Table A2 Robustness tests: alternative...

Table A2

Robustness tests: alternative board gender diversity and ownership dispersion measures

Time to IPO
Variables	Model 1	Model 2	Model 3	Model 4
BLAU_INDEX(a)		1.056^**	1.051**	2.644***
BLAU_INDEX(a)		(0.369)	(0.384)	(0.782)
ALT_FAM_OWN_DISP(b)			−0.0312	0.525
ALT_FAM_OWN_DISP(b)			(0.499)	(0.483)
INTERACTION(a*b)				−2.945*
INTERACTION(a*b)				(1.416)
Costant	3.563**	3.393*	3.253*	2.756^†
Costant	(1.353)	(1.353)	(1.443)	(1.444)
R-squared	0.196	0.234	0.234	0.256
Prob > F	0.000	0.000	0.000	0.000
VIF	1.36	1.35	1.40	1.47
SHANNON_INDEX(a)		1.256^*	1.245*	3.427**
SHANNON_INDEX(a)		(0.518)	(0.531)	(1.131)
ALT_FAM_OWN_DISP(b)			−0.0629	0.509
ALT_FAM_OWN_DISP(b)			(0.501)	(0.478)
INTERACTION(a*b)				−3.968*
INTERACTION(a*b)				(1.993)
Costant	3.149^*	2.845^*	3.293*	2.810^†
Costant	(1.359)	(1.381)	(1.464)	(1.479)
R-squared	0.196	0.226	0.227	0.249
Prob > F	0.000	0.000	0.000	0.000
VIF	1.36	1.35	1.40	1.47
WOM_BOARD_P(a)		1.500^**	1.516**	3.465***
WOM_BOARD_P(a)		(0.452)	(0.457)	(0.881)
ALT_FAM_OWN_DISP(b)			0.0125	0.521
ALT_FAM_OWN_DISP(b)			(0.490)	(0.488)
INTERACTION(a*b)				−3.596*
INTERACTION(a*b)				(1.565)
Costant	3.149^*	2.864^*	3.239*	2.740^†
Costant	(1.359)	(1.328)	(1.402)	(1.394)
R-squared	0.196	0.246	0.246	0.267
Prob > F	0.0008	0.0000	0.0000	0.0000
VIF	1.36	1.35	1.40	1.47

Time to IPO
Variables	Model 1	Model 2	Model 3	Model 4
BLAU_INDEX(a)		1.056^**	1.051**	2.644***
BLAU_INDEX(a)		(0.369)	(0.384)	(0.782)
ALT_FAM_OWN_DISP(b)			−0.0312	0.525
ALT_FAM_OWN_DISP(b)			(0.499)	(0.483)
INTERACTION(a*b)				−2.945*
INTERACTION(a*b)				(1.416)
Costant	3.563**	3.393*	3.253*	2.756^†
Costant	(1.353)	(1.353)	(1.443)	(1.444)
R-squared	0.196	0.234	0.234	0.256
Prob > F	0.000	0.000	0.000	0.000
VIF	1.36	1.35	1.40	1.47
SHANNON_INDEX(a)		1.256^*	1.245*	3.427**
SHANNON_INDEX(a)		(0.518)	(0.531)	(1.131)
ALT_FAM_OWN_DISP(b)			−0.0629	0.509
ALT_FAM_OWN_DISP(b)			(0.501)	(0.478)
INTERACTION(a*b)				−3.968*
INTERACTION(a*b)				(1.993)
Costant	3.149^*	2.845^*	3.293*	2.810^†
Costant	(1.359)	(1.381)	(1.464)	(1.479)
R-squared	0.196	0.226	0.227	0.249
Prob > F	0.000	0.000	0.000	0.000
VIF	1.36	1.35	1.40	1.47
WOM_BOARD_P(a)		1.500^**	1.516**	3.465***
WOM_BOARD_P(a)		(0.452)	(0.457)	(0.881)
ALT_FAM_OWN_DISP(b)			0.0125	0.521
ALT_FAM_OWN_DISP(b)			(0.490)	(0.488)
INTERACTION(a*b)				−3.596*
INTERACTION(a*b)				(1.565)
Costant	3.149^*	2.864^*	3.239*	2.740^†
Costant	(1.359)	(1.328)	(1.402)	(1.394)
R-squared	0.196	0.246	0.246	0.267
Prob > F	0.0008	0.0000	0.0000	0.0000
VIF	1.36	1.35	1.40	1.47

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