Robustness tests
| Panel A: Alternative measure of CSD | ||||
|---|---|---|---|---|
| Dep. Var. = DECILE_DISVOL | ||||
| (1) | (2) | (3) | (4) | |
| GENDIV | −0.074 | |||
| (−0.237) | ||||
| 1WOMAN | −0.015 | |||
| (−0.121) | ||||
| 2WOMEN | −0.148** | |||
| (−2.118) | ||||
| ≥3WOMEN | 0.167** | |||
| (2.084) | ||||
| BDSIZE | 0.053*** | 0.052*** | 0.042*** | 0.037** |
| (3.303) | (3.218) | (2.682) | (2.232) | |
| INDPDIR | −0.336 | −0.350 | −0.400 | −0.436 |
| (−0.993) | (−1.057) | (−1.206) | (−1.306) | |
| COMPRN | 0.295*** | 0.295*** | 0.293*** | 0.291*** |
| (2.743) | (2.750) | (2.802) | (2.798) | |
| AUDCOMIND | 0.238 | 0.235 | 0.232 | 0.247 |
| (0.502) | (0.491) | (0.494) | (0.525) | |
| CYBERPOLICY | 0.042 | 0.043 | 0.028 | 0.031 |
| (0.538) | (0.545) | (0.366) | (0.394) | |
| Intercept | Yes | Yes | Yes | Yes |
| Control variables | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes |
| Cluster by | Firm | Firm | Firm | Firm |
| Observations | 630 | 630 | 630 | 630 |
| Pseudo R2 | 0.126 | 0.126 | 0.128 | 0.129 |
| Model | Poisson | Poisson | Poisson | Poisson |
| Panel A: Alternative measure of CSD | ||||
|---|---|---|---|---|
| (1) | (2) | (3) | (4) | |
| −0.074 | ||||
| (−0.237) | ||||
| −0.015 | ||||
| (−0.121) | ||||
| −0.148** | ||||
| (−2.118) | ||||
| 0.167** | ||||
| (2.084) | ||||
| 0.053*** | 0.052*** | 0.042*** | 0.037** | |
| (3.303) | (3.218) | (2.682) | (2.232) | |
| −0.336 | −0.350 | −0.400 | −0.436 | |
| (−0.993) | (−1.057) | (−1.206) | (−1.306) | |
| 0.295*** | 0.295*** | 0.293*** | 0.291*** | |
| (2.743) | (2.750) | (2.802) | (2.798) | |
| 0.238 | 0.235 | 0.232 | 0.247 | |
| (0.502) | (0.491) | (0.494) | (0.525) | |
| 0.042 | 0.043 | 0.028 | 0.031 | |
| (0.538) | (0.545) | (0.366) | (0.394) | |
| Intercept | Yes | Yes | Yes | Yes |
| Control variables | Yes | Yes | Yes | Yes |
| Year FE | Yes | Yes | Yes | Yes |
| Industry FE | Yes | Yes | Yes | Yes |
| Cluster by | Firm | Firm | Firm | Firm |
| Observations | 630 | 630 | 630 | 630 |
| Pseudo | 0.126 | 0.126 | 0.128 | 0.129 |
| Model | Poisson | Poisson | Poisson | Poisson |
| Panel B: Alternative measures of board gender diversity | ||
|---|---|---|
| Dep. Var. = DISVOL | ||
| (1) | (2) | |
| BLAUIDX | 0.427 | |
| (0.574) | ||
| SHANIDX | 0.165 | |
| (0.257) | ||
| Intercept | Yes | Yes |
| Other variables and controls | Yes | Yes |
| Year FE | Yes | Yes |
| Industry FE | Yes | Yes |
| Cluster by | Firm | Firm |
| Observations | 630 | 627 |
| Adjusted R2 | 0.390 | 0.377 |
| Panel B: Alternative measures of board gender diversity | ||
|---|---|---|
| (1) | (2) | |
| 0.427 | ||
| (0.574) | ||
| 0.165 | ||
| (0.257) | ||
| Intercept | Yes | Yes |
| Other variables and controls | Yes | Yes |
| Year FE | Yes | Yes |
| Industry FE | Yes | Yes |
| Cluster by | Firm | Firm |
| Observations | 630 | 627 |
| Adjusted | 0.390 | 0.377 |
Note(s): The table presents the results of robustness tests. Panel A presents the results of Poisson regressions, where the dependent variable is categorized by deciles of DISVOL. Panel B shows the results of OLS regressions, where board gender diversity (GENDIV) is alternatively measured using the Blau Index (BLAUIDX) and Shannon Index (SHANIDX), respectively. The definitions of variables are given in 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
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