Women on boardroom: Does it create risk?

Figures & data

Table 1. Descriptive statistics

Variables	Obs.	Mean	Std. dev	Kurtosis	Skewness	Min	Max
Cash ratio	840	0.3461	0.2538	33.1744	3.2778	0.1666	3.5636
Debt ratio	840	0.4105	0.3058	157.6956	10.2698	0.0567	5.8410
Free cash flow	840	0.0195	0.2778	39.5834	−0.3155	−3.1892	2.6124
CEO’s gender (f)	840	0.0714	0.2577	9.1428	−3.3346	0.0000	1.0000
CEO’s academic qualification	840	1.9333	0.6580	11.2916	3.5684	1.0000	4.0000
CEO’s academic attained	840	0.4694	0.4994	−1.9900	0.1229	0.0000	1.0000
CEO’s academic major	840	0.0714	0.2577	9.1428	3.3346	0.0000	1.0000
CEO’s age	840	38.5459	5.3549	−0.1150	−0.0766	29.0000	51.0000
CEO’s years of experience	840	5.6416	4.5032	1.9983	1.2770	5.0000	23.0000
Percentage of female directors	840	0.1075	0.1433	6.7067	1.8602	0.0000	1.0000
Chief financial officer’s gender (f)	840	0.2857	0.4520	−1.0994	−0.9505	0.0000	1.0000
Firm size	840	7.1435	0.4401	0.4943	0.4514	6.1346	8.4078
Ownership type	840	1.7143	0.7959	−1.2071	0.5573	1.0000	3.0000

Table 2. Summary of the regression results for all risk proxies.

Variables	DR			CR			FCF
	Coeff.	Std.err	p > |z|	Coeff.	Std.err	p > |z|	Coeff.	Std.err	p > |z|
Cons	0.8549	0.4082	0.0360	1.0469	0.3226	0.0010	1.1450	0.3849	0.0030
CEO gender (f)	−0.9319	0.2651	0.0000	0.6966	0.2095	0.0010	0.6553	0.2480	0.0080
CEO’s academic qualification	0.3883	0.1029	0.0000	0.2433	0.0813	0.0030	0.2261	0.0963	0.0190
CEO’s academic attained	−0.0611	0.0297	0.0400	−0.0206	0.0235	0.3790	−0.0497	0.0278	0.0740
CEO’s academic major	(Omitted)	(Omitted)	(Omitted)	(Omitted)	(Omitted)	(Omitted)	(Omitted)	(Omitted)	(Omitted)
CEO’s age	0.0017	0.0023	0.4670	0.0037	0.0018	0.0430	−0.0019	0.0022	0.3910
CEO’s years of experience	−0.0050	0.0027	0.0610	0.0108	0.0021	0.0000	0.0028	0.0025	0.2670
Percentage of female directors	−0.0484	0.0973	0.6190	0.3053	0.0769	0.0000	0.2782	0.0910	0.0020
Chief financial officer’s gender (f)	−0.1106	0.0301	0.0000	0.0312	0.0238	0.1900	0.0283	0.0282	0.3160
Firm size	0.0533	0.0264	0.0430	0.0706	0.0208	0.0010	0.0776	0.0247	0.0020
Ownership type	0.0544	0.0145	0.0000	0.0480	0.0114	0.0000	0.0017	0.0135	0.0000