Table 10 Further tests: results...

Table 10

Further tests: results concerning critical mass and firm performance moderated by sector growth opportunities. Analysis based on moderating effect

	(1)	(2)
	Model 2 Moderating effect between continuous variables	Robustness moderating effect with dummy high growth sector (median)
Critical mass	1.604	−3.061***
Critical mass	(2.356)	(0.955)
Sector growth opportunities	3.044***
Sector growth opportunities	(0.791)
Critical mass × sector growth opportunities	−6.870***
Critical mass × sector growth opportunities	(2.059)
Dummy high growth		−8.194**
Dummy high growth		(3.367)
Critical mass × dummy high growth		−4.517****
Critical mass × dummy high growth		(1.315)
Age board (log)	1.145	1.231
Age board (log)	(1.303)	(1.303)
R&D expenses	−17.181***	−17.333***
R&D expenses	(2.114)	(2.115)
Patent expenses	−18.366***	−18.188***
Patent expenses	(3.157)	(3.150)
Licensing expenses	−9.723	−9.628
Licensing expenses	(5.983)	(5.968)
Tangibility	5.430***	5.265***
Tangibility	(1.300)	(1.305)
Cash Holding	4.903***	4.916***
Cash Holding	(1.222)	(1.220)
Size	0.559***	0.561***
Size	(0.175)	(0.175)
Long term debt	−9.645***	−9.583***
Long term debt	(0.796)	(0.796)
Age (log)	4.004***	3.991***
Age (log)	(0.281)	(0.279)
Dummy Listing	4.469***	4.546***
Dummy Listing	(1.053)	(1.056)
Dummy Delisting	−25.379***	−26.430***
Dummy Delisting	(7.020)	(7.554)
Dummy South	4.458***	4.430***
Dummy South	(0.412)	(0.412)
R²	0.082	0.082
Observations	12,173	12,173

	(1)	(2)
	Model 2Moderating effect between continuous variables	Robustness moderating effect with dummy high growth sector (median)
Critical mass	1.604	−3.061***
Critical mass	(2.356)	(0.955)
Sector growth opportunities	3.044***
Sector growth opportunities	(0.791)
Critical mass × sector growth opportunities	−6.870***
Critical mass × sector growth opportunities	(2.059)
Dummy high growth		−8.194**
Dummy high growth		(3.367)
Critical mass × dummy high growth		−4.517****
Critical mass × dummy high growth		(1.315)
Age board (log)	1.145	1.231
Age board (log)	(1.303)	(1.303)
R&D expenses	−17.181***	−17.333***
R&D expenses	(2.114)	(2.115)
Patent expenses	−18.366***	−18.188***
Patent expenses	(3.157)	(3.150)
Licensing expenses	−9.723	−9.628
Licensing expenses	(5.983)	(5.968)
Tangibility	5.430***	5.265***
Tangibility	(1.300)	(1.305)
Cash Holding	4.903***	4.916***
Cash Holding	(1.222)	(1.220)
Size	0.559***	0.561***
Size	(0.175)	(0.175)
Long term debt	−9.645***	−9.583***
Long term debt	(0.796)	(0.796)
Age (log)	4.004***	3.991***
Age (log)	(0.281)	(0.279)
Dummy Listing	4.469***	4.546***
Dummy Listing	(1.053)	(1.056)
Dummy Delisting	−25.379***	−26.430***
Dummy Delisting	(7.020)	(7.554)
Dummy South	4.458***	4.430***
Dummy South	(0.412)	(0.412)
R²	0.082	0.082
Observations	12,173	12,173

Note(s): For a description of variables, see Table 1. Critical Mass is measured by 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 interaction variable “Critical Mass × Sector Growth Opportunities” is the multiplication of the “Critical Mass” and the “Sector Growth Opportunities” variables. The interaction variable “Critical Mass × Dummy High Growth” is the multiplication of the “Critical Mass” and the “Dummy High Growth” variables

Source(s): Authors' own work

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