D&O insurance and management tone manipulation: Heterogeneity in gender of CEO
| Variable | Abtone | |
|---|---|---|
| (1) Male CEO | (2) Female CEO | |
| D&O | 0.004 | 0.021** |
| (1.44) | (2.57) | |
| Size | 0.004*** | 0.005* |
| (4.99) | (1.91) | |
| Lev | 0.000 | −0.024 |
| (0.07) | (−1.29) | |
| Growth | 0.000 | −0.000 |
| (0.72) | (−0.00) | |
| Dir | 0.025** | 0.013 |
| (2.20) | (0.36) | |
| Top1 | 0.026*** | 0.003 |
| (4.64) | (0.17) | |
| ROE | −0.011* | 0.009 |
| (−1.85) | (0.49) | |
| Loss | −0.001 | 0.005 |
| (−0.26) | (0.51) | |
| OCF | −0.013 | −0.033 |
| (−1.11) | (−0.97) | |
| LR | −0.003*** | −0.007*** |
| (−5.40) | (−3.30) | |
| Dual | 0.001 | 0.001 |
| (0.29) | (0.14) | |
| B/M | −0.009*** | 0.000 |
| (−8.70) | (0.00) | |
| Board | 0.011** | 0.024* |
| (2.51) | (1.77) | |
| _cons | −0.162*** | −0.172*** |
| (−7.70) | (−2.67) | |
| Year | Yes | Yes |
| Industry | Yes | Yes |
| N | 19206.000 | 1935.000 |
| r2_a | 0.089 | 0.122 |
| Variable | ||
|---|---|---|
| (1) | (2) | |
| 0.004 | 0.021** | |
| (1.44) | (2.57) | |
| 0.004*** | 0.005* | |
| (4.99) | (1.91) | |
| 0.000 | −0.024 | |
| (0.07) | (−1.29) | |
| 0.000 | −0.000 | |
| (0.72) | (−0.00) | |
| 0.025** | 0.013 | |
| (2.20) | (0.36) | |
| 0.026*** | 0.003 | |
| (4.64) | (0.17) | |
| −0.011* | 0.009 | |
| (−1.85) | (0.49) | |
| −0.001 | 0.005 | |
| (−0.26) | (0.51) | |
| −0.013 | −0.033 | |
| (−1.11) | (−0.97) | |
| −0.003*** | −0.007*** | |
| (−5.40) | (−3.30) | |
| 0.001 | 0.001 | |
| (0.29) | (0.14) | |
| −0.009*** | 0.000 | |
| (−8.70) | (0.00) | |
| 0.011** | 0.024* | |
| (2.51) | (1.77) | |
| −0.162*** | −0.172*** | |
| (−7.70) | (−2.67) | |
| Yes | Yes | |
| Yes | Yes | |
| N | 19206.000 | 1935.000 |
| r2_a | 0.089 | 0.122 |
Note(s): ***, **, and * denote statistical significance at the 1%, 5%, and 10% levels, respectively. Numbers in parentheses are the t-statistics
Source(s): Table by authors
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