Descriptive statistics and correlations
| Mean | S.D. | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (1) Pay gap | 7.09 | 4.50 | 1.000 | ||||||||||||||
| (2) Ownership power gap | 0.15 | 0.21 | 0.023 | 1.000 | |||||||||||||
| (3) Prestige power gap | 0.20 | 0.20 | 0.143*** | 0.194*** | 1.000 | ||||||||||||
| (4) Expert power gap | 0.09 | 0.28 | 0.077*** | 0.206*** | 0.237*** | 1.000 | |||||||||||
| (5) Structural power gap | 0.13 | 0.34 | 0.096*** | 0.078*** | 0.093*** | −0.014 | 1.000 | ||||||||||
| (6) Celebrity gap | 2.89 | 4.87 | 0.035 | 0.010 | 0.035 | 0.030 | 0.086*** | 1.000 | |||||||||
| (7) Gender | −0.07 | 0.37 | 0.032 | −0.037 | 0.109*** | −0.072** | −0.022 | −0.076** | 1.000 | ||||||||
| (8) Education | −0.09 | 0.68 | −0.053* | −0.015 | 0.010 | −0.021 | 0.016 | −0.035 | 0.001 | 1.000 | |||||||
| (9) ROA | 6.53 | 6.52 | −0.087*** | 0.056* | −0.048* | 0.078*** | −0.108*** | −0.033 | −0.019 | −0.028 | 1.000 | ||||||
| (10) Firm age | 36.60 | 19.80 | 0.032 | −0.187*** | −0.066** | −0.147*** | 0.125*** | 0.120*** | 0.019 | −0.063** | −0.054* | 1.000 | |||||
| (11) Firm size | 0 | 1 | −0.189*** | −0.018 | 0.014 | −0.038 | −0.037 | 0.243*** | −0.100*** | 0.014 | 0.109*** | 0.038 | 1.000 | ||||
| (12) Leverage | 0.28 | 0.19 | −0.007 | −0.018 | −0.096*** | 0.000 | −0.097*** | −0.015 | 0.030 | −0.065** | −0.020 | −0.023 | −0.073* | 1.000 | |||
| (13) Board size | 10.92 | 2.21 | 0.057** | −0.147*** | −0.068** | −0.054* | 0.084*** | 0.138*** | −0.054* | −0.011 | −0.154*** | 0.253*** | 0.092 | −0.088* | 1.000 | ||
| (14) Board nationality mix | 0.16 | 0.20 | −0.056** | −0.022 | 0.022 | 0.040 | −0.032 | −0.016 | −0.058** | −0.031 | 0.002 | −0.068** | 0.023* | 0.004 | 0.067* | 1.000 | |
| (15) Board gender ratio | 0.76 | 0.09 | −0.044 | 0.096*** | 0.037 | 0.037 | −0.074*** | −0.064** | 0.089*** | 0.028 | 0.008 | −0.197*** | −0.127* | 0.028 | −0.075* | 0.015 | 1.000 |
| Mean | S.D. | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (1) Pay gap | 7.09 | 4.50 | 1.000 | ||||||||||||||
| (2) Ownership power gap | 0.15 | 0.21 | 0.023 | 1.000 | |||||||||||||
| (3) Prestige power gap | 0.20 | 0.20 | 0.143*** | 0.194*** | 1.000 | ||||||||||||
| (4) Expert power gap | 0.09 | 0.28 | 0.077*** | 0.206*** | 0.237*** | 1.000 | |||||||||||
| (5) Structural power gap | 0.13 | 0.34 | 0.096*** | 0.078*** | 0.093*** | −0.014 | 1.000 | ||||||||||
| (6) Celebrity gap | 2.89 | 4.87 | 0.035 | 0.010 | 0.035 | 0.030 | 0.086*** | 1.000 | |||||||||
| (7) Gender | −0.07 | 0.37 | 0.032 | −0.037 | 0.109*** | −0.072** | −0.022 | −0.076** | 1.000 | ||||||||
| (8) Education | −0.09 | 0.68 | −0.053* | −0.015 | 0.010 | −0.021 | 0.016 | −0.035 | 0.001 | 1.000 | |||||||
| (9) ROA | 6.53 | 6.52 | −0.087*** | 0.056* | −0.048* | 0.078*** | −0.108*** | −0.033 | −0.019 | −0.028 | 1.000 | ||||||
| (10) Firm age | 36.60 | 19.80 | 0.032 | −0.187*** | −0.066** | −0.147*** | 0.125*** | 0.120*** | 0.019 | −0.063** | −0.054* | 1.000 | |||||
| (11) Firm size | 0 | 1 | −0.189*** | −0.018 | 0.014 | −0.038 | −0.037 | 0.243*** | −0.100*** | 0.014 | 0.109*** | 0.038 | 1.000 | ||||
| (12) Leverage | 0.28 | 0.19 | −0.007 | −0.018 | −0.096*** | 0.000 | −0.097*** | −0.015 | 0.030 | −0.065** | −0.020 | −0.023 | −0.073* | 1.000 | |||
| (13) Board size | 10.92 | 2.21 | 0.057** | −0.147*** | −0.068** | −0.054* | 0.084*** | 0.138*** | −0.054* | −0.011 | −0.154*** | 0.253*** | 0.092 | −0.088* | 1.000 | ||
| (14) Board nationality mix | 0.16 | 0.20 | −0.056** | −0.022 | 0.022 | 0.040 | −0.032 | −0.016 | −0.058** | −0.031 | 0.002 | −0.068** | 0.023* | 0.004 | 0.067* | 1.000 | |
| (15) Board gender ratio | 0.76 | 0.09 | −0.044 | 0.096*** | 0.037 | 0.037 | −0.074*** | −0.064** | 0.089*** | 0.028 | 0.008 | −0.197*** | −0.127* | 0.028 | −0.075* | 0.015 | 1.000 |
Note(s): ***p < 0.01, **p < 0.05, *p < 0.1
precise p-values are available from the authors
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