Table 9 Further test: results concerning...

Table 9

Further test: results concerning critical mass and firm performance (main model and year by year results)

	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	Model [1] OLS with year and industry dummies	2021	2020	2019	2018	2017	2016
Critical mass	−6.264***	−7.093***	−5.069***	−7.683****	−6.124***	−6.903****	−4.558***
Critical mass	(0.822)	(2.086)	(1.898)	(2.099)	(2.172)	(1.804)	(1.998)
Age board (log)	1.141	1.499	0.945	2.374	2.722	1.667	−2.234
Age board (log)	(1.302)	(3.084)	(2.766)	(2.973)	(3.528)	(3.375)	(3.677)
R&D expenses	−17.131***	−21.040***	−14.178***	−13.560***	−19.404***	−19.390***	−15.656***
R&D expenses	(2.115)	(5.762)	(4.621)	(4.794)	(5.256)	(5.338)	(5.621)
Patent expenses	−18.200***	−13.335***	−11.290*	−26.632***	−26.512**	−22.035***	−23.468**
Patent expenses	(3.156)	(5.060)	(5.977)	(8.476)	(11.478)	(8.392)	(10.768)
Licensing expenses	−9.685	−18.688	−1.108	−22.277*	−16.997	11.313	3.695
Licensing expenses	(5.984)	(15.047)	(7.178)	(13.519)	(17.291)	(13.691)	(16.481)
Tangibility	5.482***	6.634**	6.519**	7.385***	3.369	10.253***	−1.950
Tangibility	(1.302)	(2.924)	(2.897)	(2.734)	(3.421)	(3.228)	(3.835)
Cash Holding	4.899***	8.146***	9.624***	4.752	1.130	2.843	1.987
Cash Holding	(1.222)	(2.802)	(2.597)	(3.018)	(3.429)	(3.114)	(3.251)
Size	0.546***	1.035**	1.113***	0.488	−0.029	0.715	−0.173
Size	(0.175)	(0.404)	(0.421)	(0.426)	(0.431)	(0.452)	(0.469)
Long term debt	−9.641***	−10.303***	−8.797***	−7.558***	−7.339***	−12.283***	−11.775***
Long term debt	(0.796)	(1.788)	(1.735)	(1.900)	(1.900)	(2.282)	(2.259)
Age (log)	4.054***	4.887***	3.767***	4.012***	4.075***	3.618***	4.771***
Age (log)	(0.280)	(0.778)	(0.713)	(0.674)	(0.697)	(0.641)	(0.691)
Dummy Listing	4.495***	2.040	3.846**	5.640**	4.258	6.589***	4.392
Dummy Listing	(1.054)	(2.958)	(1.908)	(2.439)	(3.206)	(1.974)	(2.785)
Dummy Delisting	−25.295*** (6.968)	−30.760*** (2.502)	−21.656 (17.107)	−29.984 (18.434)	−31.449* (18.320)	−20.398* (12.294)	−20.061 (15.225)
Dummy South	4.436***	5.012***	5.274***	5.055***	3.982***	2.155*	4.997***
Dummy South	(0.412)	(0.929)	(0.889)	(0.962)	(1.035)	(1.136)	(1.122)
R²	0.082	0.120	0.104	0.085	0.073	0.084	0.080
Observations	12,173	2,021	2,111	2,096	2,065	1,998	1,882

	(1)	(2)	(3)	(4)	(5)	(6)	(7)
	Model [1]OLS with year and industry dummies	2021	2020	2019	2018	2017	2016
Critical mass	−6.264***	−7.093***	−5.069***	−7.683****	−6.124***	−6.903****	−4.558***
Critical mass	(0.822)	(2.086)	(1.898)	(2.099)	(2.172)	(1.804)	(1.998)
Age board (log)	1.141	1.499	0.945	2.374	2.722	1.667	−2.234
Age board (log)	(1.302)	(3.084)	(2.766)	(2.973)	(3.528)	(3.375)	(3.677)
R&D expenses	−17.131***	−21.040***	−14.178***	−13.560***	−19.404***	−19.390***	−15.656***
R&D expenses	(2.115)	(5.762)	(4.621)	(4.794)	(5.256)	(5.338)	(5.621)
Patent expenses	−18.200***	−13.335***	−11.290*	−26.632***	−26.512**	−22.035***	−23.468**
Patent expenses	(3.156)	(5.060)	(5.977)	(8.476)	(11.478)	(8.392)	(10.768)
Licensing expenses	−9.685	−18.688	−1.108	−22.277*	−16.997	11.313	3.695
Licensing expenses	(5.984)	(15.047)	(7.178)	(13.519)	(17.291)	(13.691)	(16.481)
Tangibility	5.482***	6.634**	6.519**	7.385***	3.369	10.253***	−1.950
Tangibility	(1.302)	(2.924)	(2.897)	(2.734)	(3.421)	(3.228)	(3.835)
Cash Holding	4.899***	8.146***	9.624***	4.752	1.130	2.843	1.987
Cash Holding	(1.222)	(2.802)	(2.597)	(3.018)	(3.429)	(3.114)	(3.251)
Size	0.546***	1.035**	1.113***	0.488	−0.029	0.715	−0.173
Size	(0.175)	(0.404)	(0.421)	(0.426)	(0.431)	(0.452)	(0.469)
Long term debt	−9.641***	−10.303***	−8.797***	−7.558***	−7.339***	−12.283***	−11.775***
Long term debt	(0.796)	(1.788)	(1.735)	(1.900)	(1.900)	(2.282)	(2.259)
Age (log)	4.054***	4.887***	3.767***	4.012***	4.075***	3.618***	4.771***
Age (log)	(0.280)	(0.778)	(0.713)	(0.674)	(0.697)	(0.641)	(0.691)
Dummy Listing	4.495***	2.040	3.846**	5.640**	4.258	6.589***	4.392
Dummy Listing	(1.054)	(2.958)	(1.908)	(2.439)	(3.206)	(1.974)	(2.785)
Dummy Delisting	−25.295*** (6.968)	−30.760*** (2.502)	−21.656 (17.107)	−29.984 (18.434)	−31.449* (18.320)	−20.398* (12.294)	−20.061 (15.225)
Dummy South	4.436***	5.012***	5.274***	5.055***	3.982***	2.155*	4.997***
Dummy South	(0.412)	(0.929)	(0.889)	(0.962)	(1.035)	(1.136)	(1.122)
R²	0.082	0.120	0.104	0.085	0.073	0.084	0.080
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. Critical Mass is measured by a binary variable with the value of 1 if there is the presence of at least 3 women on the BoD and 0 otherwise. 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 “Critical Mass” is a binary variable with a value equal to 1 if there is the presence of at least 3 women on the board, 0 otherwise

Source(s): Authors' own work

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