Table 8 Results concerning the effect of...

Table 8

Results concerning the effect of Women on Board on firm performance moderated by sector growth opportunities. Analysis based on moderating effect

	(1) Model [2]	(2) Robustness
	Moderating effect between continuous variables	Moderating effect with dummy high growth sector (median)
Women on board	3.444	0.123
Women on board	(4.384)	(1.745)
Sector growth opportunities	3.512***
Sector growth opportunities	(0.806)
Women on board × sector growth opportunities	−7.467**
(continuous variable of growth)	(3.778)
Dummy high growth		−7.374**
Dummy high growth		(3.314)
Women on board × dummy high growth		−7.044***
(dummy variable of growth)		(2.205)
Age board (log)	1.539	1.646
Age board (log)	(1.301)	(1.302)
R&D expenses	−17.193***	−17.184***
R&D expenses	(2.110)	(2.108)
Patent expenses	−18.414***	−18.254***
Patent expenses	(3.184)	(3.182)
Licensing expenses	−9.680	−9.503
Licensing expenses	(6.030)	(6.008)
Tangibility	5.878***	5.674***
Tangibility	(1.307)	(1.312)
Cash Holding	4.832***	4.844***
Cash Holding	(1.225)	(1.224)
Size	0.397**	0.389**
Size	(0.177)	(0.176)
Long term debt	−9.449***	−9.425***
Long term debt	(0.799)	(0.799)
Age (log)	4.092***	4.067***
Age (log)	(0.282)	(0.282)
Dummy Listing	1.820*	1.834**
Dummy Listing	(0.931)	(0.931)
Dummy Delisting	−27.120***	−26.953***
Dummy Delisting	(7.208)	(7.327)
Dummy South	4.512***	4.498***
Dummy South	(0.414)	(0.414)
R²	0.079	0.079
Observations	12,173	12,173

	(1)Model [2]	(2)Robustness
	Moderating effect between continuous variables	Moderating effect with dummy high growth sector (median)
Women on board	3.444	0.123
Women on board	(4.384)	(1.745)
Sector growth opportunities	3.512***
Sector growth opportunities	(0.806)
Women on board × sector growth opportunities	−7.467**
(continuous variable of growth)	(3.778)
Dummy high growth		−7.374**
Dummy high growth		(3.314)
Women on board × dummy high growth		−7.044***
(dummy variable of growth)		(2.205)
Age board (log)	1.539	1.646
Age board (log)	(1.301)	(1.302)
R&D expenses	−17.193***	−17.184***
R&D expenses	(2.110)	(2.108)
Patent expenses	−18.414***	−18.254***
Patent expenses	(3.184)	(3.182)
Licensing expenses	−9.680	−9.503
Licensing expenses	(6.030)	(6.008)
Tangibility	5.878***	5.674***
Tangibility	(1.307)	(1.312)
Cash Holding	4.832***	4.844***
Cash Holding	(1.225)	(1.224)
Size	0.397**	0.389**
Size	(0.177)	(0.176)
Long term debt	−9.449***	−9.425***
Long term debt	(0.799)	(0.799)
Age (log)	4.092***	4.067***
Age (log)	(0.282)	(0.282)
Dummy Listing	1.820*	1.834**
Dummy Listing	(0.931)	(0.931)
Dummy Delisting	−27.120***	−26.953***
Dummy Delisting	(7.208)	(7.327)
Dummy South	4.512***	4.498***
Dummy South	(0.414)	(0.414)
R²	0.079	0.079
Observations	12,173	12,173

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 interaction variable “Women on Board × Sector Growth Opportunities” is the multiplication of the “Women on Board” and the “Sector Growth Opportunities” variables. The interaction variable “Women on Board × Dummy High Growth” is the multiplication of the “Women on Board” and the “Dummy High Growth” variables

Source(s): Authors' own work

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