VARIABLES

(1)

(2)

(3)

(4)

A1

A2

A3

A4

Divd

Divd

Divd

Divd

Female

−0.35**

(−6.471)

Female_rate

−0.0296**

(−8.0745)

FTMedu

0.176***

(3.031)

FTMage

−0.0142**

(−2.070)

Fe_CFO

0.0654

0.0671

−0.0604

−0.0600

(0.887)

(0.885)

(−0.820)

(−0.815)

Chair_Gender

−0.0583

−0.0578

0.0614

0.0510

(−0.387)

(−0.381)

(0.408)

(0.339)

CEO_Gender

0.0186

0.0191

−0.00472

−0.00686

(0.126)

(0.128)

(−0.0319)

(−0.0465)

Tatr

4.74e−05

4.96e−05

−3.88e−05

−0.000209

(0.0198)

(0.0176)

(−0.0398)

(−0.0471)

ROE

0.0138

0.0138

−0.0142

−0.0138

(0.549)

(0.550)

(−0.559)

(−0.544)

Indp

−0.103

−0.101

0.110

0.0805

(−0.166)

(−0.162)

(0.178)

(0.130)

ROA

0.238

0.238

−0.235

−0.233

(0.848)

(0.848)

(−0.832)

(−0.843)

Size

0.0314

0.0313

−0.0409

−0.0316

(1.128)

(1.112)

(−1.487)

(−1.137)

Lev

0.106

0.106

−0.106

−0.103

(1.028)

(1.027)

(−1.028)

(−1.018)

Tagr

0.00474

0.00476

−0.00490

−0.00492

(0.614)

(0.616)

(−0.631)

(−0.628)

Cash_Ratio

−0.00629

−0.00616

0.00591

0.00619

(−0.230)

(−0.234)

(0.233)

(0.258)

Industry

control

control

control

control