Empirical results (dep. variable: ROA)
| Variables | A | B | C | D | E |
|---|---|---|---|---|---|
| Percentage of female board | −0.0082 (−0.19) | – | 0.1441* (2.40) | 0.1987* (3.51) | −0.1877 (−0.42) |
| HCE | – | 0.9645* (3.80) | 3.202* (8.18) | – | – |
| SCE | – | −0.027 (−0.71) | – | – | 0.0910 (0.91) |
| Capital employed efficiency | – | 4.1311* (6.29) | – | 6.6917* (9.76) | – |
| HCE* FBP | – | – | 0.844* (−5.01) | – | – |
| SCE* FBP | – | – | – | −0.0042 (−0.33) | |
| CCE* FBP | – | – | – | −0.5862* (−4.86) | – |
| Firm size | −1.8917* (1.34) | −2.315*** (−1.70) | −6.0738* (−4.87) | 0.4633 (0.42) | −2.7031*** (−1.75) |
| Director’s shareholding | 10.3211* (1.86) | 6.512 (1.50) | 2.7715 (0.61) | 5.8128 (1.38) | 9.5923*** (1.72) |
| Board size | −0.5199*** (−2.83) | −0.2193 (−1.48) | −0.1241 (−0.80) | −0.2479*** (−1.75) | −0.4963* (−2.68) |
| Firm age | 0.1114*** (2.72) | 0.0175 (0.52) | 0.0292 (0.83) | 0.0211 (0.65) | 0.1087* (2.64) |
| Ownership concentration | −0.1246*** (−3.21) | −0.023 (−0.70) | −0.5038 (−1.48) | −0.0388 (−1.27) | 0.1329* (3.25) |
| Constant | 39.4212*** (2.98) | 25.2094** (2.04) | 55.6948 * (5.14) | 3.8179 (0.36) | 47.0706* (3.25) |
| Adjusted R2 | 0.2301 | 0.5377 | 0.511 | 0.241 | 0.568 |
| 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 | −0.0082 (−0.19) | – | 0.1441 | 0.1987 | −0.1877 (−0.42) |
| HCE | – | 0.9645 | 3.202 | – | – |
| SCE | – | −0.027 (−0.71) | – | – | 0.0910 (0.91) |
| Capital employed efficiency | – | 4.1311 | – | 6.6917 | – |
| HCE | – | – | 0.844 | – | – |
| SCE | – | – | – | −0.0042 (−0.33) | |
| CCE | – | – | – | −0.5862 | – |
| Firm size | −1.8917 | −2.315 | −6.0738 | 0.4633 (0.42) | −2.7031 |
| Director’s shareholding | 10.3211 | 6.512 (1.50) | 2.7715 (0.61) | 5.8128 (1.38) | 9.5923 |
| Board size | −0.5199 | −0.2193 (−1.48) | −0.1241 (−0.80) | −0.2479 | −0.4963 |
| Firm age | 0.1114 | 0.0175 (0.52) | 0.0292 (0.83) | 0.0211 (0.65) | 0.1087 |
| Ownership concentration | −0.1246 | −0.023 (−0.70) | −0.5038 (−1.48) | −0.0388 (−1.27) | 0.1329 |
| Constant | 39.4212 | 25.2094 | 55.6948 | 3.8179 (0.36) | 47.0706 |
| Adjusted | 0.2301 | 0.5377 | 0.511 | 0.241 | 0.568 |
| 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