Regressions of Tobin's Q (the ratio of market value to book value) on measures of female...
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Regressions of Tobin's Q (the ratio of market value to book value) on measures of female participation in top management. FEMSUBCEO is a dummy variable taking the value 1 if a firm has a female executive below the CEO level listed in EXECUCOMP. FEMCEO is a dummy variable taking the value 1 if a firm has a female CEO. FIRMAGE is the age of the firm. BOOKLEV is book leverage. RDINT is the ratio of the firm's R&D expense to assets, with a value of zero imputed if R&D expense is not reported. NUMEXEC is the total number of executives listed in EXECUCOMP. Regressions include fixed effects for the year and industry at the 4digit SIC code level. Observations where the value of Tobin's Q is more than 3 standard deviations away from the mean are excluded. All standard errors are robust to heteroskedasticity and arbitrary withinfirm serial correlation. *, **, *** denote significance at the 10%, 5%, and 1% levels respectively. (1) (2) FEMSUBCEO FEMCEO LNASSETS FIRMAGE BOOKLEV RDINT NUMEXEC Observations R² 0.0625 0.0269 0.0023 0.8794 3.2998 0.0225 19,509 0.36 *** 0.0625 0.0004 0.0269 0.0023 0.8795 3.2998 0.0225 19,509 0.36 *** *** *** Does having a female CEO reduce firm performance? . What are three ways to increase firm performance? . • Does the model explain most of the variance in firm performance? . . Can you tell which variable decreases firm performance the most? (If so, which one? If not, why not? Hint: This is a tricky question.) NOTE The coefficients with a *** are statistically significant and the coefficients without a are not statistically significant. *** Regressions of Tobin's Q (the ratio of market value to book value) on measures of female participation in top management. FEMSUBCEO is a dummy variable taking the value 1 if a firm has a female executive below the CEO level listed in EXECUCOMP. FEMCEO is a dummy variable taking the value 1 if a firm has a female CEO. FIRMAGE is the age of the firm. BOOKLEV is book leverage. RDINT is the ratio of the firm's R&D expense to assets, with a value of zero imputed if R&D expense is not reported. NUMEXEC is the total number of executives listed in EXECUCOMP. Regressions include fixed effects for the year and industry at the 4digit SIC code level. Observations where the value of Tobin's Q is more than 3 standard deviations away from the mean are excluded. All standard errors are robust to heteroskedasticity and arbitrary withinfirm serial correlation. *, **, *** denote significance at the 10%, 5%, and 1% levels respectively. (1) (2) FEMSUBCEO FEMCEO LNASSETS FIRMAGE BOOKLEV RDINT NUMEXEC Observations R² 0.0625 0.0269 0.0023 0.8794 3.2998 0.0225 19,509 0.36 *** 0.0625 0.0004 0.0269 0.0023 0.8795 3.2998 0.0225 19,509 0.36 *** *** *** Does having a female CEO reduce firm performance? . What are three ways to increase firm performance? . • Does the model explain most of the variance in firm performance? . . Can you tell which variable decreases firm performance the most? (If so, which one? If not, why not? Hint: This is a tricky question.) NOTE The coefficients with a *** are statistically significant and the coefficients without a are not statistically significant. *** Regressions of Tobin's Q (the ratio of market value to book value) on measures of female participation in top management. FEMSUBCEO is a dummy variable taking the value 1 if a firm has a female executive below the CEO level listed in EXECUCOMP. FEMCEO is a dummy variable taking the value 1 if a firm has a female CEO. FIRMAGE is the age of the firm. BOOKLEV is book leverage. RDINT is the ratio of the firm's R&D expense to assets, with a value of zero imputed if R&D expense is not reported. NUMEXEC is the total number of executives listed in EXECUCOMP. Regressions include fixed effects for the year and industry at the 4digit SIC code level. Observations where the value of Tobin's Q is more than 3 standard deviations away from the mean are excluded. All standard errors are robust to heteroskedasticity and arbitrary withinfirm serial correlation. *, **, *** denote significance at the 10%, 5%, and 1% levels respectively. (1) (2) FEMSUBCEO FEMCEO LNASSETS FIRMAGE BOOKLEV RDINT NUMEXEC Observations R² 0.0625 0.0269 0.0023 0.8794 3.2998 0.0225 19,509 0.36 *** 0.0625 0.0004 0.0269 0.0023 0.8795 3.2998 0.0225 19,509 0.36 *** *** *** Does having a female CEO reduce firm performance? . What are three ways to increase firm performance? . • Does the model explain most of the variance in firm performance? . . Can you tell which variable decreases firm performance the most? (If so, which one? If not, why not? Hint: This is a tricky question.) NOTE The coefficients with a *** are statistically significant and the coefficients without a are not statistically significant. *** Regressions of Tobin's Q (the ratio of market value to book value) on measures of female participation in top management. FEMSUBCEO is a dummy variable taking the value 1 if a firm has a female executive below the CEO level listed in EXECUCOMP. FEMCEO is a dummy variable taking the value 1 if a firm has a female CEO. FIRMAGE is the age of the firm. BOOKLEV is book leverage. RDINT is the ratio of the firm's R&D expense to assets, with a value of zero imputed if R&D expense is not reported. NUMEXEC is the total number of executives listed in EXECUCOMP. Regressions include fixed effects for the year and industry at the 4digit SIC code level. Observations where the value of Tobin's Q is more than 3 standard deviations away from the mean are excluded. All standard errors are robust to heteroskedasticity and arbitrary withinfirm serial correlation. *, **, *** denote significance at the 10%, 5%, and 1% levels respectively. (1) (2) FEMSUBCEO FEMCEO LNASSETS FIRMAGE BOOKLEV RDINT NUMEXEC Observations R² 0.0625 0.0269 0.0023 0.8794 3.2998 0.0225 19,509 0.36 *** 0.0625 0.0004 0.0269 0.0023 0.8795 3.2998 0.0225 19,509 0.36 *** *** *** Does having a female CEO reduce firm performance? . What are three ways to increase firm performance? . • Does the model explain most of the variance in firm performance? . . Can you tell which variable decreases firm performance the most? (If so, which one? If not, why not? Hint: This is a tricky question.) NOTE The coefficients with a *** are statistically significant and the coefficients without a are not statistically significant. ***
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1 Based on the regression results provided the coefficient for the variable FEMCEO which takes the value of 1 if a firm has a female CEO is not statis... View the full answer
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