Table 6 Results from the Heckman...

Table 6

Results from the Heckman two-stage procedure

Dep. Var. =	GENDIV_HIGH	DISVOL	DISVOL	DISVOL	DISVOL
Dep. Var. =	(1)	(2)	(3)	(4)	(5)
LAG_GENDIV	10.490^***
LAG_GENDIV	(7.919)
GENDIV_IND	17.449^***
GENDIV_IND	(4.043)
GENDIV		0.272
GENDIV		(0.561)
1WOMAN			−0.093
1WOMAN			(−0.454)
2WOMEN				−0.255^*
2WOMEN				(−1.913)
≥3WOMEN					0.365^***
≥3WOMEN					(2.974)
BDSIZE	0.046	0.100^***	0.098^***	0.081^***	0.065^**
BDSIZE	(0.821)	(3.519)	(3.471)	(2.743)	(2.311)
INDPDIR	0.892	−0.861	−0.868	−0.877	−0.889^*
INDPDIR	(1.224)	(−1.595)	(−1.598)	(−1.655)	(−1.673)
COMPRN	0.248	0.551^***	0.550^***	0.551^***	0.548^***
COMPRN	(1.408)	(3.036)	(3.026)	(3.089)	(3.121)
AUDCOMIND	−0.320	0.198	0.224	0.158	0.217
AUDCOMIND	(−0.281)	(0.231)	(0.262)	(0.190)	(0.262)
CYBERPOLICY	−0.003	0.093	0.097	0.065	0.063
CYBERPOLICY	(−0.011)	(0.756)	(0.785)	(0.542)	(0.517)
IMR		0.006	0.017	−0.010	−0.041
IMR		(0.124)	(0.359)	(−0.199)	(−0.920)
Intercept	Yes	Yes	Yes	Yes	Yes
Control variables	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes
Cluster by	Firm	Firm	Firm	Firm	Firm
Observations	540	540	540	540	540
Pseudo R²	0.436
Adjusted R²		0.345	0.345	0.354	0.361

Dep. Var. =	GENDIV_HIGH	DISVOL	DISVOL	DISVOL	DISVOL
Dep. Var. =	(1)	(2)	(3)	(4)	(5)
LAG_GENDIV	10.490^***
LAG_GENDIV	(7.919)
GENDIV_IND	17.449^***
GENDIV_IND	(4.043)
GENDIV		0.272
GENDIV		(0.561)
1WOMAN			−0.093
1WOMAN			(−0.454)
2WOMEN				−0.255^*
2WOMEN				(−1.913)
≥3WOMEN					0.365^***
≥3WOMEN					(2.974)
BDSIZE	0.046	0.100^***	0.098^***	0.081^***	0.065^**
BDSIZE	(0.821)	(3.519)	(3.471)	(2.743)	(2.311)
INDPDIR	0.892	−0.861	−0.868	−0.877	−0.889^*
INDPDIR	(1.224)	(−1.595)	(−1.598)	(−1.655)	(−1.673)
COMPRN	0.248	0.551^***	0.550^***	0.551^***	0.548^***
COMPRN	(1.408)	(3.036)	(3.026)	(3.089)	(3.121)
AUDCOMIND	−0.320	0.198	0.224	0.158	0.217
AUDCOMIND	(−0.281)	(0.231)	(0.262)	(0.190)	(0.262)
CYBERPOLICY	−0.003	0.093	0.097	0.065	0.063
CYBERPOLICY	(−0.011)	(0.756)	(0.785)	(0.542)	(0.517)
IMR		0.006	0.017	−0.010	−0.041
IMR		(0.124)	(0.359)	(−0.199)	(−0.920)
Intercept	Yes	Yes	Yes	Yes	Yes
Control variables	Yes	Yes	Yes	Yes	Yes
Year FE	Yes	Yes	Yes	Yes	Yes
Industry FE	Yes	Yes	Yes	Yes	Yes
Cluster by	Firm	Firm	Firm	Firm	Firm
Observations	540	540	540	540	540
Pseudo R²	0.436
Adjusted R²		0.345	0.345	0.354	0.361

Note(s): The table presents the results from Heckman's (1979) two-stage procedure. Column 1 presents the first-stage probit regression results used to predict the Inverse Mills Ratio (IMR), where the dependent variable is GENDIV_HIGH and the independent variables are identical to those in the baseline model. Columns 2–5 report the second-stage regression results, including IMR predicted in the first stage. The definitions of variables are given in the Appendix. Robust two-tailed t-statistics clustered by firm are presented in parentheses. Superscripts ^***, ^**, and ^* denote significance at the 1%, 5%, and 10% levels, respectively

Source(s): Authors’ own work

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