Table 11. Entropy balancing analysis...

Table 11.

Entropy balancing analysis

	Before entropy balancing				After entropy balancing
	Treatment		Control		Treatment		Control
Variables	Mean	Variance	Mean	Variance	Mean	Variance	Mean	Variance
Panel A: Sample descriptive statistics before and after entropy balancing based on female presence on the board
BS	11.71	12.04	12.88	23.9	11.71	12.040	11.71	19.05
INDP	0.219	0.005	0.204	0.003	0.219	0.005	0.219	0.002
DO	0.381	0.012	0.435	0.015	0.381	0.012	0.381	0.025
IO	0.220	0.008	0.172	0.007	0.220	0.008	0.22	0.005
FO	0.028	0.003	0.031	0.003	0.028	0.003	0.028	0.002
SAC	4.213	0.741	4.359	0.649	4.213	0.741	4.213	0.672
ROE	0.106	0.002	0.099	0.002	0.106	0.002	0.106	0.002
LEV	0.910	0.002	0.924	0.001	0.910	0.002	0.910	0.003
LBM	1.184	0.041	1.196	0.019	1.184	0.041	1.184	0.030
FAGE	3.306	0.067	3.233	0.068	3.306	0.067	3.306	0.066
FSIZE	10.12	0.114	10.11	0.109	10.12	0.114	10.12	0.085
CSR	0.060	0.004	0.101	0.007	0.060	0.004	0.060	0.004
BIG4	0.407	0.242	0.244	0.187	0.407	0.242	0.407	0.244
Panel B: Sample descriptive statistics before and after entropy balancing using female presence on both the board and the audit committee
BS	10.86	9.488	12.65	17.02	10.86	9.488	10.86	11.07
INDP	0.234	0.006	0.206	0.004	0.234	0.006	0.233	0.005
DO	0.402	0.013	0.388	0.013	0.402	0.013	0.402	0.015
IO	0.219	0.008	0.203	0.008	0.219	0.008	0.219	0.011
FO	0.037	0.004	0.024	0.002	0.037	0.004	0.037	0.004
SAC	4.307	0.691	4.21	0.740	4.307	0.691	4.307	0.700
ROE	0.108	0.002	0.102	0.002	0.108	0.002	0.108	0.002
LEV	0.913	0.001	0.918	0.001	0.913	0.001	0.913	0.001
LBM	1.177	0.042	1.192	0.032	1.177	0.042	1.177	0.043
FAGE	3.309	0.072	3.278	0.065	3.309	0.072	3.309	0.061
FSIZE	10.15	0.119	10.09	0.107	10.15	0.119	10.15	0.123
CSR	0.057	0.004	0.077	0.005	0.057	0.004	0.057	0.004
BIG4	0.465	0.251	0.313	0.216	0.465	0.251	0.465	0.250

	Before entropy balancing				After entropy balancing
	Treatment		Control		Treatment		Control
Variables	Mean	Variance	Mean	Variance	Mean	Variance	Mean	Variance
Panel A: Sample descriptive statistics before and after entropy balancing based on female presence on the board
BS	11.71	12.04	12.88	23.9	11.71	12.040	11.71	19.05
INDP	0.219	0.005	0.204	0.003	0.219	0.005	0.219	0.002
DO	0.381	0.012	0.435	0.015	0.381	0.012	0.381	0.025
IO	0.220	0.008	0.172	0.007	0.220	0.008	0.22	0.005
FO	0.028	0.003	0.031	0.003	0.028	0.003	0.028	0.002
SAC	4.213	0.741	4.359	0.649	4.213	0.741	4.213	0.672
ROE	0.106	0.002	0.099	0.002	0.106	0.002	0.106	0.002
LEV	0.910	0.002	0.924	0.001	0.910	0.002	0.910	0.003
LBM	1.184	0.041	1.196	0.019	1.184	0.041	1.184	0.030
FAGE	3.306	0.067	3.233	0.068	3.306	0.067	3.306	0.066
FSIZE	10.12	0.114	10.11	0.109	10.12	0.114	10.12	0.085
CSR	0.060	0.004	0.101	0.007	0.060	0.004	0.060	0.004
BIG4	0.407	0.242	0.244	0.187	0.407	0.242	0.407	0.244
Panel B: Sample descriptive statistics before and after entropy balancing using female presence on both the board and the audit committee
BS	10.86	9.488	12.65	17.02	10.86	9.488	10.86	11.07
INDP	0.234	0.006	0.206	0.004	0.234	0.006	0.233	0.005
DO	0.402	0.013	0.388	0.013	0.402	0.013	0.402	0.015
IO	0.219	0.008	0.203	0.008	0.219	0.008	0.219	0.011
FO	0.037	0.004	0.024	0.002	0.037	0.004	0.037	0.004
SAC	4.307	0.691	4.21	0.740	4.307	0.691	4.307	0.700
ROE	0.108	0.002	0.102	0.002	0.108	0.002	0.108	0.002
LEV	0.913	0.001	0.918	0.001	0.913	0.001	0.913	0.001
LBM	1.177	0.042	1.192	0.032	1.177	0.042	1.177	0.043
FAGE	3.309	0.072	3.278	0.065	3.309	0.072	3.309	0.061
FSIZE	10.15	0.119	10.09	0.107	10.15	0.119	10.15	0.123
CSR	0.057	0.004	0.077	0.005	0.057	0.004	0.057	0.004
BIG4	0.465	0.251	0.313	0.216	0.465	0.251	0.465	0.250

Panel C: Regressions using Entropy Balancing sample
Variables	(1)	(2)
	Dependent variable: ETR
FPBOD	−0.267*** (0.068)	−0.022 (0.073)
FPAC		0.104 (0.067)
FPBOD × FPAC		−0.593*** (0.228)
Constant	0.872** (0.361)	0.581* (0.324)
All controls	Yes	Yes
Year fixed	Yes	Yes
Observations	341	341
Adjusted R-squared	0.546	0.325

Panel C: Regressions using Entropy Balancing sample
Variables	(1)	(2)
	Dependent variable: ETR
FPBOD	−0.267*** (0.068)	−0.022 (0.073)
FPAC		0.104 (0.067)
FPBOD × FPAC		−0.593*** (0.228)
Constant	0.872** (0.361)	0.581* (0.324)
All controls	Yes	Yes
Year fixed	Yes	Yes
Observations	341	341
Adjusted R-squared	0.546	0.325

Note(s):

Superscripts ***, ** and * denote significance at the 1, 5 and 10% levels, respectively. Robust standard errors are reported in parentheses. The definitions of variables are given in Appendix

Source(s): Created by authors

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