Table 5.

Results of System GMM Estimated based on Intensity of Women Directors

Source: Authors’ computation

	ROA(Model 5)	ROE(Model 6)	Tobin’s Q(Model 7)	EVACE(Model 8)
Lagged DV	0. 337** (0.049)	0.273**(0.041)	0.163(0.158)	0.274** (0.027)
IWD	0.017**(0.027)	0.148**(0.040)	0.117**(0.015)	0.117*** (0.010)
B. Size	− 0.164(0.231)	− 0.058(0.175)	0.028(0.116)	0.036(0.103)
CEO Duality	− 0.026(0.284)	− 0.017(0.132)	− 0.043** (0.042)	− 0.029** (0.029)
B. Indep	− 0.037(0.253)	− 0.036(0.185)	0.026(0.196)	0.116(0.275)
Prom. Share	0.054** (0.042)	0.154** (0.026)	0.024** (0.037)	0.164** (0.024)
Capex	0.046(0.114)	0.075** (0.026)	0.012** (0.042)	0.002(0.254)
Leverage	− 0.083** (0.062)	− 0.046(0.118)	− 0.082** (0.063)	0.004(0.275)
Firm Size	− 0.428(0.214)	0.116(0.327)	− 0.143(0.326)	0.053(0.145)
Firm Age	− 0.047(0.175)	− 0.062(0.163)	0.003(0.264)	0.010(0.362)
MB Ratio	0.163(0.117)	0.116** (0.042)	0 .037*** (0.028)	0 .005** (0.032)
Intercept	11.426** (0.025)	16.735** 0.047)	2.537** (0.029)	3.836** (0.031)
Year dum	− 0.163*(0.038)	− 0.147** (0.022)	− 0.139*(0.064)	0.018** (0.047)
Industry Dum	Y	Y	Y	Y
AR(1)	− 1.78**	− 1.42	− 1.62	− 1.64**
AR(2)	0.027	0.0535	0.526	0.272
Hansen test:p value	0.175	0.272	0.325	0.386
Prob. F	0.000	0.002	0.000	0.000

* < 0.10, ** < 0.05,*** < 0.01. Values within parentheses indicate P values