Table 6 Robustness check Monitoring... | Emerald Publishing

Table 6

Robustness check

	Monitoring tasks
	(1)	(2)	(3)	(4)
	Spain	Italy		France
Skewed board (<20% women)	2.57 (0.62)
Tilted board (20–33% women)		−1.86 (−0.43)
Tilted board (>33% women)			5.68* (1.66)
Balanced board (>40% women)				0.08 (0.03)
Independent directors %	0.07 (0.55)	0.27 (1.55)	0.22*** (2.11)	0.19*** (2.88)
CEO duality	−1.63 (−0.31)	1.10 (0.26)	2.46 (0.59)	0.67 (0.24)
Board size	0.82 (1.14)	−0.63 (−1.30)	−0.41 (−0.99)	0.74 (1.28)
Two-tier		5.48 (1.27)	7.83 (1.01)	−6.60 (−0.42)
Log (total assets)	2.10 (0.56)	2.09 (0.45)	0.59 (0.13)	2.55*** (4.80)
R-squared within	0.01	0.04	0.05	0.10
R-squared between	0.25	0.06	0.06	0.01
R-overall	0.11	0.06	0.30	0.02
N. Obs	303	268	268	355
N. Firms	33	33	33	34

	Monitoring tasks
	(1)	(2)	(3)	(4)
	Spain	Italy		France
Skewed board (<20% women)	2.57 (0.62)
Tilted board (20–33% women)		−1.86 (−0.43)
Tilted board (>33% women)			5.68* (1.66)
Balanced board (>40% women)				0.08 (0.03)
Independent directors %	0.07 (0.55)	0.27 (1.55)	0.22*** (2.11)	0.19*** (2.88)
CEO duality	−1.63 (−0.31)	1.10 (0.26)	2.46 (0.59)	0.67 (0.24)
Board size	0.82 (1.14)	−0.63 (−1.30)	−0.41 (−0.99)	0.74 (1.28)
Two-tier		5.48 (1.27)	7.83 (1.01)	−6.60 (−0.42)
Log (total assets)	2.10 (0.56)	2.09 (0.45)	0.59 (0.13)	2.55*** (4.80)
R-squared within	0.01	0.04	0.05	0.10
R-squared between	0.25	0.06	0.06	0.01
R-overall	0.11	0.06	0.30	0.02
N. Obs	303	268	268	355
N. Firms	33	33	33	34

Note(s): T-statistics are reported in brackets. *, ** and *** denotes significance at 10%, 5% and 1%, respectively. Robust standard errors clustered at the firm-division level. All tests are two-tailed