Description of variables
| Variable | Description |
|---|---|
| Dependent variable | |
| ROA | Ratio between EBIT and total assets |
| Explanatory variable | |
| Women on board | Ratio of women on BoD to the total number of board members |
| Moderator variable | |
| Sector growth opportunities | Median value of sales growth, measured as the sales of the year (t) minus sales of the year (t-1) scaled by sales of the year (t-1), in each two-digit sector the firms are affiliated with |
| Control variables | |
| Age board | Natural logarithm of the age of the BoD components |
| R&D expenses | R&D expenses on total assets |
| Patent expenses | Patent expenses on total assets |
| Licensing expenses | Licensing expenses on total assets |
| Tangibility | Tangible assets to total assets |
| Cash Holding | Cash and cash equivalent on total assets |
| Long-term debt | Long-term financial debt on total assets |
| Firm size | Natural logarithm of total assets |
| Firm age | Natural logarithm of number of years since the firm foundation plus one |
| Dummy Listing | Binary variable with value 1 when the firm is listed in a stock exchange, 0 otherwise |
| Dummy Delisting | Binary variable with value 1 in the event of delisting, and 0 otherwise |
| Dummy South | Binary variable with value 1 when the firm is in the south of Italy, 0 otherwise |
| Variable | Description |
|---|---|
| ROA | Ratio between EBIT and total assets |
| Women on board | Ratio of women on BoD to the total number of board members |
| Sector growth opportunities | Median value of sales growth, measured as the sales of the year ( |
| Age board | Natural logarithm of the age of the BoD components |
| R&D expenses | R&D expenses on total assets |
| Patent expenses | Patent expenses on total assets |
| Licensing expenses | Licensing expenses on total assets |
| Tangibility | Tangible assets to total assets |
| Cash Holding | Cash and cash equivalent on total assets |
| Long-term debt | Long-term financial debt on total assets |
| Firm size | Natural logarithm of total assets |
| Firm age | Natural logarithm of number of years since the firm foundation plus one |
| Dummy Listing | Binary variable with value 1 when the firm is listed in a stock exchange, 0 otherwise |
| Dummy Delisting | Binary variable with value 1 in the event of delisting, and 0 otherwise |
| Dummy South | Binary variable with value 1 when the firm is in the south of Italy, 0 otherwise |
Source(s): Authors' own work
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