Variables, definition and source
| Name | Definition | Source | Measure |
|---|---|---|---|
| Dependent variable | |||
| Percentage of women on board (WoBs) | Ratio of female directors to total directors | AIDA for the 2017 Infocamere for the 2010 | Percentage |
| Independent variables | |||
| Roe | Net income divided by stockholders’ equity | AIDA | Percentage |
| Roa | Net income divided by total assets | AIDA | Percentage |
| Bad performance | Dummy = 1 when jointly negative or equal to zero Roe and Roa | Self-produced | Binary value (0,1) |
| Financial (moderator) | Dummy = 1 for companies in the financial sector | Self-produced | Binary value (0,1) |
| Control variables | |||
| Firm size | Total assets (in logs) | R&S Mediobanca | Natural logarithm |
| Women executives | Dummy = 1 when the companies have, at least, one woman holding a top position (president or CEO) in the board | AIDA for the 2017 Infocamere for the 2010 | Binary value (0,1) |
| Board size | Total number of directors in the board | AIDA for the 2017 Infocamere for the 2010 | Number of board members |
| Variable used for the subgroup of NLNP | |||
| NLNP | Dummy = 1 when NLNP companies | Self-produced | Binary value (0,1) |
| Name | Definition | Source | Measure |
|---|---|---|---|
| Ratio of female directors to total directors | AIDA for the 2017 | Percentage | |
| Net income divided by stockholders’ equity | AIDA | Percentage | |
| Net income divided by total assets | AIDA | Percentage | |
| Dummy = 1 when jointly negative or equal to zero Roe and Roa | Self-produced | Binary value (0,1) | |
| Dummy = 1 for companies in the financial sector | Self-produced | Binary value (0,1) | |
| Total assets (in logs) | R&S Mediobanca | Natural logarithm | |
| Dummy = 1 when the companies have, at least, one woman holding a top position (president or CEO) in the board | AIDA for the 2017 | Binary value (0,1) | |
| Total number of directors in the board | AIDA for the 2017 | Number of board members | |
| Dummy = 1 when NLNP companies | Self-produced | Binary value (0,1) | |