Empirical results (dep. variable: ROE)
| Variables | A | B | C | D | E |
|---|---|---|---|---|---|
| Percentage of female board | 0.0803 (0.12) | – | 2.5836* (2.64) | 4.0565* (4.22) | −0.0025 (−0.00) |
| HCE | – | 13.8701*** (3.12) | 42.9521* (6.72) | – | – |
| SCE | – | −0.4331 (−0.65) | – | – | 0.9502 (0.62) |
| Capital employed efficiency | – | 38.2164*** (3.32) | – | 81.9918* (7.05) | – |
| HCE* FBP | – | – | 1.2592* (−4.59) | – | – |
| CCE* FBP | – | – | – | −10.8975* (−5.32) | – |
| SCE* FBP | – | – | – | – | −0.0661 (−0.34) |
| Firm size | 1.3465 (−0.06) | −12.6363 (−0.53) | 147.356586 | 26.7295 (1.44) | −8.3327 (−0.35) |
| Director’s shareholding | 103.5174 (1.23) | 58.8707 (0.77) | 2.3014 (0.03) | 43.96 (0.61) | 97.0031 (1.14) |
| Board size | −5.5034** (−1.96) | −2.0588 (−0.79) | −0.3241 (−0.13) | −2.2905 (−0.95) | −5.3198 (−1.88) |
| Firm age | 0.6023 (0.96) | −0.4857 (−0.82) | −0.3963 (0.69) | −0.4836 (−0.88) | 0.5794 (0.92) |
| Ownership concentration | −0.5765 (−0.97) | 0.6360 (1.10) | −0.2793 (0.50) | 0.4196 (0.42) | −0.6479 (−1.07) |
| Constant | 193.1249 (0.96) | 81.2406 (0.37) | 400.0900** (2.26) | −233.6347 (−1.29) | 259.2621 (1.17) |
| Adjusted R2 | 0.1185 | 0.3002 | 0.3591 | 0.1225 | 0.3865 |
| Year dummies | Yes | Yes | Yes | Yes | Yes |
| Number of observations | 140 | 140 | 140 | 140 | 140 |
| Variables | A | B | C | D | E |
|---|---|---|---|---|---|
| Percentage of female board | 0.0803 (0.12) | – | 2.5836 | 4.0565 | −0.0025 (−0.00) |
| HCE | – | 13.8701 | 42.9521 | – | – |
| SCE | – | −0.4331 (−0.65) | – | – | 0.9502 (0.62) |
| Capital employed efficiency | – | 38.2164 | – | 81.9918 | – |
| HCE | – | – | 1.2592 | – | – |
| CCE | – | – | – | −10.8975 | – |
| SCE | – | – | – | – | −0.0661 (−0.34) |
| Firm size | 1.3465 (−0.06) | −12.6363 (−0.53) | 147.356586 | 26.7295 (1.44) | −8.3327 (−0.35) |
| Director’s shareholding | 103.5174 (1.23) | 58.8707 (0.77) | 2.3014 (0.03) | 43.96 (0.61) | 97.0031 (1.14) |
| Board size | −5.5034 | −2.0588 (−0.79) | −0.3241 (−0.13) | −2.2905 (−0.95) | −5.3198 (−1.88) |
| Firm age | 0.6023 (0.96) | −0.4857 (−0.82) | −0.3963 (0.69) | −0.4836 (−0.88) | 0.5794 (0.92) |
| Ownership concentration | −0.5765 (−0.97) | 0.6360 (1.10) | −0.2793 (0.50) | 0.4196 (0.42) | −0.6479 (−1.07) |
| Constant | 193.1249 (0.96) | 81.2406 (0.37) | 400.0900 | −233.6347 (−1.29) | 259.2621 (1.17) |
| Adjusted | 0.1185 | 0.3002 | 0.3591 | 0.1225 | 0.3865 |
| Year dummies | Yes | Yes | Yes | Yes | Yes |
| Number of observations | 140 | 140 | 140 | 140 | 140 |
Notes:
This table presents a snapshot of the results of the random effects regression carried out with the ROA as the dependent variable;
*;
** and
***represents the 1, 5 and 10% levels of significance while the figures in parenthesis are the t-values; HCE* FBP, CCE* FBP, SCE* FBP are the interaction terms of female board participation with the components of VAIC