Table 5 Regression results of the...

Table 5

Regression results of the mediation effect of female attributes on female directorship and credit risk

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
Variables	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8	Model 9	Model 10	Model 11	Model 12
Dependent variable	FE_IND	FE_LED	FE_EXP	FE_HEDU	FE_FOREDU	FE_ACFI	Dependent variable = NPL
FPBOD	0.105^***	8.003^***	0.422^***	0.651^***	0.290^***	0.134^***	−0.179^**	−0.210^***	−0.263^***	−0.192^**	−0.314^***	−0.383^***
FPBOD	(0.0183)	(1.515)	(0.0405)	(0.0432)	(0.0332)	(0.0252)	(0.0769)	(0.0710)	(0.0752)	(0.0897)	(0.0728)	(0.0722)
FE_IND							−0.681^***
FE_IND							(0.168)
FE_LED								−0.0562^***
FE_LED								(0.0153)
FE_EXP									−0.314^***
FE_EXP									(0.0917)
FE_HEDU										−0.312^***
FE_HEDU										(0.120)
FE_FOREDU											−0.280^***
FE_FOREDU											(0.0978)
FE_ACFI												−0.0963
FE_ACFI												(0.131)
Constant	−0.185^***	−19.14^***	−0.305^**	−0.226^*	−0.128	−0.248^**	2.670^***	2.689^***	1.267^***	1.292^***	1.326^***	1.338^***
Constant	(0.0680)	(5.806)	(0.153)	(0.132)	(0.144)	(0.106)	(0.398)	(0.397)	(0.373)	(0.375)	(0.377)	(0.386)
All controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	358	358	328	328	328	328	358	358	328	328	328	328
R-squared	0.403		0.453	0.727	0.484	0.182	0.675	0.673	0.711	0.710	0.708	0.704
Adj. R-squared	0.373		0.423	0.712	0.456	0.137	0.658	0.655	0.694	0.693	0.691	0.686
F-statistic	8.432^***		14.03^***	75.42^***	14.22^***	3.478^***	41.41^***	37.20^***	35.26^***	34.91^***	35.51^***	34.08^***
Pseudo R2		0.2508
Chi-squared		59.67^***
Sobel Test (z statistics)							−2.668^***	−2.153^**	−2.802^***	−2.594^***	−2.184^**	−0.567
Aroian Test (z statistics)							−2.642^***	−2.111^**	−2.794^***	−2.591^**	−2.174^**	−0.560
GoodmanTest (z statistics)							−2.696^***	−2.197^**	−2.810^***	−2.597^***	−2.195^**	−0.575

Variables	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
Variables	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6	Model 7	Model 8	Model 9	Model 10	Model 11	Model 12
Dependent variable	FE_IND	FE_LED	FE_EXP	FE_HEDU	FE_FOREDU	FE_ACFI	Dependent variable = NPL
FPBOD	0.105^***	8.003^***	0.422^***	0.651^***	0.290^***	0.134^***	−0.179^**	−0.210^***	−0.263^***	−0.192^**	−0.314^***	−0.383^***
FPBOD	(0.0183)	(1.515)	(0.0405)	(0.0432)	(0.0332)	(0.0252)	(0.0769)	(0.0710)	(0.0752)	(0.0897)	(0.0728)	(0.0722)
FE_IND							−0.681^***
FE_IND							(0.168)
FE_LED								−0.0562^***
FE_LED								(0.0153)
FE_EXP									−0.314^***
FE_EXP									(0.0917)
FE_HEDU										−0.312^***
FE_HEDU										(0.120)
FE_FOREDU											−0.280^***
FE_FOREDU											(0.0978)
FE_ACFI												−0.0963
FE_ACFI												(0.131)
Constant	−0.185^***	−19.14^***	−0.305^**	−0.226^*	−0.128	−0.248^**	2.670^***	2.689^***	1.267^***	1.292^***	1.326^***	1.338^***
Constant	(0.0680)	(5.806)	(0.153)	(0.132)	(0.144)	(0.106)	(0.398)	(0.397)	(0.373)	(0.375)	(0.377)	(0.386)
All controls	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Year fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Industry fixed	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Observations	358	358	328	328	328	328	358	358	328	328	328	328
R-squared	0.403		0.453	0.727	0.484	0.182	0.675	0.673	0.711	0.710	0.708	0.704
Adj. R-squared	0.373		0.423	0.712	0.456	0.137	0.658	0.655	0.694	0.693	0.691	0.686
F-statistic	8.432^***		14.03^***	75.42^***	14.22^***	3.478^***	41.41^***	37.20^***	35.26^***	34.91^***	35.51^***	34.08^***
Pseudo R2		0.2508
Chi-squared		59.67^***
Sobel Test (z statistics)							−2.668^***	−2.153^**	−2.802^***	−2.594^***	−2.184^**	−0.567
Aroian Test (z statistics)							−2.642^***	−2.111^**	−2.794^***	−2.591^**	−2.174^**	−0.560
GoodmanTest (z statistics)							−2.696^***	−2.197^**	−2.810^***	−2.597^***	−2.195^**	−0.575

Note(s): Numbers in parentheses are robust standard error. Superscripts ^***, ^**, and ^* denote significance at the 1%, 5%, and 10% levels, respectively. The definitions of variables are given in Appendix

Source(s): Created by author

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