Note(s): The table presents the results examining the critical mass effect of women's representation on boards. The definitions of variables are given in the  Appendix. Column 1 shows the impact of the board with only one woman on CSD, whereas Column 2 reports the impact of the board with two women. Column 3 presents the result of boards with three or more women. Robust two-tailed t-statistics clustered by firm are shown in parentheses. Superscripts ^***, ^**, and ^* denote significance at the 1%, 5%, and 10% levels, respectively