Variables	Acronyms	Definitions
Dependent variables
Return on Equity	ROE	The ratio of earnings before interest and taxes (EBIT) to the book value of total equity.
Net Interest Margin	NIM	Net interest income divided by the average of the interest earning assets.
Independent variables
Proportion of female board members	FEMALE	The ratio of female board members to total number of board members.
Control variables
Board size	LNBSIZE	Board size is the total number of board members. The natural logarithm of board size (LNBSIZE) is used in our regression models.
Percentage of independent directors	IND	The ratio of independent directors to board size.
Board meetings	LNBMEET	Board meetings represent the annual number of board meetings. The natural logarithm of board meetings (LNBMEET) is used in our regression models.
CEO duality	DUAL	Dummy variable that takes the value of one if the chairman of the board is also the CEO, and zero otherwise.
Leverage	LEV	The ratio of total debt to total assets at book value.
Loans ratio	LOANS	The ratio of loans to total assets at book value.
Tobin’s q	TQ	Tobin’s q is calculated as the value of equity plus the book value of assets minus the book value of equity minus deferred taxes, all divided by the book value of total assets.
Bank size	LNSIZE	Natural logarithm of total assets at book value.
Bank age	LNAGE	Bank age is calculated as the current fiscal year minus the founding year. The natural logarithm of bank age (LNAGE) is used in our regression models.