Table 7 Results concerning the effect of...

Table 7

Results concerning the effect of women on board on firm performance (main model and year-by-year results)

	(1) Model [1]	(2)	(3)	(4)	(5)	(6)	(7)
	OLS with year and industry dummies	2021	2020	2019	2018	2017	2016
Women on board	−5.264***	−8.948***	−5.621**	−7.401***	−1.943	−5.057*	−2.139
Women on board	(1.139)	(2.772)	(2.610)	(2.678)	(2.663)	(2.931)	(3.170)
Age board (log)	1.528	1.993	1.245	2.848	3.105	2.112	−1.932
Age board (log)	(1.301)	(3.087)	(2.756)	(2.970)	(3.523)	(3.369)	(3.678)
R&D expenses	−17.20***	−20.85***	−14.30***	−13.93***	−19.54***	−19.13***	−15.76***
R&D expenses	(2.110)	(5.672)	(4.612)	(4.780)	(5.293)	(5.326)	(5.597)
Patent expenses	−18.37***	−13.74***	−11.28*	−26.90***	−27.02**	−22.23***	−23.40**
Patent expenses	(3.183)	(5.066)	(5.990)	(8.286)	(11.609)	(8.569)	(10.985)
Licensing expenses	−9.659	−17.969	−0.347	−23.531	−17.153	9.654	4.233
Licensing expenses	(6.027)	(14.997)	(7.100)	(14.558)	(16.962)	(13.480)	(16.514)
Tangibility	5.957***	7.448**	7.031**	7.918***	3.593	10.659***	−1.531
Tangibility	(1.306)	(2.927)	(2.908)	(2.747)	(3.436)	(3.247)	(3.838)
Cash Holding	4.822***	8.632***	9.575***	4.651	0.744	2.745	1.790
Cash Holding	(1.225)	(2.819)	(2.605)	(3.020)	(3.427)	(3.119)	(3.253)
Size	0.406**	0.932**	1.023**	0.313	−0.221	0.547	−0.293
Size	(0.177)	(0.408)	(0.425)	(0.432)	(0.436)	(0.454)	(0.468)
Long term debt	−9.483***	−10.02***	−8.710***	−7.340***	−7.260***	−12.13***	−11.66***
Long term debt	(0.798)	(1.787)	(1.738)	(1.910)	(1.903)	(2.289)	(2.258)
Age (log)	4.086***	4.903***	3.779***	4.068***	4.078***	3.680***	4.786***
Age (log)	(0.282)	(0.782)	(0.718)	(0.684)	(0.703)	(0.648)	(0.693)
Dummy Listing	1.841**	−0.851	1.764	2.499	1.506	3.583**	2.376
Dummy Listing	(0.932)	(2.504)	(1.616)	(2.163)	(2.871)	(1.812)	(2.565)
Dummy Delisting	−27.14***	−33.76***	−22.982	−32.057*	−33.553*	−22.195*	−21.551
Dummy Delisting	(7.209)	(2.482)	(17.762)	(19.270)	(18.591)	(12.787)	(15.469)
Dummy South	4.508***	5.112***	5.308***	5.112***	4.126***	2.236*	5.084***
Dummy South	(0.414)	(0.930)	(0.890)	(0.968)	(1.045)	(1.143)	(1.125)
R²	0.078	0.117	0.102	0.080	0.069	0.080	0.078
Observations	12,173	2,021	2,111	2,096	2,065	1,998	1,882

	(1)Model [1]	(2)	(3)	(4)	(5)	(6)	(7)
	OLS with year and industry dummies	2021	2020	2019	2018	2017	2016
Women on board	−5.264***	−8.948***	−5.621**	−7.401***	−1.943	−5.057*	−2.139
Women on board	(1.139)	(2.772)	(2.610)	(2.678)	(2.663)	(2.931)	(3.170)
Age board (log)	1.528	1.993	1.245	2.848	3.105	2.112	−1.932
Age board (log)	(1.301)	(3.087)	(2.756)	(2.970)	(3.523)	(3.369)	(3.678)
R&D expenses	−17.20***	−20.85***	−14.30***	−13.93***	−19.54***	−19.13***	−15.76***
R&D expenses	(2.110)	(5.672)	(4.612)	(4.780)	(5.293)	(5.326)	(5.597)
Patent expenses	−18.37***	−13.74***	−11.28*	−26.90***	−27.02**	−22.23***	−23.40**
Patent expenses	(3.183)	(5.066)	(5.990)	(8.286)	(11.609)	(8.569)	(10.985)
Licensing expenses	−9.659	−17.969	−0.347	−23.531	−17.153	9.654	4.233
Licensing expenses	(6.027)	(14.997)	(7.100)	(14.558)	(16.962)	(13.480)	(16.514)
Tangibility	5.957***	7.448**	7.031**	7.918***	3.593	10.659***	−1.531
Tangibility	(1.306)	(2.927)	(2.908)	(2.747)	(3.436)	(3.247)	(3.838)
Cash Holding	4.822***	8.632***	9.575***	4.651	0.744	2.745	1.790
Cash Holding	(1.225)	(2.819)	(2.605)	(3.020)	(3.427)	(3.119)	(3.253)
Size	0.406**	0.932**	1.023**	0.313	−0.221	0.547	−0.293
Size	(0.177)	(0.408)	(0.425)	(0.432)	(0.436)	(0.454)	(0.468)
Long term debt	−9.483***	−10.02***	−8.710***	−7.340***	−7.260***	−12.13***	−11.66***
Long term debt	(0.798)	(1.787)	(1.738)	(1.910)	(1.903)	(2.289)	(2.258)
Age (log)	4.086***	4.903***	3.779***	4.068***	4.078***	3.680***	4.786***
Age (log)	(0.282)	(0.782)	(0.718)	(0.684)	(0.703)	(0.648)	(0.693)
Dummy Listing	1.841**	−0.851	1.764	2.499	1.506	3.583**	2.376
Dummy Listing	(0.932)	(2.504)	(1.616)	(2.163)	(2.871)	(1.812)	(2.565)
Dummy Delisting	−27.14***	−33.76***	−22.982	−32.057*	−33.553*	−22.195*	−21.551
Dummy Delisting	(7.209)	(2.482)	(17.762)	(19.270)	(18.591)	(12.787)	(15.469)
Dummy South	4.508***	5.112***	5.308***	5.112***	4.126***	2.236*	5.084***
Dummy South	(0.414)	(0.930)	(0.890)	(0.968)	(1.045)	(1.143)	(1.125)
R²	0.078	0.117	0.102	0.080	0.069	0.080	0.078
Observations	12,173	2,021	2,111	2,096	2,065	1,998	1,882

Note(s): For a description of variables, see Table 1. Year and Industry dummies are included in the model although not reported. Robust standard errors are reported in brackets. ***: denotes significance at the 1% level; **: denotes significance at the 5% level; *: denotes significance at the 10% level. The variable “Women on Board” is the number of women on board divided by the total number of board members

Source(s): Authors' own work

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