Robustness check: gender quotas and glass cliff: random effects panel regression models
| Total sample | Nonlisted and nonstate participated | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Variables | (1) β (se) | (2) β (se) | (3) β (se) | (4) β (se) | (5) β (se) | (6) β (se) | (7) β (se) | (8) β (se) | (9) β (se) | (10) β (se) |
| Board size | 0.01*** (0.000) | 0.01*** (0.000) | 0.01*** (0.000) | 0.01*** (0.000) | 0.01*** (0.000) | 0.01*** (0.000) | 0.01*** (0.000) | 0.01*** (0.000) | 0.01*** (0.000) | 0.01*** (0.000) |
| Firm size | −0.002 (0.010) | −0.002 (0.010) | −0.002 (0.010) | −0.002 (0.010) | −0.002 (0.011) | −0.01 (0.012) | −0.01 (0.012) | −0.01 (0.012) | −0.01 (0.010) | −0.01 (0.010) |
| Law | 0.16*** (0.001) | 0.16*** (0.001) | 0.16*** (0.001) | 0.16*** (0.000) | 0.16*** (0.001) | 0.08*** (0.013) | 0.07*** (0.016) | 0.08*** (0.015) | 0.08*** (0.015) | 0.07*** (0.015) |
| Women executives | 0.14*** (0.026) | 0.14*** (0.024) | 0.14*** (0.029) | 0.14*** (0.030) | 0.14*** (0.029) | 0.13*** (0.033) | 0.13*** (0.033) | 0.14*** (0.033) | 0.14*** (0.030) | 0.14*** (0.028) |
| Roe | −0.10*** (0.011) | −0.04 (0.066) | −0.05*** (0.000) | |||||||
| Roe2 | 0.12 (0.078) | 0.26*** (0.037) | ||||||||
| Bad performance | 0.01*** (0.001) | 0.02*** (0.006) | ||||||||
| Roa | −0.16* (0.0853) | −0.24** (0.0929) | 0.07 (0.071) | 0.02 (0.176) | ||||||
| Roa2 | 1.31** (0.606) | 0.91 (3.410) | ||||||||
| R-squared within | 0.543 | 0.549 | 0.539 | 0.540 | 0.540 | 0.542 | 0.548 | 0.548 | 0.539 | 0.540 |
| N | 232 | 232 | 232 | 232 | 232 | 116 | 116 | 116 | 116 | 116 |
| Variables | (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |
| −0.002 (0.010) | −0.002 (0.010) | −0.002 (0.010) | −0.002 (0.010) | −0.002 (0.011) | −0.01 (0.012) | −0.01 (0.012) | −0.01 (0.012) | −0.01 (0.010) | −0.01 (0.010) | |
| 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.08 | 0.07 | 0.08 | 0.08 | 0.07 | |
| 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | |
| −0.10 | −0.04 (0.066) | −0.05 | ||||||||
| 0.12 (0.078) | 0.26 | |||||||||
| 0.01 | 0.02 | |||||||||
| −0.16 | −0.24 | 0.07 (0.071) | 0.02 (0.176) | |||||||
| 1.31 | 0.91 (3.410) | |||||||||
| 0.543 | 0.549 | 0.539 | 0.540 | 0.540 | 0.542 | 0.548 | 0.548 | 0.539 | 0.540 | |
| 232 | 232 | 232 | 232 | 232 | 116 | 116 | 116 | 116 | 116 | |
Notes:
Robust standard errors in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1