Table 8 Effect of female management on...

Table 8

Effect of female management on firm performance (dependent variable: firm growth)

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
	OLS model ASO – Number of female managers	OLS model innov. startups – Number of female managers	OLS model ASO and innov. startups – Number of female managers	OLS model ASO – Critical Mass	OLS model innov. startups – Critical Mass	OLS model ASO and innov. startups – Critical Mass	OLS model ASO – All-female management	OLS model innov. startups – All-female management	OLS model ASO and innov. startups – All-female management
Number of Female managers	−0.432^***	0.136	0.088
Number of Female managers	(0.112)	(0.092)	(0.088)
Critical Mass				−2.064^***	1.389^**	1.204^*
Critical Mass				(0.438)	(0.663)	(0.646)
Wholly female management							−1.004^**	0.866	0.750
Wholly female management							(0.507)	(0.684)	(0.688)
Spin-off			−0.471			−0.576			−0.543
Spin-off			(0.392)			(0.372)			(0.366)
N. of female managers × Spinoff			−0.297^**
N. of female managers × Spinoff			(0.136)
Critical Mass × Spinoff						−2.464^***
Critical Mass × Spinoff						(0.714)
Wholly female management × Spinoff									−1.538^*
Wholly female management × Spinoff									(0.848)
Age	−2.968^***	−2.608^***	−2.861^***	−2.932^***	−2.605^***	−2.852^***	−2.892^***	−2.627^***	−2.850^***
Age	(0.394)	(0.217)	(0.188)	(0.393)	(0.216)	(0.188)	(0.394)	(0.217)	(0.188)
Size	−0.087	−0.988^***	−0.673^***	−0.139	−0.986^***	−0.681^***	−0.167	−0.950^***	−0.670^***
Size	(0.170)	(0.148)	(0.110)	(0.172)	(0.147)	(0.110)	(0.172)	(0.147)	(0.110)
Tangibility	−125.052^***	−0.222	−0.172	−126.298^***	−0.229	−0.167	−127.122^***	−0.262	−0.169
Tangibility	(48.487)	(1.001)	(0.988)	(48.619)	(1.002)	(0.988)	(48.621)	(1.002)	(0.988)
Profitability	−0.448	−5.571^***	−2.781^***	−0.461	−5.573^***	−2.787^***	−0.440	−5.602^***	−2.791^***
Profitability	(0.620)	(0.917)	(0.535)	(0.620)	(0.917)	(0.535)	(0.620)	(0.921)	(0.536)
Debt	−0.087	0.315^***	0.185^***	−0.091	0.311^***	0.178^***	−0.095	0.333^***	0.188^***
Debt	(0.067)	(0.040)	(0.036)	(0.067)	(0.041)	(0.036)	(0.067)	(0.040)	(0.036)
Cash Holdings	21.759	4.040^***	3.701^***	20.457	4.057^***	3.711^***	19.965	4.078^***	3.709^***
Cash Holdings	(18.900)	(0.949)	(0.933)	(18.871)	(0.948)	(0.934)	(18.866)	(0.949)	(0.935)
Foreign management	2.019^*	−0.861	2.722^***	1.815	−1.328	2.602^**	1.699	0.017	2.479^**
Foreign management	(1.142)	(0.859)	(1.047)	(1.129)	(0.902)	(1.036)	(1.125)	(0.620)	(1.029)
Venture Capital	2.125	−1.088^*	−0.363	1.946	−1.060^*	−0.357	1.732	−1.021^*	−0.322
Venture Capital	(2.239)	(0.614)	(0.570)	(2.251)	(0.616)	(0.571)	(2.226)	(0.614)	(0.568)
R²	0.020	0.057	0.040	0.020	0.057	0.040	0.020	0.057	0.040
Observations	10,386	19,272	29,658	10,386	19,272	29,658	10,386	19,272	29,658

