| VARIABLES | (1) | (2) | (3) | (4) |
| fe | fe2 | fe3 | fe4 | |
| Divv | Divv | Divv | Divv | |
| Female | −36,820,000** |
|
|
|
|
| (−5.0811) |
|
|
|
| Female_rate |
| −3.985e+07* |
|
|
|
|
| (−0.149) |
|
|
| FTMedu |
|
| 6.906e+07* |
|
|
|
|
| (4.957) |
|
| FTMage |
|
|
| −396,005** |
|
|
|
|
| (−9.0533) |
| Cash_Ratio | −5.152e+06 | −4.961e+06 | −5.164e+06 | −5.152e+06 |
|
| (−1.402) | (−1.429) | (−1.406) | (−1.402) |
| Tagr | −129,764 | 953,355 | −138,310 | −128,648 |
|
| (−0.0775) | (0.610) | (−0.0826) | (−0.0768) |
| Lev | −130,618 | 8.430e+06 | −52,419 | −142,227 |
|
| (−0.00880) | (0.623) | (−0.00353) | (−0.00959) |
| Size | −9.102e+06 | 9.315e+07*** | −8.381e+06 | −9.041e+06 |
|
| (−0.269) | (5.082) | (−0.248) | (−0.268) |
| ROA | 56,207 | 103,711 | 56,731 | 56,103 |
|
| (0.315) | (0.603) | (0.318) | (0.315) |
| Indp | −2.478e+08 | −1.117e+08 | −2.426e+08 | −2.481e+08 |
|
| (−0.555) | (−0.266) | (−0.544) | (−0.556) |
| ROE | −9.285e+06 | −384,088 | −9.224e+06 | −9.300e+06 |
|
| (−0.502) | (−0.0219) | (−0.499) | (−0.503) |
| Tatr | −565.0 | −1,098 | −849.5 | −565.8 |
|
| (−0.0608) | (−0.125) | (−0.0914) | (−0.0609) |
| CEO_Gender | −8.047e+07 | −7.464e+07 | −7.802e+07 | −8.089e+07 |
|
| (−0.548) | (−0.740) | (−0.532) | (−0.551) |
| Chair_Gender | 1.566e+08 | 3.541e+07 | 1.588e+08 | 1.565e+08 |
|
| (0.947) | (0.339) | (0.960) | (0.947) |
| Fe_CFO | −7.098e+07 | −4.118e+07 | −7.172e+07 | −7.088e+07 |
|
| (−0.828) | (−0.811) | (−0.837) | (−0.827) |