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The "Wonder Women" Presence and Performance - The Moderating Role of Bank Size

Table 5: Regression results estimation

Panel A—FP Measured by ROA
WOM PWOM WWOM
REM OLS REM OLS FEM OLS
Model 1 Model 2 Model 1 Model 2 Model 1 Model 2
Intercept -2.152*(1.183) 2.640(4.342) -1.826(1.115) -1.439(1.820) -1.879*(1.086) -1.532(1.382)
GENDER -0.124(0.136) -5.533(4.692) -0.003(0.003) -0.023(0.082) 0.084(0.095) 0.557(2.600)
BOARD 0.142(0.147) 0.187(0.159) 0.117(0.153) 0.092(0.163) 0.169(0.153) 0.128(0.163)
LEV -3.606***(1.068) -4.005***(1.201) -3.731***(1.106) -3.987***(1.189) -3.397***(1.089) -3.617***(1.196)
SIZE 0.125***(0.048) -0.070(0.178) 0.113**(0.045) 0.104(0.074) 0.106**(0.042) 0.099*(0.054)
GENDER*SIZE 0.216(0.190) 0.001(0.003) -0.024(0.100)
N 90 90 90 90 90
Adj. R2 12.33% 9.06% 12.70% 13.88% 8.72% 11.30%
F-Test 3.65*** 2.77** 3.08*** 2.71** 3.60*** 2.14*
Haussman test 4.69 - 6.16 - 22.68*** -
Panel B—FP Measured by ROE
WOM PWOM WWOM
REM OLS FEM OLS FEM OLS
Model 1 Model 2 Model 1 Model 2 Model 1 Model 2
Intercept -13.722(14.349) 87.271(53.613) -14.006(12.354) -24.341(22.716) -16.006(11.982) -19.550(16.973)
GENDER -0.235(1.643) -113.882*(57.938) 0.073**(0.041) 0.802(1.027) 2.699**(1.053) 51.635(31.930)
BOARD -0.746(1.780) 0.423***(1.966) -0.296(1.731) -1.176(2.028) -0.054(1.692) -0.2591.997
LEV -42.901***(12.935) -52.141***(14.830) -37.256***(12.409) -45.847***(14.836) -37.063***(12.016) -40.384***(14.691)
SIZE 1.164**(0.581) -2.970(2.202) 1.047**(0.496) 1.672*(0.918) 1.130**(0.469) 1.334**(0.660)
GENDER*SIZE 4.552*(2.348) -0.034(0.040) -1.996(1.231)
N 90 90 90 90 90 90
Adj. R2 10.23% 14.96% 4.79% 12.86% 6.55% 13.06%
F-Test 5.83*** 2.95* 6.26*** 2.48** 7.26*** 2.52**
Haussman test 7.01 - 89.91*** - 18.37*** -
Panel C—FP Measured by ROIC
WOM PWOM WWOM
FEM OLS FEM OLS FEM OLS
Model 1 Model 2 Model 1 Model 2 Model 1 Model 2
Intercept -4.494(8.127) 50.723*(29.974) -5.557(7.405) -10.579(12.765) -7.303(7.339) -9.377(9.471)
GENDER 1.045(0.945) -61.229*(32.392) 0.053**(0.024) 0.417(0.577) 1.379**(0.645) 24.965(17.817)
BOARD -1.336(1.030) -0.871(1.099) -0.793(1.038) -1.466(1.140) -0.834(1.036) -1.177(1.114)
LEV -43.536***(7.411) -47.105***(8.291) -40.209***(7.438) -42.353***(8.337) -41.237***(7.360) -40.906***(8.198)
SIZE 0.689**(0.329) -1.550(1.231) 0.663**(0.297) 0.976*(0.516) 0.765***(0.287) 0.888**(0.368)
GENDER*SIZE 2.480**(1.313) -0.017(0.023) -0.957(0.687)
N 90 90 90 90 90 90
Adj. R2 27.43% 27.47% 24.13% 24.88% 26.08% 26.09%
F-Test 3.71*** 7.73*** 4.31*** 6.90*** 4.27*** 7.28***
Haussman test 127.36*** - 38.05*** - 102.18*** -
Panel D—FP Measured by EPS
WOM PWOM WWOM
REM OLS REM OLS REM OLS
Model 1 Model 2 Model 1 Model 2 Model 1 Model 2
Intercept -2.220(1.449) 6.515(4.779) -2.367**(1.348) -0.430(2.024) -2.520*(1.327) -1.836(1.523)
GENDER 0.075(0.163) -9.812*(5.164) 0.002(0.004) -0.115(0.092) -0.019(0.108) -2.650(2.864)
BOARD -0.625***(0.175) -0.560***(0.175) -0.606***(0.179) -0.572***(0.181) -0.632***(0.179) -0.637***(0.179)
LEV -5.260***(1.287) -5.980***(1.322) -5.168***(1.317) -5.374***(1.322) -5.345***(1.307) -5.491***(1.318)
SIZE 0.182***(0.059) -0.178(0.196) 0.186***(0.054) 0.108(0.082) 0.197***(0.052) 0.171***(0.059)
GENDER*SIZE 0.401*(0.209) 0.005(0.004) 0.102(0.110)
N 90 90 90 90 90 90
Adj. R2 43.04% 36.80% 34.04% 35.30% 33.90% 34.56%
F-Test 13.05*** 9.78*** 43.86*** 9.17 11.09*** 8.87***
Haussman test 2.60 - 4.68 - 3.34 -
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