	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
	OLS model ASO – Number of female managers	OLS model innov. startups – Number of female managers	OLS model ASO and innov. startups – Number of female managers	OLS model ASO – Critical Mass	OLS model innov. startups – Critical Mass	OLS model ASO and innov. startups – Critical Mass	OLS model ASO – All-female management	OLS model innov. startups – All-female management	OLS model ASO and innov. startups – All-female management
Number of Female managers	−0.432^***	0.136	0.088
Number of Female managers	(0.112)	(0.092)	(0.088)
Critical Mass				−2.064^***	1.389^**	1.204^*
Critical Mass				(0.438)	(0.663)	(0.646)
Wholly female management							−1.004^**	0.866	0.750
Wholly female management							(0.507)	(0.684)	(0.688)
Spin-off			−0.471			−0.576			−0.543
Spin-off			(0.392)			(0.372)			(0.366)
N. of female managers × Spinoff			−0.297^**
N. of female managers × Spinoff			(0.136)
Critical Mass × Spinoff						−2.464^***
Critical Mass × Spinoff						(0.714)
Wholly female management × Spinoff									−1.538^*
Wholly female management × Spinoff									(0.848)
Age	−2.968^***	−2.608^***	−2.861^***	−2.932^***	−2.605^***	−2.852^***	−2.892^***	−2.627^***	−2.850^***
Age	(0.394)	(0.217)	(0.188)	(0.393)	(0.216)	(0.188)	(0.394)	(0.217)	(0.188)
Size	−0.087	−0.988^***	−0.673^***	−0.139	−0.986^***	−0.681^***	−0.167	−0.950^***	−0.670^***
Size	(0.170)	(0.148)	(0.110)	(0.172)	(0.147)	(0.110)	(0.172)	(0.147)	(0.110)
Tangibility	−125.052^***	−0.222	−0.172	−126.298^***	−0.229	−0.167	−127.122^***	−0.262	−0.169
Tangibility	(48.487)	(1.001)	(0.988)	(48.619)	(1.002)	(0.988)	(48.621)	(1.002)	(0.988)
Profitability	−0.448	−5.571^***	−2.781^***	−0.461	−5.573^***	−2.787^***	−0.440	−5.602^***	−2.791^***
Profitability	(0.620)	(0.917)	(0.535)	(0.620)	(0.917)	(0.535)	(0.620)	(0.921)	(0.536)
Debt	−0.087	0.315^***	0.185^***	−0.091	0.311^***	0.178^***	−0.095	0.333^***	0.188^***
Debt	(0.067)	(0.040)	(0.036)	(0.067)	(0.041)	(0.036)	(0.067)	(0.040)	(0.036)
Cash Holdings	21.759	4.040^***	3.701^***	20.457	4.057^***	3.711^***	19.965	4.078^***	3.709^***
Cash Holdings	(18.900)	(0.949)	(0.933)	(18.871)	(0.948)	(0.934)	(18.866)	(0.949)	(0.935)
Foreign management	2.019^*	−0.861	2.722^***	1.815	−1.328	2.602^**	1.699	0.017	2.479^**
Foreign management	(1.142)	(0.859)	(1.047)	(1.129)	(0.902)	(1.036)	(1.125)	(0.620)	(1.029)
Venture Capital	2.125	−1.088^*	−0.363	1.946	−1.060^*	−0.357	1.732	−1.021^*	−0.322
Venture Capital	(2.239)	(0.614)	(0.570)	(2.251)	(0.616)	(0.571)	(2.226)	(0.614)	(0.568)
R²	0.020	0.057	0.040	0.020	0.057	0.040	0.020	0.057	0.040
Observations	10,386	19,272	29,658	10,386	19,272	29,658	10,386	19,272	29,658

Note(s): Results are based on pooled regressions. Year and industry fixed effect are included. Robust standard errors are reported in brackets. ***p < 0.01, **p < 0.05, *p < 0.10

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