Table 3 DLWY and firm performance.

From: The departure dilemma: Directors’ last working year and firm performance—Do gender differences matter?

 

(1)

(2)

(3)

(4)

(5)

 

ROA

(OLS)

ROA

(OLS)

ROA

(Newey-West)

ROA

(RE)

ROA

(FE)

DLWY

−0.019***

−0.013***

−0.013***

−0.010***

−0.008***

 

(0.002)

(0.002)

(0.001)

(0.001)

(0.001)

BS

 

0.008

0.008

0.001

0.002

  

(0.035)

(0.023)

(0.003)

(0.005)

BI

 

−0.029***

−0.029***

−0.011

0.002

  

(0.011)

(0.008)

(0.011)

(0.136)

CEO_Dual

 

0.001

0.001*

0.001

0.001

  

(0.001)

(0.001)

(0.001)

(0.002)

LEV

 

−0.141***

−0.141***

−0.151***

−0.163***

  

(0.004)

(0.004)

(0.005)

(0.007)

Age

 

−0.005***

−0.052***

−0.006***

−0.009***

  

(0.001)

(0.006)

(0.001)

(0.002)

Size

 

0.013***

0.013***

0.013***

0.012***

  

(0.001)

(0.001)

(0.001)

(0.002)

RDI

 

−0.154*

−0.154***

−0.114*

−0.023

  

(0.079)

(0.048)

(0.067)

(0.069)

Tang

 

0.031***

0.031***

0.030***

0.018**

  

(0.006)

(0.004)

(0.005)

(0.008)

cons

0.006

−0.212***

−0.212***

−0.214***

−0.197***

 

(0.010)

(0.018)

(0.014)

(0.020)

(0.039)

Observations

21908

20427

20427

20427

20427

R-squared

0.075

0.281

-

0.270

0.205

Industry Dummy

Yes

Yes

Yes

Yes

Yes

Year Dummy

Yes

Yes

Yes

Yes

Yes

  1. Model (1) and (2) use OLS estimators. Model (3) uses Newey-West standard errors. Model (4) and (5) are random effect and fixed effect models, respectively. Clustered Standard errors are in parentheses except model (3) where Newey-West standard errors are used. ***p < 0.01, **p < 0.05, *p < 0.1.
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