From: Board gender diversity and corporate social responsibility
 | csrdummy | csrcumu | csrcont | csrovlp | scv | sroa | scvps |
---|---|---|---|---|---|---|---|
(1) | (2) | (3) | (4) | (5) | (6) | (7) | |
Panel A. Blau Index as Alternative Measure of Board Gender Diversity | |||||||
 fdblau | 0.00794 | 0.0654 | 0.00698*** | 0.00108 | 0.561** | 0.138 | 0.796*** |
(1.11) | (1.44) | (2.78) | (0.35) | (2.25) | (0.58) | (4.88) | |
Panel B. Industry Adjustment of Female Director Ratio | |||||||
 fdrindjust | 0.0000147 | 0.000272 | 0.0000852*** | -0.0000131 | 0.00709** | -0.00556* | 0.00422** |
(0.17) | (0.49) | (2.66) | (-0.45) | (2.14) | (-1.73) | (2.05) | |
Panel C. Two-stage Least Square Instrumental Variable Estimation (IV: Last-period Female Director Ratio) | |||||||
 fdrHAT1 | 0.0000742 | 0.000349 | 0.0000740** | -0.0000196 | 0.00519 | -0.00255 | 0.00748*** |
(0.73) | (0.55) | (2.21) | (-0.57) | (1.37) | (-0.69) | (3.19) | |
Panel D. Two-stage Least Square Instrumental Variable Estimation (IV: Industry Average Female Director Ratio) | |||||||
 fdr HAT2 | 0.00309*** | 0.0151*** | -0.0000630 | 0.000212 | 0.00470 | 0.162*** | 0.132*** |
(5.70) | (5.44) | (-1.02) | (1.07) | (0.25) | (6.29) | (7.20) | |
Panel E. Nonlinear (Quadratic) Effects of Board Gender Diversity on CSR Performance | |||||||
 fdr | 0.0000877 | 0.00206 | 0.000202*** | 0.000174* | 0.0121 | 0.0194*** | 0.0307*** |
(0.39) | (1.57) | (2.72) | (1.84) | (1.54) | (2.58) | (5.98) | |
 fdrsq | 0.000000619 | -0.0000363 | -0.00000332* | -0.00000494** | -0.000140 | -0.000545*** | -0.000617*** |
(0.11) | (-1.08) | (-1.67) | (-2.16) | (-0.72) | (-3.00) | (-5.05) | |
Panel F. Heckman Two-stage Estimation | |||||||
 fdd | 0.251*** | 2.511*** | 0.0847*** | 0.0752*** | -2.777** | 5.138*** | 17.94*** |
(6.16) | (7.91) | (6.02) | (4.72) | (-2.48) | (4.49) | (9.64) |