Table 3 Tests for equality of means and...

Table 3

Tests for equality of means and medians by gender

Variable	Mean		t-test		Median		Wilcoxon/Mann–Whitney
Variable	Male	Female	Value	p-value	Male	Female	Value	p-value
Panel A. Management board
TENURE	1,641	1,583	0.6147	0.5388	974	958	0.1000	0.9203
ALTMAN-Z	4.8524	6.7454	−0.3435	0.7313	5.8708	5.9714	1.0743	0.2827
DEBT	0.6557	0.5433	0.7660	0.4438	0.4921	0.4744	2.2400	0.0251
FAMILY	0.3409	0.4169	−3.0216	0.0025	0.0000	0.0000	2.4923	0.0127
STATE	0.1588	0.1439	0.7757	0.4380	0.0000	0.0000	0.4890	0.6248
CODE	0.6530	0.6973	−1.7681	0.0771	1.0000	1.0000	1.4524	0.1464
SIZE	13.1425	12.9596	1.4884	0.1367	13.0053	12.9237	1.4226	0.1548
Panel B. Supervisory board
TENURE	1,436	1,410	0.5834	0.5596	939	952	0.2799	0.7795
ALTMAN-Z	3.8880	−8.5974	3.1394	0.0017	6.0819	6.0803	0.0204	0.9837
DEBT	0.7164	1.1101	−1.8404	0.0658	0.4751	0.4725	0.7724	0.4399
FAMILY	0.3530	0.3929	−2.6135	0.0090	0.0000	0.0000	2.1708	0.0299
STATE	0.1300	0.1316	−0.1430	0.8863	0.0000	0.0000	0.0834	0.9335
CODE	0.6185	0.6905	−4.6817	0.0000	1.0000	1.0000	3.9107	0.0001
SIZE	12.7499	12.5322	2.9097	0.0036	12.4856	12.2284	2.9723	0.0030
Panel C. Management and supervisory board
TENURE	1,505	1,455	1.1964	0.2316	947	954	0.1951	0.8453
ALTMAN-Z	4.2151	−4.5766	2.7241	0.0065	6.0268	6.0642	0.8036	0.4216
DEBT	0.6958	0.9614	−1.7071	0.0878	0.4822	0.4728	2.0363	0.0417
FAMILY	0.3490	0.3991	−3.8460	0.0001	0.0000	0.0000	3.1875	0.0014
STATE	0.1397	0.1347	0.5255	0.5992	0.0000	0.0000	0.3149	0.7528
CODE	0.6300	0.6922	−4.7574	0.0000	1.0000	1.0000	3.9545	0.0001
SIZE	12.8831	12.6442	3.7300	0.0002	12.6592	12.3679	3.6590	0.0003

Variable	Mean		t-test		Median		Wilcoxon/Mann–Whitney
Variable	Male	Female	Value	p-value	Male	Female	Value	p-value
Panel A. Management board
TENURE	1,641	1,583	0.6147	0.5388	974	958	0.1000	0.9203
ALTMAN-Z	4.8524	6.7454	−0.3435	0.7313	5.8708	5.9714	1.0743	0.2827
DEBT	0.6557	0.5433	0.7660	0.4438	0.4921	0.4744	2.2400	0.0251
FAMILY	0.3409	0.4169	−3.0216	0.0025	0.0000	0.0000	2.4923	0.0127
STATE	0.1588	0.1439	0.7757	0.4380	0.0000	0.0000	0.4890	0.6248
CODE	0.6530	0.6973	−1.7681	0.0771	1.0000	1.0000	1.4524	0.1464
SIZE	13.1425	12.9596	1.4884	0.1367	13.0053	12.9237	1.4226	0.1548
Panel B. Supervisory board
TENURE	1,436	1,410	0.5834	0.5596	939	952	0.2799	0.7795
ALTMAN-Z	3.8880	−8.5974	3.1394	0.0017	6.0819	6.0803	0.0204	0.9837
DEBT	0.7164	1.1101	−1.8404	0.0658	0.4751	0.4725	0.7724	0.4399
FAMILY	0.3530	0.3929	−2.6135	0.0090	0.0000	0.0000	2.1708	0.0299
STATE	0.1300	0.1316	−0.1430	0.8863	0.0000	0.0000	0.0834	0.9335
CODE	0.6185	0.6905	−4.6817	0.0000	1.0000	1.0000	3.9107	0.0001
SIZE	12.7499	12.5322	2.9097	0.0036	12.4856	12.2284	2.9723	0.0030
Panel C. Management and supervisory board
TENURE	1,505	1,455	1.1964	0.2316	947	954	0.1951	0.8453
ALTMAN-Z	4.2151	−4.5766	2.7241	0.0065	6.0268	6.0642	0.8036	0.4216
DEBT	0.6958	0.9614	−1.7071	0.0878	0.4822	0.4728	2.0363	0.0417
FAMILY	0.3490	0.3991	−3.8460	0.0001	0.0000	0.0000	3.1875	0.0014
STATE	0.1397	0.1347	0.5255	0.5992	0.0000	0.0000	0.3149	0.7528
CODE	0.6300	0.6922	−4.7574	0.0000	1.0000	1.0000	3.9545	0.0001
SIZE	12.8831	12.6442	3.7300	0.0002	12.6592	12.3679	3.6590	0.0003

Source(s): Authors’ elaboration

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