The first stage regression results of Heckman’s two-stage model
| Variable | Gender | |
|---|---|---|
| (1) | (2) | |
| L_Gender | 7.251*** (196.107) | |
| Aver_Gender | 0.849*** (21.691) | |
| Size | 0.018*** (3.633) | −0.048*** (−5.524) |
| Lev | 0.054** (1.984) | 0.081* (1.697) |
| Roa | 0.096 (1.153) | 0.263* (1.785) |
| SOE | 0.035*** (−3.226) | −0.102*** (−5.280) |
| Dual | 0.012* (1.090) | 0.074*** (4.020) |
| Board | −2.060*** (−24.609) | −2.047*** (−14.072) |
| Tobin’s Q | −0.001* (−0.203) | −0.016** (−2.373) |
| Age | −0.079*** (−11.063) | −0.251*** (−22.916) |
| Constant | 0.987*** (4.622) | 2.392*** (7.406) |
| Year | Yes | Yes |
| Industry | Yes | Yes |
| Obs | 7,099 | 7,099 |
| Adj-R2 | 0.663 | 0.107 |
| F | 1,142 | 74.72 |
| Variable | Gender | |
|---|---|---|
| (1) | (2) | |
| 7.251*** (196.107) | ||
| 0.849*** (21.691) | ||
| 0.018*** (3.633) | −0.048*** (−5.524) | |
| 0.054** (1.984) | 0.081* (1.697) | |
| 0.096 (1.153) | 0.263* (1.785) | |
| 0.035*** (−3.226) | −0.102*** (−5.280) | |
| 0.012* (1.090) | 0.074*** (4.020) | |
| −2.060*** (−24.609) | −2.047*** (−14.072) | |
| −0.001* (−0.203) | −0.016** (−2.373) | |
| −0.079*** (−11.063) | −0.251*** (−22.916) | |
| 0.987*** (4.622) | 2.392*** (7.406) | |
| Yes | Yes | |
| Yes | Yes | |
| 7,099 | 7,099 | |
| 0.663 | 0.107 | |
| 1,142 | 74.72 | |
Note(s): The regression results for the first step of Heckman’s two-stage analysis are presented in this table. L_Gender denotes the number of female directors in one lag period, whereas Aver_Gender is the number of female directors in the same industry in the same period. Gender is a dummy variable that equal to 1 if there are female directors in the company and 0 if otherwise. The t-values are given in parentheses next to the coefficients. All variables are defined in Appendix 1. ***p < 0.01, **p < 0.05, *p < 0.1
Sharing content requires targeting cookies to be enabled. Please update your cookie preferences to use this feature.