Financial Constraint

Pooled OLS

Fixed Effect

Random Effect*

Board gender diversity

−41.033**

(0.049)

−55.888*

(0.079)

−35.578**

(0.036)

AuditComInd

−29.415

(0.358)

−33.365

(0.362)

−27.723

(0.368)

Firm Size

5.075

(0.225)

11.511

(0.305)

4.414

(0.139)

Leverage

6.517.

(0.221)

3.878

(0.574)

8.435*

(0.068)

Firm age

0.255

(0.141)

0.469

(0.702)

0.251**

(0.035)

Constant

−25.700

(0.299)

−55.201

(0.421)

−25.736

(0.202)

Poolability test

2.640***

(0.000)

Hausman test

1.210

(0.944)

BP LM test

58.920***

(0.000)

Normality test

0.000***

Heteroskedasticity test

0.088***

Mean VIF

1.020

Auto correlation test

0.467

R²

0.030

0.024

0.029

Adjusted R²

0.020

0.011

0.009

P. value

0.000

0.000

0.084*

Obs

522

522

522