Gender Diversity on the Board - BI Norwegian Business School

GRA 19001 Master Thesis
Statistical tests
Table 3.A1: The relationship between gender diversity, firm characteristics and controls
FE-models All nonlisted firms Large nonlisted firms
R 2 0.034 0.017
Durbin-Watson 1.561 1.714
N 538,130 17,762
Unstandardized Standardized p-value Unstandardized Standardized p-value
Independent variables
Performance 0.000 0.000 0.727 0.005 0.007 0.342
Family ownership 0.016 0.019 0.000 -0.012 -0.017 0.022
CEO gender 0.144 0.178 0.000 0.060 0.080 0.000
Control variables
Firm age 0.002 0.043 0.000 0.003 0.093 0.000
Firm size 0.000 0.004 0.005 0.001 0.003 0.688
Table 3.A1 shows estimates of the base case fixed effects regression model estimated with OLS. The dependent variable is the percent of female
stockholder-elected directors. Every variable is time demeaned by subtracting a given firm´s overall mean across the years. The first column
reports unstandardized variables coefficient estimates. The second column shows the estimates based on the standardized variables. The p-value
in the third column is identical for the unstandardized and the standardized coefficient. Results are presented both for large and all nonlisted
Norwegian firms over the sample period 2000-2007, and the variables is defined in table 1.A2.
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