Random-effects GLS regression of MBV on board characteristics and controls
| Model 1: % women | Model 2: ≥2 women dummy | Model 3: Blau index | |
|---|---|---|---|
| Intercept | 3.081*** (1.053) | 3.109*** (1.056) | 3.091*** (1.068) |
| Percentage of Women on Board | 0.046 (0.315) | ||
| Female ≥2 on Board (Dummy) | 0.027 (0.094) | ||
| Blau Index of Gender Diversity | 0.725** (0.286) | ||
| Board Size (no. of directors) | 0.011 (0.019) | 0.010 (0.019) | 0.009 (0.019) |
| Board Meetings (per year) | −0.029 (0.029) | −0.028 (0.029) | −0.018 (0.029) |
| Firm Size (Log Assets) | −0.312** (0.129) | −0.315** (0.130) | −0.334** (0.131) |
| Firm Age (years) | 0.000 (0.009) | 0.000 (0.009) | −0.000 (0.009) |
| Leverage (Debt/Assets) | 1.365*** (0.312) | 1.368*** (0.312) | 1.447*** (0.314) |
| Industrial Sector (Dummy) | 0.076 (0.087) | 0.076 (0.087) | 0.086 (0.085) |
| COVID-19 Period (2020–21) | −0.057 (0.050) | −0.056 (0.050) | −0.064 (0.049) |
| 2023 War (Dummy) | 0.035 (0.071) | 0.035 (0.070) | 0.002 (0.071) |
| Observations (Firm-Years) | 287 | 287 | 287 |
| Number of Firms | 41 | 41 | 41 |
| Wald χ2 (df) | 45.17*** (10) | 45.63*** (10) | 51.82*** (10) |
| Hausman Test (χ2, p-value) | 8.72 (p = 0.37) | – | – |
| Model 1: % women | Model 2: ≥2 women dummy | Model 3: Blau index | |
|---|---|---|---|
| Intercept | 3.081*** (1.053) | 3.109*** (1.056) | 3.091*** (1.068) |
| Percentage of Women on Board | 0.046 (0.315) | ||
| Female ≥2 on Board (Dummy) | 0.027 (0.094) | ||
| Blau Index of Gender Diversity | 0.725** (0.286) | ||
| Board Size (no. of directors) | 0.011 (0.019) | 0.010 (0.019) | 0.009 (0.019) |
| Board Meetings (per year) | −0.029 (0.029) | −0.028 (0.029) | −0.018 (0.029) |
| Firm Size (Log Assets) | −0.312** (0.129) | −0.315** (0.130) | −0.334** (0.131) |
| Firm Age (years) | 0.000 (0.009) | 0.000 (0.009) | −0.000 (0.009) |
| Leverage (Debt/Assets) | 1.365*** (0.312) | 1.368*** (0.312) | 1.447*** (0.314) |
| Industrial Sector (Dummy) | 0.076 (0.087) | 0.076 (0.087) | 0.086 (0.085) |
| COVID-19 Period (2020–21) | −0.057 (0.050) | −0.056 (0.050) | −0.064 (0.049) |
| 2023 War (Dummy) | 0.035 (0.071) | 0.035 (0.070) | 0.002 (0.071) |
| Observations (Firm-Years) | 287 | 287 | 287 |
| Number of Firms | 41 | 41 | 41 |
| Wald | 45.17*** (10) | 45.63*** (10) | 51.82*** (10) |
| Hausman Test ( | 8.72 ( | – | – |
Note(s): Coefficients are GLS estimates from random-effects models; standard errors (in parentheses) are robust to clustering by firm
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