Table A1 Robustness tests: alternative...

Table A1

Robustness tests: alternative board gender diversity measures

Time to IPO
Variables	Model 1	Model 2	Model 3	Model 4
SHANNON_INDEX(a)		1.257*	1.289*	2.657***
SHANNON_INDEX(a)		(0.512)	(0.528)	(0.596)
FAM_OWN_DISP(b)			0.0224	0.0265
FAM_OWN_DISP(b)			(0.0526)	(0.0538)
INT_SHAN_OWN_DISP(a*b)				−1.236***
INT_SHAN_OWN_DISP(a*b)				(0.363)
Costant	3.563**	3.390*	3.460*	3.594*
Costant	(1.353)	(1.367)	(1.374)	(1.380)
R-squared	0.196	0.226	0.227	0.285
Prob > F	0.000	0.000	0.000	0.000
VIF	1.36	1.35	1.40	1.48
WOM_BOARD_P(a)		1.514***	1.562***	2.853***
WOM_BOARD_P(a)		(0.441)	(0.453)	(0.527)
FAM_OWN_DISP(b)			0.0313	0.0203
FAM_OWN_DISP(b)			(0.0507)	(0.0506)
INT_WOM_OWN_DISP(a*b)				−1.187***
INT_WOM_OWN_DISP(a*b)				(0.327)
Costant	3.563**	3.424*	3.523**	3.505**
Costant	(1.353)	(1.324)	(1.333)	(1.333)
R-squared	0.196	0.246	0.248	0.301
Prob > F	0.000	0.000	0.000	0.000
VIF	1.36	1.35	1.40	1.48

Time to IPO
Variables	Model 1	Model 2	Model 3	Model 4
SHANNON_INDEX(a)		1.257*	1.289*	2.657***
SHANNON_INDEX(a)		(0.512)	(0.528)	(0.596)
FAM_OWN_DISP(b)			0.0224	0.0265
FAM_OWN_DISP(b)			(0.0526)	(0.0538)
INT_SHAN_OWN_DISP(a*b)				−1.236***
INT_SHAN_OWN_DISP(a*b)				(0.363)
Costant	3.563**	3.390*	3.460*	3.594*
Costant	(1.353)	(1.367)	(1.374)	(1.380)
R-squared	0.196	0.226	0.227	0.285
Prob > F	0.000	0.000	0.000	0.000
VIF	1.36	1.35	1.40	1.48
WOM_BOARD_P(a)		1.514***	1.562***	2.853***
WOM_BOARD_P(a)		(0.441)	(0.453)	(0.527)
FAM_OWN_DISP(b)			0.0313	0.0203
FAM_OWN_DISP(b)			(0.0507)	(0.0506)
INT_WOM_OWN_DISP(a*b)				−1.187***
INT_WOM_OWN_DISP(a*b)				(0.327)
Costant	3.563**	3.424*	3.523**	3.505**
Costant	(1.353)	(1.324)	(1.333)	(1.333)
R-squared	0.196	0.246	0.248	0.301
Prob > F	0.000	0.000	0.000	0.000
VIF	1.36	1.35	1.40	1.48

Note(s): Robust standard errors in parentheses: ***p < 0.001, **p < 0.01, *p < 0.05, ^†p < 0.1

We only reported results regarding our main predictions (i.e. Hypothesis 1 and Hypothesis 2). While the model was computed with all the control variables as presented in the Methodology section, due to space limitations, the estimations regarding control variables were voluntarily omitted from the table

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