| Variable | IE1 | IE2 | IE3 |
| Pay gap | −0.111*** (0.0408) | −0.118*** (0.0412) | −0.114*** (0.0396) |
| Size | −0.173*** (0.0354) | −0.189*** (0.0354) | −0.214*** (0.0363) |
| Growth | −0.103 (0.0713) | −0.00913 (0.0631) | 0.0412 (0.0672) |
| Leverage | 0.561*** (0.197) | 0.518*** (0.173) | 0.492*** (0.169) |
| CF | −0.552 (0.331) | −0.415 (0.355) | −0.256 (0.357) |
| Roa | −0.0617 (0.705) | 0.0782 (0.573) | −0.526 (0.758) |
| Top | 0.00131 (0.00243) | 0.000398 (0.00244) | 0.000307 (0.00228) |
| Bsize | −0.325* (0.175) | −0.293 (0.177) | −0.306 (0.205) |
| Inden | 0.0596 (0.547) | 0.714 (0.582) | 1.002 (0.624) |
| Dual | 0.0408 (0.0500) | 0.0341 (0.0519) | −0.0128 (0.0532) |
| Constant | 4.817*** (0.723) | 5.365*** (0.710) | 5.923*** (0.781) |
| Observations | 8505 | 6421 | 4853 |
| R-squared | 0.047 | 0.058 | 0.065 |
| F | 10.87 | 23.13 | 23.43 |
| Industry FE | YES | YES | YES |
| Year FE | YES | YES | YES |