Table 4 Results of the unbalanced panel...

Table 4

Results of the unbalanced panel data models estimated for the glass ceiling indicator (GCI) of US financial institutions (2020–2024)

	M1. Economic-financial variables	M2. Gender and economic-financial variables
Variables	Coefficient	Coefficient
Percentage women in entry level positions (WLP_t-1)	–	−0.0024* [0.098]
Percentage of women new hires (WNH)	–	0.0116** [0.001]
CEO duality (CD)	–	−0.0989* [0.051]
Chairman age (CA)	–	−0.0104** [0.016]
Mean gender pay gap (GPG)	–	−0.006** [0.041]
CEO women (CW)		0.3868 [0.000]
Revenue (RE_t-1)	0.0195* [0.075]	0.0641** [0.000]
ROA_t-1	0.0046** [0.000]	0.007** [0.018]
Leverage ratio (LvR_t-1)	−0.0018** [0.014]	−0.0223** [0.001]
EFF Ratio	−0.0008** [0.001]	−0.0004 [0.891]
Cons	1.0121** [0.000]	0.6086** [0.043]
No. of observations	128	128
No. of companies	26	26
R-squared	0.3831	0.7771
Wald χ²	220.45 [0.00]	434.37 [0.00]

	M1. Economic-financial variables	M2. Gender and economic-financial variables
Variables	Coefficient	Coefficient
Percentage women in entry level positions (WLP_t-1)	–	−0.0024* [0.098]
Percentage of women new hires (WNH)	–	0.0116** [0.001]
CEO duality (CD)	–	−0.0989* [0.051]
Chairman age (CA)	–	−0.0104** [0.016]
Mean gender pay gap (GPG)	–	−0.006** [0.041]
CEO women (CW)		0.3868 [0.000]
Revenue (RE_t-1)	0.0195* [0.075]	0.0641** [0.000]
ROA_t-1	0.0046** [0.000]	0.007** [0.018]
Leverage ratio (LvR_t-1)	−0.0018** [0.014]	−0.0223** [0.001]
EFF Ratio	−0.0008** [0.001]	−0.0004 [0.891]
Cons	1.0121** [0.000]	0.6086** [0.043]
No. of observations	128	128
No. of companies	26	26
R-squared	0.3831	0.7771
Wald χ²	220.45 [0.00]	434.37 [0.00]

Note(s): The p-value in brackets. **Significant at 5%. *Significant at 10%

Source(s): Authors’ own work using Bloomberg information

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