Panel regression: the effects of female proportional representation on board tasks
| Independent variables | Monitoring tasks | Strategy tasks | Advisory tasks | |||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Proportion of 20% | 5.81** (1.93) | 2.49 (1.42) | −0.70 (−0.25) | |||
| Proportion of 33% | 6.16 (1.45) | 3.35** (1.75) | −2.21 (−0.72) | |||
| CEO duality | −8.67* (−1.90) | −10.07*** (−2.15) | −3.07 (−1.37) | −3.61 (−1.59) | −7.42*** (−2.22) | −6.79*** (−2.82) |
| Independent directors % | 0.11 (1.05) | 0.12 (1.64) | 0.08 (1.41) | 0.09*** (2.41) | 0.27*** (3.17) | 0.31*** (3.27) |
| Board size | 0.53 (0.89) | 0.31 (0.65) | −0.13 (−0.26) | −0.21 (−0.89) | −1.37 (−2.67) | −0.76 (−1.57) |
| Total assets | 4.12 × 108*** (3.31) | 4.12 × 108*** (2.28) | 4.03 × 108*** (2.68) | 3.62 × 108** (1.77) | 2.11 × 108*** (1.83) | 2.13 × 108**** (1.85) |
| Industry | YES | YES | YES | YES | YES | YES |
| R-squared (overall) | 0.21 | 0.21 | 0.35 | 0.35 | 0.34 | 0.34 |
| N. Obs | 237 | 237 | 237 | 237 | 237 | 237 |
| N. Firms | 35 | 35 | 35 | 35 | 35 | 35 |
| Independent variables | Monitoring tasks | Strategy tasks | Advisory tasks | |||
|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | |
| Proportion of 20% | 5.81 | 2.49 (1.42) | −0.70 (−0.25) | |||
| Proportion of 33% | 6.16 (1.45) | 3.35 | −2.21 (−0.72) | |||
| CEO duality | −8.67 | −10.07 | −3.07 (−1.37) | −3.61 (−1.59) | −7.42 | −6.79 |
| Independent directors % | 0.11 (1.05) | 0.12 (1.64) | 0.08 (1.41) | 0.09 | 0.27 | 0.31 |
| Board size | 0.53 (0.89) | 0.31 (0.65) | −0.13 (−0.26) | −0.21 (−0.89) | −1.37 (−2.67) | −0.76 (−1.57) |
| Total assets | 4.12 × 108 | 4.12 × 108 | 4.03 × 108 | 3.62 × 108 | 2.11 × 108 | 2.13 × 108**** (1.85) |
| Industry | YES | YES | YES | YES | YES | YES |
| 0.21 | 0.21 | 0.35 | 0.35 | 0.34 | 0.34 | |
| N. Obs | 237 | 237 | 237 | 237 | 237 | 237 |
| N. Firms | 35 | 35 | 35 | 35 | 35 | 35 |
Notes:
T-statistics are reported in brackets. *, ** and *** denote significance at 10%, 5% and 1%, respectively. Random effect has been used as the method of estimation. Robust standard errors clustered at the firm-division level. Results are controlled for industry. All tests are two-tailed
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