Results of probit regression analysis predicting innovation
| Innovation | ||
|---|---|---|
| Model 1 | Model 2 | |
| Independent variables | ||
| Women and ethnic minorities in management positions (t−1) | 0.316* (0.156) | |
| Women and ethnic minorities at the CEO level (t−1) | 0.259 (0.306) | |
| Control variables | ||
| R&D intensity (log) (t−1) | 0.448*** (0.122) | 0.445*** (0.120) |
| Firm size (log) (t−1) | 0.099 (0.077) | 0.110 (0.077) |
| High-technology firm | 0.319 (0.262) | 0.311 (0.260) |
| CSR strengths (t−1) | 0.305*** (0.046) | 0.287*** (0.047) |
| CSR concerns (t−1) | −0.213** (0.071) | −0.197** (0.071) |
| Year dummies | Included | Included |
| Constant | −4.114*** (0.375) | −4.194*** (0.377) |
| Observations | 6,455 | 6,455 |
| Rho | 0.863 | 0.863 |
| Wald test of the full model (Chi-square) | 89.19*** | 94.41*** |
| Innovation | ||
|---|---|---|
| Model 1 | Model 2 | |
| Women and ethnic minorities in management positions ( | 0.316* (0.156) | |
| Women and ethnic minorities at the CEO level ( | 0.259 (0.306) | |
| R&D intensity (log) ( | 0.448*** (0.122) | 0.445*** (0.120) |
| Firm size (log) ( | 0.099 (0.077) | 0.110 (0.077) |
| High-technology firm | 0.319 (0.262) | 0.311 (0.260) |
| CSR strengths ( | 0.305*** (0.046) | 0.287*** (0.047) |
| CSR concerns ( | −0.213** (0.071) | −0.197** (0.071) |
| Year dummies | Included | Included |
| Constant | −4.114*** (0.375) | −4.194*** (0.377) |
| Observations | 6,455 | 6,455 |
| Rho | 0.863 | 0.863 |
| Wald test of the full model (Chi-square) | 89.19*** | 94.41*** |
Note(s): Standard errors are in parentheses
***p < 0.001; **p < 0.01; *p < 0.05