Table 6 Company performance and gender...

Table 6

Company performance and gender diversity: a quantile regression for the return on assets

ROA	Coef.		St. Err.	t-value		p-value	[95% conf. interval]			Sig
Q.25
GD_04	0.169		0.058	2.90		0.004	0.055		0.283	***
GD_05	0		–	–		–	–		–
GD_07	–0.243		0.128	–1.90		0.058	–0.494		0.008	*
FI_02	–0.083		0.074	–1.13		0.261	–0.228		0.062
BZ_02	–0.132		0.208	–0.64		0.525	–0.541		0.276
GW	0.049		0.03	1.62		0.106	–0.01		0.108
CR	–0.381		0.096	–3.97		0	–0.57		–0.193	***
DE	–1.862		0.315	–5.90		0	–2.481		–1.243	***
AGE	0.018		0.01	1.91		0.057	–0.001		0.037	*
PB	2.344		0.172	13.61		0	2.006		2.682	***
SIZE	–1.145		0.691	–1.66		0.098	–2.501		0.211	*
Constant	10.12		3.659	2.77		0.006	2.941		17.3	***
Q.50
GD_04	0.149		0.043	3.45		0.001	0.064		0.233	***
OGD_05	0		–	–		–	–		–
GD_07	–0.173		0.077	–2.25		0.024	–0.323		–0.022	**
FI_02	–0.142		0.042	–3.39		0.001	–0.224		–0.06	***
_BZ_02	–0.16		0.123	–1.30		0.195	–0.402		0.082
GW	0.043		0.021	2.00		0.046	0.001		0.084	**
CR	–0.432		0.069	–6.23		0	–0.568		–0.296	***
DE	–2.36		0.225	–10.48		0	–2.801		–1.918	***
AGE	–0.008		0.01	–0.79		0.431	–0.027		0.011
PB	3.188		0.243	13.15		0	2.712		3.664	***
SIZE	–2.01		0.331	–6.07		0	–2.659		–1.36	***
Constant	22.798		1.903	11.98		0	19.065		26.532	***
Q.75
GD_04	0.125		0.051	2.48		0.013	0.026		0.224	**
GD_05	0		–	–		–	–		–
GD_07	–0.134		0.07	–1.92		0.056	–0.271		0.003	*
FI_02	–0.115		0.048	–2.41		0.016	–0.208		–0.021	**
BZ_02	–0.187		0.112	–1.67		0.095	–0.406		0.033	*
GW	0.047		0.026	1.83		0.068	–0.003		0.098	*
CR	–0.04		0.118	–0.34		0.733	–0.272		0.191
DE	–2.498		0.291	–8.59		0	–3.068		–1.927	***
AGE	–0.019		0.014	–1.40		0.162	–0.046		0.008
PB	4.5		0.376	11.98		0	3.763		5.236	***
SIZE	-2.272		0.433	–5.25		0	–3.121		–1.422	***
Constant	26.662		2.733	9.75		0	21.299		32.024	***
Mean dependent var		9.654			SD dependent var			14.315

ROA	Coef.		St. Err.	t-value		p-value	[95% conf. interval]			Sig
Q.25
GD_04	0.169		0.058	2.90		0.004	0.055		0.283	***
GD_05	0		–	–		–	–		–
GD_07	–0.243		0.128	–1.90		0.058	–0.494		0.008	*
FI_02	–0.083		0.074	–1.13		0.261	–0.228		0.062
BZ_02	–0.132		0.208	–0.64		0.525	–0.541		0.276
GW	0.049		0.03	1.62		0.106	–0.01		0.108
CR	–0.381		0.096	–3.97		0	–0.57		–0.193	***
DE	–1.862		0.315	–5.90		0	–2.481		–1.243	***
AGE	0.018		0.01	1.91		0.057	–0.001		0.037	*
PB	2.344		0.172	13.61		0	2.006		2.682	***
SIZE	–1.145		0.691	–1.66		0.098	–2.501		0.211	*
Constant	10.12		3.659	2.77		0.006	2.941		17.3	***
Q.50
GD_04	0.149		0.043	3.45		0.001	0.064		0.233	***
OGD_05	0		–	–		–	–		–
GD_07	–0.173		0.077	–2.25		0.024	–0.323		–0.022	**
FI_02	–0.142		0.042	–3.39		0.001	–0.224		–0.06	***
_BZ_02	–0.16		0.123	–1.30		0.195	–0.402		0.082
GW	0.043		0.021	2.00		0.046	0.001		0.084	**
CR	–0.432		0.069	–6.23		0	–0.568		–0.296	***
DE	–2.36		0.225	–10.48		0	–2.801		–1.918	***
AGE	–0.008		0.01	–0.79		0.431	–0.027		0.011
PB	3.188		0.243	13.15		0	2.712		3.664	***
SIZE	–2.01		0.331	–6.07		0	–2.659		–1.36	***
Constant	22.798		1.903	11.98		0	19.065		26.532	***
Q.75
GD_04	0.125		0.051	2.48		0.013	0.026		0.224	**
GD_05	0		–	–		–	–		–
GD_07	–0.134		0.07	–1.92		0.056	–0.271		0.003	*
FI_02	–0.115		0.048	–2.41		0.016	–0.208		–0.021	**
BZ_02	–0.187		0.112	–1.67		0.095	–0.406		0.033	*
GW	0.047		0.026	1.83		0.068	–0.003		0.098	*
CR	–0.04		0.118	–0.34		0.733	–0.272		0.191
DE	–2.498		0.291	–8.59		0	–3.068		–1.927	***
AGE	–0.019		0.014	–1.40		0.162	–0.046		0.008
PB	4.5		0.376	11.98		0	3.763		5.236	***
SIZE	-2.272		0.433	–5.25		0	–3.121		–1.422	***
Constant	26.662		2.733	9.75		0	21.299		32.024	***
Mean dependent var		9.654			SD dependent var			14.315

Notes:

***p < 0.01; **p < 0.05; *p < 0.1

ROA = return on assets; EVT = enterprise value; GD_04 = proportion of female directors sitting on the board; GD_05 = proportion of male directors sitting on the board; GD_07 = proportion of female executive directors sitting on the board; FI_02 = percentage of independent non-executive women directors on board; CR = current ratio, GW = growth opportunities; PB = price to book ratio; SIZE = company size; AGE = number of years of the company since its incorporation

Source: Authors’ analyses

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