0.361)(0.719)(17.069)(17.056)(16.308)
GCG0.0000.000*0.0000.001***0.001***0.000
(1.605)(1.795)(0.237)(2.997)(3.207)(1.385)
LEV−0.001−0.001−0.001   
(−0.703)(−0.795)(−0.708)   
REG−0.007−0.002−0.001   
(−1.083)(−0.239)(−0.214)   
SIZE0.007***0.007***0.007***   
(3.749)(3.952)(3.974)   
AGE0.000−0.000−0.000   
(0.224)(−0.036)(−0.298)   
FEMBOARD −0.023**−0.105*** −0.019**−0.098***
 (−2.486)(−3.380) (−2.174)(−3.260)
GCG × FEMBOARD  0.002***  0.002**
  (2.590)  (2.518)
Adj.R20.240.240.250.200.200.21
N1,1101,1101,1101,1101,1101,110
F-stat5.4525.2985.7808.9827.4818.610

Note(s): t Statistics in parentheses. *p < 0.10, **p < 0.05, ***p < 0.01

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