Table 7 Company performance and gender...

Table 7

Company performance and gender diversity: a quantile regression for the Enterprise value

EVT	coef.		St. Err.	t-value		p-value	[95% conf. interval]			sig
Q.25
GD_04	0		0.002	–0.21		0.837	–0.004		0.004
O. GD_05	0		–	–		–	–		–
GD_07	–0.005		0.003	–1.60		0.111	–0.011		0.001
FI_02	0.002		0.002	0.91		0.363	–0.002		0.006
BZ_02	0.008		0.006	1.39		0.166	–0.003		0.02
GW	0.001		0.001	1.47		0.143	0		0.002
CR	–0.028		0.001	–25.61		0	–0.03		–0.026	***
DE	–0.105		0.015	–6.98		0	–0.134		–0.075	***
AGE	–0.001		0	–3.85		0	–0.002		–0.001	***
PB	0.367		0.014	25.77		0	0.339		0.395	***
SIZE	0.001		0.018	0.05		0.956	–0.035		0.037
Constant	0.523		0.095	5.52		0	0.337		0.71	***
Q.50
GD_04	0.006		0.002	2.51		0.012	0.001		0.01	**
GD_05	0		–	–		–	–		–
GD_07	–0.008		0.003	–2.66		0.008	–0.014		–0.002	***
_FI_02	–0.004		0.002	–1.94		0.053	–0.007		0	*
BZ_02	0.014		0.003	4.54		0	0.008		0.02	***
GW	0.001		0.001	1.18		0.24	0		0.002
CR	–0.018		0.005	–3.95		0	–0.028		–0.009	***
DE	–0.088		0.021	–4.22		0	–0.128		–0.047	***
AGE	–0.002		0	–5.68		0	–0.002		–0.001	***
PB	0.481		0.022	22.26		0	0.438		0.523	***
SIZE	–0.067		0.015	–4.43		0	–0.096		–0.037	***
Constant	0.883		0.089	9.89		0	0.708		1.059	***
Q.75
GD_04	0.009		0.004	2.14		0.033	0.001		0.018	**
GD_05	0		–	–		–	–		–
GD_07	–0.013		0.004	–3.11		0.002	–0.021		–0.005	***
FI_02	–0.004		0.004	–1.02		0.31	–0.012		0.004
BZ_02	0.003		0.006	0.44		0.663	–0.01		0.015
GW	0.002		0.001	1.51		0.132	–0.001		0.004
CR	–0.017		0.005	–3.62		0	–0.027		–0.008	***
DE	–0.062		0.026	–2.42		0.016	–0.112		–0.012	**
AGE	–0.001		0.001	–1.16		0.246	–0.003		0.001
PB	0.625		0.029	21.53		0	0.568		0.682	***
SIZE	–0.218		0.047	–4.66		0	–0.309		–0.126	***
Constant	1.967		0.346	5.69		0	1.289		2.646	***
Mean dependent var		1.596			SD dependent var			1.694

EVT	coef.		St. Err.	t-value		p-value	[95% conf. interval]			sig
Q.25
GD_04	0		0.002	–0.21		0.837	–0.004		0.004
O. GD_05	0		–	–		–	–		–
GD_07	–0.005		0.003	–1.60		0.111	–0.011		0.001
FI_02	0.002		0.002	0.91		0.363	–0.002		0.006
BZ_02	0.008		0.006	1.39		0.166	–0.003		0.02
GW	0.001		0.001	1.47		0.143	0		0.002
CR	–0.028		0.001	–25.61		0	–0.03		–0.026	***
DE	–0.105		0.015	–6.98		0	–0.134		–0.075	***
AGE	–0.001		0	–3.85		0	–0.002		–0.001	***
PB	0.367		0.014	25.77		0	0.339		0.395	***
SIZE	0.001		0.018	0.05		0.956	–0.035		0.037
Constant	0.523		0.095	5.52		0	0.337		0.71	***
Q.50
GD_04	0.006		0.002	2.51		0.012	0.001		0.01	**
GD_05	0		–	–		–	–		–
GD_07	–0.008		0.003	–2.66		0.008	–0.014		–0.002	***
_FI_02	–0.004		0.002	–1.94		0.053	–0.007		0	*
BZ_02	0.014		0.003	4.54		0	0.008		0.02	***
GW	0.001		0.001	1.18		0.24	0		0.002
CR	–0.018		0.005	–3.95		0	–0.028		–0.009	***
DE	–0.088		0.021	–4.22		0	–0.128		–0.047	***
AGE	–0.002		0	–5.68		0	–0.002		–0.001	***
PB	0.481		0.022	22.26		0	0.438		0.523	***
SIZE	–0.067		0.015	–4.43		0	–0.096		–0.037	***
Constant	0.883		0.089	9.89		0	0.708		1.059	***
Q.75
GD_04	0.009		0.004	2.14		0.033	0.001		0.018	**
GD_05	0		–	–		–	–		–
GD_07	–0.013		0.004	–3.11		0.002	–0.021		–0.005	***
FI_02	–0.004		0.004	–1.02		0.31	–0.012		0.004
BZ_02	0.003		0.006	0.44		0.663	–0.01		0.015
GW	0.002		0.001	1.51		0.132	–0.001		0.004
CR	–0.017		0.005	–3.62		0	–0.027		–0.008	***
DE	–0.062		0.026	–2.42		0.016	–0.112		–0.012	**
AGE	–0.001		0.001	–1.16		0.246	–0.003		0.001
PB	0.625		0.029	21.53		0	0.568		0.682	***
SIZE	–0.218		0.047	–4.66		0	–0.309		–0.126	***
Constant	1.967		0.346	5.69		0	1.289		2.646	***
Mean dependent var		1.596			SD dependent var			1.694

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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