Table 3.
Comparisons of firms with and without female directors between 2012 and 2015.
| Variable | Firms with female directors | Firms with no female directors | Mean difference | t |
|---|---|---|---|---|
| Mean | Mean | |||
| Annual CEO pay thousand euros | 1342.64 | 880.80 | 461.83*** | 26.472 |
| Relative annual increase of CEO pay | 0.0278 | 0.08113 | 0.0532 | 0.4549 |
| Proportion of equity and option based CEO pay | 0.3364 | 0.0616 | 0.0537 | 1.2738 |
| Proportion of dissent say on may vote | 0.0285 | 0.0189 | 0.0096 | 14.639 |
| Proportion of board independent directors | 0.3364 | 0.2855 | 0.0508*** | 53.644 |
| Board size | 11.0727 | 9.3044 | 1.7683*** | 84.843 |
| Logarithm of total assets | 12.5226 | 12.4360 | 0.0866 | 0.6282 |
| Return on assets | 0.0246 | 0.0211 | 0.0035 | 0.3129 |
| Annual market return | 0.0687 | 0.0875 | −0.0187 | −0.6226 |
| Book to market ratio | 2.6056 | 3.1693 | −0.5636 | −0.9521 |
| Debt to assets ratio | 0.5927 | 0.6839 | −0.0911 | −11.117 |
***
p < 0.01. In bold statistically significant coefficients of variables of interest.