From: Board gender diversity and corporate social responsibility
 | Panel A. Four SCV Sub-Variables | Panel B. (Four SCV Sub-Variables / Total Assets) | Panel C. (Four SCV Sub-Variables / Shares Outstanding) | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
salary | divid | tax | interest | salaryta | dividta | taxta | interestta | salaryq | dividq | taxq | interestq | |
(1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | (10) | (11) | (12) | |
fdd | -0.00673 | 0.0100 | -0.00232 | -0.260*** | 0.160*** | 0.0147 | 0.0177 | -0.0109*** | 0.0658*** | 0.00459 | 0.00290 | -0.00244** |
(-0.59) | (0.16) | (-0.04) | (-5.67) | (2.69) | (0.44) | (1.62) | (-3.37) | (3.28) | (0.31) | (0.60) | (-2.08) | |
asset | 0.551*** | 1.220*** | 1.182*** | 1.120*** | -1.343*** | 0.0274** | -0.0716*** | 0.0104*** | -0.155*** | 0.0763*** | 0.00326 | 0.0115*** |
(104.07) | (42.62) | (50.41) | (52.63) | (-54.07) | (2.03) | (-16.00) | (7.76) | (-18.18) | (12.26) | (1.58) | (22.51) | |
debt | 0.00134*** | -0.0315*** | -0.00982*** | 0.0933*** | 0.0113*** | -0.0246*** | -0.00257*** | 0.00682*** | 0.0106*** | -0.00145*** | 0.00141*** | 0.00258*** |
(3.89) | (-17.03) | (-6.21) | (65.07) | (6.39) | (-25.53) | (-7.91) | (66.01) | (17.62) | (-3.38) | (9.73) | (67.84) | |
roa | 0.0205*** | 0.324*** | 0.254*** | 0.000412 | 0.107*** | 0.207*** | 0.0680*** | -0.000716*** | 0.0565*** | 0.0760*** | 0.0238*** | 0.000174** |
(33.74) | (98.81) | (86.09) | (0.14) | (33.51) | (111.21) | (108.07) | (-3.54) | (51.14) | (92.89) | (84.79) | (2.31) | |
insthold | -0.00136*** | 0.000699 | -0.00560*** | -0.0104*** | 0.00720*** | 0.00581*** | -0.0000117 | -0.000708*** | 0.00227*** | 0.00572*** | 0.00109*** | -0.000176*** |
(-4.90) | (0.46) | (-4.51) | (-9.37) | (4.98) | (7.21) | (-0.04) | (-8.98) | (4.50) | (15.60) | (9.02) | (-5.96) | |
family | -0.210*** | -0.228*** | -0.0146 | 0.459*** | -1.033*** | -0.159*** | -0.0305*** | 0.0389*** | -0.358*** | -0.119*** | -0.0301*** | 0.0105*** |
(-17.91) | (-3.49) | (-0.27) | (9.75) | (-17.00) | (-4.65) | (-2.73) | (11.75) | (-17.35) | (-7.88) | (-6.04) | (8.70) | |
constant | 3.792*** | -11.39*** | -10.73*** | -12.48*** | 26.07*** | 1.803*** | 1.591*** | -0.159*** | 3.531*** | -0.717*** | 0.0177 | -0.191*** |
(50.14) | (-28.02) | (-32.09) | (-40.81) | (73.95) | (9.44) | (25.24) | (-8.32) | (29.51) | (-8.22) | (0.62) | (-26.25) | |
Num. of obs. | 15,436 | 17,440 | 13,980 | 14,162 | 15,546 | 17,506 | 14,918 | 14,459 | 14,399 | 16,302 | 13,776 | 13,366 |
Adj. R-square | 0.486 | 0.454 | 0.447 | 0.390 | 0.206 | 0.468 | 0.460 | 0.269 | 0.177 | 0.416 | 0.376 | 0.322 |
Prob. of F-stat. | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 |