Table A1. Variable definition Dependent...

Table A1.

Variable definition

Dependent variables
BoDs meeting	Number of BoD meetings in a fiscal year
AuC meeting	Number of AuC meetings in a fiscal year
RemC meeting	Number of RemC meetings in a fiscal year
Test variables to identify firms
Mandatory adopters	1 if firm had a gender quota lower than the quota defined by the law before its implementation 0 otherwise
First adopters	1 if firm renewed the BoDs for the first time after 12 August 2012 in the year 2012 (after 12 August and before 31 December 2012) 0 otherwise
Test variables to identify periods
Post	1 if in the year of analysis, the firm has a BoD renewed after 12 August 2012 0 otherwise
Control variables
BoDs size	Ln (number of BoD members)
BoDs independence	Number of independent/number of BoD's members
BoDs executive	Number of executive/number of BoD's members
CEO age	Year of birth – current year
CEO duality	1 if the CEO is also Chair; 0 otherwise
CEO female	1 if CEO is a woman; 0 otherwise
Chair female	1 if Chair is a woman; 0 otherwise
AuC size	Ln (number of AuC members)
RemC size	Ln (number of RemC members)
Firm size	Ln (total assets)
Leverage	Total equity/total assets
Loss t−1	1 if year t−1 has a loss; 0 otherwise
Sales growth	(sales t–sales t−1)/sales t−1
ROA	Operating profit/total assets

Dependent variables
BoDs meeting	Number of BoD meetings in a fiscal year
AuC meeting	Number of AuC meetings in a fiscal year
RemC meeting	Number of RemC meetings in a fiscal year
Test variables to identify firms
Mandatory adopters	1 if firm had a gender quota lower than the quota defined by the law before its implementation0 otherwise
First adopters	1 if firm renewed the BoDs for the first time after 12 August 2012 in the year 2012 (after 12 August and before 31 December 2012)0 otherwise
Test variables to identify periods
Post	1 if in the year of analysis, the firm has a BoD renewed after 12 August 20120 otherwise
Control variables
BoDs size	Ln (number of BoD members)
BoDs independence	Number of independent/number of BoD's members
BoDs executive	Number of executive/number of BoD's members
CEO age	Year of birth – current year
CEO duality	1 if the CEO is also Chair; 0 otherwise
CEO female	1 if CEO is a woman; 0 otherwise
Chair female	1 if Chair is a woman; 0 otherwise
AuC size	Ln (number of AuC members)
RemC size	Ln (number of RemC members)
Firm size	Ln (total assets)
Leverage	Total equity/total assets
Loss t−1	1 if year t−1 has a loss; 0 otherwise
Sales growth	(sales t–sales t−1)/sales t−1
ROA	Operating profit/total assets

Source: Authors’ own creation

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