Table 3 Operating and financial...

Table 3

Operating and financial profitability, BGD, and patriarchal attitudes

Panel A: Regression analysis
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
OP_PROF_t-1	0.6316***	0.3940***	0.6799***	0.6805***
OP_PROF_t-1	[0.0026]	[0.0027]	[0.0025]	[0.0024]
FI_PROF_t-1					0.5325***	0.5275***	0.5330***	0.5332***
FI_PROF_t-1					[0.0002]	[0.0009]	[0.0002]	[0.0002]
WOM_BOARD	0.4661***	0.4646***	0.6122***	0.3685***	−0.5453***	−0.2359***	−0.4307***	−0.3673***
WOM_BOARD	[0.0971]	[0.0682]	[0.1453]	[0.1409]	[0.0128]	[0.0161]	[0.0102]	[0.0106]
University_boy	0.6294*				−0.4894***
University_boy	[0.3301]				[0.0434]
WOM_BOARD*University_boy	−4.7015***				7.9986***
WOM_BOARD*University_boy	[1.7774]				[0.2292]
Men_job_right		−0.3894**				−0.1678***
Men_job_right		[0.1608]				[0.0459]
WOM_BOARD*Men_job_right		−3.5528***				1.1784***
WOM_BOARD*Men_job_right		[0.5895]				[0.1407]
Men_executives			0.7000***				−0.1439***
Men_executives			[0.2384]				[0.0201]
WOM_BOARD*Men_executives			−7.5388***				2.4817***
WOM_BOARD*Men_executives			[1.1968]				[0.0871]
Men_politicians				0.2410				−0.1277***
Men_politicians				[0.2321]				[0.0193]
WOM_BOARD*Men_politicians				−4.3468***				1.6414***
WOM_BOARD*Men_politicians				[0.9667]				[0.0758]
Constant	0.1935**	−0.7305***	−0.3450**	−0.3442***	−0.2604***	−0.1979***	−0.2545***	−0.2644***
Constant	[0.0950]	[0.1326]	[0.1359]	[0.1318]	[0.0108]	[0.0321]	[0.0104]	[0.0097]
Observations	7,274	7,274	7,274	7,274	5,349	5,349	5,349	5,349
Number of firms	916	916	916	916	702	702	702	702
Country dummies	YES	YES	YES	YES	YES	YES	YES	YES
Time dummies	YES	YES	YES	YES	YES	YES	YES	YES
Industry dummies	YES	YES	YES	YES	YES	YES	YES	YES
Control variables	YES	YES	YES	YES	YES	YES	YES	YES
Freedom degrees	393	317	305	305	524	406	524	524
Hansen test	387.5	316.5	281.2	284	525.3	407.9	532.1	529.1
Sig. Hansen	0.569	0.497	0.832	0.800	0.476	0.464	0.394	0.429
AR2	−0.774	−1.125	−0.606	−0.601	1.214	1.219	1.213	1.216
Sig. AR2	0.439	0.261	0.545	0.548	0.225	0.223	0.225	0.224
Panel B: marginal effects
Marginal effect at P25	0.2733***	0.2337***	−0.0889*	−0.1270***	−0.2174***	−0.1593***	−0.1999***	−0.1802***
Marginal effect at P75	0.1934***	0.0560*	−0.2623***	−0.2574***	−0.0254***	−0.0945***	−0.0808***	−0.1112***
Difference (P75 − P25)	−0.0799***	−0.1776***	−0.1734***	−0.1304***	0.1920***	0.0648***	0.1191***	0.0689***

Panel A: Regression analysis
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
OP_PROF_t-1	0.6316***	0.3940***	0.6799***	0.6805***
OP_PROF_t-1	[0.0026]	[0.0027]	[0.0025]	[0.0024]
FI_PROF_t-1					0.5325***	0.5275***	0.5330***	0.5332***
FI_PROF_t-1					[0.0002]	[0.0009]	[0.0002]	[0.0002]
WOM_BOARD	0.4661***	0.4646***	0.6122***	0.3685***	−0.5453***	−0.2359***	−0.4307***	−0.3673***
WOM_BOARD	[0.0971]	[0.0682]	[0.1453]	[0.1409]	[0.0128]	[0.0161]	[0.0102]	[0.0106]
University_boy	0.6294*				−0.4894***
University_boy	[0.3301]				[0.0434]
WOM_BOARD*University_boy	−4.7015***				7.9986***
WOM_BOARD*University_boy	[1.7774]				[0.2292]
Men_job_right		−0.3894**				−0.1678***
Men_job_right		[0.1608]				[0.0459]
WOM_BOARD*Men_job_right		−3.5528***				1.1784***
WOM_BOARD*Men_job_right		[0.5895]				[0.1407]
Men_executives			0.7000***				−0.1439***
Men_executives			[0.2384]				[0.0201]
WOM_BOARD*Men_executives			−7.5388***				2.4817***
WOM_BOARD*Men_executives			[1.1968]				[0.0871]
Men_politicians				0.2410				−0.1277***
Men_politicians				[0.2321]				[0.0193]
WOM_BOARD*Men_politicians				−4.3468***				1.6414***
WOM_BOARD*Men_politicians				[0.9667]				[0.0758]
Constant	0.1935**	−0.7305***	−0.3450**	−0.3442***	−0.2604***	−0.1979***	−0.2545***	−0.2644***
Constant	[0.0950]	[0.1326]	[0.1359]	[0.1318]	[0.0108]	[0.0321]	[0.0104]	[0.0097]
Observations	7,274	7,274	7,274	7,274	5,349	5,349	5,349	5,349
Number of firms	916	916	916	916	702	702	702	702
Country dummies	YES	YES	YES	YES	YES	YES	YES	YES
Time dummies	YES	YES	YES	YES	YES	YES	YES	YES
Industry dummies	YES	YES	YES	YES	YES	YES	YES	YES
Control variables	YES	YES	YES	YES	YES	YES	YES	YES
Freedom degrees	393	317	305	305	524	406	524	524
Hansen test	387.5	316.5	281.2	284	525.3	407.9	532.1	529.1
Sig. Hansen	0.569	0.497	0.832	0.800	0.476	0.464	0.394	0.429
AR2	−0.774	−1.125	−0.606	−0.601	1.214	1.219	1.213	1.216
Sig. AR2	0.439	0.261	0.545	0.548	0.225	0.223	0.225	0.224
Panel B: marginal effects
Marginal effect at P25	0.2733***	0.2337***	−0.0889*	−0.1270***	−0.2174***	−0.1593***	−0.1999***	−0.1802***
Marginal effect at P75	0.1934***	0.0560*	−0.2623***	−0.2574***	−0.0254***	−0.0945***	−0.0808***	−0.1112***
Difference (P75 − P25)	−0.0799***	−0.1776***	−0.1734***	−0.1304***	0.1920***	0.0648***	0.1191***	0.0689***

Note(s): Variable definitions in Table S1 of the Online Supplementary Material. Standard errors are shown in brackets. ***, **, and * denote significance at the 1%, 5%, and 10% levels, respectively

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